Tag Archives: senate banking committee

Obama’s Foreclosure Settlement With Banks Called A Shakedown

Republicans don’t like how the Obama administration is threatening businesses into making deals with it. Here’s a press release: Sen. Richard Shelby of Alabama, the ranking Republican member of the Senate Banking Committee, calls the proposed $20 billion mortgage settlement … Continue reading

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Should Banks Stall Foreclosures While Borrowers Seek Better Deals?

Banks should do what is in their self-interest. If a foreclosure is in their best interest, then foreclose. The average foreclosure lasts 449 days and costs Fannie and Freddie about $15,000. Homeowners late on their loans are often surprised to … Continue reading

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Did Fannie Mae, Freddie Mac Contribute To The Foreclosure Crisis?

Fannie and Freddie place the blame on mortgage servicers. They are the group at banks who keep an eye out for borrowers in trouble aka possible foreclosures. One large lender used over 250 different affidavit forms. Fannie and Freddie set … Continue reading

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Bank of America’s Loan Modification Program

Can bankers do what they like and sleep securely knowing that the government will bail them out if they bet wrong? It sure seems like that sometimes. One thing that bankers dread however is being called to testify before Congress … Continue reading

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Huffington Post Urges Readers To Boycott The Big Banks

If banks make profits, they get to hold them. If they make losses, then the U.S. taxpayer has to bail them out. It went the same way with the U.S. savings & loans. So where is the incentive to be … Continue reading

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The Senator Who Got A Sweetheart Deal From Countrywide Wants Tougher Regulation Of Banks

How about regulations about the sweet deal Chris Dodd got from Countrywide? Well, this former friend of Angelo Mozillo is back in the spotlight. He has a regulation plan that differs from the White House. The Los Angeles Times reports: … Continue reading

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Will Homeowners Benefit From The Bank Bailout?

Will the US Federal Reserve and Treasury Department do something to stem foreclosures? Congress wants them to. But what can be done? Why should people who bought more house than they could afford get subsidized? Why subsidize bad decisions? You’ll … Continue reading

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White House Stalls On New Bill To Prevent Foreclosures

Report: Yes, the White House is still looking at various plans but they haven’t rallied to one idea, not even the popular (with Democrats) national loan modification program that Sheila Bair, chairman of the Federal Deposit Insurance Corporation (FDIC). The … Continue reading

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Another Attempt To Reduce Foreclosures

In 2005, we had a massive housing bubble. Since then, housing prices have plunged and foreclosures have soared. We’ve had massive government intervention into the free market and we’re likely to get more. The most likely next step is the … Continue reading

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Dueling Plans To Rescue Troubled Mortgages

Different government agencies are competing for the nod. HUD has experience with running housing programs. The FDIC does not. The government will offer some sort of safety net to insure mortgages. From Time magazine: The first plan, backed by FDIC … Continue reading

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