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.
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:
Given that it is housing day in Washington, with a major conference on the future of housing finance at Treasury, it is worth taking a look at ProPublica’s latest report on the Home Affordable Modification Program, the Obama administration’s signature effort to help families remain in their homes by More…
Next week, the Treasury Department is holding a conference on the future of housing finance as Washington gears up to reform the government-sponsored enterprises Fannie Mae and Freddie Mac — which stabilize the housing market and whose bailout has cost $150 billion thus far — this fall. Yesterday, Treasury More…
Today, the House Ethics Committee released a number of documents related to the three charges against Rep. Maxine Waters (D-Calif.), accused of working to further a Treasury bailout for a bank with ties to her husband.
The Home Affordable Modification Program — designed to reduce homeowners’ monthly mortgage payments and to keep them in their homes — has been an abysmal failure. Back in January, my colleague Mary Kane reported that the program showed signs of falling far short of its goals. It has continued More…
Today, Treasury Secretary Timothy Geithner has an opinion piece in The New York Times entitled, awkwardly, “Welcome to the Recovery.” The article comes as economists project that unemployment might head back up into the 10 percent range, and on the day the Bureau of Economic Analysis released More…
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 and the Treasury Department unveiled a new monthly scorecard on the administration’s efforts to stabilize the national housing market, taking the place of the old monthly More…
Last night, the Senate agreed to a proposal by Sen. Michael Bennet (D-Colo.) to reduce the funds available to TARP, the Troubled Asset Relief Program, from $700 billion to $550 billion. Bennet’s amendment to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform proposal also requires bailout funds repaid by Wall Street More…
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