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 [...]

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.

Banks Take Advantage of HARP Refinancing, Generate Huge Profits

By: Friday October 5, 2012 8:15 am

New data out this week shows that refinancing has taken off, though I’m not necessarily with Matt Zeitlin in saying that this shows HARP 2.0 to be working. Previous data has shown mortgage refinance applications rising and falling specifically with the changes in the interest rate, not HARP availability. And the data on faster prepayment [...]

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 [...]

HARP Refi Numbers Not as Strong as Advertised

By: Tuesday July 17, 2012 8:55 am

The Federal Housing Finance Agency engaged in a little back-patting yesterday for improved HARP figures, which they say are a direct result of their changes to the system to allow for more underwater borrowers to take advantage of low refinancing rates. The truth is a little murkier. For the first five months of 2012, more [...]

Loan Modifications During Foreclosure Crisis Provide Only Temporary Relief

By: Thursday June 21, 2012 1:04 pm

The other day, New York Attorney General Eric Schneiderman announced a $60 million program for housing counseling and legal services for borrowers threatened with foreclosure. This will enable them to fight their evictions and get the support they need for working with banks for modifications. I’m happy to see any money from the foreclosure fraud [...]

Confirmed: HARP 2.0 Ripping Off Underwater Borrowers

By: Monday June 18, 2012 9:37 am

The Wall Street Journal gets around to noticing that the latest version of HARP, the Home Affordable Refinance Program, has been manipulated by the leading mortgage servicers to trap their borrowers. And they add a bit of a twist. Because servicers set the fees from closings on refinances, this trapping of their borrowers also happens [...]

Donovan Distorts Administration Housing Efforts in Nevada

By: Wednesday May 30, 2012 12:18 pm

It’s tedious to keep debunking these efforts to distort reality from housing policy officials, but it’s sadly necessary. So off into the breach again… Shaun Donovan wants the state of Nevada to know that they have made real progress on their housing collapse, and he wants them to know who’s responsible: him. Too many homeowners [...]

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 [...]

Underwater Nation: 16 Million Borrowers Owe More on House Than It’s Worth

By: Thursday May 24, 2012 8:56 am

Amid the hopes about incremental increases in home prices or sales year over year is this depressing reality – this is still Underwater Nation. Despite rising home prices, more than 30% of borrowers, or close to 16 million homeowners, were underwater on their mortgage during the first quarter, according to Zillow. The percentage of borrowers [...]

As Predicted, Ally Bankruptcy Will Delay Loan Modifications, Settlement Actions for Borrowers

By: Monday May 21, 2012 8:16 am

When Ally Financial’s mortgage unit Residential Capital filed for bankruptcy last week, I had an inkling it would spell trouble for the foreclosure fraud settlement the parent company signed with state and federal regulators. How would individuals get loan modifications in the midst of a bankruptcy proceeding? Sure enough, the New York Post, which actually [...]

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