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Forgiveness of Debt Could Yield Savings
Keywords:
Bloomberg Business Week's Peter Coy calls for debt forgiveness- creditor haircuts for sovereign debt in Europe, and bank writedowns of debt in the U.S. housing market
08/10/2011
Peter Coy of Bloomberg Business Week calls for debt forgiveness in the August 2011 issue of Business Week. Stretching out the debt issues without writedowns says Coy, only leads to austerity programs, stagnant growth and drags the issues out over many years. Better solutions can be found by starting anew with writedowns now and arrangements to make this possible, and returning to growth sooner. What about moral hazard? There is moral hazard in letting the banks bear no cost for reckless lending decisions, they are as likely to repeat this behaviour says Coy, as Greece or the underwater mortgage borrower in the U.S., if they did not have to bear the consequences of their decisions.
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How Righteousness Killed the World Economy
New York Times 10/12/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
For Europe’s Sake, Keep Greece in the Eurozone
New York Times 07/06/2015
How to Undo the Damage in Greece
New York Times 07/06/2015
Personalities Clashing Over How to Handle New Greek Bailout
New York Times 07/23/2015
BusinessWeek 08/10/2011
Martin Feldstein and other experts renew their call to stem the decline in house prices with a new policy for homeowners under water - 2010-2012
01/05/2009
The cost would be an estimated $350 billion to cancel some of the mortgage debt of homeowners. Feldstein says this is a necessary step to revive the U.S economy. Letting the forest fire of foreclosures burn itself out would damage the U.S. economy further. Feldstein says this is not an option.
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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
How to Stop the Drop in Home Values
New York Times 10/12/2011
Home equity loans, negative equity of homeowners, and the housing crisis in the U.S.- 2011-2012
01/12/2009
Grouped Articles
Second-Lien Loans May Prompt New Losses for Banks
New York Times 07/16/2011
In struggling housing market, buyers and sellers are out of sync
Washington Post 09/05/2010
The New Rules of Borrowing for Homes, Autos and College
Wall Street Journal 09/13/2014
Wall Street Journal 06/07/2011
The Sickness Beneath the Slump - Economic View
New York Times 06/11/2011
Wall Street Journal 10/05/2011
Laurie Goodman and the case for principal reduction for 10 millon U.S. homeowners under water- 2011-2012
11/04/2011
The only way to prevent home prices from declining further and keeping the economy from recovering.
Grouped Articles
To Fix the Housing Crisis, Read the Data
New York Times 11/04/2011
Forgiveness of Debt Could Yield Savings
Wall Street Journal 07/30/2012
The $26 billion U.S. mortgage settlement of Feb. 2012 between state attorneys general and the banks
02/09/2012
An estimated $17 billion of this would go to homeowners. Experts say this is good for the banks by reducing legal uncertainty and for attorneys general of states, but it is likely to do too little to significantly change the difficult situation in the housing market. This is because there is an estimated total of $700 billion in negative equity that 11 million homeowners under water have in the housing market, according to Capital Economics in London cited by Morgan Gretchenson in the New York Times, Feb. 12, 2012. The 17 billion is about 2.4% of this total.
Grouped Articles
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
Settlement Lifts Hopes For Housing Recovery
Wall Street Journal 02/10/2012
Q&A: What Homeowners Need to Know on the Deal
Wall Street Journal 02/10/2012
Wall Street Journal 02/09/2012
Banks Still Looking for Closure
Wall Street Journal 02/10/2012
The Federal Reserve and policies favoring banks over homeowners in U.S. foreclosures
04/01/2009
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
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
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
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
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
Wall Street Journal 06/16/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 05/19/2014
Wall Street Journal 07/29/2015
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
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
U.S. unemployment and foreclosures- 2011-2012
05/04/2009
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
New York Times 06/02/2009
The need for haircuts for private debt to make an effort to solve the problem of the fifth of US homeowners under water.
