Illinois Attorney General Lisa Madigan sued Standard & Poor’s (S&P) last week, alleging the ratings agency used deceptive practices by inflating ratings of MBS (mortgage-backed securities) investments. Madigan strongly believes this was one of the main cause of the financial crisis that hit not just the country but the globe. The lawsuit was filed in [...]
While the Congress and the Fed have a common goal: the economic recovery, which relies on the housing market recovery, they seem to disagree when it comes to make action, because they have different action plans achieving their goals. Last week Federal Reserve Chairman Ben Bernanke submitted a white paper to Congress providing “a framework [...]
It came as a relief for unemployed: Freddie Mac extended forbearance for its clients without jobs, which means starting now some unemployed troubled homeowners can receive up to 1 year forbearance. The announcement came Friday, right after the US Department of Labor stated that the nation’s unemployment rate trends down. According to the department’s data [...]
The nation’s biggest lenders’ servicing portfolio is likely to stabilize, as nearly 90% of all first lien mortgages are still current, the office of the Comptroller of the Currency reported. Both early stage and serious delinquencies remained unchanged over the quarter, the OCC said in its latest report. Looking at these mortgage delinquencies separately, the [...]
The Treasury and the HUD recently released the latest edition of the Obama Administration’s Housing Scorecard. The most recent survey featured as news the scan of the nation’s 10 largest mortgage servicers participating in the Making Home Affordable Program, in order to promote transparency regarding its performance. The Scorecard tracks the key indicators of the [...]
The central bank will soon issue a long-awaited package of proposed rules, implementing the Dodd-Frank Act, Federal Reserve Board Vice Chairman Janet Yellen said. “The Federal Reserve will soon release for comment its proposed rule on enhanced prudential standards that would apply to large bank holding companies and systemically important nonbank financial firms,” Yellen said [...]
Freddie Mac, the nation’s second largest mortgage company submitted its request to the Treasury for another $6 billion in capital support. The request comes after Freddie posted its quarterly results: the company recorded a net loss of $4.4 billion for the third quarter of 2011, more than twice the loss it recorded in the second [...]
The Special Inspector General of the Troubled Asset Relief Program (SIGTARP) concluded: federal funding mortgage relief programs are a failure, as they struggle to reach their targets, troubled homeowners. The recently released report say only 5.4% or $2.5 billion of the $45.6 billion in TARP funds have been spent. SIGTARP said participation in the HAMP [...]
Rep. Scott Garrett (R-New Jersey), the chairman of the House subcommittee responsible for matters related to Fannie Mae and Freddie Mac presented his plan for reforming the secondary mortgage market and winding down the GSEs There is no question that the GSEs should cease to exist, and it is time to put a plan into [...]
The House Veterans’ Affairs Committee ordered his staff to investigate the cases of cheated veterans and taxpayers as the nation’s biggest lenders have charged these people illegal fees in their struggle to refinance home loans. The chairman’s action comes after a whistleblower lawsuit was filed in federal court in Atlanta showing hard evidence of the [...]
We want to say thanks to Eureka for making our short sale possible
Roger and Lisa Pringle
Austin, Texas
