Administration Looking to Replace Ed DeMarco at FHFA – Could His Lawsuits Against Banks Be the Reason?

By: Monday December 10, 2012 11:06 am

The Wall Street Journal reports that the White House will finally nominate a successor to Ed DeMarco at the Federal Housing Finance Agency for the first time since January 2011, incredibly enough. The FHFA’s current director, Edward DeMarco, took the job more than three years ago in an “acting,” or interim, capacity. He has remained [...]

Administration Housing Policy in a Second Term

By: Friday November 9, 2012 1:22 pm

Of all the thumbsuckers about the second-term Obama agenda I’ve read, the ones that reflect the least contact with reality concern Administration housing policy. It’s beyond clear that the first-term policy framework sought to protect banks and allocate losses from the collapse of the housing bubble elsewhere. That was the point behind HAMP, designed to [...]

More Noises About Administration Firing Ed DeMarco After the Election

By: Friday November 2, 2012 1:00 pm

Zach Carter find yet another indicator that, after the election, Barack Obama plans to fire Federal Housing Finance Agency Administrator Ed DeMarco. But this claim has even less meat on its bones than the previous pledge. It comes from Bank of America analyst Ralph Axel, who argues that the Administration plans to use housing policy [...]

White House Promises to Dump Ed DeMarco If They Only Get the Chance in a Second Term

By: Wednesday October 24, 2012 10:50 am

In one of the more cynical campaign promises I’ve seen in a while, the Obama Administration has apparently been running around to housing advocates telling them they will fire Ed DeMarco as head of the Federal Housing Finance Agency… after the election. In 2010, Senate Republicans opposed Mr Obama’s choice to replace Mr DeMarco and [...]

Romney Campaign Advisor Pinned Down on Housing Policies

By: Monday October 22, 2012 10:51 am

Mike Konczal decided to do some sorely missed actual reporting at last week’s debate, seeking out Glenn Hubbard, one of Mitt Romney’s key economic advisers, for a discussion on housing policy.

Fannie and Freddie Overseer Announces New Repurchase Process

By: Tuesday September 11, 2012 1:01 pm

The Federal Housing Finance Agency has made a key change for new loans that the entities it oversees, Fannie Mae and Freddie Mac, will purchase or guarantee. Under the new plan, FHFA will identify and reject faulty loans earlier in the process, rather than after the fact, once the loans sour. By “faulty loans,” they [...]

FHFA Seeking Treble Damages in Repurchase Cases

By: Friday August 17, 2012 10:15 am

Following up on an earlier item, not only is the Federal Housing Finance Agency becoming more aggressive in its fight with banks over repurchasing billions of dollars’ worth of soured loans, but they are seeking treble damages to boot. Auditors at the Federal Housing Finance Agency are in the process of identifying lenders which sold [...]

Ed DeMarco’s Fight Against Banks Over Repurchases

By: Wednesday August 15, 2012 9:35 am

I think I’ve established that I disagree with Ed DeMarco’s position on principal reductions. And under his oversight, Fannie Mae and Freddie Mac have consistently tried to evade transfer taxes to local governments, and employed foreclosure mill law firms that used falsified documents in court. It’s not a good record. However, where DeMarco has done [...]

Goldman Sachs Escapes Liability from SEC in Mortgage Backed Securities Case

By: Thursday August 9, 2012 1:00 pm

Goldman Sachs announced in a regulatory filing that the Securities and Exchange Commission has closed their investigation into the firm misleading investors on a $1.3 billion subprime mortgage-backed security deal. This represents a flip for the SEC, which notified Goldman of impending action back in February: In February, Goldman received a so-called Wells notice from [...]

Treasury Could Force Principal Reductions at the GSEs

By: Thursday August 9, 2012 9:35 am

Last week, when Ed DeMarco rejected principal reductions on Fannie and Freddie loans, Treasury Secretary Timothy Geithner pronounced himself disappointed. Housing advocates called for DeMarco to be fired; I explained why that won’t happen. And here’s another reason, courtesy Joseph Cotterill. The truth is that the Treasury Department has all the tools it needs to [...]

FHFA Threatens Localities on Eminent Domain Solution for Foreclosures

By: Wednesday August 8, 2012 9:35 am

Ed DeMarco is really feeling his oats, no doubt thanks to projections of profits at Fannie and Freddie paradoxically spurred by a housing shortage. (Those profits are at least partially derived from Fannie and Freddie evading local government transfer taxes, by the way, not DeMarco’s “responsible stewardship.”) He rejected principal reductions as a means to [...]

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