Short Sales Would Be Subject to Taxation, Too, If Congress Doesn’t Act

By: Thursday August 23, 2012 1:52 pm

The Federal Housing Finance Agency, overseer of Fannie Mae and Freddie Mac, announced new short sale guidelines that would go into effect November 1. These guidelines are designed to eliminate red tape and encourage short sales as a way for underwater borrowers to get out of their home without going through the foreclosure process. In [...]

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 [...]

Why the Administration Won’t Fire Ed DeMarco, Cont’d

By: Monday August 6, 2012 11:00 am

I went through last week why I don’t think Ed DeMarco will be fired. Now Neil BArofsky, who has a passing knowledge of the individuals involved, entered this debate. Last week the acting director of the Federal Housing Finance Agency, Ed DeMarco, made a familiar argument. He announced that he would not approve the Obama [...]

Why Ed DeMarco Won’t Be Fired

By: Wednesday August 1, 2012 6:18 am

When Ed DeMarco rejected participation for Fannie Mae and Freddie Mac in the HAMP principal reduction program, condemnation on the left was fast and furious. My inbox swelled with calls for DeMarco to step aside. Some were more blunt. “Fire Ed DeMarco,” Paul Krugman wailed. The statute is a bit unclear on this point, because [...]

FHFA Opts to Reject Principal Reductions for Fannie and Freddie Loans

By: Tuesday July 31, 2012 11:41 am

I was wondering whether FHFA Acting Director Ed DeMarco would respond to that Wall Street Journal article today pressuring him to allow participation from Fannie Mae and Freddie Mac in an Administration principal reduction program. Well, he has. DeMarco rejected participation for Fannie and Freddie, opting to go ahead with principal forbearance and other loan [...]

FHFA Analysis Shows Principal Reductions as an Even Better Deal for Taxpayers

By: Tuesday July 31, 2012 6:59 am

FHFA leader Ed DeMarco has indefinitely put on hold the question of whether he will allow Fannie Mae and Freddie Mac to offer principal reductions to delinquent underwater borrowers. He’s actually said nothing about it publicly since April. But Nick Timiraos leaks out the details of a new study that shows the benefits of principal [...]

Federal Reserve, Regulators Arguing for More, Quicker Foreclosures

By: Wednesday June 27, 2012 12:44 pm

The Federal Reserve has decided to put their thumbs on the scales of justice, explicitly attempting to overturn state-based anti-foreclosure laws on the spurious grounds that they hurt the economy. This story by Tim Reid in Reuters cites the Fed arguing against the kind of laws in states like Nevada – and soon, California – [...]

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