dagblog - Comments for "the fhfa bank suit: Prelude to a refinancing program?"

Oxy, I gather not, especially

Oxy Mora — Thu, 08 Sep 2011 17:27:17 +0000

In reply to Glenn Hubbard, the leading

Oxy, I gather not, especially because the debate was last night and he didn't.

Plus,your premise was a little weak because Romney is obviously running as the Eastern establishment and Wall St. candidate and the idea that investors and banks would take a haircut is anathema to these supporters. Still once he becomes President, Romney will endorse the idea readily and he will couple that with bank reforms and a final settlement somehow of the over-hanging legal liabilities of the bank industry. Problems solved.

Of course, Obama isn't able to take advantage of such a reasonable grand solution because Geithner won't let him.

Right. I think the suits

Oxy Mora — Tue, 06 Sep 2011 22:15:27 +0000

In reply to I didn't think there was a

Right. I think the suits would have gone ahead under the deadline. What puzzles me is that DeMarco is now the fair haired boy of the Cato Institute, WSJ, etc. "He stopped Obama from using Fanny and Freddie as a slush fund, etc.". Apparently, Geithner and Obama would have liked to replace him but didn't think they could get their own nominee through. But, will DeMarco help facilitate the larger refinance program that Boxer, and probably, Obama are proposing. Or will he work against it? Without the GSE's such a large refinancing program isn't going to work. And what to make of Glenn Hubbard, former Bushie and advisor to Romney, being so far out front on a proposal to use GSE's for a massive refinance program? I don't know the answers, I'm just asking, what's afoot with this. Maybe nothing.

I didn't think there was a

Anonymous Obey — Tue, 06 Sep 2011 20:52:43 +0000

In reply to I posted last week on the

I didn't think there was a great mystery here. DeMarco is not a nominated-and-confirmed appointee with all the legitimacy for independent - and controversial - action that brings with it. He's just acting director. So they were initially probably holding off on that kind of action pending an appointment. It didn't happen, so Demarco had to go ahead before the deadline passed. In any case we've been expecting these lawsuits to go forward since the subpoenas were issued a year ago. I would have been surprised if they hadn't gone ahead.

Glenn Hubbard, the leading

Oxy Mora — Tue, 06 Sep 2011 19:31:57 +0000

In reply to the fhfa bank suit: Prelude to a refinancing program?

Glenn Hubbard, the leading proponent of a massive refinancing of mortgages through the GSE's has been advising the Romney campaign. Bloomberg just had a blurb up that Hubbard had joined the Romney campaign. Hubbard is Dean of Columbia Business School, and former Chief of Economic Advisors under Bush. In any event, you have to wonder if Romney will be frontrunning Obama on the mortgage refinance program.

Right. There was a three year

Oxy Mora — Tue, 06 Sep 2011 18:29:24 +0000

In reply to Didn't the FHFA have to file

Right. There was a three year limit on tort claims, dating from inception of FHFA on Sept. 7, 2008. My point was to look beyond that but It wasn't clear and I edited my first sentence. Thanks for your comment.

Didn't the FHFA have to file

Lazy KGB — Tue, 06 Sep 2011 17:52:48 +0000

In reply to the fhfa bank suit: Prelude to a refinancing program?

Didn't the FHFA have to file suit at this point or let the cases go? Think they were looking at a statute of limitations passing this week on many of the underlying issues.

I posted last week on the

Oxy Mora — Tue, 06 Sep 2011 17:37:47 +0000

In reply to the fhfa bank suit: Prelude to a refinancing program?

I posted last week on the FHFA bank suit and Genghis asked me why now, after three years. I'm still trying to answer the question. My thought plickens.