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Banking & Financial Services Legislative Alerts
By Jason Hughey Back in February, news of the $25 billion mortgage settlement sent mixed signals. Some thought that it fairly punished the big banks for their alleged role in the 2008 financial collapse while others counted that the settlement didn’t go far enough. In reality, both sides overlooked the fact that using government to [...]
While it’s widely agreed that permanent law is not a perfect long-term solution, it’s far preferable to passing a trillion-dollar spending bill that is full of food and farm welfare.
Americans for Prosperity Foundation (AFPF), the sister organization of Americans for Prosperity, has submitted a comment to the Federal Housing Finance Agency (FHFA) in response to the agency’s notice regarding the “Use of Eminent Domain to Restructure Performing Loans.” Recently, Ed DeMarco, acting director of the FHFA, publicly expressed opposition to the plan being considered by the county of San Bernardino in California to utilize the power of eminent domain to seize and refinance underwater mortgages with the assistance of Mortgage Resolution Partners, a California-based investment firm.
AFP is deeply concerned about the practice of lending money and extending credit to foreign companies that buy U.S. exports.
As long as federal intervention in housing persists, the best thing we can hope for is the kind of behavior we currently are seeing from Ed DeMarco, the acting director of the Federal Housing Finance Agency (FHFA). Despite a rising outcry from progressive critics, DeMarco has made a small step to prevent further government intervention in housing by refusing to allow Fannie Mae and Freddie Mac to provide principal reduction on their loans. In doing so, DeMarco has defended American taxpayers from having to pay even more to cover for the fallout of the 2008 collapse.