Monthly Archives: February 2009

Exception to Judicial Mortgage Modification

The American Bankruptcy Institute analysis of the bill that passed the House Judiciary Committee is that not all mortgages are eligible to be modified by the bankruptcy court:. A further amendment made it clear that the bill would not change any obligations for loans backed by Veterans Affairs, the U.S. Department of Agriculture or theContinue Reading

More Problems With Obama Plan

Part of the plan allows Fannie and Freddie to re-write mortgages up to 105% of the home’s value. Well, Michigan is one of six states, Georgia, Florida, California, Nevada and Arizona being the others, which have 60% of the mortgages that are underwater in the U.S. That is, 60% of the homes that are nowContinue Reading

House Hearings on Obama Housing Plan

Will start Tuesday at 2:30 p.m., House Financial services Housing and Community Opportunity Subcommittee (that’s a mouthful!) 2128 Rayburn Building in our nation’s capital. No idea who has been selected to testify. More when I hear it.

More Bailout Problems

Nothing like playing poker when you provided all the chips. The banks who brought down the economy, and screamed to be bailed out last summer, (not that they have stopped since) use some of the bailout money to – guess? – lobby Congress for more bailout money.

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More On Foreclosure Crisis and Responses

A couple of real faces to put on the statistics in this CNBC story on the foreclosure crisis. Judicial mortgage modification endorsed by NACBA. USA Today also on board for judicial mortgage modification. A commentator who has many of the same problems I have with the Obama housing proposals, other than judicial mortgage modification. ForContinue Reading

More Details on Obama Foreclosure Plan

OK, staying on top of this issue, Forbes report has more details on mortgage modification parts of the plan. Fannie Mae and Freddie Mac on board, not surprisingly, more taxpayer dollars for them, clearly not based on their past performance. HUD secretary also on board. Administration officials hit the morning network talk shows saying theContinue Reading

Obama Housing Plan

Judicial mortgage foreclosure still in, my Mortgage Law Network post also links to the letter from Republican House leadership with 6 questions on the Obama plan.