A day after the Case-Shiller Index confirmed that the housing market is in a double dip, the Powers that Be (a subsidiary of the Masters of the Universe, currently CEOed by one Barack Obama) have floated their proposal for a mortgage fraud settlement. The settlement terms remain fluid, people familiar with the matter cautioned, and [...]

What a load of crap: Charlie Rose: You’re encouraging banks to declare a moratorium on foreclosures? Tim Geithner: No, I wouldn’t say it that way. I think that you know what you’re seeing in housing still now is a national tragedy, still very, very difficult. You know, again, this was a crisis caused by a [...]

The other day, I noted that Administration claims that they were helpless to affect what they now depict as loan servicers’ “sloppiness” but what really amounts to fraud ignores their decision to stop pushing for cramdown–and with it, leverage over the loan servicers. I think (though I’m less sure of this) they’re ignoring one other [...]

Remember cramdown? It was a proposed change to bankruptcy law that would have allowed judges to modify the mortgages on primary homes for people entering bankruptcy. Supporters of the change argued that cramdown would provide an important stick to force lenders into modifying loans–and in so doing help millions of people stay in their homes. [...]

Greg Sargent and Steve Benen have interesting taxonomies of the Democrats who should buck up and clap louder. I think both bring some needed nuance to the discussion. As part of that, both include some kind of category of lefties who oppose Obama to defend important principles. Sargent doesn’t limit that category to any one [...]

I would be laughing my ass off at this if I weren’t about to put my home on the market for what the house next door sold as a foreclosure several years ago. (h/t CR) By postponing the date at which they lock in losses, banks and other investors positioned themselves to benefit from the [...]

You’ve probably already read DDay’s and Atrios’s pieces on what some Treasury officials admitted about HAMP the other day. But partly because I want to link to this really comprehensive account of the entire meeting and partly because I want to elaborate on a point made in it, I thought I’d join in. Basically, at [...]