Why the Administration Won’t Fire Ed DeMarco, Cont’d

By: Monday August 6, 2012 11:00 am

I went through last week why I don’t think Ed DeMarco will be fired. Now Neil BArofsky, who has a passing knowledge of the individuals involved, entered this debate. Last week the acting director of the Federal Housing Finance Agency, Ed DeMarco, made a familiar argument. He announced that he would not approve the Obama [...]

FHFA Analysis Shows Principal Reductions as an Even Better Deal for Taxpayers

By: Tuesday July 31, 2012 6:59 am

FHFA leader Ed DeMarco has indefinitely put on hold the question of whether he will allow Fannie Mae and Freddie Mac to offer principal reductions to delinquent underwater borrowers. He’s actually said nothing about it publicly since April. But Nick Timiraos leaks out the details of a new study that shows the benefits of principal [...]

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 [...]

More on How Ed DeMarco and His Critics Miss the Point on Principal Reduction

By: Thursday April 12, 2012 12:20 pm

I pretty much got out my thoughts about principal reductions and Ed DeMarco yesterday. In short, both sides are missing the point. DeMarco is consumed with self-doubt over 1/1000th of his total portfolio, and he’s inventing boogeymen to get him to stop making the logical and most beneficial call. Felix Salmon is great on this [...]

Second Term Sheet Coming From State AGs Probing Foreclosure Fraud

By: Friday May 6, 2011 1:58 pm

State and federal regulators will submit a second term sheet to big banks in an attempt to settle the foreclosure fraud investigation, with some concessions to banks. But it’s still unclear where the penalties for violations of law and abuse of borrowers will wind up. The new term sheet will mark another attempt to get [...]

Study on Mortgage Settlement Paid for By Financial Industry

By: Wednesday April 13, 2011 10:08 am

Cheyenne Hopkins at American Banker reported on an economists’ study from Charles Calomiris, Eric Higgins, and Joseph Mason, which criticized the proposed AG settlement on foreclosure fraud, claiming that it would extend the record level of foreclosures and cost the economy $7-$10 billion a year. This study was funded by the financial industry, including individual [...]

Servicers Keep HAMP Borrowers in Limbo for Years

By: Tuesday December 21, 2010 9:28 am

Given the horror stories I’ve heard about HAMP, I’m surprised at how low this number actually is. And since it’s based on self-reporting, we can certainly assume that. According to the Congressional Oversight Panel, over 29,000 Americans in “trial” HAMP modifications with servicers have been stuck in this limbo for over a year. The HAMP [...]

House Democrats Fight Back on Housing Policy

By: Friday August 13, 2010 2:22 pm

After months of relative silence, House Democrats have finally begun to assert themselves on the issue of housing and foreclosures, which is directly harming millions of families and threatening economic recovery. Reps. John Conyers (D-MI) and Marcy Kaptur (D-OH) are circulating a blistering letter to Treasury Secretary Timothy Geithner and Acting Director of the Federal [...]

HELOC Defaulters Just Being Strategic, Using Bankruptcy Properly

By: Thursday August 12, 2010 7:37 am

David Streitfeld wrote the previous story about all these strategic defaults and how un-American they are. The next in his series of shaming people who can’t afford things is this beaut, where he equates bankruptcy to stealing, sort of: The delinquency rate on home equity loans is higher than all other types of consumer loans, [...]

Mortgage Bankers Association Strategically Defaults on Office Space

By: Wednesday August 11, 2010 7:04 am

And here I thought it was immoral to strategically default: Like millions of American households, the Mortgage Bankers Association found itself stuck with real estate whose market value has plunged far below the amount it owed its lenders. But the trade group for mortgage lenders is refusing to say exactly how it extracted itself from [...]

On Walking Away

By: Tuesday July 27, 2010 11:57 am

Near the end of our foreclosure panel, we finally got into the meat of the situation: what it will take given a government unwilling to do more for struggling borrowers to actually reset the broken housing market. With HAMP’s complete failure – to date only $250 million of the $75 billion promised by the program [...]

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