FHFA | Review of Options Available for Underwater Borrowers and Principal Forgiveness

Review of Options Available for Underwater Borrowers and Principal Forgiveness In considering the use of principal forgiveness by Fannie Mae and Freddie Mac (the Enterprises), it is important to place this particular loss mitigation tool in the context of: the Enterprises’ overall loss mitigation efforts; costs and benefits of using principal forgiveness, including the economic … Read more

Geithner Letter to FHFA Director on Principal Reduction

Geithner Letter to FHFA on Principal Reduction “I am concerned by your continued opposition to allowing Fannie Mae and Freddie Mac to use targeted principal reduction in their loan modification programs.” “In view of the clear benefits that the use of principal reduction by the GSEs would have for homeowners, the housing market and taxpayers, … Read more

Fannie, Freddie Won’t Cut Loan Balances

Fannie, Freddie Won’t Cut Loan Balances The federal regulator for Fannie Mae and Freddie Mac FMCC -1.68% will not permit the taxpayer-supported mortgage giants to participate in an Obama administration program that reduces mortgage balances for certain troubled homeowners, the agency said on Tuesday. The Treasury Department, which had put heavy political pressure on the … Read more

FAIL | Edward DeMarco Rejects Gov’t Mortgage Write-Down Plan

Regulator rejects gov’t mortgage write-down plan WASHINGTON (Reuters) – The top U.S. housing regulator rebuffed the offer of taxpayer funds to reduce mortgages held by struggling homeowners on Tuesday, a blow to the Obama administration which is keen to show voters it can help fix the housing market. Calling it a challenging decision, the regulator … Read more

Guilty | Four People Sentenced to Death for Billion-Dollar Bank Fraud

Iran sentences four people to death for bank fraud * Islamic Republic’s biggest bank scam tainted government * Ahmadinejad denies fraudsters linked to top officials * Four condemned to hang, others get jail, flogging By Yeganeh Torbati DUBAI, July 30 (Reuters) – An Iranian court has sentenced four people to death for a billion-dollar bank … Read more

Data Show Fannie, Freddie Savings From Debt Forgiveness

Forgiveness of Debt Could Yield Savings As the regulator for Fannie Mae and Freddie Mac nears its decision on whether to approve debt forgiveness for troubled borrowers, a new analysis by the regulator suggests taxpayers could benefit from the move, according to people briefed on the findings. Fannie and Freddie could save about $3.6 billion … Read more

CFPB Gets Plurality of Complaints About Mortgages

CFPB Gets Plurality of Complaints About Mortgages The Consumer Financial Protection Bureau has a hotline for complaints, as well as a process to lodge complaints at their website. They have begun to release those complaint reports, protecting the identity of the consumer but providing an understanding of where the trouble in the financial system lies … Read more

CFPB Report | Semi-Annual Report of the Consumer Financial Protection Bureau

Semi-Annual Report of the Consumer Financial Protection Bureau Message from Richard Cordray DIRECTOR OF THE CFPB Just one year ago, the Consumer Financial Protection Bureau became the nation’s first federal agency solely focused on protecting consumers in the financial marketplace. As this report shows, we have already made great strides and helped many thousands of … Read more

“An Abysmal Failure,” Barofsky Says – TARP Was Even Worse Than You Think (VIDEO)

~ 4closureFraud.org Tweet

Spitzer and Taibbi Contemplate the ‘Upside-Down World’ of Wall Street (VIDEO)

From U.S. Treasury Secretary Timothy Geithner’s Capitol Hill testimony to former Citigroup CEO Sandy Weill’s call to break up the big banks, Rolling Stone contributing editor Matt Taibbi and “Viewpoint” host Eliot Spitzer review the week on Wall Street. “To me, the most startling thing about what Geithner said this week in the hearings when … Read more

Gallup Poll | What Do Americans Want? More Jobs, Less Govt Corruption

Americans Want Next President to Prioritize Jobs, Corruption Lowest priorities are taxing wealthy and environmental problems PRINCETON, NJ — Creating good jobs, reducing corruption in the federal government, and reducing the federal budget deficit score highest when Americans rate 12 issues as priorities for the next president to address. Americans assign much less importance to … Read more

Montgomery County, Ohio v. Federal Housing Finance Agency et al | Fannie, Freddie Allegedly Owe Ohio County Millions In Unpaid Taxes

Fannie, Freddie Allegedly Owe Ohio County Millions In Unpaid Taxes DAYTON, Ohio (AP) — County officials in southwest Ohio have filed a class action lawsuit against two mortgage giants they say owe millions in unpaid taxes. Montgomery County filed a federal lawsuit Wednesday that says Fannie Mae and Freddie Mac wrongfully claimed various exemptions to … Read more