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An Accidental Housing Chief Embraces the Power of 'No'
Keywords:
Edward DeMarco is head of the Federal Housing Finance Agency (FHFA), which is the independent regulatory agency overseeing U.S. housing lenders Fannie Mae and Freddie Mac. The FHFA was formed in 2008 after merging two existing agencies. Later that year Fannie and Freddie were taken over by the government. FHFA head, DeMarco, is reluctant to help homeowners with underwater mortgages on their homes with reduced payments because this would mean losses to the taxpayer. He sees his mandate as protecting the taxpayer. Sheila Bair, former head of the FDIC, says she understands DeMarco's mandate is not to provide fiscal stimulus, and the Obama administration has been all over the place when it comes to providing homeowner assistance. The result is that there is little help by the U.S. government to homeowners with underwater mortgages since 2008, and this creates larger headwinds for the Federal Reserve Bank to provide momentum to the U.S. economy. Many experts see this as a serious problem and a well respected economist, Martin Feldstein, has made repeated proposals for structuring the help to homeowners since 2008.
Edward DeMarco, head of the U.S. Federal Housing Finance Agency and underwater mortgage borrowers in the U.S.
08/31/2011
The Federal Housing Finance Agency was formed in 2008 by merging two existing regulatory agencies and given additional powers. Later that year Fannie and Freddie were taken over by the U.S. government. FHFA acts as the independent regulatory agency for Fannie Mae and Freddie Mac. FHFA's head, Edward DeMarco, sees his mandate as protecting the taxpayer from losses and this leads to reluctance to support steps to help underwater mortgage borrrowers with reduction in payments. Sheila Bair, former head of the FDIC, says she understands its not the FHA's mandate to provide fiscal stimulus, and the Obama administration has been all over the place in its policies for troubled homeowners. The result of the muddled policies of the federal government and agencies is the lack of help for troubled homeowners, and larger headwinds to Fed policies to give the U.S. economy momentum.
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Fannie, Freddie: Can't Live With 'Em, Can't Live Without 'Em
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The Case Against the Bernanke-Obama Financial Rescue
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An Accidental Housing Chief Embraces the Power of 'No'
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Fannie and Freddie in 2010-2011
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The growing US governmet liability for Fannie and Freddie -companies that fueled the housing bubble with their implicit governmet guarantees to investors in housing mortgages. The cost of rescue has reached $146 billion and according to the Congressional Budget Office could have eventual cost of $389 billion.
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Fannie Mae and Freddie Mac: Unfinished business
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Cost of Fannie And Freddie Keeps Rising
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Share prices of both companies drop precipitiously and could leave shareholders with pennies.
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Fannie Mae to pay $59.4B to Treasury - The Washington Post
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Fannie Chief: Payout Must Not Delay Revamp
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The Housing Market Is Still Missing a Backbone
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Federal Reserve's $800 billion rescue for mortgage and consumer debt securities markets in October 2008.
11/25/2008
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Putting the Hit on Fannie, Freddie
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Legal Bills for Fannie and Freddie Abuses Cost Taxpayers $160 Million
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An Accidental Housing Chief Embraces the Power of 'No'
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Obama and McCain, Presidential candidates 2008, and their ties to Fannie Mae and Freddie Mac.
07/23/2008
The important role Fannie and Freddie lobbyists play in the campaigns of Obama and McCain at the highest level would make one rethink of them as agents of change very seriously. Both are promoting their own careers but in this they were promoting their own careers at the risk of the national interest as without the hard and timely work in 3 to 4 weeks of Secretary Paulson, Ben Bernanke and others, the collapse of Fannie and Freddie would have endangered the American and one could also say the world economy.
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How John McCain Turned His Clichés Into Meaning
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Wall Street Journal 11/16/2010
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Takeover of Fannie and Freddie by the government
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The weeks before the takeover and the work of Secretary Paulson and Ben Bernanke.
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Fannie, Freddie Payments Nearly Match Aid
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White House Rejects Fannie-Freddie Recapitalization Plans
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Senators Draft Housing Finance Overhaul
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Few Stand to Gain on This Bailout, and Many Lose
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The total cost to US taxpayers for Fannie and Freddie.
01/12/2009
The total cost could be $658 billion, according to a Standard and Poor's estimate in late 2010. And prove very costly for taxpayers in the USA. The government put the agencies in conservatorship during the housing crisis of 2008.
Grouped Articles
New York Times 04/13/2013
Freddie's Profit Soars on Housing Rebound
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Fannie Chief: Payout Must Not Delay Revamp
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Fannie, Freddie Payments Nearly Match Aid
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White House Rejects Fannie-Freddie Recapitalization Plans
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U.S. Housing Finance Agency (FHFA)
12/11/2010
The regulator for Fannie Mae and Freddie Mac in the US.
