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Mortgage Bankers Association Strategically Defaults on Office Space
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...
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HELOC Defaulters Just Being Strategic, Using Bankruptcy Properly
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...
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House Democrats Fight Back on Housing Policy
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...
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Servicers Keep HAMP Borrowers in Limbo for Years
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...
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Study on Mortgage Settlement Paid for By Financial Industry
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...
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Second Term Sheet Coming From State AGs Probing Foreclosure Fraud
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...
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More on How Ed DeMarco and His Critics Miss the Point on Principal Reduction
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...
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Ed DeMarco’s Relatively Insignificant Choice
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...
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FHFA Analysis Shows Principal Reductions as an Even Better Deal for Taxpayers
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...
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Why the Administration Won’t Fire Ed DeMarco, Cont’d
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...
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