Risk Transfer and Reform

Quarterly Net Sweeps consist of WRONGFUL FORECLOSURE funds and fraudulent concealment that has been perpetrated on American homeowners for years. Fraudulent documents, fraud on the courts and fraudulent concealment are the business model of this racketeering industry. The banks are losing ground because the courts aren’t under the Obamacare gun any longer and they see the sleazy scheme.

American homeowners and Americans made homeless are tired of propping up Obamacare with fraudulent foreclosure funds stemming from unclean hands of the GSEs, the banks’ and their attorneys.

American Homeowners want the rule of law back. They want their legislators to stop regulating and changing statutes to benefit the banks. Courts do not want to be collection agencies for crooks.

Trump won the worst foreclosure states and it’s time his administration woke up to the needs of the millions of Americans that have been duped since the new NTMs arrived, pensions were sucked dry and the markets crashed.

HOWARD ON MORTGAGE FINANCE

On September 26 I participated in a conference call hosted by the Washington D.C. investment firm Compass Point, on the topic of “Mortgage Finance Reform and Credit Risk Transfers.” Below is the text of my prepared remarks for that call.

The topic I’d like to address this morning is credit risk transfers, and the role they might play in a reformed mortgage finance system.

Today there are two competing approaches to resolving the conservatorships of Fannie and Freddie. The first is what Treasury and those I call the “Financial Establishment”—commercial and investment banks and their supporters—have sought from the day the conservatorships began: to wind Fannie and Freddie down, and have Congress replace them with some mechanism more to the liking of large primary market lenders. Over the past few years there have been a number of proposals for doing this: Corker-Warner, Johnson-Crapo, proposals from the Urban Institute and…

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