More justification for cramdowns
According to credit rating agency, Standard & Poors, cramdowns are cool.
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Tag: cramdowns
Getting tough with big banks (and missing the point)
Tighter banking regulations won’t help the struggling American consumer.
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Automatic loan modifications begin. Will mods nibble at negative equity’s heel?
Yet another federal home-loan recovery program enters the stimulus mix.
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Mortgage mods by eminent domain: Be an advocate this time, for a change
San Bernardino homeowners may be blacklisted from future Fannie Mae and Freddie Mac (collectively...
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Shiller: cramdowns are the cure
Offering cramdowns to underwater homeowners is the solution for the struggling housing industry,...
Read MoreIn praise of cramdowns
Principal reduction (cramdowns) granted by bankruptcy courts is the only solution to underwater homeowners’ plight, a recent article from Daily Finance argued. Unlike recent endeavors to implement cramdowns through bank...
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Reports suggest FHFA killed cramdowns without cause
A recent letter from Congress to the Acting Director of the Federal Housing Finance Agency (FHFA)...
Read MoreBofA offers cramdowns with a twisted arm
Do you think BofA’s cramdown offers are likely to extend beyond 200,000 to greater numbers of underwater California homeowners? No (70%, 52 Votes) Yes (30%, 22 Votes) Total Voters: 74 Bank of America (BofA) has begun offering...
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FHFA’s oscillating resistance to cramdowns
“Halt foreclosures,” is the request of California’s Attorney General (AG) to Fannie Mae and...
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FHFA finally gives cramdowns merit
Would the FHFA allowance of principal reductions benefit the real estate market? Yes (74%, 100...
Read MoreUnderstaffed banks say “Oops!” to foreclosures
Struggling to keep up with foreclosure complaints, JPMorgan Chase & Co., Bank of America Corp. and Citigroup have admitted to being understaffed during assessments released by the Federal Reserve (Fed). The banks were...
Read MoreShadow inventory lurks within lender balance sheets
For every two homes available for sale, there is another in lender shadow inventory, according to a report by CoreLogic. Nationally in October 2011, 1.6 million residential units were shadow inventory comprising property...
Read MoreCramdowns get Fed endorsement
Would government mandated principal reductions on underwater home loans bring us out of this Lesser Depression? Yes! Housing debt is the problem. (53%, 92 Votes) No. Unemployment must be solved first. (47%, 81 Votes) Total...
Read MoreSo, who’s got a plan?
In early August 2011, the White House proposed selling the Federal Housing Finance Agency’s (FHFA) real estate owned properties (REOs) in bulk (read: cheap) to investors on the condition they rent out the properties for an...
Read MoreThe Fed points the finger
In anticipation of Ben Bernanke’s speech at the annual Federal Reserve (Fed) conference in Jackson Hole, Wyoming, Paul Krugman expressed sincere doubt that Bernanke would propose any effective strategies in monetary policy to...
Read MoreThe President tweets his housing mistakes
The current administration’s efforts to help homeowners navigate the depressed housing market have been “not enough,” according to the President. In a recent town hall event, users from across the nation took to their Twitter...
Read MoreLenders are reducing principal?
Lenders have been quietly offering unrequested loan modifications or principal reductions on adjustable rate mortgages (ARMs) to borrowers who are not in default, according to the New York Times. JP Morgan Chase (Chase) and Bank...
Read MoreGovernment mortgage modification programs provide no remedy
The Home Affordable Modification Program (HAMP) recorded 20,000 new mortgage loan modifications and 26,147 permanent modifications in February 2011. Thus national statistics are a new low for HAMP, a federal program established...
Read MoreRetribution deferred: lenders prove too powerful to be prosecuted
Lenders are still getting away with highway robbery, according to Nobel Prize winning economist and New York Times Op/Ed columnist, Paul Krugman. Krugman eviscerates the banking industry and the wealthy class with a powerful...
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Mortgage market reform from the executive branch
The current administration proposes that Fannie Mae and Freddie Mac be gradually dissolved within...
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