It’s Still Housing, Stupid

As Mary pointed out earlier in the week, the Obama administration’s anti-foreclosure plan has fallen far short of the millions of homes it was designed to save. Today, editorialists at The New York Times note the significance of that failure for the larger economy:

The economy

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Mortgage Servicers Bought Loans Blindly

Here’s a fascinating exchange between Rep. Maxine Waters (D-Calif.), chairman of the House Financial Services subpanel on housing, and Mary Coffin, executive vice president of Wells Fargo‘s mortgage servicing division, during yesterday’s hearing to examine how effectively the administration’s voluntary mortgage modification program is preventing foreclosures. (More…