FREE ELECTRONIC LIBRARY - Dissertations, online materials

Pages:     | 1 |   ...   | 5 | 6 ||

«Barriers to Federal Home Mortgage Modification Efforts During the Financial Crisis Patricia A. McCoy August 2010 MF10-6 Paper originally presented at ...»

-- [ Page 7 ] --

Such legislation would be less heavy-handed, moreover, than federal legislation forcing servicers to write down loans.114 The fact that servicers lobbied so hard – and so successfully – against such a provision in early 2009 is a strong indication that cram-down authority could significantly change the terms of loss mitigation discussions.115 108 Government Accountability Office (2010), at 8-11.

109 In a similar vein, Fannie and Freddie instruct mortgage servicers who handle their loans to refrain from foreclosing on homes until the borrowers had been considered “sufficiently” for a loan modification, repayment plan, or forbearance plan. Federal Housing Finance Agency (2010), at 6. FHA also mandates loss mitigation for the loans that it insures and courts have made this a precondition of going to foreclosure in many states. Thompson (2009), at 27.

110 Geanakoplos and Koniak (2009) would go further and appoint federal trustees to decide which troubled mortgages should be modified, left alone, or be put in foreclosure.

111 Goodman (2009).

112 Levitin (2009), at 571.

113 Kiff and Klyuev (2009), at 26.

114 Zingales (2008) would allow underwater borrowers to write down their principal balances by the same percentage home values dropped in their zip code, starting from the time they financed their homes.

115 Fears that cram-down authority would dampen future credit appear overstated. To the contrary, the evidence on point suggests that allowing bankruptcy judges to write down principal on a debtor’s principal residence will have little future adverse impact on the supply of mortgage credit. Levitin (2009), at 576, 578, 586-599.

32 Bibliography Adelino, Manuel, Kristopher Gerardi, and Paul S. Willen. “Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization.” Federal Reserve Bank of Boston Public Policy Discussion Papers No. 09-4. July 6, 2009.

Andrews, Edmund L. “U.S. Sets Big Incentives to Head Off Foreclosures.” New York Times.

March 5, 2009.

Barr, Michael S. and James A. Feldman. “Issue Brief: Overcoming Legal Barriers to the Bulk Sale of At-Rick Mortgages.” Center for American Progress. April 22, 2008. Available at www. americanprogress.org.

Bernanke, Ben S. “”Housing, Mortgage Markets, and Foreclosures.” Speech by Chairman Ben S. Bernanke At the Federal Reserve System Conference on Housing and Mortgage Markets, Washington, D.C. December 4, 2008. Available at www.federalreserve.gov.

Bernard, Tara Siegel. “Losing Homes In the Wait For a Rescue.” New York Times. May 14,

2009. B1.

Congressional Oversight Panel. “Foreclosure Crisis: Working Toward a Solution, March Oversight Report.” March 6, 2009. Available at www.cop.gov.

Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang and Eileen Mauskopf. “The Incentives of Mortgage Servicers: Myths and Realities.” Finance and Economics Discussion Series, Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board. Working Paper 2008-46. 2008.

Corkery, Michael. “Mortgage ‘Cram-Downs” Loom as Foreclosures Mount.” Wall Street Journal. December 31, 2008.

Credit Suisse. “The Day After Tomorrow: Payment Shock and Loan Modifications.” April 5, 2007). Available at www.credit-suisse.com/researchandanalytics.

Department of Housing and Urban Development. “Secretary Donovan Announces New FHAMaking Home Affordable Loan Modification Guidelines.” October 8, 2009. Available at makinghomeaffordable.gov/pr_07302009.html.

Department of the Treasury. “Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications.” January 28, 2010 [2010a].

Available at www.financialstability.gov.

Department of the Treasury. “Home Affordable Modification Program Guidelines.” March 4, 2009 [2009a]. Available at www.treas.gov/press/releases/reports/modification_program_guidelines.pdf.

–  –  –

Department of the Treasury. “Making Home Affordable Program: Servicer Performance Report Through February 2010.” March 12, 2010 [2010c]. Available at www.financialstability.gov.

