Barney Frank Wants to Kill Fannie and Freddie?!?
Be still my beating heart. No, wait. Start beating, my stilled heart. Barney Frank just recommended killing Fannie Mae and Freddie Mac.
”As I believe this committee will be recommending, abolishing Fannie Mae and Freddie Mac in their present form and coming up with a new whole system of housing finance [is in order],” …
My Mortgage Plan
The Obama administration is working on a mortgage bailout plan. Supposedly, they only want to help the people who are responsible home owners. That’s a good aim. Given that 41% of modified mortgages end in default, we shouldn’t send good taxpayer money after bad results. If the administration is sincere about their desires, I have …
Fix the Mortgage Crisis By Subsidizing More Mortgages
Sometimes the federal government is unusually annoying. This is one of those times.
Efforts to create new tax breaks to encourage home purchases are gaining attention on Capitol Hill, as lawmakers gird for a major debate this spring on how best to shore up the nation’s troubled mortgage markets.
Some Democrats, …
Explaining the Mortgage Crisis
How dodgy debt is transformed into High Grade Enhanced Securities, sold for million by creative bankers, then recognized as just some dodgy debt.
A Borrowers Responsibility
Two months ago, I wrote about the sub-prime mortgage ”crisis”. Specifically, I wrote about Mrs. Audrey Sweet and her troubles repaying a loan from Countrywide. Two days ago, Mrs. Sweet stopped by our humble blog to plead her case.
Countrywide forged my loan documents, they lied about the tax amount and my income to …
Seeing Greed in San Jose
Last night I said that homebuyers were more likely to be greedy than lenders. I haven’t changed my mind yet. Instead, I read a story that convinced me even more.
The New York Times describes a couple who bought ”a modest home at the southern end of Silicon Valley”. Now they’re suing their broker and real …
Who Was Greedy?
I find the current narrative, about the housing market meltdown, to be extremely disingenuous. Take Barack Obama, for example.
He described this summer’s subprime lending crisis as a case study of greed among mortgage lenders and the agencies that provide information about them. …
Well, that’s certainly one way to describe what’s happening in the …
Thoughts on the Mortgage "Crisis"
The New York Times published a long story last week on the sub-prime mortgage ”crisis”. Can the Mortgage Crisis Swallow a Town? – New York Times. As I read through it, there were a few points that jumped out at me.
One of those loans belonged to Audrey Sweet, a Maple Heights resident and …