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US Secretary Treasurer Henry Paulson

Paulson on US Housing Market Before the FDIC on Mortgage Lending

by Moe Bedard

July 8, 2008
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Remarks by Secretary Henry M. Paulson, Jr. on U.S. Housing Market before FDIC’s Forum on Mortgage Lending to Low and Moderate Income Households

Washington, DC–Good afternoon. Thank you Chairman Bair for convening this forum, and thanks to all of you for your interest in encouraging responsible lending to low and moderate income households.

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Where’s Waldo Version 2.0, or: “Which One of You Stinking 2 Million Homeowners Deserves Help?”

by Moe Bedard

No one seems to know exactly what borrowers will be “helped” by US Treasury Secretary Henry Paulson’s “new” Hope Now initiative.
And not everyone’s clear (to say the least) about California Governor Schwarzenegger’s deal with Countrywide, Litton, Home Eq and GMAC to modify mortgages in the golden state.

The New York Times reports;
The Governors plan in California [...]

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Massive Loan Modification Campaign on the Way?

by Moe Bedard

By Moe Bedard
The Treasury and the banks have seen the light and it looks like they finally realized that only an across the board approach would work even if this approach implies an indirect government interference – via moral suasion – with the “free market” process and an effective mortgage relief to the borrowers rather than a [...]

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A broad approach would “significantly disrupt the reasonable expectation of investors”

by Moe Bedard

By Moe 
George Miller, executive director of the American Securitization Forum made the above comment in an interview earlier this month along with this comment in regards to a mass loan modification approach, ““It is really an indiscriminate procedure that would violate the terms of the contract that provide for loan-by-loan decision making.”
First of all, I understand contracts [...]

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Paulson Wants to Develop Standard Criteria That’s Going to Allow for Loan Modifications and Loan Workouts

by Moe Bedard

“We’re never going to be able to process the number of workouts and modifications that are going to be necessary doing it just sort of one-off,” Mr. Paulson said. “I’ve talked to enough people now to know there’s no way that’s going to work.”
Amen! I have been saying this all along and this will remain a [...]

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