Republicans on the House Energy and Commerce Committee today called for a subpoena of White House records regarding the half-billion dollar taxpayer loan guarantee of Solyndra, a move Rep. Diana DeGette, the ranking Democrat on the panel, blasted as “an act of irresponsible partisanship.”
Via Sara Murray of The Wall Street Journal, the American Bankruptcy Institute says that bankruptcies declined slightly between March and April … but remain 15 percent higher than last year. And personal bankruptcy filings for the first four months of the year are 17 percent higher in 2010 than More…
If today’s economy wasn’t already bad enough and the need to bail out entire countries rather than just banks didn’t strike enough fear into your heart, Congressional Oversight Panel chair Elizabeth Warren has some news for you: It’s about to get worse.
This shouldn’t go by unnoticed: The former head of Enron’s failed Internet division was just sentenced to 16 months in prison, The Washington Post reports. Joseph Hirko, the former broadband unit CEO also agreed to pay $8.7 million in restitution. Prosecutors contend Hirko falsely promoted Enron’s broadband division to More…
Ever wonder why loan modifications haven’t become the silver bullet that would solve the foreclosure crisis? Via Patrick.net, USA Today explains in simple terms a phenomenon TWI also has noted, when it comes to loan mods: Borrowers who can’t afford their mortgages and go looking for relief More…
This should come as no surprise: Even the mere mention of the possibility of bringing back cramdown legislation prompted the Mortgage Bankers Association to spring into action. Here’s the group’s rapid response to comments this week from several powerful Democrats, who who threatened to renew efforts to allow More…
As Mike pointed out today, the slow pace of loan modification progress has prompted some lawmakers to once again call for mortgage cramdown legislation that would allow bankruptcy judges to modify loans and keep borrowers in their homes.
But the Obama administration is signaling clearly that while it may More…
In the latest issue of The New Yorker, James Surowiecki weighs in on something TWI wrote about recently: The need for a new — and bolder — foreclosure strategy. Foreclosures continue to outpace loan modifications, even as the Obama administration presses the lending industry to do More…
Because servicers in the lending industry can make more money collecting delinquency fees on mortgages than by modifying loans, guess which road they are taking? The New York Times says today that the longer borrowers remain behind on their payments, the more money servicers collect, even after the home More…
As Mike Lillis reported yesterday, a small group of Senate Democrats is pushing to revive the mortgage loan cramdown idea — a sure sign of frustration as foreclosures continue to pile up. The Senate in April defeated a cramdown proposal, which involves allowing federal judges to modify, or More…
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