mortgage

Will Senate Use Energy Bill to Weaken FHA Mortgages?

As I recall from my time in the Senate, there’s nothing like an energy bill to attract misguided proposals.  This week the Senate begins consideration of S.2012 — the Energy Policy Modernization Act of 2015.  Among the almost two hundred filed amendments is a proposal (Amendment #3042) from former real estate broker, Senator Isakson, to mandate that the Federal Housing Administration (FHA) reduce

Los Angeles’ Confused Suit against Mortgage Lenders

Recently the City of Los Angeles filed suit against JP Morgan Chase.  The suit alleges “the bank engaged in discriminatory lending, which the City contends led to a wave of foreclosures that continues to diminish the City’s property tax revenues and increase the need for costly City services.”  So the City’s logic basically goes like this:  the housing market was humming along just fine, kicking off lots of property tax reven

Do We Need China to Fund Our Mortgage Market?

Earlier this week I repeatedly heard the claim that if the federal government does not guarantee credit risk in the mortgage market, foreigners won’t buy U.S. mortgage-related debt.  Before we test whether that claim is true, let’s first determine just how important are foreign investors in the U.S. mortgage market.

FTC to Protect Us from Multi-Colored Beer Cans

bud lightRecently Anheuser-Busch  hit upon the marketing idea of selling Bud Light beer in cans decorated with the college-team colors.  As the Federal Trade Commission (FTC) doesn’t have much else to do - it’s not like there’s been say fraud going on in the mortgage market - it quickly turned its attention to the issue, expressing “grave concern” that these team-colored cans would encourage und

Ed DeMarco Deserves a Medal

The same people who helped create the $180 billion bailout of Fannie Mae and Freddie Mac are now demanding the head of Ed DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac. Some commentators have gone as far to say that the “single largest obstacle to meaningful economic recovery is a man who most Americans have probably never heard of, Edward J.

Do Forced Mortgage Writedowns Create Wealth?

Matt Yglesias recently added his voice to the long running calls for principal reductions on underwater mortgages.  His argument is that such would create additional spending.  Or as he puts it, “I think that if people in Phoenix got a principal writedown on their mortgages, they’d have more disposable income and might go to the bar more.”

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