Department of the Treasury. “Making Home Affordable Program: Servicer Performance Report Through December 2009.” January 15, 2010 [2010d]. Available at www.financialstability.gov.

Department of the Treasury. “Making Home Affordable Updated Detailed Program Description.” March 4, 2009 [2009b]. Available at www.treas.gov/press/releases/reports/housing_fact_sheet.pdf.

Department of the Treasury. “Making Home Affordable Program Enhancements to Offer More Help for Homeowners.” March 26, 2010 [2010e]. Available at www.treas.gov/press/releases/tg614.htm.

Eggert, Kurt. “Comment on Michael A. Stegman et al.’s ‘Preventive Servicing Is Good for Business and Affordable Homeownership Policy’: What Prevents Loan Modifications?” Housing Policy Debate 18:2 (2007): 279-297.

Federal Housing Finance Agency. “Foreclosure Prevention & Refinance Report: Third Quarter 2009.” Jan. 8, 2010. Available at www.fhfa.gov.

Fitch Ratings. “Changing Loss Mitigation Strategies for U.S. RMBS.” June 4, 2007.

Fitch Ratings. “Delinquency Cure Rates Worsening for U.S. Prime RMBS.” August 24, 2009 [2009a].

Fitch Ratings. “U.S. RMBS Servicers’ Loss Mitigation and Modification Efforts Update.” October 20, 2009 [2009b].

Geanakoplos, John D. and Susan P. Koniak. “Matters of Principal.” New York Times. March 5, 2009.

Goodman, Peter S. “U.S. to Pressure Mortgage Firms For Loan Relief.” New York Times.

November 29, 2009. A1.

Government Accountability Office. “Troubled Asset Relief Program: Home Affordable Modification Program Continues to Face Implementation Challenges.” GAO-10-556T.

March 25, 2010. Available at www.gao.gov.

34 HAMP Update. “HAMP Update – New Program Offers Borrowers Foreclosure Alternatives.” Supplement Directive 09-09. November 30, 2009. Available at www.HMPadmin.com.

Hope Now. “Appendix—Mortgage Loss Mitigation Statistics: Industry Extrapolations (Monthly for Dec 2008 to Nov 2009).” 2009. Available at www.hopenow.com.

Hope Now. “Workout Plans (Repayment Plans + Modifications) and Foreclosure Sales, July 2007-November 2008.” 2008. Available at www.hopenow.com.

Hunt, John P. “What Do Subprime Securitization Contracts Actually Say About Loan Modification? Preliminary Results and Implications.” March 25, 2009. Available at www.ssrn.com.

Internal Revenue Service. Revenue Procedure 2007-72. December 26, 2007.

Internal Revenue Service. Revenue Procedure 2008-28. May 16, 2008.

Kiff, John and Vladimir Klyuev. “Foreclosure Mitigation Efforts in the United States:

Approaches and Challenges.” International Monetary Fund Staff Position Note SPN/09/02. February 18, 2009.

Levitin, Adam J. “Resolving the Foreclosure Crisis: Modification of Mortgages in Bankruptcy.” Wisconsin Law Review 2009: 565-655.

Mason, Joseph R. “Subprime Servicer Reporting Can Do More for Modification than Government Subsidies.” March 19, 2009. Available at www.ssrn.com.

Merle, Renae. “Face-Lift for Foreclosure Prevention.” Washington Post. May 26, 2009.

Mortgage Bankers Association. “Delinquencies, Foreclosure Starts Fall in Latest MBA National Delinquency Survey.” February 19, 2010. Available at www.mbaa.org/NewsandMedia/PressCenter/71891.htm.

Mullainathan, Sendhil, Antoinette Schoar and Piyush Tantia. “Behavioral Economics Insights Applied to Foreclosure Mitigation.” February 2010. Available at www.jchs.harvard.edu/moving_forward_symposium/.

Office of the Comptroller of the Currency (OCC) and Office of Thrift Supervision (OTS). “OCC and OTS Mortgage Metrics Report: Third Quarter 2009.” December 2009. Available at www.ots.treas.gov.

Office of the Special Inspector General for the Troubled Asset Relief Program. “Factors Affecting the Implementation of the Home Affordable Modification Program.” SIGTARP-10-005. March 25, 2010.

