Lack of a “Foreclosure Wave” Determined By Banks

By: Friday November 30, 2012 6:13 am

Here’s a pretty jerky victory lap clearly planted by the mortgage lending industry, with the boastful title “Foreclosure Wave Averted as Doomsayers Defied.” Let’s hear this out for a second. When banks pulled back on foreclosures two years ago following a government investigation into allegations of faulty practices, market researchers, academics and Wall Street analysts [...]

On Economy, Justice, Obama Housing Plan Fell Well Short

By: Monday November 26, 2012 9:15 am

Over the holiday, Zachary Goldfarb released a fairly remarkable article recounting a meeting between the President and top economists: One year and one month before President Obama won reelection, he invited seven of the world’s top economists to a private meeting in the Oval Office to hear their advice on what do to fix the [...]

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 [...]

Obama Gets a HAMP Question… On The Daily Show

By: Friday October 19, 2012 6:25 am

President Obama appeared on the Daily Show last night, and Jon Stewart confronted him with the “H” word. It’s not one that comes up much in Obama’s presence; I can’t remember the last time, in fact. But last night, he had to answer for HAMP. It came in a follow-up, actually, which shows the level [...]

Mark Zandi Doesn’t Understand Housing Very Well

By: Monday October 1, 2012 8:32 am

Court jester economist for power Mark Zandi tried to pull a fast one by readers of the Washington Post, by actually making the argument, in the face of all evidence to the contrary, that the Obama Administration successfully fixed the foreclosure crisis. He has to make a mental leap in order to do this, claiming [...]

Sheila Bair Changes Media Narrative on Housing Policy

By: Wednesday September 26, 2012 11:41 am

It turns out that a whole bunch of observers can scream their collective heads off about Obama Administration housing policy for three-plus years, to almost no avail, but it takes one person with foreknowledge in the room to get the herd to nod their heads sagely. I took a look at Sheila Bair’s new book [...]

Sheila Bair: HAMP Sucked

By: Tuesday September 25, 2012 12:21 pm

I have not read Sheila Bair’s upcoming book, “Bull by the Horns,” but it’s on a growing list (I hear former Senate staffer Jeff Connaughton’s book is excellent as well). Arthur Delaney notes that she had harsh words for HAMP, the Administration’s failed program to rescue homeowners facing foreclosure. And she didn’t shy away from accurately describing the program as one that fostered predatory lending.

Like Federal Programs, New Jersey’s Foreclosure Relief Effort Slow to Pay Out

By: Tuesday September 25, 2012 9:39 am

We can now say with some degree of certainty that foreclosure mitigation plans, as conceived for the crisis years, didn’t work. All we have to do is look at the money allocated for the programs relative to the money paid out.

Over 1 Million Homeowners Bounced From HAMP Since Program Began

By: Friday September 14, 2012 6:15 am

The August housing scorecard is out, and as Arthur Delaney notes it contains a dubious milestone. Over 1 million homeowners have now been kicked out of the HAMP program, either by being turned down for a permanent modification or going into a re-default on their modification once it became permanent. And all 1 million of [...]

Study Blames Banks for Poor HAMP Performance; Blame the Designers, Treasury, Instead

By: Wednesday September 12, 2012 12:19 pm

I’ve seen some buzz from, among other places, Pro Publica, about a new study blaming banks for the inadequacies of the Administration’s foreclosure mitigation program, HAMP. According to the study, if the banks were properly staffed and performed better under the program, HAMP would have produced 800,000 more modifications by the end of the year, [...]

Kamala Harris Embarrasses Herself By Touting Terrible Foreclosure Fraud Settlement

By: Thursday September 6, 2012 7:09 am

There were other notable speeches last night, though not as many as Tuesday. I thought Sandra Fluke, the amazing Sister Simone Campbell, Planned Parenthood’s Cecile Richards, and preacher/Congressman Emanuel Cleaver, who actually started marching in his speech, did a great job. But I have to call attention to California Attorney General Kamala Harris, who drew [...]

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