Random Mortgage News
By Arnold Kling
This story requires a correction.
An unprecedented alliance of organizations from the real estate industry, new home builders, mortgage companies, banks, civil rights groups and other lobbyists have descended on Washington, D.C. lawmakers to push against legislation that would require 20% down payments for a mortgage.
There is nothing unprecedented about it. These are the rent-seekers who gave us our ruinous housing policy before. The reason I was so firm in my just say no testimony is that I have watched this mortgage lobby at work for more than two decades. If you want to make a documentary of the financial crisis that fingers the real villains, this is the gang you want to nail.
Another story concerns a re-org at Freddie Mac.
Carol Wambeke has been named the new chief compliance officer and Devajyoti “Doc” Ghose has been appointed senior vice president of Freddie Mac’s investments and capital markets division, as well as the company’s treasurer…Tracy Mooney has been promoted to a new role as senior vice president of single-family servicing and REO areas
Those are the only three names I recognize from the story. What strikes me is that they all are very decent people. None of them is the sort of aggressive, scheming, ambitious person that often gets ahead in an organization. It suggests to me that the current CEO is able to see through some of the more manipulative middle managers and instead promote good people. If so, then he has my admiration.