Is Wells Fargo Doing Enough To Maintain Foreclosures?
By Alan Zibel, Wall Street Journal, April 10, 2012
Wells Fargo & Co. has made progress in cleaning up its finances since the housing market went bust. But is the banking giant doing enough to clean up the foreclosed homes it owns? A housing-advocacy group — National Fair Housing Alliance — filed a complaint with the U.S. government on Tuesday alleging that Wells Fargo did a shoddy job of maintaining foreclosed homes in low-income, minority neighborhoods while keeping properties in affluent areas in better shape. The group evaluated 218 foreclosed properties owned by Wells Fargo in eight cities as part of a study released earlier this month.
Look To U.S. In The 1930s For Housing Policy, IMF Says
By Sudeep Reddy, Wall Street Journal, April 10, 2012
The International Monetary Fund offered some friendly advice Tuesday to U.S. policymakers continuing to grapple with housing-sector trouble: Look to the Great Depression. The IMF, in a section of its World Economic Outlook released Tuesday, called for “bold” policies around the world to cut household mortgage debt in the wake of falling home prices
US Gov’t To Propose New Mortgage Lending Rules
By Derek Kravitz, Associated Press, April 11, 2012
The federal government proposed new rules on Tuesday that will give homeowners more ways to avoid foreclosure and get an accurate accounting of their monthly mortgage payments. Congress mandated changes in the rules covering the mortgage servicing industry in the wake of the 2008 financial crisis. The Consumer Financial Protection Bureau’s proposed rules would require mortgage servicers to give all borrowers standardized monthly statements and warn borrowers about interest rate or insurance change.
DeMarco Says Principal Writedowns May Save FHFA $1.7 Billion
By Clea Benson and Cheyenne Hopkins, Bloomberg, April 10, 2012
Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some troubled mortgages, the companies’ regulator said today in Washington. The Federal Housing Finance Agency may make a decision “in the next few weeks” about whether to change its policy barring the two taxpayer-owned companies from performing such loan modifications, Edward J. DeMarco, the agency’s acting director, said in a speech at the Brookings Institution