Mom, Apple Pie and Mortgages – By ROBERT J. SHILLER – … In fact, there is much more to the history of subsidizing housing. While the crisis in the housing market shows that our current approach is far from perfect, there is a certain wisdom behind it, related not only to economic stimulus but also to the preservation of a sense of national identity. It’s important to remember this as we consider re-engineering our institutions as the crisis ebbs. … – NY Times
Program Will Pay Homeowners to Sell at a Loss – By DAVID STREITFELD – In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions … – NY Times
Help for First-Time Buyers – By BOB TEDESCHI – LOOKING for a fixed-rate mortgage with a competitively low interest rate, but armed with only 3 percent for a down payment, a low credit score and a modest annual income? Thanks to an infusion of federal support late last year through the economic stimulus package, the State of New York Mortgage Agency, or Sonyma, is now offering 30-year affordable-housing loans at 4.75 percent, down from an average rate of 5.25 to 5.75 percent last year and well below the 5 percent or so being offered by mainstream lenders to their best customers. – NY Times
Doing great – Old-Fashioned Bulwark in a Tide of Foreclosures – … Of more than 60,000 New York homes built or rehabilitated by the city in partnership with nonprofit groups like Nehemiah and Neighborhood Housing Services over three decades, fewer than 1 percent have fallen into foreclosure. … – NY Times
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Repurchased Loans Putting Banks in Hole – By APARAJITA SAHA-BUBNA – The rising tide "is definitely a surprise," said Ajay Rajadhyaksha, head of U.S. fixed-income and securitized strategy at the Barclays PLC unit. "Most investors haven’t really focused on this issue and are surprised on how much impact this could have, including on earnings." – Wall Street Journal
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has list of 10 – Uncle Sam’s Deadbeat Mortgage Lenders – Asher Hawkins – Will these 10 firms’ high default ratios wind up costing taxpayers a bundle? – Forbes
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Barney Frank Urges Wall Street to Write Off Second Liens – Posted by Larry Doyle – has letter and comments – Sense on Cents
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Barney Frank "Asks" Top Four Banks To Write Down Second-Lien Mortgages, Claims Have No Economic Value – Submitted by Tyler Durden – Zero Hedge