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    DeMarco Signals a Better Housing Policy by Putting Taxpayers First

    Ed DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), got it right by putting taxpayers’ interests ahead of the Obama Administration’s wishes. DeMarco, whose agency controls Fannie Mae and Freddie Mac, says that the anticipated benefits of reducing loan amounts of underwater mortgages “do not outweigh the … More

    Tales of the Red Tape #35: Reams of Simplicity from CFPB

    The Consumer Financial Protection Bureau (CFPB) is a veritable wellspring of costly dictates and regulatory excess. Among the dozens of pending regulations it has concocted is a 1,099-page proposal to streamline the mortgage process. Yes, you read that right: 1,099 pages to “streamline” the home loan experience. And get this: … More

    Obama Cuts FHA Fees, Taxpayer Bailout Looms

    President Obama has announced that he ordered the Federal Housing Administration (FHA) to cut in half the fee paid by homeowners whose mortgages the agency guarantees. The good news is that this reduction will save those homeowners who are able to refinance their homes about $1,000 annually. The Administration says … More

    Morning Bell: We Can't Wait Either, Mr. President

    Take a stroll through your neighborhood Occupy Wall Street protest–whether it’s in New York or Chicago, Detroit or San Francisco–and you’re likely to see a recurring theme emblazoned across cardboard signs: redistribute wealth from the 1 percent to the 99 percent, all in the name of fairness, whether or not … More

    FHFA Sues Banks to Recover Housing Bond Losses: Less Than Meets the Eye?

    News reports say that the Federal Housing Finance Agency (FHFA) will sue about 12 major banks in order to recover some of the losses that Fannie Mae and Freddie Mac sustained on mortgage-backed securities the banks issued. The suits will seek to make the banks repay a share of about … More

    Morning Bell: Time to End Fannie and Freddie

    Four years after home values in America plummeted, fears over America’s housing market remain. In testimony before Congress yesterday, Federal Reserve Chairman Ben Bernanke cited “the continuing depressed condition of the housing sector” as one of the factors behind America’s sagging economy. In response to the poor market, the White … More

    Mortgage Cramdowns Will Hurt Consumers

    Just as the housing market is showing definite signs that it is stabilizing after a lengthy drop in housing prices, the House of Representatives is about to vote on proposal that would destabilize it once again while also raising the cost of mortgages for future home buyers. The proposal – … More

    Morning Bell: Toward Orderly Withdrawal

    Losses are mounting. The situation shows no sign of getting better. It’s clear that U.S. government intervention has made the problem only worse. The economy has been directly affected and Americans exposed to trillions in new debt risk. Leaders now talk of redoubling government efforts. It’s time for a change … More