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Fannie, Freddie: Can't Live With 'Em, Can't Live Without 'Em
Wall Street Journal 05/04/2013
F.H.F.A. Nominee Smith Must Fight Bank Influence
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Government Stays Glued to Mortgage Market
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Fannie Mae and Freddie Mac: Self harm
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Regulator Resists Mortgage Reductions
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Failure of Obama's plan for helping homeowners facing foreclosure in 2009-2010
06/12/2009
Failure of the Making homes Affordable plan announced by the Obama administration in early 2009. Only 2000 of 500,000 loan modification applications in progress in October under this program have become permanent according to a Congressional oversight panel.
Grouped Articles
New York Times 07/17/2011
High Default Rate Seen for Modified Mortgages
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Fannieâs and Freddieâs Foreclosure Oversight Questioned
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New York Times 05/19/2014
Wall Street Journal 07/29/2015
Foreclosures and unemployment in the U.S.
05/04/2009
The Obama administration foreclosure relief programs were designed for subprime lending situations and not for the high unemployment. As a result few unemployed homeowners have benefitted.
Grouped Articles
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Home Affordable Modification program (HAMP) of the Obama Administration
06/12/2009
The large failure of a program launched by the Obama administration to reduce home foreclosures in the U.S. Only $1 billion of the $75 billion estimated for the program when it was launched in 2009 has been spent. Only 680,000 of the 2.7 million homeowners seeking to participate received loan modifications with lower monthly payments.
Grouped Articles
New York Times 07/17/2011
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Plunge in Home Sales Stokes Economy Fears
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New York Times 10/19/2010
Negative Equity in homes as a huge drag on the economy.
01/24/2010
2.4 million foreclosures estimated for 2009 by Moody's Economy.com on top of 2 millon in 2008.
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Underwater, but Will They Leave the Pool?
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Anger Over Foreclosures Exposes Political Divisions
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Wall Street Journal 10/26/2010
The Federal Reserve and policies favoring banks over homeowners in U.S. foreclosures
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U.S. unemployment and foreclosures- 2011-2012
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New York Times 05/04/2009
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The faulty foreclosure paperwork crisis that is hitting U.S. banks.
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Out of Maine, a National Foreclosure Freeze
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Florida Foreclosure Lawyers Are Scrutinized Over Procedures
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New York Times 10/14/2010
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Negative equity and near zero down payments as the major causes of U.S. foreclosures and the housing crisis, more than subprime loans.
01/05/2009
Research showing that negative equity and zero down payments are the biggest cause for surge in U.S. foreclosures.
Grouped Articles
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New Evidence on the Foreclosure Crisis
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One in Four Borrowers Is Under Water
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Board failures and lack of action to make much needed changes after this helped cause the economic crisis of 2008-09.
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Board failures at companies like Fannie Mae, Countrywide, WaMu, GM and others which led to huge losses for taxpayers, communities, and laid off employees.
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The 40-Year Club: America's Longest-Serving Directors
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G.M.’s Board Is Seen as Slow in Reacting to Safety Crisis
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What Iceberg? Just Glide to the Next Boardroom
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Fannie and Freddie in debt situation requiring government help similar to the banks.
04/03/2009
About $400 billion was committed earlier of which $112 billion has been given to Fannie and Freddie. Now officials say in December 2009 that $400 billion may be needed for each company.
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Fannie Mae to pay $59.4B to Treasury - The Washington Post
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Dream Mortgage Bailout Has a Darker Side
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Fannie Mae and Freddie Mac stock
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Ackman Makes Big Bet on Fannie, Freddie
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Freddie Mac Reports $48.7 Billion 2013 Profit
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Fannie's Profits May Be Fleeting
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Wall Street Journal 02/16/2011
An Accidental Housing Chief Embraces the Power of 'No'
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Homeowners facing foreclosure and lack of any meaningful help.
09/29/2008
Lack of any meaningful help to homeowners facing foreclosure upto the Lehman Fannie crisis, and the failure to provide any significant help to homeowners in the $700 billion Sept 2008 bailout plan targeted mostly at freeing up the credit markets.
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Wall Street Journal 12/31/2013
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Card Firms' Loss Tally: Billions of Dollars in Fees
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Consumers Need a Credit Watchdog
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Nouriel Roubini on large housing losses for the U.S. economy in 2011-2012
12/07/2010
Estimates of $1 trillion in housing losses spread over banks, Fannie and Freddie, as a new wave of foreclosures hits the U.S. economy.
