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Tag Archives: Barack Obama

Obama Proposes New Lending Oversight, Refi Modifications

President Barack Obama used his State of the Union address Wednesday to tout his accomplishments and propose several new housing ventures, including possible expansions to refinance programs, consumer financial protection, and new federal initiatives to combat abusive lending practices. The speech weighed in on risky lending practices in particular and went after Republicans for their opposition to his policies, including consumer financial protection. Experts remain on the sidelines about an expanded refinance program.

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Candidates Face Contests in States With Steep Home Values: Report

Ahead of the primary in South Carolina Saturday, Republican presidential hopefuls will compete for the chance for a face off with President Barack Obama ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a contest remarkably lacking in housing proposals for one that will take place in 15 battleground states with slipshod home values. The Progressive Policy Institute issued a policy brief Friday that said home values have fallen by 16 percent since October 2008, and that ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô despite a correspondingly steep drop in household wealth ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô few voters should expect candidates from either party to address housing finance reform in the election.

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Huntsman’s Departure Highlights Politics of Housing Finance

And then there were five. Republican presidential hopeful and former Utah Gov. Jon Huntsman threw his support Monday behind frontrunner and former Massachusetts Gov. Mitt Romney. Not unlike his fellow candidates ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô or the incumbent himself ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Huntsman left out any mention of housing finance reform and homeowners as issues for voters in the 2012 general election. Recent polls suggest that the political will exists to make housing finance policy a platform issue. MReport speaks with the experts to better understand housing finance policy and politics.

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Justice Department Memo Defends Cordray Appointment

The Justice Department issued a legal opinion Thursday in which it backed President Barack Obama's decision to recess appoint Richard Cordray director of the Consumer Financial Protection Bureau last week. The agency wrote that three-day pro forma sessions fail to constitute an actual session for the Senate. Obama riled the industry when he appointed Cordray and several others despite three-day sessions in which several lawmakers would meet without filing motions to consider nominees or legislation. Critics charge that the decision breaks with years of legal precedent under the agency.

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Democrats Urge Obama to Recess Appoint New FHFA Director

Twenty-eight California Democrats urged President Barack Obama Wednesday to sidestep Congress by recess-appointing another agency director ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô this time for the Federal Housing Finance Agency. Democratic signers criticized the FHFA for failing to assist more homeowners and prevent foreclosures, beginning with an energy program described by the members of Congress as one that would lower energy payments and help Americans afford their mortgages. Last week Obama bypassed Republican opposition by recess-appointing Richard Cordray.

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Obama Praises, Meets With Cordray, CFPB Staff

President Barack Obama stopped by the Consumer Financial Protection Bureau earlier Friday to welcome the staff and new director Richard Cordray. The chief executive sent shockwaves around the mortgage servicing and lending industries Wednesday by making the controversial decision to recess appoint Cordray as CFPB director. The move bypassed lawmakers in the Senate, namely 44 Republicans that vowed earlier this year to block any nominee for the bureau, no matter the party affiliation.

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Economy Picks Up Steam With 200K Jobs in December

The U.S. economy soldiered ahead by adding 200,000 jobs over December, lowering the unemployment rate to 8.5 percent as more employers picked up seasonal staff members for the holidays. The Labor Department reported Friday that total private-sector employment reached 212,000 last month, alongside fewer jobs for local and state governments, marginal declines in real estate services, and a notable pickup in residential construction around the country. Real estate, rental and leasing services lost jobs by 1.3 percent on average in December.

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With Cordray Director, CFPB Steps Up Nonbank Supervision

The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós volume of business, services, and products.

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November 2011 Housing Scorecard Revealed

The results are in from the November 2011 Housing Scorecard. In addition to the report's traditional look at the country├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós real estate and mortgage markets, the most recent survey also closely examined the nation's 10 largest mortgage servicers participating in the Making Home Affordable Program, to promote transparency related to the platform's performance.

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Obama Administration Continues Fight for Cordray

President Barack Obama is speaking out again against Republican senators who continue to oppose Richard Cordray as the administration's nominee for director of the Consumer Financial Protection Bureau. Cordray, a Democrat and former attorney general of Ohio, will be subject to a confirmation vote by the U.S. Senate on Thursday, and it seems likely that the move will be unsuccessful due to a filibuster-proof bloc by GOP lawmakers. The senators behind the refusal to confirm Cordray are targeting the restriction of the CFPB's reach.

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