New Loan Modification Program Begins July 1st For Fannie/Freddie Homeowners

Please see the full post by Katie Porter (law professor, bankruptcy scholar, consumer law expert, and Director of Monitoring the National Mortgage Settlement in California) Fannie/Freddie to Homeowners: Do Nothing and Help Will Arrive Housing Wire is reporting that Federal Housing Finance Agency, the conservator of Fannie Mae and Freddie Mac, has launched a new loan modification […]

White House Urged to Fire FHFA Director DeMarco For Freddie and Fannie’s Refusal to Modify Principal and Prevent Home Foreclosures

The New York Times reports that prominent attorneys general are urging the White House to fire DeMarco as head of the FHFA for failing to adhere to Treasury’s, the White House’s and the AG’s proposal that Freddie and Fannie modify underwater home loans by reducing principal: Led by Eric T. Schneiderman of New York and Martha […]

The Independent Foreclosure Reviews: a Fable of How to Not Do Anything While Pretending to Do Something

Here’s an excerpt from Adam Levitin’s post on Credit Slips, full post here on why the independent foreclosure reviews suck (paraphrasing). Apparently part of the bank flaks’ talking points regarding the foreclosure reviews is that to the extent homeowners harmed by wrongful foreclosures, they were actually drug dealers. The message: we didn’t foreclose on anyone who didn’t deserve […]