Housing

Everyone is still looking for a scapegoat for the financial crisis that precipitated the current economic malaise. And one of the popular targets has been former Federal Reserve Chairman Alan Greenspan. Greenspan recently testified on Capitol Hill and was pressed about how he may have contributed to the financial crisis. According to Suze Orman, host of CNBC's "The Suze Orman Show," some of…

Back on Christmas Eve of 2009, Obama's Treasury Dept. said it would lift the limits on what the federal government could provide in "emergency aid" to Fannie Mae and Freddie Mac - without seeking Congressional permission.  Very few reporters noticed, except for The Washington Post's Zachary Goldfarb who reported the story on Christmas Day and CNBC CME Group reporter and tea party inspiration…

After the closing bell on Friday, just in time for everyone to stop paying close attention, mortgage behemoth and ward of the state Fannie Mae ("Fan") released its fourth-quarter and full-year financial results. Its press release (PDF) informs us that its $74.4 billion loss in 2009 (inclusive of dividends paid to the government) followed a $58.8 billion loss in 2008. For those keeping score at…

The adverb that begins with a "U" made yet another appearance yesterday in connection with an economic report. The related noun that begins with an "S" came along for the ride. The news concerned sales of new homes. They fell "Unexpectedly" to their lowest level since 1963, when the U.S population was about 40% lower. The decline was a "Surprise" to economists, who had predicted an increase. It…

On Saturday, NB's Noel Sheppard reported on this statement made by Education Secretary Arne Duncan: "I think the best thing that happened to the education system in New Orleans was hurricane Katrina. That education system was a disaster. It took hurricane Katrina to wake up the community and say we have to do better."CNN host T.J. Holmes read that quote aloud during a broadcast. "Of course I…

Since Republican Scott Brown won the special election Jan 19 to fill Massachusetts' U.S. Senate seat vacated after the death of Ted Kennedy, President Barack Obama and high-level White House staffers David Axelrod and Robert Gibbs have been on the media circuit in damage control mode. But according to "Fox News Sunday" host Chris Wallace, efforts to spin this in a positive way are futile.…

The Obama administration's Home Affordable Modification Program (known as "HAMP" to lenders and services, and MHA, or "Making Home Affordable" to the general public) is "failing." I only learned this because I looked at the Associated Press's feeds on Christmas evening and saw this headline -- "No consequences for lying borrowers." In an item time-stamped December 25, AP national business…

On Thursday, the Treasury Department issued a press release, called "Update on Status of Support for Housing Programs." Its fourth paragraph reads as follows: At the time the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship in September 2008, Treasury established Preferred Stock Purchase Agreements (PSPAs) to ensure that each firm maintained a positive…

If there's a Ground Zero for America's foreclosure mess outside of much of California and metro Las Vegas, it's probably Cleveland, the Northeast Ohio city known in most of the rest of the state as the Mistake on the Lake. The Cleveland Plain Dealer's Mark Gillespie got out from behind his desk, committed some good old-fashioned journalism, and went looking for the mistakes that exacerbated the…

In a Washington Post opinion piece published on December 6, longtime expansionary entitlement program apologists Peter Edelman and Barbara Ehrenreich ripped into the 1996 welfare reform law and its alleged effect on the poor during the struggling economy of the past two years. In the course of their rant, Edelman and Ehrenreich told readers something that the rest of the press has largely…

The seemingly creepy fixation some MSNBC on-air personalities have with Minnesota Republican Rep. Michele Bachmann just continues to persist on the cable network. The latest installment involves MSNBC's "Ed Show" host Ed Schultz relying on a left-wing publication, The Minnesota Independent, which found a high rate of foreclosures relative in Bachmann's district relative to the rest of the state…

It's a development that I wouldn't wish on anybody, but one that the City of New London, Connecticut largely brought upon itself by pursuing and winning the Kelo v. New London case at the Supreme Court in June 2005. Some "win." In what Ed Morrissey at Hot Air calls "a fitting coda to a chapter of governmental abuse," pharmaceutical manufacturer Pfizer is leaving the global research and…

It isn't often that one can see two decades of history re-written in under ten minutes.  But such was the occasion on this morning's episode of Morning Joe. Max Blumenthal, author of "Republican Gomorrah: Inside the Movement that Shattered the Party," spent his time on the show demonstrating the combined power of cognitive dissonance, wanton ignorance, and a willingness to re-write historical…