FHFA Regulator, Edward DeMarco, charged with oversight of mortgage giants Fannie Mae and Freddie Mac, is under heavy pressure from the Obama administration and Democrats in congress to allow reductions of mortgage principal for qualified borrowers.
73 Percent of Consumers: What’s a HAMP? Who’s a HARP?
March 23, 2012 by
It doesn’t matter that the Obama Administration recently enhanced leading government programs to bail out more underwater homeowners and save others from foreclosure. Most consumers don’t even know these programs exist.
American Enterprise Institute – Why The Next Housing Crisis Is Already Underway
March 22, 2012 by
Like a cancerous tumor that just won’t go away, another housing crisis is growing ever larger. It’s a debt tumor, fed by the blood that flows in the form of government insured mortgages which are in essence nothing more than taxpayer backed guarantees for Fannie, Freddie, USDA, and FHA, to name a few.
The $26 Billion Foreclosure Settlement: Who Won? Who Lost?
February 19, 2012 by
A consortium of the Department of Justice and the Attorneys General of every state other than Oklahoma recently announced a $26 billion settlement with the five largest new mortgage and home mortgage refinance lenders to settle claims related to improper foreclosures. Although it has been hailed as a significant victory for consumers and has been compared to the landmark $206 billion 1998 tobacco settlement, the details of the agreement paint a different picture.
Kamala Harris Files Lawsuit Against Fannie and Freddie
December 26, 2011 by
Mortgage giants Fannie Mae and Freddie Mac have received an unwelcome Christmas present from California’s attorney general Kamala Harris – a lawsuit filing. The attorney general is demanding Fannie and Freddie respond to a total of fifty-one questions regarding foreclosures and other practices they have made in the state. According to a report from the [...]
Current Politics to Change Mortgage & Real Estate Markets
December 21, 2011 by
As the nation is trying to handle the ongoing fallout of the housing bubble, the United States government is considering a number of changes in how we treat residential mortgages. Although there are countless ideas under consideration, three stand out as being both popular and conceivably able to pass. They will all have different effects on both home buyers and home owners.
Cook County Passes Ordinance to Regulate Vacant Homes
December 15, 2011 by
Today the Cook County Board passed an ordinance that will introduce regulations for vacant homes. The ordinance is similar to one that the city of Chicago recently instituted and will cover the non-incorporated areas in Cook County. The move comes in spite of the fact that the Chicago ordinance is now involved in a federal [...]
Freddie Mac Requests $6 Billion to Offset Third Quarter Losses
November 4, 2011 by
Freddie Mac has asked the government to bail it out again with an additional $6 billion in aid, so that it can offset third quarter losses. The request is the largest of its kind since April 2010. Altogether, the taxpayer has had to stump up almost $169 billion to rescue Freddie Mac and Fannie Mae, [...]
