FHFA OIG REPORT | Follow-up on Freddie Mac’s Loan Repurchase Process
Follow-up on Freddie Mac’s Loan Repurchase Process FHFA and Freddie Mac have acted on the concerns raised in FHFA-OIG’s report by adopting a more expansive loan review process. Specifically, Freddie Mac changed its policies to review for potential repurchase claims significantly larger numbers of loans that defaulted more than two years after origination. It is … Read more
As Predicted, Bernanke Launches QE3… Which Will Destroy the Economy
Image via Max Keiser This Is Not Going to End Well … We predicted last week that Bernanke would launch QE3 this week. Today, the Fed announced that will buy $40 billion dollars of mortgages per month … indefinitely. This is in addition to numerous other easing programs. As CNBC notes: In addition, the Fed … Read more
Kelly Parker, A Detroit Mom with Cancer Who is Facing Eviction Fights Back (VIDEO)
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Defending American Taxpayers from Abusive Government Takings Act | John Campbell (R., Calif.) Introduces Bill to Stop Eminent Domain Nationally
John Campbell (R., Calif.) Introduces Bill to Stop Eminent Domain Nationally To prohibit Fannie Mae and Freddie Mac from purchasing, the FHA from insuring, and the Department of Veterans Affairs from guaranteeing, making, or insuring, a mortgage that is secured by a residence or residential structure located in a county in which the State has … Read more
Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program Abstract: The main rationale for policy intervention in debt renegotiation is to enhance such activity when foreclosures are perceived to be inefficiently high. We examine the ability of the government to influence debt renegotiation by empirically evaluating the effects of the 2009 Home … Read more
William Black | Government Pretending to Solve Foreclosure / Financial Crisis
A full criminal investigation into the role the big banks of Wall Street played in the economic collapse has been a promise made by US President Barack Obama that has yet to be fulfilled. In his State of the Union address earlier this year, Obama announced the creation of a mortgage fraud task force – … Read more
Bill Beckmann – Mortgage Electronic Registration Systems (MERS) Cleaned Up Act (HA!)
Mortgage registry cleaned up act, chief says SANTA ANA — Until the foreclosure crisis, most people had never heard of the Mortgage Electronic Registry Systems, or MERS. Then MERS surfaced amid accusations that it was a key villain in the loan crisis. Critics maintained it operated an electronic smokescreen to shield lenders from the borrowers, … Read more
The End of the Middle Class Century: How the 1% Won the Last 30 Years
The End of the Middle Class Century: How the 1% Won the Last 30 Years Between 1921 and 2008, the top 10% and the bottom 90% shared income gains equally. The split was 50-50 exactly, according to a new fun interactive graphic built by the Economic Policy Institute with data from economist Emmanuel Saez. But … Read more
Cummings Applauds Senate Committee’s Passage of Foreclosure Protections for Servicemembers and Their Families
Cummings Applauds Senate Committee’s Passage of Foreclosure Protections for Servicemembers and Their Families Legislation Mirrors Cummings’s Military Family Home Protection Act Washington, DC (Sept. 12, 2012) – Today, the Senate Veterans Affairs Committee (SVAC) passed measures similar to legislation introduced by Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government … Read more
US Totalitarianism Loses Major Battle As Judge Permanently Blocks NDAA’s Military Detention Provision
US Totalitarianism Loses Major Battle As Judge Permanently Blocks NDAA’s Military Detention Provision Back in January, Pulitzer winning journalist Chris Hedges sued President Obama and the recently passed National Defense Authorization Act, specifically challenging the legality of the Authorization for Use of Military Force or, the provision that authorizes military detention for people deemed to … Read more
