Not that many others would have had the balls to fight harder. According to The New York Times, Obama had an opportunity to push for the legislation, but instead caved to the Republicans and the banks. This was a huge opportunity lost. Personally, I am a huge fan of the concept and have written extensively [...]
Edward DeMarco is weighing the possibility of reducing the principal of hundreds of thousands of Fannie and Freddie mortgages. The decision hinges on just how many additional underwater borrowers would strategically default in order to possibly get their principal reduced. Social mood is hard to forecast. Demarco states: A key risk in principal forgiveness targeted [...]
In the car this morning I heard Kamala Harris being interviewed on one of the news stations. My first reaction was that I like her a lot. She’s a tough cookie and definitely intends to continue going after the banks. And, she really doesn’t like Edward DeMarco. Then she invited homeowners to go to the [...]
The Obama Administration won a political victory with the $26 Billion mortgage settlement announced last night. But the most impactful part of the plan – principal reductions – may be nothing more than what the banks are already doing by forgiving the unpaid balances on short sales. The New York Times reports: Despite the billions [...]
Via The Street: Analysts reacting to the announcement are also calling the plan “dead on arrival.” FBR Capital analyst Edward Mills said in a note Wednesday morning that the plan was unlikely to get congressional approval, “as Congressional Republicans are opposed to additional intervention in the mortgage market and are philosophically opposed to a bank [...]
Dear Edward DeMarco, Your position regarding principal reduction for underwater mortgages illustrates just how unfit you are to be running the FHFA. You argue against principal reductions, because it might cost “marginally” more than principal forbearance, yet you completely ignore all of the data suggesting that negative equity leads to strategic defaults and a potential [...]
For the first time, more loan mods are being canceled than started. April saw 123,332 Trial and Permanent loan modifications get canceled, while only starting 47,160 new modifications. The shadow inventory that has been stuck in HAMP limbo is about to start hitting the market. April numbers saw HAMP slowing down in two significant ways. [...]
