House Financial Services Committee Ranking Member Rep. Spencer Bachus has made the following statement regarding the announcement by the Obama Administration that it will convene a conference on the future of housing finance in August: "The Administration continues to drag its feet in providing Americans with a much-needed exit strategy from Fannie Mae and Freddie Mac. Instead of ending the GSE bailout, the Administration has twice increased its size and scope, costing the taxpayers $145 billion and counting.Read more

New York State Comptroller Thomas P. DiNapoli, as trustee of the $132.6 billion New York State Common Retirement Fund, has filed separate lawsuits against Merrill Lynch & Company and Bank of America for violating federal securities laws.Read more

Yes, we as taxpayers did lose hundreds of billions of dollars recently due to the mortgage crisis. This is the second time that this has happened during my career as a mortgage professional.Read more

California homeowners have filed a class action lawsuit against Bank of America claiming the lending giant is intentionally withholding government funds intended to save homeowners from foreclosure, announced the firm of Hagens Berman Sobol Shapiro. The case, filed in United States District Court in Northern California, claims that Bank of America systematically slows or thwarts California homeowners' access to Troubled Asset Relief Program (TARP) funds by ignoring homeowners' requests to make reasonable mortgage adjustments or other alternative solutions that would prevent homes from Read more

There’s a new sheriff in town. It’s about time and none too soon! These folks mean business! The U.S. Department of Housing & Urban Development (HUD) is determined to move forward with strong actions to reduce defaults and claims that are dragging down the Federal Housing Administration (FHA) mortgage insurance program. Guided by the firm resolve of its new HUD Secretary, Shaun Donovan, and FHA Commissioner, David H. Stevens, new ways and means are being implemented to put FHA’s future on a much stronger foundation.Read more

Amidst all of the discussion of the mortgage crisis and the implementation of the Home Valuation Code of Conduct (HVCC), there has been lots of finger pointing, concerning who was at fault for the meltdown and what should and should not be done to fix the problem(s). Unless you have been in seclusion for the past year, you have heard of the attempts of New York Attorney General Andrew Cuomo to keep appraisers separated from loan originators.Read more

Nearly two dozen sub-prime firms are set to receive billions in taxpayer dollars through a federal government program designed to stem foreclosures. According to a new Center for Public Integrity analysis of public records, of the top 25 participants in the Home Affordable Modification Program (HAMP), at least 21 were heavily involved in the sub-prime lending industry. The majority specialized in servicing sub-prime loans, but several firms both serviced and originated the loans.Read more