–  –  –

Paulson, Henry M., Jr. “Statement by Secretary Henry M. Paulson, Jr. on Announcement of New Private Sector Alliance – HOPE NOW.” Department of the Treasury Press Release HP-599. October 10, 2007 [2007b].

Piskorski, Tomasz, Amit Seru, and Vikrant Vig. ”Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis.” September 2009.

Available at www.ssrn.com.

Quercia, Roberto G. and Lei Ding. “Loan Modifications and Redefault Risk: An Examination of Short-Term Impacts.” Cityscape 11:3 (2009): 171-194.

Randolph, Patrick A., Jr. “Mortgage Modification and Alteration of Priorities Between Junior and Senior Lienholders.” January 28, 2010. Available at dirt.umkc.edu/alterationofpriorities.htm.

Rappeport, Alan. “Prodded by Congress, Cox Finds Flexibility in FAS 140.” CFO Magazine.

July 27, 2007.

Standard & Poor’s. “The Shadow Inventory Of Troubled Mortgages Could Undo U.S. Housing Price Gains.” February 26, 2010. Available at www.standardandpoors.com.

Tanta. “Mortgage Servicing for UberNerds.” Calculated Risk. February 20, 2007. Available at www.calculatedriskblog.com.

Thompson, Diane E. “Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior: Servicer Compensation and its Consequences.” National Consumer Law Center Inc. October 2009. Available at www.nclc.org.

White, Alan M. “Deleveraging the American Homeowner: The Failure of 2008 Voluntary Mortgage Contract Modifications.” Connecticut Law Review 41 (May 2009): 1107-1132 [2009a].

White, Alan M. “Rewriting Contracts, Wholesale: Data on Voluntary Mortgage Modifications

From 2007 and 2008 Remittance Reports.” Fordham Urban Law Journal 36 (2009):

509-535 [2009b].

Zingales, Luigi. “Plan B.” Economists’ Voice. October 2008.

36 Figure 1. U.S. Unemployment Rate, 1999-2009

–  –  –

Source: Information provided by LPS Applied Analytics 40 Figure 5. Number and Distribution of Workouts in Non-Conforming Home Loans

–  –  –


Pages:     | 1 |   ...   | 5 | 6 ||

Similar works:

«LAWRENCE A. WEISS Professor of Accounting – The Fletcher School, Tufts University 160 Packard Avenue, Medford MA 02155: Tel 617/627-2735 EDUCATION 1989 Doctorate of Business Administration Harvard University, Graduate School of Business Administration -Boston, Massachusetts, USA 1983 – Master of Business Administration McGill University, Graduate School of Business -Montreal, Quebec, Canada 1980 – Diploma of Public Accounting McGill University, Continuing Education Montreal, Quebec,...»

«APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2012 letter of transmittal Council of Economic Advisers Washington, D.C., December 31, 2012 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2012 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely yours,...»

«This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Quantifying Systemic Risk Volume Author/Editor: Joseph G. Haubrich and Andrew W. Lo, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-31928-8; ISBN-13: 978-0-226-31928-5 Volume URL: http://www.nber.org/books/haub10-1 Conference Date: November 6, 2009 Publication Date: January 2013 Chapter Title: Hedge Fund Tail Risk Chapter Author(s): Tobias Adrian, Markus K....»

«Cultural diversity in organizations A study on the view and management on cultural diversity Authors: Dhakshayene Holmgren Anneli Jonsson Supervisor: MajBritt JohanssonLindfors Student Umeå School of Business and Economics Spring semester 2013 Master thesis, two-year, 15 hp ABSTRACT Cultural diversity is a subject that has been getting growing attention not just internationally but also in Sweden in the 21st century. The globalization of economies and the migration has dramatically increased...»

«CURRICULUM VITAE Personal Data Name: Yves ZENOU Birth: 18 june 1961 Citizenships: French and Swedish Family Status: Married, 3 children Office Address: Stockholm University, Department of Economics 106 91 Stockholm, Sweden. Tel: +46 8 16 28 80, Fax: +46 8 16 14 25 E-mails: yves.zenou@ne.su.se and yves.zenou@ifn.se Home pages: http://people.su.se/~yvze0888/ and http://www.ifn.se/yvesz Present Positions Professor, Stockholm University, Department of Economics (2007present). Visiting Professor,...»

