Developing Affordable Housing Ecosystems World Wide
By:David A. Smith When a game is crooked, don’t play it – but if you are forced to play it, change the rules. That’s what states are doing with respect to their insolvent cities, as the combination of political autonomy and fiscal irresponsibility has led consistently and inescapably to bankruptcy or its [...]
By:David A. Smith [Concluded from yesterday's Part 2 and the previous Part 1.] So far in this lengthy post we’ve dismantled two pillars of the argument, advanced by a recent New York Timesarticle, that Fannie Mae and Freddie Mac are acting arbitrarily in refusing to allow waivers of principal on home loans they [...]
By:David A. Smith [Continued from yesterday's Part 1.] Yesterday we showed that, despite what a recent New York Times article would have you believe, refusal to agree on unilateral cuts of mortgage principal owed by homeowners whose houses may be worth less than those loans isn’t stubbornness by a single individual but is rather [...]
By:David A. Smith Precedent is an asymmetric concept; if I as a borrower want to misbehave, anything I do has no binding effect on any other misbehaving borrower, but if I as a lender adopt a position with one borrower, that can certainly bind me in dealing with other borrowers. Too many [...]
By: David A. Smith [Concluded from yesterday's Part 2 and the previous Part 1.] Concluding our series on the Florid Everglades proposed acquisition, using a lengthy New York Times piece as the principal resource (two others coming below), we’ve now reached the point where, if you’re like me, you’ve concluded that the deal [...]
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