FHA’s Passivity Could Lead to Big Loan Losses

By: Thursday December 13, 2012 10:05 am

Gretchen Morgenson has an interesting story today about risky lending at the FHA AFTER the housing collapse. The story here is that, after the bubble popped, it became harder and harder to secure a loan. The FHA stepped in to insure a lot of what loans were made over that time, and as a result [...]

NYT Reports on Investor Purchases of Foreclosed Homes for Rental Conversion

By: Tuesday December 11, 2012 9:15 am

I touched on this before, but this New York Times piece exposing the next bubble, the bulk purchase of foreclosed homes by private equity firms and hedge funds for rental units, is really critical. Basically the same people who were present at the creation of the original bubble are driving the boat in this second [...]

Administration Looking to Replace Ed DeMarco at FHFA – Could His Lawsuits Against Banks Be the Reason?

By: Monday December 10, 2012 11:06 am

The Wall Street Journal reports that the White House will finally nominate a successor to Ed DeMarco at the Federal Housing Finance Agency for the first time since January 2011, incredibly enough. The FHFA’s current director, Edward DeMarco, took the job more than three years ago in an “acting,” or interim, capacity. He has remained [...]

The Housing Cliff

By: Monday December 10, 2012 7:45 am

Forgive me if I slip into some cliff metaphors for the next few posts, but the employment of the tool actually makes more sense in this context. The fact is that the expiration of the Mortgage Forgiveness Debt Relief Act, as explained by Adam Levin of Credit.com, represents a real threat to a nascent housing [...]

Thomas Cox, Lawyer Who Exposed Robo-Signing, Gets $100,000 Prize

By: Friday December 7, 2012 8:30 am

This great statement on housing from Econ4 hits all the right notes, particularly the line “We oppose treating the nation’s housing as a bundle of assets to be sliced, diced, flipped, and bailed out in pursuit of inflated profits and bonuses.” This is really the original sin that caused the crisis. As a result of [...]

Occupy Our Homes Marks First Anniversary With National Day of Action

By: Thursday December 6, 2012 10:25 am

One of the more refreshing developments of the past couple years has been the Occupy Our Homes movement, an offshoot of Occupy Wall Street. For the past year, activists have directly challenged the banks and defended homeowners facing foreclosure, consistently chalking up victories in the form of sustainable modifications. Thursday’s Occupy Our Homes’ anniversary, and [...]

Short Sales Increase As Debt Relief Tax Time Bomb Nears

By: Thursday December 6, 2012 9:15 am

I’ve had more than a few assurances that Congress would get its act together and pass an extension of the Mortgage Forgiveness Debt Relief Act, so that underwater homeowners who get some debt relief won’t have a big tax bill staring them in the face to make their financial situation even worse. But if that’s [...]

FHFA’s Christmastime Moral Relativism and the New New Housing Market

By: Wednesday December 5, 2012 6:19 am

FHFA has situational ethics here. They rail against states with long foreclosure timelines, even increasing their guarantee fees. But when faced with headlines about foreclosures during Christmas, they become beneficent, and act to increase foreclosure timelines.

Maxine Waters Easily Attains Ranking Democratic Spot on House Financial Services

By: Tuesday December 4, 2012 3:17 pm

On both sides of the Capitol, there was news on the committee that holds oversight responsibilities over Wall Street today. In addition to Elizabeth Warren getting her spot on the Senate Banking Committee, Maxine Waters assumed the spot of ranking member on the House Financial Services Committee. Here’s her statement: I am deeply humbled to [...]

Justice: Wells Fargo Still Liable for FHA Abuse, Despite Foreclosure Fraud Settlement

By: Monday December 3, 2012 11:37 am

Late last week, the Justice Department issued a filing that attempts to reinforce the release limitations set by the foreclosure fraud settlement, stopping Wells Fargo from reimagining the deal as a broader release of liability on various mortgage claims. However, a judge will have to make the final decision. The US sued Wells Fargo in [...]

Financial Services Roundtable Joins Up With Homeowner Group to Urge Extension of Mortgage Debt Forgiveness Tax Relief

By: Thursday November 29, 2012 12:18 pm

It’s not often that the homeowner advocates at the Center for Responsible Lending and the bank lobbyists at the Financial Services Roundtable agree on anything. But they’re teaming up on urging Congress to extend the Mortgage Forgiveness Debt Relief Act, which would continue the foreclosure crisis-era policy of forgiving payment of taxes on debt forgiveness [...]

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