Op-Ed: Privatization Alone Won't Fix Housing Mess
The Obama administration has advocated closing government-backed mortgage providers Fannie Mae and Freddie Mac. The New York Times' Gretchen Morgenson says the U.S. government still has an important role to play when it comes to home ownership.  Related article:Gretchen Morgenson's New York Times Piece, "Imagining Life Without Fannie And Freddie"

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Homeowners Take Plea to Lawmakers
These homeowners say they are fed up with abuses by Home Owner Association.  What we’re trying do is reign in some of these abusive powers.  So that it’s clear that government bureaucrats shouldn’t be telling people how to use their homes and lose it when they've been taxed inappropriately.  HOA Management Companies fired back today with this counter rally, bussing in HOA Board Members from across the state.  Members of the HOA Reform groups say they know they have an uphill battle sighting thousands of dollars in donations to influential lawmakers here, including Senator John Caron from Dallas who owns the largest HOA Management Company in the Country.

Brian Collister Reports

Countrywide Subpoena Could Make a Few Powerful People Nervous
Details of the subpoena might make more than a few powerful people nervous. This is the first time anyone has sought records regarding all government officials who may have benefitted from the so-called "Friends of Angelo" and other VIP programs that Countrywide had. Congressional investigations have revealed Countrywide extended favorable terms to powerful shakers-and-movers in government in hopes of wielding influence. VIP mortgages were also given to President Clinton's former Housing Secretary Henry Cisneros, and President Bush's Housing Secretary Alphonso Jackson. Jackson's daughter even got VIP loan status when an internal Countrywide e-mail noted her father "is expected to be confirmed as Secretary of HUD."

People rally for and against HOA reform
While one group said it's time for change, members of another group said they're happy with their homeowners' association and stand up for HOA rights. Coalition for HOA Reform held the first rally to encourage state lawmakers to stop various HOAs, or what they call "abusive mini-governments." "We need our rights back and that's all there is to it," said Spring resident Wesley Crouch.Reformers said they support the rights of Texas homeowners and not unregulated mini-governments. They said HOAs have broad powers with little oversight and infringe upon homeowner freedom. They also said HOAs cause a lot of burdens for homeowners, including tax hikes, fees, fines and threats of foreclosure.

Philadelphia Man Forecloses On Wells Fargo
 Rodgers discovered the Real Estate Settlement Procedures
Act, which requires mortgage companies to acknowledge written requests within 20 business days or face penalties. He took Wells Fargo to court, winning a default judgement because the bank didn't show up in court... The homeowner placed a sheriffs levy against Well's Fargo's local mortgage office, to cover the $1,173 judgment, plus tax. The contents of Wells Fargo Home Mortgage's offices...are reportedly still scheduled for a March 4 sherif's sale.

Military families battle home builder over problems
Military families in Kentucky are trying to protect their home front after they paid a local home builder hundreds of thousands of dollars for new homes. But they say those homes are filled with problems. The builders aren't backing down, standing behind their homes and their response to the concerns of the military families. But the soldiers we've talked with say they've fought these issues for months, and can't afford to stay quiet any longer.

Home Owners Association Takes Home Over Legal Fees
The HOA's payment ledger shows Hillary was trying to pay. In fact, by April of last year, her balance was zero. But Hillary fell behind again.  In September of last year, Hillary got a letter from the Butler/Hailey Law Firm which represents Wildflower Green Homeowners Association. The letter tells Hillary her delinquent payments have caused legal fees to incur. She needs to pay $921 or face foreclosure.

Preapproved: Well, It Sounded Good
Her local bank approved her for a mortgage. But then a Pulte Homes saleswoman told her that she would get a $4,000 credit toward closing costs if she took out a loan with the homebuilder’s banking unit instead. Ms. Calderone, 38, agreed. She deposited $20,000 in earnest money and set aside $80,000 more for a down payment on the $347,000 house. Her closing date, documents show, was scheduled for late summer, about six months later. Then her troubles began. Although she had been “preapproved” by Pulte, the company ultimately denied her the loan. Then, contending that Ms. Calderone had defaulted on the purchase agreement by failing to close on time, Pulte kept her $20,000 deposit. The house went back on the market.

"Where Are The Wall Street Prosecutions!" - Gretchen Morgenson Agrees With Spitzer & Angry C-SPAN Callers
Gretchen Morgenson has covered the financial crisis better and more extensively than just about anybody in the print media.   Cohan is the author of House of Cards about the collapse of Bear Stearns.  In this clip, Morgenson, Cohan and Spitzer are asking the same question:  Where are the prosecutions for crimes connected to the financial crisis?  Geithner and Bernanke also take a beating for failures of regulation and oversight during the build-up.  Spitzer calls it "The Peter Principle on steroids."  Great discussion -- they sound like they've been reading the Daily Bail.