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Slow Response to Housing Crisis Now Weighs on Obama
Keywords:
Applebaum describes how Obama as president took action on the stimulus after the 2008 financial crisis, but did not take the necessary action to stem foreclosures and aid a recovery in housing. This now appears to be one of the critical failures of his presidency.
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.
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
How to Stop the Drop in Home Values
New York Times 10/12/2011
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
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 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
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 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
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
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
New York Times 01/05/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
J.P. Morgan Loosens Terms for Jumbo Mortgages
Wall Street Journal 08/05/2015
New Evidence on the Foreclosure Crisis
Wall Street Journal 07/03/2009
One in Four Borrowers Is Under Water
Wall Street Journal 11/24/2009
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.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Dr Doom Predicts Another $1 Trillion in Housing Losses in 2011
New York Times 12/07/2010
Wall Street Journal 12/29/2010
Housing Market Is Still Facing a Blizzard
Wall Street Journal 12/29/2010
Rise in Rates Is Headwind for Housing
Wall Street Journal 02/10/2011
Number of the Week: Government’s Overwhelming Role in Mortgages
Wall Street Journal 02/12/2011
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 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
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
Martin Feldstein and the mortgage crisis 2009-2010.
09/12/2007
See the solutions suggested by Feldstein to the crisis in a series of articles.
Grouped Articles
Wall Street Journal 09/12/2007
How to Stop the Mortgage Crisis
Wall Street Journal 03/07/2008
Wall Street Journal 02/20/2008
Enough With the Interest Rate Cuts
Wall Street Journal 04/15/2008
The Problem Is Still Falling House Prices
Wall Street Journal 10/04/2008
Martin Feldstein - The Stimulus Plan We Need Now
Washington Post 10/30/2008
Martin Feldstein on the risks for the American Economy after failures in the Obama Economic plan.
09/12/2007
Failures to address problems on the housing front, especialy the problems for 15 million homeowners under water- see the links to opeds by Feldstein suggesting focus on these issues throughout 2008-2009. And the focus on health care which diverted attention from this problem and the problem facing bad loans in commercial real estate. Other problems are failure to get bank lending up for businesses. And the failure of Obama health care plans to control the increase in the nation's surging health care spending, instead increasing the deficit to unsustainable levels. Public sentiment as shown in WSJ/NBC polls confirm Feldstein's sense of the situation.
Grouped Articles
New York Times 12/08/2013
From President Obama, Economic Clarity but Little Courage
Washington Post 04/15/2009
Wall Street Journal 09/12/2007
How to Stop the Mortgage Crisis
Wall Street Journal 03/07/2008
Wall Street Journal 02/20/2008
Enough With the Interest Rate Cuts
Wall Street Journal 04/15/2008
Stiglitz and Zandi offer a solution to the housing and foreclosure crisis that has stalled the economy
01/23/2008
The proposal for mass mortgage refinancing by Stiglitz and Zandi in August 2012. Obama administration efforts have failed to tackle the foreclosure crisis. Earlier proposals by Martin Feldstein and by Sheila Bair have largely been ignored by the Obama administration as housing problems continue to affect the economic recovery.
Grouped Articles
Japan Is a Model Not a Cautionary Tale
New York Times 06/09/2013
Wall Street Journal 12/31/2013
New York Times 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Wall Street Journal 04/26/2015
The One Housing Solution Left: Mass Mortgage Refinancing
New York Times 08/12/2012
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
Foreclosures and the U.S. housing market in 2012-2013
01/20/2010
Grouped Articles
Wall Street Journal 05/02/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Outlook for Home Prices Grows Darker
Wall Street Journal 06/23/2010
Wall Street Journal 12/31/2013
Mortgage Troubles Near Prerecession Levels
Wall Street Journal 02/21/2014
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
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.
Grouped Articles
Second-Lien Loans May Prompt New Losses for Banks
New York Times 07/16/2011
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
Underwater, but Will They Leave the Pool?
New York Times 01/24/2010
Anger Over Foreclosures Exposes Political Divisions
New York Times 10/11/2010
Wall Street Journal 10/26/2010
Policy errors and lack of focus on unemployment and the economy of the Obama administration
04/04/2009
The focus on health care reform comes at the wrong time when when the U.S. economy and high unemployment were priorities that needed attention, say experts. Feldstein points elsewhere to the lack of attention to the housing crisis and reducing foreclosures through homeowner assistance. These errors of the Obama administration increased business uncertainty in the U.S. just as the eurozone crisis worsened.
Grouped Articles
Washington Post 09/06/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
Geithner's Bank Plan Is a Good Start
Wall Street Journal 04/04/2009
Uncertainty and the Slow Recovery
Wall Street Journal 01/04/2010
Roseland, Where Obama the Politician Was Born
New York Times 08/15/2012
Washington Post 08/17/2012
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
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
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