Tag Archives: consumer advocates

Is Mortgage Principal Write-Off Overdue At Fannie, Freddie?

Taxpayers are on the hook for about $300 billion for Fannie Mae and Freddie Mac, but if liberals get their way, that number will balloon as Fannie and Freddie write-down mortgage principle for their most inept borrowers. People would who … Continue reading

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Weak Demand For Mortgage Loans

Mortgage loans dropped 20% last year and demand remains low. This puts particular pressure on Bank of America and Wells Fargo who have a disproportionate amount of their investments in mortgages. Bank stocks are down. Banks are under pressure to … Continue reading

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Will Forcing Banks To Keep A Skin In The Game Limit Home Ownership?

Many experts on both sides of the spectrum agree that a major reason for the housing crash is that many of those initiating mortgage loans had no incentive for seeing that such mortgage loans were paid back. Initiators of mortgage … Continue reading

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Who Qualifies For The Safe New Mortgage Rules?

Bill Clinton plunged Fannie Mae and Freddie Mac into buying subprime mortgages. The government owned over 70% of them before the housing crash hit in 2007. So now we have new rules on mortgage lending. Who qualifies? The WSJ says: … Continue reading

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A Bank Critic Will head the enforcement division of the new Consumer Financial Protection Bureau

Ohio Attorney General Richard Cordray has gained fame for attacking banks. Now he will be regulating them. I can’t imagine the banks are too happy about this. Sloppy bank paperwork on foreclosures attracted Cordray’s ire and raised him to fame. … Continue reading

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Foreclosed By Mistake

A disheartening number of people have been foreclosed on by mistake. Surely they have a juicy lawsuit in such a situation. How come when people make “mistakes” financially it is always to their advantage? I don’t have a kneejerk response … Continue reading

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Not Bothering To Respond To A Refinance Offer From IndyMac

Here’s the model that the FDIC head lauded but many of its own borrowers seem unimpressed. How are you going to assist borrowers if you can’t get them to hear you? If they won’t respond to your offers? The FDIC … Continue reading

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Government Pushing To Modify Mortgages

The Los Angeles Times reports on Countrywide. Consumer advocates like Countryside’s new mortgage modification program. They say it is an example of what to do. An important legislator wants other lenders to follow suit. Report: Previous attempts to modify home … Continue reading

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The Heart of the Foreclosure Crisis

Alan Zibel writes that almost 3,000 Americans a day lost their home through foreclosure over the summer. That’s more than twice the rate of a year ago. This problem is a lot worse than initially thought. About four million homeowners … Continue reading

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Figuring Out The Bailout

From the New York Times: The legislation does take steps to help some troubled borrowers modify their mortgages. As part of the package, the Treasury Department would purchase problematic mortgage-related assets. “It depends if the government can successfully run auctions … Continue reading

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