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Dr Doom Predicts Another $1 Trillion in Housing Losses in 2011
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Wall Street Journal 12/29/2010
Housing Market Is Still Facing a Blizzard
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Rise in Rates Is Headwind for Housing
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Number of the Week: Government’s Overwhelming Role in Mortgages
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The need to move government away from housing for a better allocation of resources in the U.S. economy
02/09/2011
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White House Plans to Revamp Mortgage Market
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Obama Can't Fix Housing Without a 30-Year War
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Number of the Week: Government’s Overwhelming Role in Mortgages
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Planning a Better Way Than Fannie and Freddie
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Wall Street Journal 02/14/2011
The Obama administration's plan to phase out Fannie Mae and Freddie Mac
02/11/2011
Grouped Articles
Fannie Chief: Payout Must Not Delay Revamp
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The Housing Market Is Still Missing a Backbone
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Wall Street Journal 11/23/2013
Plan for Mortgage Giants Takes Shape
Wall Street Journal 03/12/2014
Putting the Hit on Fannie, Freddie
Wall Street Journal 03/12/2014
Senators Draft Housing Finance Overhaul
New York Times 03/11/2014
The U.S. government's recovery of funds used to bailout insurers, banks, Fannie, Freddie, and auto companies
11/16/2010
The US government still has a ways to go to recover funds from the auto bailouts. AIG is still costly. Fannie and Freddie are an entirely different story, a debacle with huge additional funds needed.
Grouped Articles
Freddie's Profit Soars on Housing Rebound
Wall Street Journal 05/08/2013
Fannie Mae to pay $59.4B to Treasury - The Washington Post
Washington Post 05/09/2013
Fannie Chief: Payout Must Not Delay Revamp
Wall Street Journal 05/10/2013
Cost of Bailouts Continues to Decline
Wall Street Journal 05/10/2013
Fannie, Freddie Payments Nearly Match Aid
Wall Street Journal 11/08/2013
White House Rejects Fannie-Freddie Recapitalization Plans
Wall Street Journal 11/23/2013
A new U.S. housing foreclosure crisis looming for 2010-2011.
10/01/2009
By conservative estimates according to NYT, 2.4 million homes will be lost to foreclosure in 2010. The faulty documentation poses a serious problem for banks, as they may be forced to buyback the mortgage securities sold improperly.
Grouped Articles
Wall Street Journal 12/31/2013
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Economist 10/01/2009
Economist 10/01/2009
U.S. Mortgage Delinquencies Reach a Record High
New York Times 11/20/2009
Faces in the US housing and foreclosure crisis- 2010-2012
01/12/2009
Foreclosures have affected the lives of people in all segments of US society.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
Faces of the Home-Foreclosure Crisis
Wall Street Journal 12/29/2010
Foreclosures in the U.S., the homeless and poverty.
01/05/2009
About 10% nationwide and 15% in the midwest of people who are at homeless shelters are there because of foreclosures according to social service agencies.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 10/11/2013
Wall Street Journal 12/31/2013
Upward Mobility Has Not Declined, Study Says
New York Times 01/23/2014
New Data Muddle Debate on Economic Mobility
Wall Street Journal 01/24/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Krugman on the Obama Administration, banks, settlements and the U.S. foreclosure crisis in 2011
01/02/2009
Failure of the Obama administration to reduce foreclosures and help homeowners. A worsening foreclosure situation leads to a continuing decline in housing prices and hampers an economic recovery in the U.S. This is something Martin Feldstein grasped very early during the 2008 financial crisis and made proposals for helping homeowners under water.
Grouped Articles
Washington Post 09/06/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Rising U.S. Foreclosures take on crisis proportions deepening the economic downturn.
08/24/2007
Foreclosures in 2008 hit 16% up from 6% in 2007, and in an accelerating trend if unemployment hits new highs.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
U.S. Banks handling of foreclosures and mortgage securities.
10/16/2010
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
For foreclosure processors hired by mortgage lenders, speed equaled money
Washington Post 10/16/2010
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
The state attorneys general in the U.S. and the subprime lending and foreclosure crises and mortgage settlements.
12/08/2009
Federal regulators and the Bush and Obama administrations failed miserably to help homeowners achieve loan modifications. This with the false belief that putting homeowners out of their homes would actually speed up a recovery, considering the huge scale of foreclosures in the USA , the high unemployment and other problems hitting the economy. Feldstein's consistent arguments for homeowner relief throughout 2008 and 2009- considering the large number of homeowners under water- as the mortgage crisis unfolded, were ignored by the Bush and Obama administrations. See the comparisons to Japan's lost decade, as the lack of recovery in housing adds to problems with job losses. The lawsuits, legal action and mortgage settlements facing banks as they make their way through the mortgage mess.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
BP’s Cuts May Wound Portfolio Recovery
Wall Street Journal 02/04/2015
The homeowner lending boom pushed by unscruplous elements turns out to be a scourge for minorities.
10/11/2007
HUD Sec. Shaun Donovan calls the subprime lending a scourge for minorities, as foreclosures are hitting the minority neighborhoods the hardest. It may even widen the disparity in incomes between minorities and whites as the middle class black homeowners in places like New York State are losing ground.
Grouped Articles
Racial Wealth Gap Widened During Recession
New York Times 04/28/2013
What would MLK say to President Obama? - The Washington Post
Washington Post 08/28/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Economic Recovery Yields Few Benefits for the Voters Democrats Rely On
New York Times 05/19/2014
New York Times 05/19/2014
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