Is Obama's Strong Housing Finance Stand for Real or a Political Play?

On Friday, the Obama administration released a surprisingly strong housing finance policy report. It explains a general process to wind down Fannie Mae and Freddie Mac, and offers three alternatives for how to conduct housing finance policy without them. Each option has pros and cons, but put together they lean firmly towards free-market ideals, which arguably makes the report one of the clearest signals of President Obama's move to the center yet.

Or does it? While these three options could genuinely attest to the administration's dedication to free market principles, they could also be strategically designed to achieve some political end. There are at least three possibilities here.

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'Short sales' avoid foreclosures

After living in their home 17 years, a Lancaster County couple faced the unthinkable:

The prospect of losing that house because they fell behind on their mortgage payments. The financial nightmare started when the wife lost her job in the medical field.

But instead of awaiting foreclosure, the couple decided to list their Warwick Township residence for "short sale" — a transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.

It's called a short sale because the property sells "short" of what's owed on the mortgage. And real estate professionals say short sales can be less damaging to a borrower's credit rating than foreclosure

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Trustee: $59M reaped in alleged Utah fraud

St. George businessman Jeremy Johnson took in about $59 million from his companies that federal authorities allege he used to carry out a massive Internet fraud, a court-appointed receiver says.

Johnson spent the money on an $8 million house reportedly covering 22,000 square feet, about 30 other properties, at least seven aircraft, two houseboats and various cars, according to a report filed Tuesday in federal court in Las Vegas.

Over 10 years, Johnson, his iWorks company and about 60 related entities “tricked” consumers into providing credit and debit card billing information and then billed them about $60 a month in charges to which they never agreed, the Federal Trade Commission alleges in a lawsuit filed in December.

Click here to read: Trustee: $59M reaped in alleged Utah fraud...

Refinancing mortgage often smart even if you have to pay

(USATODAY.com)-- At the height of the housing boom, refinancing was doubly rewarding: You could lower your monthly payment and extract some cash to spiff up the kitchen.

With mortage rates at record lows, refinancing still offers the promise of lower monthly payments. But forget about that Sub-Zero refrigerator. Instead of taking cash out, you may have to pay cash upfront when you refinance.

'Liar Loans' to Save the Day?

Could one small lie save a big economy?

Read Ann Brenoff's latest article and let us know what you think.

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Plastic Making Online Banking More Secure?

Despite the best efforts of banks and security experts, Internet fraud continues to cost consumers millions of dollars every year. But a new credit card sized piece of plastic has the potential to stop one of the most popular forms of online fraud; fooling consumers or their banks into handing over information that can be used to empty accounts...

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