FHA Pronounces Budget Problems Gone, Thanks to Foreclosure Fraud Settlement

By: Monday February 13, 2012 12:18 pm

The Administration’s FY 2013 budget predicts a large shortfall for the Federal Housing Administration, which has predictably suffered during the housing crisis. But the FHA’s Acting Director (what a surprise, an acting director at a key regulatory agency) says that shortfall has been wiped away by the foreclosure fraud settlement deus ex machina: A budget [...]

Refi Plan More About Stimulus than Housing

By: Wednesday February 1, 2012 7:41 am

The Administration will release details on its mass refi proposal today, which is a bid to increase funds in the hands of homeowners at a low cost to the government. Notice I didn’t say that it’s a housing policy. Because it isn’t. This is a stimulus policy, which could be effective depending on the scale. [...]

Administration Takes Credit for Four Million Mortgage Modifications, For Some Reason

By: Friday October 14, 2011 2:19 pm

It’s no surprise that governments try to put their best foot forward on policies they’ve enacted. But this can frequently slip into a defense of policy that bears no resemblance whatsoever to the actual policy itself. Such is the case with the Administration and housing policy. In a blog post celebrating the release of a [...]

Deutsche Bank Becoming Public Enemy Number 1

By: Thursday May 5, 2011 9:10 am

We know that the US Department of Justice sued Deutsche Bank for lying about their mortgage deals to obtain FHA insurance. The information coming out about that is pretty astonishing, such as the stuffing of mortgage review documents in a closet. The government says that when an outside auditor showed MortgageIT its findings about serious [...]

Indiana Court Case: Servicer Contractually Bound to Federal Servicing Guidelines

By: Friday December 31, 2010 7:23 am

Even though the Treasury Department isn’t sanctioning servicers for their failure to comply with HAMP guidelines, it looks like in some cases, the courts could. In a case in the Indiana Court of Appeals, a foreclosure case was reversed for essentially one reason: I. Whether a mortgagee‘s compliance with federal mortgage servicing responsibilities is a [...]

Deep Warning Signs On Weakness Of Financial Sector

By: Thursday November 12, 2009 2:56 pm

Despite the general sentiment that the recession ended last quarter and economic recovery has begun, two data points could show dire warnings for how fragile that recovery may be. The Federal Housing Administration announced today that it is virtually out of money. The FHA, which sucked up a lot of guarantees on loans that are [...]

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