Tag Archives: treasury department

The Obama Administration’s War On Banks Now Focuses On JP Morgan

Obama’s administration has criticized JP Morgan “for failing to effectively assist struggling homeowners>” Why should banks assist struggling homeowners? Why should banks not be free to pursue their own self-interest aka maximum profit? I pursue my own self-interest every day … Continue reading

Posted in Banks, mortgage, Politics | Tagged , , , , , | Comments Off on The Obama Administration’s War On Banks Now Focuses On JP Morgan

Another Chance To Refinance Your Mortgage

People who’ve been turned down multiple times on their applications to refinance their mortgage have a fresh new shot with the Obama administrations new plan to allow for the refinancing of underwater mortgages owned by Fannie Mae and Freddie Mac. … Continue reading

Posted in mortgage | Tagged , , , , , | Comments Off on Another Chance To Refinance Your Mortgage

Obama’s Mortgage Relief Efforts Don’t Help Many

The number of homes going into foreclosure each month remains high. The curve of foreclosures is only slowly declining. A much smaller number of homeowners are getting helped by Obama’s HAMP program than was predicted, but for them the help … Continue reading

Posted in mortgage, Politics | Tagged , , , , , | Comments Off on Obama’s Mortgage Relief Efforts Don’t Help Many

The $1 billion Emergency Homeowners’ Loan Program

Another government program to help the housing market is coming up short. It has funds left unspent. Not as many people have taken advantage of it as was predicted. A shorter window for making an application to the program has … Continue reading

Posted in mortgage, Politics | Tagged , , , , , | Comments Off on The $1 billion Emergency Homeowners’ Loan Program

Obama’s Mortgage Modification Scheme Ineffective

The Treasury Department’s Home Affordable Modification Program pays banks to modify loans under Treasury guidelines. From day one, it has been criticized as ineffective. This past week, it came in for another bruising. A panel report called it a failure. … Continue reading

Posted in Banks, Foreclosure, mortgage, Politics, Refinance | Tagged , , , , , | Comments Off on Obama’s Mortgage Modification Scheme Ineffective

Republicans Blame Government Housing Policy For 2008 Real Estate Crash

Here is the essence of the GOP complaint, that “the government subsidized and, in some cases, mandated the extension of credit to high-risk borrowers, propagating risks for financial firms, the mortgage market, taxpayers, and ultimately the financial system.” Democrats blame … Continue reading

Posted in Banks, Politics | Tagged , , , , , , , | Comments Off on Republicans Blame Government Housing Policy For 2008 Real Estate Crash

Freddie Mac Loses More Money In Third Quarter

It has already received a $51 billion bailout (a similar size to what Fannie Mae received). Yeah, and its executives received payouts over a million dollars. Great. I am glad our money went to a good cause. Despite the latest … Continue reading

Posted in fannie mae, freddie mac | Tagged , , , , , | Comments Off on Freddie Mac Loses More Money In Third Quarter

We’re Unlikely To Get Our Money Back

We’ve spent billions on bailouts. Now it looks like General Motors and Chrysler will need another bailout. We’ve spent about $200 billion on propping up AIG. Don’t hold your breath waiting for us to get our money back on that. … Continue reading

Posted in Banks, Foreclosure, Politics | Tagged , , , , , | Comments Off on We’re Unlikely To Get Our Money Back

How Many Times Are We Going To Bailout GMAC?

Will the third time be the charm? Is $12.5 billion not enough? GM’s consumer financing arm wants another government bailout. It’s not doing too well, despite all the aid it has already received. GM and Chrysler, two of America’s big … Continue reading

Posted in Banks, Politics | Tagged , , , , , | Comments Off on How Many Times Are We Going To Bailout GMAC?

Cleaning Up Toxic Assets To Free Up Mortgage Lending

The Obama administration will likely release plans this week to restart mortgage lending. The first plan takes aim at toxic assets — assets that numerous lenders have on the books that they fear valuing. The other plan is another assault … Continue reading

Posted in mortgage, Politics, Refinance | Tagged , , , , , | Comments Off on Cleaning Up Toxic Assets To Free Up Mortgage Lending