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 26, 2012 11:15 am|
Geithner’s protestations about employing the “best feasible solutions” are really disingenuous. Unless by “feasible” he means the “solutions which hold banks the most harmless.” The truth is that Geithner wanted to protect banks and their bondholders at all costs, and that didn’t match with delivering debt relief to borrowers. Period.
|By: David Dayen Saturday November 3, 2012 2:24 pm|
Zach Carter find yet another indicator that, after the election, Barack Obama plans to fire Federal Housing Finance Agency Administrator Ed DeMarco. But this claim has even less meat on its bones than the previous pledge.
It comes from Bank of America analyst Ralph Axel, who argues that the Administration plans to use housing policy as its “secret weapon.”
|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 1, 2012 10:17 am|
Court jester economist for power Mark Zandi tried to pull a fast one by readers of the Washington Post, by actually making the argument, in the face of all evidence to the contrary, that the Obama Administration successfully fixed the foreclosure crisis. He has to make a mental leap in order to do this, claiming that the state of the housing market in 2012 is directly related to foreclosure mitigation and housing market programs from 2009. Of course, we know the causes of the housing market “recovery” and they have nothing to do with those programs, and everything to do with over-speculation by institutional investors who have bought up massive amounts of foreclosed properties.
|By: David Dayen Wednesday September 26, 2012 7:30 am|
I have not read Sheila Bair’s upcoming book, “Bull by the Horns,” but it’s on a growing list (I hear former Senate staffer Jeff Connaughton’s book is excellent as well). Arthur Delaney notes that she had harsh words for HAMP, the Administration’s failed program to rescue homeowners facing foreclosure. And she didn’t shy away from accurately describing the program as one that fostered predatory lending.
|By: David Dayen Tuesday September 25, 2012 6:00 pm|
There was never any desire to protect homeowners or save their homes, which Sheila Bair says flat out: “HAMP was a program designed to look good in a press release, not to fix the housing market… I don’t think helping home owners was ever a priority for them,” she says, referring to Tim Geithner and Larry Summers.
|By: David Dayen Tuesday September 25, 2012 10:24 am|
We can now say with some degree of certainty that foreclosure mitigation plans, as conceived for the crisis years, didn’t work. All we have to do is look at the money allocated for the programs relative to the money paid out.
|By: Jon Walker Monday September 24, 2012 1:35 pm|
The reality is that if you believe in Keynesian economics, as President Obama at least at one point clearly did, then you must conclude that Obama made several costly mistakes that significantly hurt the economy. Below are just five of the bigger ones.
|By: David Dayen Saturday September 22, 2012 1:59 pm|
I believe this is former Special Inspector General of TARP Neil Barofsky’s 206th media appearance in support of Bailout. He has tirelessly criss-crossed the media landscape to tell the story of his time in Washington and offer a warning about a government captured by Wall Street.