It’s time for President Obama to fire and quickly replace the Acting Director of the Federal Housing Finance Agency (FHFA), Edward DeMarco, with a Director who will uphold the Agency’s mission to “support housing finance and affordable housing, and support a stable and liquid mortgage market.” DeMarco, a holdover from the Bush administration, is interim head of the FHFA, which currently o more »
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Although we didn’t set out to write a history of the Great Financial Crisis when we embarked upon our foreclosure essay, it turns out that to do justice to the scope of this specific calamity, our work inevitably headed in that direction and therefore intersected at quite a few points with those made in the final report of the Financia more »
Last week, the Federal Reserve was finally forced by law to release some (not all) of the details of its back-door bailout of the global financial system. The Fed data focuses on the emergency lending programs initiated in 2007/2008, but it also includes data for the Fed’s more recent purchases of mortgage-backed securities (MBS). more »
I frequently disagree with Megan McArdle, but her WikiLeaks post yesterday on struck me as simply delusional. The basic argument: megabank financiers haven’t committed any crimes, because if they had, we’d already know about it. There’s a kind of efficient-market-hypothesis ring to this, and like the efficient-market-hypothesis, it has no basis in reality. more »
Despite escalating outrage over rampant foreclosure fraud, the Federal Reserve now appears ready to eviscerate a key mortgage regulation in an effort to spare banks the losses from their own wrongdoing. more »
There’s been plenty of recent media attention to the prospect of investor lawsuits over fraudulent mortgages and mortgage securities. But investor lawsuits against mortgage servicers could be even more damaging than these other lines of legal inquiry. more »
Foreclosure fraud is ruffling a lot of feathers on Wall Street, and while the full scope of losses remains unclear, even major banks are now acknowledging that this is a multi-billion-dollar disaster, not just a set of minor paperwork headaches. more »
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