On both sides of the Capitol, there was news on the committee that holds oversight responsibilities over Wall Street today. In addition to Elizabeth Warren getting her spot on the Senate Banking Committee, Maxine Waters assumed the spot of ranking member on the House Financial Services Committee.
|By: David Dayen Tuesday December 4, 2012 5:30 pm|
|By: David Dayen Friday November 30, 2012 6:37 am|
Missing here is any understanding of who controls the timing of a so-called foreclosure wave. Banks do the foreclosing, after all, and it’s really up to them whether or not to put inventory on the market or to foreclose at all. And in both cases, they haven’t moved forward for very specific reasons.
|By: David Dayen Monday November 19, 2012 9:15 am|
Existing-home sales rose 2.1% in October, with the number coming in slightly above expectations, although the previous month’s numbers were revised down. Inventory has decreased 21% year-over-year (in no small part due to structural factors like trapped borrowers not putting their houses on the market, as well as artificial constraints on supply from banks keeping homes off the market).
|By: David Dayen Sunday November 11, 2012 8:45 am|
Of all the thumbsuckers about the second-term Obama agenda I’ve read, the ones that reflect the least contact with reality concern Administration housing policy.
It’s beyond clear that the first-term policy framework sought to protect banks and allocate losses from the collapse of the housing bubble elsewhere. That was the point behind HAMP, designed to “foam the runway” for the banks, allowing them to squeeze out a few extra payments from borrowers and absorb foreclosures more slowly. That was the point behind the foreclosure fraud settlement, reacting to the largest consumer fraud in the history of the world by immunizing the conduct in exchange for a pittance of a fine. That was the point behind a financial fraud task force that turned up precious little financial fraud and sought criminal prosecutions of no individual.
|By: David Dayen Tuesday November 6, 2012 7:25 am|
Ever since Superstorm Sandy, we’ve seen the phenomenon of storm-washing from our finance sector. That’s when banks decide to capitalize on the storm and generate some good PR by offering extended relief to homeowners in the storm’s path.
|By: David Dayen Saturday November 3, 2012 11:06 am|
The sad thing here is that HUD Secretary Shaun Donovan actually highlighted the foreclosure reviews as a way for victims to get further compensation. If by “victims,” Donovan meant companies like PricewaterhouseCoopers and Promontory Financial Group, he was right.
|By: David Dayen Thursday October 25, 2012 7:36 am|
“Why should we bail out the loser’s mortgages,” Rick Santelli yelled in his proto-Tea Party rant. And ever since, practically everyone in Washington has taken care to say that homeowner relief should only be available for “responsible” homeowners, as if there’s a formula to decide whether someone ripped off by a predatory lender is “responsible” or not.
But there’s actually a good answer for why you want to bail out “the loser’s mortgages,” and it’s rooted in basic economics.
|By: David Dayen Monday October 22, 2012 2:00 pm|
Mike Konczal decided to do some sorely missed actual reporting at last week’s debate, seeking out Glenn Hubbard, one of Mitt Romney’s key economic advisers, for a discussion on housing policy.
|By: David Dayen Friday October 19, 2012 6:45 am|
President Obama appeared on the Daily Show last night, and Jon Stewart confronted him with the “H” word. It’s not one that comes up much in Obama’s presence; I can’t remember the last time, in fact. But last night, he had to answer for HAMP.
|By: David Dayen Monday October 15, 2012 7:15 pm|
The ACLU plans to sue Morgan Stanley on behalf of five named plaintiffs (they will seek class action status), for the investment bank’s role in fueling what they view as a discriminatory subprime bubble. In doing so, the ACLU will try to pioneer a new legal strategy, by going after the securitizer of the loans instead of the now-defunct originator.