Foreclosure Deal Could Be Delayed
Foreclosure Deal Could Be Delayed
March 18, 2011, New York Times
A plan to force the nation’s biggest mortgage firms into helping millions of homeowners avoid foreclosure was supposed to take two months to hammer out. The timeline, it turns out, was overly optimistic. The effort, endorsed by the Obama administration and an assortment of state regulators, is facing modest delays in the face of opposition from banks and Congressional Republicans.
Fla. House Wants to Give Gov. Scott Sole Power to Appoint Judges
March 18, 2011, Tampa Bay Tribune
A move to restructure the Florida court system, giving more power in choosing judges to Gov. Rick Scott, moved forward in the state House Thursday despite objections that the bills are an attempt to take control of the state judiciary. "This is a very scary thing – we're supposed to have separation of powers," said Rep. Marty Kiar, D-Davie, during debate on one of three bills that passed through a House committee Thursday.
Why the AGs are Right to Leave Second Liens Alone
March 17, 2011, Reuters
Jesse Eisinger has a conspiracy theory about the way that second liens are treated in the proposed mortgage settlement: When the principal on the first mortgage is reduced, the second lien is typically wiped out… The proposal “seems astonishingly generous to the second-lien holders,” said Arthur Wilmarth, a law professor at George Washington University. “And who are those? Of course, they are the big mortgage servicers.”
FDIC's Tab For Failed U.S. Banks Nears $9 Billion
March 17, 2011, Wall Street Journal
U.S. banking regulators have paid out nearly $9 billion to cover losses on loans and other assets at 165 failed institutions that were sold to stronger companies during the financial crisis. The payments were made under loss-sharing agreements struck by the Federal Deposit Insurance Corp. that shield buyers from much of the risk associated with loans inherited from failed banks. The deals, covering everything from empty Las Vegas shopping centers to nearly worthless mortgages in Florida, are a reminder of the price tag attached to many government programs launched near the worst of the crisis.