Mortgage Backed Securities Lawsuits Still Proliferate

By: Tuesday December 18, 2012 7:35 am

While we wait for more settlements in the Libor case, banks continue to face exposure for their fraudulent mortgage conduct dating back to the housing bubble. Two more major lawsuits emerged yesterday. DZ Bank, a cooperative from Germany, sued Bank of America over $546 million in mortgage backed securities. The same firm has sued Morgan [...]

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 [...]

FHFA’s Christmastime Moral Relativism and the New New Housing Market

By: Wednesday December 5, 2012 6:19 am

FHFA has situational ethics here. They rail against states with long foreclosure timelines, even increasing their guarantee fees. But when faced with headlines about foreclosures during Christmas, they become beneficent, and act to increase foreclosure timelines.

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 [...]

Fannie and Freddie Offer Breaks to Homeowners in Path of Superstorm Sandy, After Pushing to Foreclose Faster on Same Areas

By: Wednesday October 31, 2012 10:00 am

Well, now we know what it will take to put a stop to the foreclosure crisis – a massive storm affecting the entire Eastern seaboard. For homes in that area at risk of foreclosure, Fannie Mae and Freddie Mac will offer a small bit of mortgage relief: The government-controlled mortgage finance giants said Tuesday that [...]

More on the Lawsuit Against BofA Over Countrywide’s “Hustle” Program

By: Thursday October 25, 2012 8:30 am

I’ve taken a closer look at the US Attorney from the Southern District of New York’s $1 billion lawsuit against Bank of America – particularly their subsidiary Countrywide – for “the hustle,” the program of selling mortgages with practically no underwriting and passing them on to Fannie Mae and Freddie Mac. And there’s something interesting [...]

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.

FHFA Bullying States into Making Foreclosures Faster

By: Friday September 21, 2012 7:43 am

The Federal Housing Finance Agency has decided to raise guarantee fees from Fannie Mae or Freddie Mac on mortgages in states that respect the rule of law. Really, that’s about the size of it. As Shahien Nasiripour points out today, the g-fees will go up in five states that have slowed the foreclosure process by [...]

The Path for Housing Is Dangerous

By: Thursday September 13, 2012 12:59 pm

The other channel of a potential economic recovery would be housing. This was the channel that got Paul Krugman so jazzed last week. I should note that the Federal Reserve’s economic projections show basically no difference from their last ones in June, and Bernanke said specifically that housing is “a piston that has not fired” [...]

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 [...]

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