Word: lockharts
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...details of how, exactly, monthly payments will be lowered has raised concern in certain quarters. In a news conference explaining the program, James Lockhart, who runs the agency that oversees Fannie and Freddie, highlighted three tacks: reducing interest rates, extending the length of loans and, in some cases, deferring payment on part of the principal. There is a big difference, though, between permanently reducing an interest rate and doing it temporarily. And the new program doesn't forgive principal, only defers it, which may not go very far at a time when some 18% of mortgage holders owe more...
...statement, FDIC chairman Sheila Bair, who has seen her own suggestion of the U.S. government directly guaranteeing mortgages sidelined, called the new program "a step in the right direction" but also took it to task for not more directly addressing mortgages held in private securities. As Lockhart pointed out, mortgages owned or guaranteed by Fannie and Freddie represent less than 20% of serious delinquencies. Private label securities - those packages of mortgages that were sliced and sold to investors - represent some 60% of serious delinquencies. Lockhart made an appeal for servicers of such securities to "adopt this program as the industry...
...takeover is as an attempt to prevent the housing bust from getting dramatically worse and to stave off financial collapse. The companies' combined share of new mortgages rose as high as 80% earlier this year as other lenders retrenched. The percentage has dropped somewhat since, says FHFA Director James Lockhart, but if either Fannie or Freddie had to stop buying mortgages, rates would clearly skyrocket. If either firm actually defaulted on its debts or MBS guarantees, the consequences might be catastrophic. Why's that? Read...
...only decision bolder than the paint is the museum’s choice to host this show in its prime gallery space on the first floor. It was most recently home to exhibitions Sharon Lockhart, Frank Stella, and Edgar Degas—emerging, legendary, and eternal stars, respectively...
Intimate and serene, Sharon Lockhart’s “Pine Flat” collection is a beautiful, yet ambiguous exploration of the lives of children in a small community in Eastern California. Culled from films and photographs made by Lockhart during her three-year part-time residency in Pine Flat, the exhibition currently resides at Harvard’s Sackler Museum. The films, like their titles—”Hunter,” “Harmonica,” “Kissing,” and “Guns in Rain?...