«LIST OF SCRAPBOOKS Contents SCRAPBOOK 1 Stevens Says Banks Have Strangled Business, Daily Province 1 (Vancouver), Aug. 5, n.y. Only Financiers Are Prospering, Claims Stevens, Daily Province (Vancouver), Aug. 5, n.y. Douglas Has Fluid Mind About Social Credit for Alberta, dateline Edmonton, unidentified newspaper, May 14, n.y. Open Forum (ltr. criticizing Munson), Farm Holiday News, 3 Sept. 10, 1935 True to Type, by Gilbert Se1des, N.Y. Evening Journal, July 30, 1935 No Social Credit, bk. rev.,...»

«LESOTHO INVESTOR ROADMAP A GUIDE TOWARDS A MORE CONDUCIVE BUSINESS AND INVESTMENT CLIMATE March 2012 This publication was produced for review by the United States Agency for Development. It was prepared by the AECOM International Development. USAID Southern Africa Trade Hub Plot 50668 Tholo Park, Fairgrounds Gaborone, Botswana Tel: +267 3900884 Fax: +267 3901027 www.satradehub.org Technical Report: Investor Roadmap Lesotho Tomasz Iwanow, Trade Economist Reginald Selelo, Investment Promotion/FDI...»

«RESEARCH EVIDENCE ON THE CYFI MODEL OF CHILDREN AND YOUTH AS ECONOMIC CITIZENS research and policy Research Evidence on the CYFI Model of Children and Youth as Economic Citizens 2013 CSD Research Review No. 13-04 Campus Box 1196 One Brookings Drive St. Louis, MO 63130-9906  (314) 935.7433  csd.wustl.edu This paper was made possible with the generous financial support of the Citi Foundation Research Evidence on the CYFI Model of Children and Youth as Economic Citizens 2 Conceptual...»

«Thames catchment abstraction licensing strategy May 2014 A licensing strategy to manage water resources sustainably We are the Environment Agency. It’s our job to look after your environment and make it a better place – for you, and for future generations. Your environment is the air you breathe, the water you drink and the ground you walk on. Working with business, Government and society as a whole, we are making your environment cleaner and healthier. The Environment Agency. Out there,...»

«Journal of Education and Practice www.iiste.org ISSN 2222-1735 (Paper) ISSN 2222-288X (Online) Vol.5, No.23, 2014 Towards Higher Equity and Excellence: Challenges before Higher Education in India Dr. Satya Narayan Misra1* Dr. Monalisa Bal2 1, Prof. Economics &Director, School of Leadership, KIIT University, Campus-4, Chintan Building, Patia, Bhubaneswar-751024 2, Chairperson, KIIT International School, Campu-9, Patia, Bhubaneswar-751024 * E.mail of the corresponding authors:...»

«FT BUSINESS OF ASSET MANAGEMENT EXECUTING INVESTOR STRATEGIES IN A FAST-CHANGING MARKETPLACE 21 June 2012 • Four Seasons Hotel Hong Kong Platinum Sponsors Gold Sponsors WELCO ME Dear Guest, On behalf of the Financial Times and our partners FTfm and Ignites Asia, I am delighted to welcome you to the inaugural FT Business of Asset Management summit. With the global economy facing a period of extreme uncertainty, much attention is being focused on the flow of money in and out of Asia. The...»

«Australian Journal of Basic and Applied Sciences, 9(2) February 2015, Pages: 94-99 AENSI Journals Australian Journal of Basic and Applied Sciences ISSN:1991-8178 Journal home page: www.ajbasweb.com Modelling Strategic Planning, Transformational Leadership and Organizational Performance: The Integration of Strategic Management Theories 1 SarminahSamad, 1,2Salma Yasmin Mohd Yusuf, 3Waleed Abdulkafi Ahmed, 4MohdAyub Yakub 1 Arshad Ayub Graduate Business School/Faculty of Business Management,...»

<<  HOME   |    CONTACTS
2016 www.dissertation.xlibx.info - Dissertations, online materials

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.