Tag Archives: treasury secretary

The Obama Administration Wants To Make A Deal With Banks On Foreclosures

Apparently many lenders were very naughty with their foreclosure procedures. This has produced a massive federal and state government investigation. Now the Obama administration wants to cut a deal with lenders. Both sides seem amenable. Let the healing begin in … Continue reading

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Walk Away From Your Mortgage?

When it is in the self-interest of businesses, they walk away from their mortgages all the time. So what’s good for the goose is good for the gander, right? Lenders say there’s something immoral about a homeowner walking away from … Continue reading

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Paperwork Avalanche Overwhelms Refinance Applications

Politicians talk a lot about plans to modify mortgages so fewer people default, but these plans depend on so much paperwork, that few people are having success with them. The Obama administration came up with a $75 billion program to … Continue reading

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Pitfalls To Timeshares

Jack Cummings writes the book Real Estate Finance & Investment Manual: Timeshares are filled with traps that can attract even the smartest of all developers and will then cause them to lose their investment capital property. The reason for this … Continue reading

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The View From Canada

Here: Henry Paulson said it with the confidence of … well, of a man who used to run Goldman Sachs. His scheme to pump a quarter of a trillion dollars into America’s banks “is an investment, not an expenditure, and … Continue reading

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Surviving The Mortgage Meltdown

Report from Florida: So where do we go from here? First, the federal government needs to allow the free market to clean up the mess it helped create. The best bailout Congress could have offered the American people would have … Continue reading

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Waiting For Congressional Investigation Of Fannie, Freddie

Report: Congress has taken the unprecedented step of authorizing the Treasury Secretary to spend $700 billion in taxpayer money in order to shore up troubled financial institutions. Congress has acted. It is now up to the Treasury, the Federal Reserve … Continue reading

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Buying Bad Mortgages

From The Hill: The Treasury Department is asking Congress to provide up to $700 billion to allow the federal government to buy up bad mortgages, according to a draft legislative proposal obtained by The Hill Saturday. In addition, the plan … Continue reading

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Buying Bad Mortgages

WASHINGTON (AP) — The Bush administration is asking Congress to let the government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained Saturday by The Associated … Continue reading

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Freddie Mac’s Massive Loss

From The Age of Melbourne: Freddie Mac, the US mortgage-finance company hobbled by record foreclosures, slashed its dividend at least 80% after posting a quarterly loss that was three times wider than analysts’ estimates. Syron said the company still needs … Continue reading

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