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August 18, 2008
Foreclosure Pressures Mount
Congress is pressuring the mortgage industry to hold off on foreclosures pending the startup of the FHA “Hope for Homeowners” refinance program.
August 11, 2008
Freddie Mac Problems Continue
Freddie Mac reported an $821 million loss in the second quarter.
August 04, 2008
President Signs Recovery Act
President Bush showed his disdain for much of the emergency housing and economic recovery law by foregoing any formal ceremony and signing the measure at 7:00 a.m.
Frank Wants Foreclosure Moratorium
The Chairman of the House Financial Services Committee wants lenders to refrain from foreclosures until the mortgage relief law takes effect in October. If lenders don’t go along, he warns, he can restructure the industry by legislation.
Treasury Boosts Covered Bonds
Hoping to spur new housing finance techniques, the Treasury Department has issued “Best Practices for Residential Covered Bonds.”
July 25, 2008
Congress Finishing Work on Housing Bill
The President’s veto threat proves hollow as the House sends the huge housing relief bill to the Senate for final action.
July 21, 2008
IndyMac Failure Will Force FDIC Premium Hike
Despite industry protests, the FDIC is likely to choose higher premiums to replenish the Deposit Insurance Fund quickly.
OTS Says Schumer Caused Run on IndyMac
IndyMac didn’t die a natural death, OTS Director John Reich says. He accuses Sen. Charles Schumer with the crime.
Fannie, Freddie Bailout Added to Housing Bill
Congress was counting on the two government-sponsored enterprises to help shore up the housing markets. Now they need help themselves.
July 14, 2008
Paulson Praises HOPE NOW
HOPE NOW is showing good progress in its “race against time” to avoid preventable foreclosures efforts, Treasury Secretary Henry Paulson said.
Senate Works on Housing Relief
An 84-12 procedural vote signals the Senate is ready to approve housing relief bill.
July 07, 2008
State Authorities Challenge Countrywide Financial’s Practices
A country-wide array of lawsuits face the big mortgage lender.
June 30, 2008
Regulators Propose Alternative Capital Rule
The regulators have proposed an alternative capital framework based on Basel II.
HOPE NOW Implements Changes
Stung by criticism, the HOPE NOW alliance agrees to a standard response to troubled mortgage borrowers.
May 26, 2008
Senate Banking Committee Approves Mortgage Bill
After extended bickering, the Senate Banking Committee agrees on a mortgage relief bill, 19 — 2.
IRS Issues Loan Modification Guidance
The IRS has issued guidance describing the conditions under which modifications of mortgage loans will not cause IRS to challenge the tax status of the securitization vehicles that hold the loans.
May 12, 2008
House Approves Mortgage-Relief Measures
Despite veto threats, the House has approved a package of mortgage-relief measures.
Jumbo Mortgages Still Scarce
Despite legislation encouraging lenders to make jumbo mortgages, few are in the pipeline. Who’s to blame?
April 21, 2008
States Respond to Mortgage Crisis
While Congress battles over how to respond to the mortgage crisis, some states have taken the lead.
April 14, 2008
House, Senate Labor over Mortgage Relief
Washington is going to provide relief for homeowners with mortgage problems. How to do it is still up in the air.
Administration Expands FHASecure Program
While Congress battles over what to include in mortgage relief legislation, the Bush Administration has decided to expand the FHASecure program, which aids creditworthy homeowners who missed payments after their teaser rates reset.
Bair Sees Trouble for Mortgage Relief Programs
Congress is likely to do more to aid troubled mortgage borrowers, but will the help be effective? FDIC Chairman Shelia Bair raised some red flags in testimony before Congress.
Numbers Show Progress on Mortgage Front
FHASecure, HOPE NOW Statistics Show Progress
April 07, 2008
Senate Considers Foreclosure Relief
Senators are showing more interest in passing a bill to help troubled mortgage borrowers.
March 31, 2008
Finance Board Hikes MBS Investment Authority
The Federal Housing Finance Board has authorized the Federal Home Loan Banks to increase their purchases of agency mortgage back securities.
