Glenn Hubbard’s Hilarious Deposition on Behalf of Countrywide

By: Friday December 21, 2012 7:45 am

General business has kept me from reading the deposition Matt Taibbi writes about here, but it sounds amazing. Anyone who’s seen the movie Inside Job will recall the stupendously angering scene in which (Mitt Romney advisor Glenn) Hubbard pissily snaps at his interviewer for asking about his outside relationships with financial services industry [...] “This [...]

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 [...]

Big Banks Whining That Fannie and Freddie Won’t Accept Their Toxic Loans Blindly Anymore

By: Friday October 5, 2012 10:26 am

Mitt Romney’s comments attributing the difficulty of getting a mortgage to Dodd-Frank QRM rules was really way off base. The rule is on track to be completed by the Consumer Financial Protection Bureau on the timeline set out in Dodd-Frank, by 2013. As it’s not in place now, it places no penalty on lenders to [...]

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 [...]

FHFA Seeking Treble Damages in Repurchase Cases

By: Friday August 17, 2012 10:15 am

Following up on an earlier item, not only is the Federal Housing Finance Agency becoming more aggressive in its fight with banks over repurchasing billions of dollars’ worth of soured loans, but they are seeking treble damages to boot. Auditors at the Federal Housing Finance Agency are in the process of identifying lenders which sold [...]

Ed DeMarco’s Fight Against Banks Over Repurchases

By: Wednesday August 15, 2012 9:35 am

I think I’ve established that I disagree with Ed DeMarco’s position on principal reductions. And under his oversight, Fannie Mae and Freddie Mac have consistently tried to evade transfer taxes to local governments, and employed foreclosure mill law firms that used falsified documents in court. It’s not a good record. However, where DeMarco has done [...]

California House Dems Call for Recess Appointment at FHFA

By: Wednesday January 11, 2012 7:00 am

Brian Beutler writes that President Obama will likely have to make more recess appointments if he wants to staff key positions, including the newly-created vacancy at the Office of Management and Budget, as Jack Lew has become White House Chief of Staff. The assumption here is that Republicans will react to recess appointments at the [...]

Odds, Ends on Obama Housing Plan

By: Monday October 24, 2011 1:00 pm

Just a few more things I wanted to highlight on the Obama mass refi plan announced today. Here’s the official release, by the way, of the changes to the Home Affordable Refinance Program (HARP) included in this announcement. • A nod to those who say, “Be reasonable, it’s better than anything the Republicans have on [...]

Judge Moves BofA MBS Settlement from State Court

By: Thursday October 20, 2011 8:15 am

In a major setback for Bank of America, a federal judge has moved the venue for their $8.5 billion settlement with investors on mortgage-backed securities issues to federal court. In so doing, the judge criticized the arrangement on a variety of fronts. BofA hoped to do away with all of their investor liability on Countrywide [...]

FHFA Suspends Future Repurchase Settlements After IG Criticism of Freddie Mac Deal

By: Thursday September 29, 2011 12:37 pm

A couple days ago I wrote about an inspector general report from the Federal Housing Finance Administration, which showed that both Freddie Mac and the FHFA (the overseer of the GSEs) dropped the ball in a settlement with Bank of America over repurchases of mortgage-backed securities. Freddie Mac didn’t take into account tens of thousands [...]

Federal Regulators Dare to Look Backward, Not Forward at Housing Fraud

By: Thursday September 29, 2011 9:44 am

A couple stories today show regulators engaging in the absolutely shameful tactic of looking backward and not forward when it comes to the systemic fraud in the mortgage market, in the mistaken belief that crimes perpetrated in the past should be punished. I don’t know where they got this idea. First off, the Treasury Department [...]

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