Category Archives: Barack Obama
Strange Bedfellows: Barney Frank’s Falling Out With Wall Street Leaves Him Aligned With Former Nemesis
I have seen some strange things during my time covering the mortgage crisis, but this one may beat them all. On August 20, 2010, representative Barney Frank (D-MA) sent a letter to Barack Obama, urging the President to appoint a … Continue reading →
Obama Proposes Sweeping Reforms For Financial Regulation
Just last weekend, in discussing the current financial crisis with friends, I expressed concerns that in the panic to unfreeze the credit markets and stabilize the economy, our government would continue to simply throw money at the problem, while ignoring … Continue reading →
Obama Signs Helping Families Save Their Homes Act Into Law, Complete With Servicer Safe Harbor
On May 21, President Barack Obama signed the Helping Families Save Their Homes Act into law (P.L. 111-22), including the controversial “Servicer Safe Harbor” provision that relieves servicers of their contractual liabilities for modifying loans without investor approval. The House … Continue reading →
Citigroup Becomes First Lender to Cave to Mortgage Principal Reductions by Bankruptcy Judges
It’s official: the first domino has fallen. The L.A. Times has reported that Citigroup Inc. has agreed that bankruptcy courts should be allowed to change the terms of mortgages, including ordering reductions in the principal amount of loans, as part … Continue reading →
Focus of New Regulation Should Be On Securitization
The election of Barack Obama as the presumptive 44th President of the United States promises to usher in an era of increased regulation of the financial markets pursuant to Obama’s platform of economic reform. So far, many commentaries on the … Continue reading →
