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.

House Democrats Call Out Administration on HARP 2.0

By: Wednesday May 30, 2012 8:19 am

A group of over 50 House Democrats are calling out the Obama Administration for their management of the HARP 2.0 program. In a letter to Treasury Secretary Timothy Geithner and Acting Director of the Federal Housing Finance Agency Ed DeMarco, the Democrats, led by Rep. Maxine Waters, point to data showing that the new version [...]

More on How Ed DeMarco and His Critics Miss the Point on Principal Reduction

By: Thursday April 12, 2012 12:20 pm

I pretty much got out my thoughts about principal reductions and Ed DeMarco yesterday. In short, both sides are missing the point. DeMarco is consumed with self-doubt over 1/1000th of his total portfolio, and he’s inventing boogeymen to get him to stop making the logical and most beneficial call. Felix Salmon is great on this [...]

SIGTARP Report Shows Failure of Treasury’s Hardest Hit Fund

By: Thursday April 12, 2012 7:39 am

The LA Times had the goods on the Treasury Department’s Hardest Hit Fund a month ago, showing that in California, the fund only paid out 2% of its allotment in the first 16 months. But that was about one state’s implementation of the program. Maybe other states did better. Well, the answer is no. An [...]

Another Failed Housing Program: Hardest Hit Fund Pays Out Just 2% in 16 Months

By: Saturday March 3, 2012 8:56 am

One of the responses you often get from official sources about the failed HAMP program is that it was but one of a string of programs implemented using TARP funds to help homeowners. So just because HAMP has used barely $3 billion of the $50 billion in available funds, that’s not a full picture, because [...]

Florida, Home to Housing Scam Artists at Every Level

By: Thursday March 17, 2011 6:45 am

We know that Florida is just a sewer for mortgage scams, and we got another indication of that today. People filing false deeds to take over vacant homes has Palm Beach County’s clerk of courts warning owners to keep an eye on their property records the same way they do their credit reports. With hundreds [...]

Geithner Belatedly Backs Bill Allowing TARP Funds to Flow to Foreclosure Legal Services

By: Friday December 17, 2010 9:56 am

I’ve been writing consistently about the need to increase funding for legal services for foreclosure victims. As an investment, it certainly beats HAMP when it comes to actually helping borrowers avoid foreclosure. Moreover, states want to use federal block grants that come out of TARP for this purpose, but have to date been blocked by [...]

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