The Joneses

How The Truth In Lending Act Could Have Saved Our Economy

Seems like it could have been the answer and can be in the future:
Imagine that a few years ago, at a time when you were renting your home, a fast-talking lender had approached you and explained how you could afford to buy your first house. The monthly payments seemed affordable.
At the closing, you were swamped [...]

312

This is truly pathetic . . .
Secretary of Housing and Urban Development Steve Preston said the centerpiece of the federal government’s effort to help struggling homeowners has been a failure and he’s blaming Congress.
The three-year program was supposed to help 400,000 borrowers avoid foreclosure. But it has attracted only 312 applications since its October launch [...]

Mortgages and Minorities

From the NY Times Editorial Board:
The mortgage crisis that has placed millions of Americans at risk of losing their homes has been especially devastating for black and Hispanic borrowers and their families. It seems clear at this point that minorities were more likely than whites to be steered into risky, high-priced loans — even when [...]

F$%k You Rating Agencies

Seriously.
As I have recently been learning more about the mortgage meltdown, it has become apparent to me that if these entities had been better regulated we would not be where we are today.
I hate you . . . rating agencies.

The Foreclosure Crisis Worsens

Possibly Somewhat Reasonable Bailout Provision?

From the Bush administration? What is going on in the world?
Senior Bush administration officials are completing a plan that could help up to three million homeowners struggling to pay their mortgages to stay in their homes, three people briefed on the proposal said Wednesday.
The initiative could be the most sweeping government effort directed at mortgage [...]

The Many Failings of the Defeated Bailout Bill

From the National Community Reinvestment Coalition:

Highlights of the Emergency Economic Stabilization Act of 2008
America is struggling with the worst financial system crisis since the Great Depression. Immediate action is essential to stabilize the markets and the US economy. Unfortunately, The Emergency Economic Recovery Act of 2008, currently being debated in Congress, will not achieve [...]

The Enemy Of My Enemy Is My Friend

Although there are great reasons to support the bailout bill that went down in flames today, I do not.
In a way I had a vague hope the bill would pass, just so I could go back to not thinking about it, and not worrying about the intersection of my job and a major financial crisis.
But, [...]

Governor Patterson: The Bailout Must Protect Homeowners

Proud of Governor Patterson’s stand in the WSJ:
New York is both the epicenter and chief victim of the current financial cataclysm. That is why I strongly support immediate federal action to stabilize the financial markets, but also insist on simple yet critical changes that will not hinder instant action.
. . . .
The bailout’s structure must [...]