Neil Barofsky, TARP special inspector general, has been highly critical of the government's foreclosure prevention programs. On Tuesday, he put the administration's new initiatives to help unemployed and underwater homeowners under the microscope. Barofsky says several issues could impede program effectiveness, including the voluntary nature of principal write-downs, disparate appraisal requirements across subprograms, and the short timeframe given for unemployment forbearance.
First-time homebuyers accounted for a record-high share of purchases last month, according to new data from Campbell Surveys. With the April 30 contract deadline to receive the federal homebuyer tax credit fast approaching, the momentum is likely to continue into this month. But some economists have warned that sales are being pulled forward to make the tax credit window, and as a result will slip fairly substantially in the months ahead. There are no plans to extend the credit again.
The Michigan State Housing Development Authority recently submitted its plan to the Treasury, detailing its intentions to use the majority of the $154.5 million it received under the Hardest-Hit Fund to help unemployed borrowers. Through a nonprofit corporation set up specifically for the purpose of being an "eligible entity" under the Hardest-Hit Fund, MSHDA plans to administer three programs, including the Unemployment Mortgage Subsidy Program, the Principal Curtailment Program, and the Loan Rescue Program.
Amid the legal storm building over allegations of securities fraud in the subprime mortgage space, Goldman Sachs said Tuesday that its first quarter business dealings turned a hefty $3.46 billion profit, more than doubling its numbers from a year ago and coming out far ahead of analysts' expectations. New details surrounding the SEC's partisan decision to sue the Wall Street fixture may be further evidence of the political motivation behind the charges, but Goldman Sachs isn't going down without a fight, and deep pockets mean a strong defense.
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