The Obama Administration won a political victory with the $26 Billion mortgage settlement announced last night. But the most impactful part of the plan – principal reductions – may be nothing more than what the banks are already doing by forgiving the unpaid balances on short sales. The New York Times reports: Despite the billions [...]

Below is the full fact sheet of the Obama housing plan from whitehouse.gov. In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, [...]

Thank God Kamala Harris has the balls to stand up to the Obama administration and actually put the peoples’ interests ahead of the big banks. The $25 billion bailout was just a cheap ticket to legal immunity that never would have done anything for borrowers except strip them of their ability to fight back. The [...]

Via The Street: Analysts reacting to the announcement are also calling the plan “dead on arrival.” FBR Capital analyst Edward Mills said in a note Wednesday morning that the plan was unlikely to get congressional approval, “as Congressional Republicans are opposed to additional intervention in the mortgage market and are philosophically opposed to a bank [...]

Outrage of The Day… via Obama to Use Pension Funds of Ordinary Americans to Pay for Bank Mortgage “Settlement” « naked capitalism. Obama’s latest housing market chicanery should come as no surprise. As we discuss below, he will use the State of the Union address to announce a mortgage “settlement” by Federal regulators, and at [...]