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, represents a real threat to a nascent housing [...]

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 [...]

Republican Dan Lungren Working to Gain Support to Avoid Principal Reduction Tax Time Bomb

By: Tuesday September 18, 2012 11:44 am

Here’s some good news in an otherwise dispiriting Congressional session. A Republican House member is trying to accumulate support for a bill that would extend the Mortgage Forgiveness Debt Relief Act by three years. As I’ve been reporting, a failure to extend this law would mean that all debt forgiveness, in the form of principal [...]

Study Shows that Principal Reduction Works for Homeowners

By: Friday June 22, 2012 11:38 am

Yesterday, data from TransUnion came out showing that the types of loan modifications favored during the foreclosure crisis, all of which fell short of principal reductions, provided only temporary relief and performed badly over time, with a very high re-default rate. So what about the flip side? What do we know about principal reductions and [...]

Ed DeMarco’s Relatively Insignificant Choice

By: Monday April 16, 2012 7:40 am

Ed Luce, generally a good columnist, missteps here in this profile of the Ed DeMarco decision on principal reduction. He gets the basics right, that the housing market is a lead weight on the economy that will prevent “escape velocity” and a recovery fast enough to significantly reduce unemployment. He does not get right, or [...]

Missing the Point on DeMarco and Principal Reduction

By: Wednesday April 11, 2012 7:42 am

The commentary and the straight reporting on Ed DeMarco’s principal reduction speech seem to be missing the big picture here. DeMarco discussed “limited benefits” from principal reduction for a reason – he’s not looking to write down current mortgages. This happens to represent 3/4 of all underwater homes in the Fannie and Freddie portfolio. DeMarco [...]

Treasury Announces New HAMP Changes With Greater Eligibility, More Principal Reduction Incentives

By: Friday January 27, 2012 12:18 pm

Hey, remember HAMP? That’s the program that was supposed to help four million borrowers lower their mortgage payments and avoid foreclosure? The one that promised $50 billion for that purpose? The one that’s actually provided temporary relief for around 900,000 borrowers, used about 6% of the money earmarked, and also the one that’s been used [...]

Geithner Meets with Homeowners Burned By HAMP

By: Thursday November 4, 2010 7:21 am

On the day after an election wipeout, Treasury Secretary Timothy Geithner sat down with a coalition of homeowner advocates, clergy and people subject to the cruelty of HAMP, the government’s loan modification program. This was the first time, to the best of the knowledge of the activists, that Geithner has ever had a face-to-face meeting [...]

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