Minnesota Independent

A ‘disastrous’ Republican proposal to redo Fannie and Freddie

By Annie Lowrey | 05.11.10 | 6:24 am

“The time has come to end Fannie Mae and Freddie Mac’s taxpayer-backed slush fund and require them to operate on a level playing field,” said Sen. Judd Gregg (R-N.H.). But housing market experts describe the Republicans’ proposal as disastrous. Analysts from both sides of the aisle contend that the proposal would unwind Fannie and Freddie so quickly and precipitously that it would destabilize the entire housing market: pushing mortgage prices up, pulling support from low and middle-income Americans and ending the nascent — if at all extant — housing recovery.

Franken wants to create mortgage watchdog office

By Andy Birkey | 05.10.10 | 7:45 am

Sen. Al Franken is pushing an amendment to the financial reform bill that would create an office to investigate complaints by homeowners who believe their mortgage handlers are breaking the law.…

Are homeowners really skipping out on their mortgages to spend at the mall?

By Annie Lowrey | 05.04.10 | 8:24 am

“Put simply: People are spending their mortgages,” says Housing Wire’s Paul Jackson.

Homeownership declines to 10-year low

By Annie Lowrey | 04.26.10 | 4:39 pm

Calculated Risk has a smart analysis — with graphs! — on the first-quarter housing and rental vacancy rates released by the U.S. Census Bureau Monday morning. The rate of homeownership fell to 67.1 percent, its lowest level…

Housing starts climb more than expected

By Annie Lowrey | 04.16.10 | 9:08 am

The Census Bureau and the Department of Housing and Urban Development report that housing starts climbed more than expected in March. Builders applied for 685,000 permits (60,000 more than expected, up from 637,000 in February) and filed

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On Tax Day, the IRS is preparing to look closely — at you

By Annie Lowrey | 04.15.10 | 8:45 am

A new report from the Transactional Records Access Clearinghouse, a nonpartisan research group affiliated with Syracuse University, shows that throughout the downturn, the Internal Revenue Service has gone after fewer and fewer big businesses and more and more mom-and-pop outfits — the traditional engine of job growth. And this year, new homeowners who used the Obama administration’s tax credits are expected to get special scrutiny from the agency.

Ellison targets conflict of interest in mortgage lending

By Andy Birkey | 04.05.10 | 1:48 pm

Rep. Keith Ellison, along with Rep. Brad Miller, D-N.C., introduced legislation last week that would fix a problem in mortgage lending. The bill would eliminate conflicts of interest among large banks that prevent them from modifying troubled mortgages. The bill…

Survey finds racial disparities under anti-foreclosure program

By Mike Lillis | 03.30.10 | 10:23 am

Black homeowners are roughly 50 percent less likely than whites to receive help under the largest of the administration’s anti-foreclosure programs, according to a new survey of qualified families.

Democrats demand more relief for troubled housing market

By Mike Lillis | 02.26.10 | 8:53 am

One year after the Obama administration launched its $75 billion anti-foreclosure program, the housing market remains volatile, loan modifications have been scant, foreclosures are still sky-high — and more and more lawmakers are wondering why the White House hasn’t been more aggressive in tackling the crisis.

White House, loan servicers point fingers as foreclosure plan fails

By Mary Kane | 01.04.10 | 7:55 am

Designed to help three to four million homeowners facing foreclosure, the Obama administration’s $75 billion “Making Home Affordable” plan has fallen painfully short.