Merkley’s Rebuilding American Homeownership Plan Gets Economist Support

By: Monday August 13, 2012 10:58 am

Jeff Merkley’s HOLC-type plan for mass refinancing of underwater borrowers is not a panacea for this foreclosure crisis, but it certainly would help us prevent the next one, and without the legal implications that could trip up an eminent domain scheme. Ending the persistent problem of underwater borrowers would not only stabilize the housing market [...]

Geithner Gives Thumbs-Up to Merkley’s HOLC-Like Plan

By: Thursday July 26, 2012 1:04 pm

Treasury Secretary Timothy Geithner gave a fairly strong endorsement to Jeff Merkley’s plan to set up an Home Owners Loan Corporation (HOLC) type authority to purchase and refinance current underwater mortgages, and plans to work with him to set up pilot programs by the end of the year. Testifying before the Senate Banking Committee today, [...]

Jeff Merkley’s HOLC-Type Plan for Underwater Borrowers

By: Thursday July 26, 2012 7:07 am

Despite the heavily lobbied narrative that housing is in the midst of a recovery, the reality is far more stark. New-home and existing-home sales fell last month, and what stability we’re seeing on prices comes in large part from a massive shadow REO that isn’t sustainable. Mortgage delinquencies actually rose in June. And you have [...]

Principal Write-Down Pilot Program Launches in Massachusetts

By: Wednesday January 4, 2012 9:35 am

Jean Braucher brings the story of a principal write-down program in Massachusetts. A Boston nonprofit, Boston Community Capital, is teaming up with some financial institutions, in particular Bank of America, in a pilot program that has the effect of writing down mortgages to close to home value. BCC says it works with qualifying homeowners and [...]

Right to Rent: A Reminder of a Simple Fix to Alleviate the Foreclosure Crisis

By: Tuesday June 28, 2011 10:15 am

Dean Baker again writes about his right to rent proposal, which is very worthwhile, so I feel I should just update every few months and point to it. The overwhelming majority of mortgages that have been issued since the financial meltdown in September of 2008 have been bought by Fannie Mae and Freddie Mac or [...]

Rep. Brad Miller: “Protecting bank solvency has been a goal of Treasury that I do not share”

By: Friday November 19, 2010 7:28 am

One of the more amusing moments of yesterday’s House Financial Services Committee hearings on foreclosure fraud was when the representatives for the loan servicers were asked why they were subsidiaries of the large financial institutions. The link between the servicers and the big banks, mainly caused by a series of mergers, leads to all kinds [...]

The Huge Foreclosure Wave And What To Do About It

By: Wednesday February 24, 2010 2:59 pm

If you want to fix the economy, you still must fix the foreclosure crisis. And contrary to the reports that the bottom has been reached, we’re still anywhere from there. One out of every four homes are underwater – that is, the borrower owes more on the house than it’s worth. In states like Nevada [...]

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