The tangled web of federal financing that was lashed together to help fund homeowners' energy efficiency projects has unraveled quite quickly. Robert Selna of the San Francisco Chronicle reports that the California Energy Commission is pulling the plug on $30 million set aside for the now in-limbo Property Assessed Clean Energy program or PACE. This, after state officials, including Governor Arnold Schwarzenegger asked federal officials

California mortgage brokers have a little over a week to pass criminal background and credit checks as well as a licensing exam as the state becomes one of the first to adopt new federal regulations, according to John Gittelsohn of Bloomberg. California is one of the 20 or so U.S. states that currently lack any licensing program for mortgage brokers.

Steve Daniels of Crain's Chicago Business reports that a Chicago bank might avoid takeover by the Federal Deposit Insurance Corporation through the sale of federally-backed securities.

The Obama administration's foreclosure prevention efforts have so far proved insufficient and the White House is new charting a new course. The New York Times' David Streitfeld reports on a plan to use $14 billion of leftover TARP money to help homeowners who face foreclosure. Under the plan, the Federal Housing Administration would refinance millions of mortgages by reducing the payments of borrowers who are unemployed.

By Marci Greenstein It’s hard to find any hopeful news about the housing crisis.  There was a sharp decline in home sales in December.  And the federal Home Affordable Modification Program, which was supposed to help homeowners avoid foreclosure, is not working.  But Ruth Simon of the Wall Street Journal highlighted ...

At least one part of the Obama administration is trying to do something about abusive mortgage lending. The Washington Post's Dina ElBoghdady reports that Housing and Urban Development's Federal Housing Administration wants stricter requirements on the home loans that it has traditionally insured -- one of the oldest ways ...

The New York Times' David Stretfield has a very good piece today about Housing and Urban Development's Federal Housing Administration pouring money into the real estate market. The Obama administration is "guaranteeing the mortgages of middle-class and even upper-class homebuyers." ...

Housing Urban Development's Federal Housing Administration was created during the New Deal to rebuild confidence in the housing market. Today, it is the only federal agency to not rely on taxpayer dollars: its funding comes from borrowers who take out FHA-financed mortgages. However, the Washington Posts' Dina ElBoghdady explains ...

At a critical moment for the U.S. economy, the Bush Administration is sending mixed signals about its plans for the largest and most important investment market in the world – the U.S. housing market.  It looks like all the experts in the world don’t really understand the problems we face – or at the very least no one in government is getting them all to work together.  A strong guiding hand is needed at the tiller right now, or we could have another shipwreck.  So isn’t it time for President Bush to buttonhole a key government manager to coordinate all these recovery efforts?  (Maybe that person should be the Secretary of the Treasury? I realize that kind of sarcasm is completely uncalled for.)

The House of Representatives today passed a bill designed to help homeowners facing foreclosure after taking out subprime loans. The bill passed along partisan lines and could face a veto from President Bush. 

As the Washington Post’s Dina ElBoghady’s reports, such legislation could put an overwhelming ...