A Call for Reform BY: Andrea Bopp Stark, Alys Cohen, Steve Sharpe, Geoff Walsh Congress has charged the housing giants Fannie Mae and Freddie Mac (the government-sponsored enterprises or GSEs) with the goals of supporting and expanding homeownership. Yet, during the COVID-19 pandemic, the Federal Housing Finance Agency (FHFA), Fannie and Freddie have undercut—and continue…
Read More about Report: How GSE Note Sales Undermine Homeownership
In 2013, our nation stands at a crossroads. We are still in the midst of the worst foreclosure crisis we have ever experienced. The successes, failures, and missed opportunities of HAMP provide a roadmap for a way out of the current crisis as well as a way to prevent its repetition. With up to 10…
Read More about At a Crossroads: Lessons from the Home Affordable Modification Program (HAMP)
Vigorous enforcement of HUD’s loss mitigation rules would preserve homeownership and stabilize communities better than essentially unrestricted sales of the loans, often to financial speculators. To date, however, HUD has not held its major servicers accountable for their non-compliance with HUD’s own servicing rules. The note sale program should continue only if it can be…
This NCLC report documents a new wave of predatory real estate lending, previously peddled to African-Americans during the 1930s to 1960s, as Wall Street investment companies move to profit off foreclosed homes. The report urges the CFPB to issue rules to protect vulnerable consumers across the nation.
Local governments are facing financial pressures that necessitate a steady stream of tax revenue. Yet, many homeowners have been negatively affected by the difficult economic times. This report looks at ways in which local governments can assist homeowners who justifiably have payment problems, without also increasing the cost of collection or limiting tax revenues. Most…
Read More about The Other Foreclosure Crisis: Property Tax Lien Sales
