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Political Economy Archive: Housing

U.S. regulators preparing to sanction banks for foreclosure violations

U.S. regulators are preparing to sanction some of the 14 largest, federally regulated banks for "critical deficiencies and shortcomings" in foreclosure procedures, Acting Comptroller of the Currency John Walsh testified on Thursday. In remarks before the Senate Banking Committee, Walsh said that a multi-agency task force had concluded its examination of the banks and found violations of state and local foreclosures laws, regulations and rules.

By Ariana Eunjung Cha  | February 17, 2011; 11:15 AM ET  |  Permalink  |  Comments (19)
Categories:  Congress, Housing  
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Federal Reserve board member: U.S. investigation into mortgage servicing has found 'widespread weakness'

The preliminary results of a multi-agency federal review of the mortgage industry has found "widespread weaknesses" that impair the function of the housing market and hurt consumers, according to Federal Reserve board of governors member Sarah Bloom Raskin. "We have reached the point where this sign of failure is hindering our economy's ability to rebound," Bloom Raskin said in remarks prepared for delivery to mortgage finance executives at a conference in Utah Friday evening.

By Ariana Eunjung Cha  | February 11, 2011; 9:00 PM ET  |  Permalink  |  Comments (14)
Categories:  Federal Reserve, Housing  
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Reactions to Obama's plan to restructure the housing market

The Obama administration today released a white paper that proposes winding down mortgage giants Fannie Mae and Freddie Mac and putting new measures in place that would lessen government's role in the housing finance system. The Post's Zach Goldfarb has a full report on the plan and its potential impact. The long-anticipated report has prompted responses and assessments from politicians, industry groups and analysts in Washington and beyond. Here's a look at some of them.

By Sarah Halzack  | February 11, 2011; 1:30 PM ET  |  Permalink  |  Comments (2)
Categories:  Congress, Housing, Small business, U.S. Economy  
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Bank of America fights judge's order halting 8,900 Nevada foreclosures

Bank of America is aggressively maneuvering to get a Nevada county judge's order halting more than 8,900 foreclosures statewide by one of its subsidiaries overturned. In one of a growing number of foreclosure cases across the country in which judges are questioning whether notices and documents were improperly prepared, Nye County District Court Judge Robert Lane issued a preliminary injunction against BofA's ReconTrust, blocking it from proceeding with with non-judicial foreclosures until a Feb. 28 hearing.

By Ariana Eunjung Cha  | January 28, 2011; 2:51 PM ET  |  Permalink  |  Comments (7)
Categories:  Corporations, Housing  
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Mass. court ruling has potential to void thousands of foreclosures

The Massachusetts Supreme Court on Friday upheld a lower court ruling voiding two foreclosures because the banks failed to show the proper paperwork to prove they owned the loans-a decision that challenges the way mortgages were bundled and sold around the world. Shares of Wells Fargo and U.S. Bancorp--the banks involved in the case--as well as those of other banks fell following the announcement of the decision. Wells Fargo was down 3.4 percent and US Bancorp 1.1 percent at midday. The closely-watched decision involves two foreclosures: that of Antonio Ibanez and Mark and Tammy LaRace and whether U.S. Bancorp and Wells Fargo, respectively, had proper legal standing to take back the homes after the borrowers missed their payments.

By Ariana Eunjung Cha  | January 7, 2011; 12:26 PM ET  |  Permalink  |  Comments (83)
Categories:  Housing  
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Government saved economy, housing market, Geithner tells oversight panel

Treasury Secretary Timothy Geithner told a congressional panel on Thursday that the administration basically saved an economy and housing market on the brink of collapse, and he defended a federal foreclosure prevention program that has fallen far short of its original goals.

By Dina ElBoghdady  | December 16, 2010; 11:15 AM ET  |  Permalink  |  Comments (4)
Categories:  Congress, Housing, U.S. Economy  
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Older Entries in This Category »

Foreclosure takes toll on increasing number of children, Dina Elboghdady , November 22, 2010
Aggressive lobbying defends mortgage-trading system, Ariana Eunjung Cha and Brady Dennis , November 19, 2010
CitiMortgage admits to foreclosure paperwork problems, Ariana Eunjung Cha , November 18, 2010
House sustains Obama veto on mortgage bill, Associated Press , November 17, 2010
Mortgage securitization industry defends itself, Jia Lynn Yang , November 16, 2010
Fannie, Freddie to get new regulator, Zachary A. Goldfarb , November 13, 2010
PNC: New foreclosures resuming with 'enhanced procedures', Ariana Eunjung Cha , November 9, 2010
An opening for D.C. foreclosure challenges, Ariana Cha , October 30, 2010
Meet O. Max Gardner, foreclosure defense pioneer, Ariana Eunjung Cha , October 29, 2010
Can you vote if you're facing foreclosure?, Ariana Eunjung Cha , October 29, 2010
Wells Fargo admits to foreclosure paperwork problems, Ariana Eunjung Cha , October 27, 2010
Fed boss: Regulators looking into foreclosure mess, Associated Press , October 25, 2010
Foreclosure issues catch Wall Street's attention, Washington Post staff , October 14, 2010
Ohio sues Ally Financial alleging fraud in foreclosures, Ariana Eunjung Cha , October 6, 2010
N.C. joins states calling for foreclosure moratorium, Ariana Eunjung Cha , October 6, 2010
Pelosi, lawmakers call for federal probe on mortgage lenders, Brady Dennis and Ariana Eunjung Cha , October 6, 2010
Connecticut halts all foreclosures for all banks, Ariana Eunjung Cha , October 1, 2010
Ohio official calls for DOJ probe of Chase mortgages, Ariana Eunjung Cha , September 30, 2010
J.P. Morgan Chase freezes 56,000 foreclosures, Ariana Eunjung Cha , September 29, 2010
How mortgage securitization affected the economy, Ariana Eunjung Cha , September 29, 2010
Data Digest: Mortgage rates remain at record lows, Washington Post editors , September 16, 2010
Mortgage rates inch up for first time in 12 weeks, Elizabeth Razzi , September 9, 2010
Sales of previously occupied homes plunge, Dina Elboghdady , August 24, 2010
Economic growth slows to 2.4 percent in 2Q, Neil Irwin , July 30, 2010
Foreclosure activity continues to increase, Dina ElBoghdady , July 29, 2010
 
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