09/30/2010
Carmen Reinhart points out that the government can only assume private debt at a realistic price. Without principal reductions there appears to be no solution to the problem of the fifth of homeowners in the US who are under water. This keeps acting as a drag on the economy.
Grouped Articles
BusinessWeek 09/30/2010
State Attorneys General Take Helm in Mortgage Mess
New York Times 10/29/2010
To Fix the Housing Crisis, Read the Data
New York Times 11/04/2011
Deepening Crisis Over Euro Pits Leader Against Leader
Wall Street Journal 12/30/2011
Forgiveness of Debt Could Yield Savings
Wall Street Journal 07/30/2012
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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Big Job: Agency Oversees Half of Nation's Mortgages
Wall Street Journal 05/02/2013
Fannie, Freddie: Can't Live With 'Em, Can't Live Without 'Em
Wall Street Journal 05/04/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Federal Housing Administration in the Black for First Time Since 2011
Wall Street Journal 11/18/2014
An Accidental Housing Chief Embraces the Power of 'No'
Wall Street Journal 08/31/2011
Big Banks Face Suits on Mortgage Bond Losses
Wall Street Journal 09/03/2011
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
State foreclosure mediation programs in the U.S. for mortgage workouts in 2010-2011
06/16/2010
Loan modification is being achieved in states that mandate foreclosure mediation with a 3rd party mediator. States doing this successfully include New York and Connecticut. Spain has mitigated the impact of its housing crisis through extensive system of mortgage workouts that are benefiting both the banks, the homeowners, and the economy. In the US the banking industry has failed to take the lead in this area and the US government has failed to take effective action. Roubini predicts large housing losses in the US in 2011.
Grouped Articles
Spain's Banks Boost Books by Refinancing Loans to Homeowners
Wall Street Journal 11/07/2013
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
States Try to Force Mortgage Workouts
Wall Street Journal 12/31/2010
Only 1 in 4 Got Mortgage Relief
Wall Street Journal 02/28/2011
Mortgage Modification Overhaul Sought by State Attorneys General
New York Times 03/04/2011
Attorneys General May Be Rushing Proposal for Loan Servicers
New York Times 03/12/2011
The U.S. federal mortgage loan modification program in 2010.
06/12/2009
The dim prospects for mortgage loan modification programs of the Obama administration. Two out of three loan modifications under the federal Home Affordable Modification Program (HAMP) program expected to fail, and the failure under HAMP to move quickly by dealing directly with homeowners.
Grouped Articles
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
New York Times 08/21/2010
Obama Successes Outweighed by Job Losses
New York Times 10/26/2010
State Attorneys General Take Helm in Mortgage Mess
New York Times 10/29/2010
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
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
New York Times 06/02/2009
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
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.
Grouped Articles
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 10/02/2008
Rescue Includes Steps to Help Borrowers Keep Homes
Wall Street Journal 09/29/2008
Card Firms' Loss Tally: Billions of Dollars in Fees
Wall Street Journal 05/22/2009
Consumers Need a Credit Watchdog
BusinessWeek 07/15/2009
Failure to stem foreclosures under the Obama administration continues inaction under Bush administration.
08/24/2007
The failure of the Obama administration to break the cycle of foreclosures begetting falling house prices begetting more foreclosures, further weakening the banks and the economy, with strong action. It continues the missteps of the Bush period and may undo much of the good work in other areas such as stimulus, restructuring the auto industry and new priorities. Inaction here is coupled with inaction in relation to insolvent banks and is likely to prove costly.
Grouped Articles
New York Times 07/17/2011
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
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
Bank of America's alternative programs including rental for homes facing foreclosure
03/22/2012
Grouped Articles
Bank of America Tests Rental Program as Alternative to Foreclosure
New York Times 03/22/2012
Homeownership Rate Declines to 15-Year Low
Wall Street Journal 05/01/2012
Forgiveness of Debt Could Yield Savings
Wall Street Journal 07/30/2012
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