I hate to keep picking on FHFA Acting Director DeMarco, but I was thinking over the weekend about his Friday statement on the mortgage default servicing robo-signer affair:
WSJ (10/1 ’10): “US Housing Regulator Calls For Fix To Mortgage Processing”
WASHINGTON (Dow Jones)–A U.S. housing regulator on Friday called for the development of a consistent approach to deal with deficiencies in the mortgage foreclosure process.
hmmm… that little word “deficiencies” can be taken more than one way, especially in a sentence that also features the word “consistent.” Buried in the rubble of the old Doom (and soon to come back, hopefully 😉 ) is a whole bunch of transcripts from AEI banking and fiscal seminars. Time and again discussants there have emphasized the necessity of having a uniform country-wide (if you’ll pardon my Danish) recourse mortgage debt regime, while also underlining that this must be done with stealth, so as not to disturb the guardians of the Constitution. I’m wondering if the above story is a small indication that such a sub rosa policy debate has now started.