Momentum10 Reasons Why Jim Douglas Must Go


Yesterday Read more: American Reporter
I have written often over the past few years about the house of cards that is the American economy, but the events of the past week should frighten everybody. First, there was the collapse of IndyMac, a California bank deeply involved in subprime lending.
Start the conversation, or Read more at American Reporter.

Comments

Post a Comment

Popular posts from this blog

Court Forces Government to Release Documents in Fannie/Freddie Suit

Great read by Horowitz Court Forces Government to Release Documents in Fannie/Freddie Suit Submitted by Carl Horowitz on Fri, 07/25/2014 - 14:50 Printer-friendlyPrinter- friendlyEmail to friendEmail to friend The burden carried by the holders of stock in mortgage giants Fannie Mae and Freddie Mac, each operating for nearly six years under federal conservatorship, just got lighter. On July 16, U.S. Court of Federal Claims Judge Margaret Sweeney, in a procedural ruling, held that shareholder-plaintiffs in Fairholme Funds Inc. et al. v. United States are entitled to know material facts that the government wants to keep secret. The shareholders are seeking compensation for foregone income resulting from the Treasury Department's "sweep" rule of August 2012, which forced the companies to forward all dividends to the department in perpetuity. Government lawyers had filed a motion for a protective order on  May 30 to inhibit discovery. The outcome of this case will hav...
Read more

Fannie, Freddie Sued by Massachusetts AG

Image
Fannie, Freddie Sued by Massachusetts AG   The attorney general ( AG ) of Massachusetts, Martha Coakley has sued  Fannie Mae  ( FNMA ) and Freddie Mac ( FMCC ) for violating state anti-foreclosure law. The case, filed in Suffolk Superior Court, also named the Federal Housing Finance Agency, the U.S. regulator that oversees these two Government-Sponsored Enterprises (GSEs), as a defendant. Fannie and Freddie are accused of not allowing properties to enter buyback programs even though prevention of such initiatives proves to be expensive for these GSEs. The AG alleged that two of the policies of Fannie and Freddie violate the Massachusetts law called ‘An Act to Prevent Unnecessary and Unreasonable Foreclosures’. One of them, the ‘arm's-length transaction’ forbids these GSEs from allowing the sale of properties to nonprofit organizations as these residential properties will again be sold to its previous owner. The second ‘make whole’ policy stop...
Read more

White House welcomes Senate panel's housing vote

Image
White House welcomes Senate panel's housing vote White House welcomes Senate Banking Committee vote to overhaul mortgage lending   19 hours ago WASHINGTON (AP) -- The White House welcomed bipartisan legislation to overhaul the nation's mortgage financing system that cleared a crucial Senate hurdle on Thursday. The legislation would wind down the giant government-backed lenders Fannie Mae and Freddie Mac. The Senate Banking Committee voted 13-9 to send the bill to the Senate floor. It still faces long odds to pass this year. The bill would phase out Fannie and Freddie and reduce the government's role in guaranteeing mortgage securities. The two firms had to be rescued by a $187 billion taxpayer bailout during the financial crisis. A House Republican bill would go further in privatizing the mortgage market. "Today's vote marks important progress toward completing one of the biggest remaining pieces of post-recession reform of the f...
Read more