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freddie mac: CONFLICTS OF INTEREST FROM TROUBLED ASSET RELIEF PROGRAM CONTRACTORS? - 10/21/10 11:15 AM
The COP (Congressional Oversight Panel) who is in charge of keeping a watch over TARP (Troubled Asset Relief Program) funds is concerned about accountability and potential conflicts of interest because of the Treasury's extensive use of private contractors to carry out functions related to TARP foreclosure prevention efforts. It seems as though there is no place for new initiatives to be funded from the $700 billion bailout, the money being allotted, so existing programs can continue to run. The COP's latest report shows that TARP's most critical functions are performed by private businesses, operating under 91 different contracts worth up to … (0 comments)
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freddie mac: Obama administration plans loans for unemployed homeowners - 09/16/10 10:52 AM
According to Housing and Urban Development Secretary Shaun Donovan, the Obama administration has plans to set up an emergency loan program for the jobless and a government mortgage refinancing effort in the upcoming weeks. The action comes as a reply to the sudden home sales drop in July.
"The July numbers were worse than we expected, worse than the general market expected and we are concerned," Donovan said on CNN's "State of the Union" program yesterday. "That's why we are taking additional steps to move forward."
The plans are to begin a Federal Housing Authority refinancing effort in order to give … (4 comments)
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freddie mac: Darrel Issa reveals more information about the the Countrywide VIP loan controversy - 07/24/10 10:45 AM
New informations highlight the ties between Fannie Mae executives and Countrywide's VIP loan program. This program was created by the subprime lender's CEO at the time, Angelo Mozilo.
Rep. Darrell Issa, ranking member of the Oversight and Government Reform Committees showed documents that reveal information about this controversy: 27 former employees at the government-sponsored mortgage company "somehow managed" to receive 153 subsidized, low-cost loans through the specialty Countrywide VIP loan program. According to Issa, this program existed just to buy friends in critical government and industry positions, in order to protect the company's business interests.
"As our nation marched down the … (0 comments)
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