Detroit Councilman Walks Away From His Mortgage
Detroit Councilman Walks Away From His Mortgage
Miami Herald
It was their dream home, a two-story, four-bedroom colonial in one of Detroit's nicest and most stable neighborhoods. But then, one day in December, City Councilman Kwame Kenyatta and his wife packed up their belongings, locked the doors, mailed in the keys and walked away - adding another vacant house to the thousands in a city hard hit by the nation's mortgage crisis.
Lenders Battle Lawmakers Over Letting Courts Modify Mortgages
Washington Post
As lenders begin to implement the Obama administration's foreclosure rescue program, Senate Democrats are wrangling with the financial services industry over a key part of the plan that would permit bankruptcy judges to cut the principal owed by mortgage borrowers.
Fannie Mae Taps Senior Executive To Be New CEO
Washington Post
Fannie Mae announced yesterday that Michael J. Williams, one of the few senior executives to remain with the mortgage finance giant after its government takeover last year, will become the new chief executive. Williams, previously chief operating officer, replaces Herbert M. Allison Jr., who has been tapped by the Obama administration to run the Treasury Department's financial recovery program.
Gov. Schwarzenegger Endorses AB 33 Passing Out of Committee
Office of the Governor
“This proposal to streamline several key financial services is in line with my commitment to making government more efficient and it will lead to more accountability and better oversight for California consumers,” said Governor Arnold Schwarzenegger in a news release.