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November 17, 2008
Fannie, Freddie Announce New Mortgage Aid Program
Fannie Mae and Freddie Mac announced a new program to help homeowners threatened with foreclosure.
November 10, 2008
JPMorgan Chase Expands Mortgage Relief Efforts
JPMorgan Chase will expand its mortgage modification program by including Washington Mutual and EMC Mortgage Corporation customers. Chase acquired WaMu’s mortgage portfolio in September and EMC’s portfolio in February.
November 03, 2008
Capital Purchase Program: What Is the Purpose?
A major trade association says its members don’t understand the purpose of the Capital Purchase Program, and want more time to consider whether to apply.
More Mortgage Relief Likely
FDIC, Treasury, and the White House reportedly are considering yet another bailout plan for mortgages in danger of foreclosure.
October 27, 2008
Regulators OK Third-Quarter Treatment of Losses on Fannie, Freddie Stock
The federal regulators announced that they would allow banks to recognize the effect of the tax change enacted in Section 301 of the Emergency Economic Stabilization Act of 2008 (EESA) in their third quarter capital calculations.
October 13, 2008
Bank of America Settles Countrywide Claims
Bank of America and 11 states agreed to a plan to help keep Countrywide borrowers in their homes.
October 06, 2008
Congress Approves Stabilization Bill
The House and Senate have agreed on emergency legislation to stabilize a crashing economy.
FBI Investigates Mortgage Fraud
Some of the biggest financial institutions and their CEOs are reportedly targets of FBI fraud investigations.
September 22, 2008
House Committee Reviews Mortgage Relief Efforts
FDIC Chairman Sheila Bair reported on her agency’s handling of mortgages from IndyMac. HUD officials promise to gear up for mortgage-relief program.
September 15, 2008
Cry of Pain: Community Banks Protest “Cavalier” Treatment
Most in Washington support the government’s Fannie and Freddie rescue, but not so community banks with investments in the pair. They’re angry.
Senators Seek Foreclosure Moratorium
Four Senators call for Fannie and Freddie to put a moratorium on foreclosures of their mortgages.
Fannie and Freddie: What Next?
The current Congress and Administration are only too happy to leave the Fannie/Freddie mess for their successors to wrestle with. What will they do?
September 01, 2008
Regulators Issue HELOC Guidance
Agencies worry about the legal pitfalls when institutions cut or terminate home equity lines of credit.
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.
