During Tuesday night’s CNN-Western Republican Leadership Conference Debate in Las Vegas, presidential candidate Rep. Michele Bachmann (R-Minn.) tried to appeal to the mothers of America, telling them, essentially, that she has their back when it comes to the ongoing national problem of high foreclosure rates.
Today, the Obama administration lays out the case against a nationwide foreclosure moratorium. In the Huffington Post, Shaun Donovan, the Secretary of Housing and Urban Development, argues that the government is investigating the foreclosure fraud crisis and that a moratorium would prove counterproductive in terms of helping homeowners in More…
The Home Affordable Modification Program, HAMP, continues to sputter, converting 26.7 percent fewer trial modifications into permanent modifications in September than in August.
The foreclosure crisis is far from over. Rather, as this chart from Daniel Indiviglio at The Atlantic shows, it is in some ways just peaking. Last month, banks foreclosed on more homes than ever before. More than a million families are predicted to lose their homes this year.
At FireDogLake, David Dayen has done great work to show how the Home Affordable Modification Program — the Obama’s signature effort to keep financially distressed homeowners in their homes — has not just failed, but has actually hurt the people it is meant to help.
Today, the Treasury Department revealed yet another scorecard for the Home Affordable Modification Program — the administration’s signature effort to stop the foreclosure crisis — showing dreary results. Here’s a good chart from Daniel Indiviglio at The Atlantic:
This morning, the Special Inspector General for the Troubled Asset Relief Program, Neil Barofsky, released his latest quarterly report on the state of the Obama administration’s signature effort to calm the financial markets — from banking to credit to housing. In it, he lambastes the Home Affordable More…
Today, the Department of Housing and Urban Development released a new monthly scorecard on the Home Affordable Modification Program, or HAMP — the Obama administration’s signature effort to keep underwater and distressed homeowners in their homes.
The report is, well, not great. And the accompanying press release is More…
Sandra Monroe-Olcott of the Montclare neighborhood of Chicago is in the same position as hundreds of thousands of Americans. She lost her job on April 1, 2008. She applied for unemployment insurance — $804 every two weeks — and immediately started searching for another position. Her husband, now 74, had More…
HuffPo’s Ryan Grim reports that House Republicans have introduced a motion to penalize strategic defaulters — underwater homeowners who simply stop paying their mortgages — by barring them from obtaining Federal Housing Administration-backed loans in the future. Grim explains the Republican maneuver:
The GOP offered its provision as
rss