Mr Kiguel joins the government from his present job as head of mortgage bank Banco Hipotecario, has close ties to foreign banks and international lenders and is known to favour Argentina adopting the dollar as the country's sole currency.
"The Fed wants to keep mortgage rates low, " said Mitch Flack, co-head of the mortgage group at TCW Group Inc.
WSJ: Fed Plan to Stop Buying Mortgages Feeds Recovery Worries
"Profits were under pressure, " notes Warren Kornfeld, managing director and co-head of residential mortgage backed securities at Moody's, of the subprime sector.
The head of the mortgage society, Guillermo Babatz, insists that these measures are not intended to supplant private mortgage-lenders, but rather to help nurse them into health.
ECONOMIST: Laying the foundations of a property-owning democracy
As reflected here, on March 2, 2011, Catherine Kissick, a former senior vice president of Colonial Bank and head of its Mortgage Warehouse Lending Division, pleaded guilty to conspiracy to commit bank, wire and securities fraud for participating in the Taylor Bean scheme.
FORBES: A Tale of Two Lawsuits -- PricewaterhouseCoopers and Colonial Bank
Earlier this week the former head of the HBOS mortgage bank, Sir James Crosby, recommended that the government take direct action to stimulate the flow of mortgage funds to the UK banking industry.
Schneiderman plays a dual role here, as New York AG and co-head of the Obama administration Residential Mortgage Backed Securities Working Group.
FORBES: New York Attorney General Sues JP Morgan And Raises Question Of What The "Auditor" Knew
Kevin Watters, the head of the bank's mortgage operations, said his business has a staff of about 45, 000, and reductions are planned mostly among employees dealing with defaults, which have come down, and also among employees related to mortgage production as volume declines.
"In a high-inflation market somebody's going to go broke, either the lender or the borrower, " says Michael Mrez, head of Latin American operations for Pulte Mortgage Corp.
The big message which I think needs to be screamed from the rooftops of the county courts is this... if you get into difficulty with your mortgage, do not bury your head in the sand.
James Lockhart, head of the agency, urged U.S. mortgage servicing firms--companies that process payments of loans rather than owning them outright--to adopt the plan as a national standard.
Daniel Castro, the former head of structured finance research at Merrill Lynch, thinks some mortgage securities are such a screaming deal that he's setting up a hedge fund, Huxley Capital Management, to buy them.
The investment bank also announced that Tony Tufariello, the global head of its securities products group, which incurred most of the mortgage-related write-downs, will retire from the company.
Nici Audhlam-Gardiner, head of mortgages at Abbey, Britain's second-largest mortgage lender, says that brokers who previously steered business to now-defunct or struggling players are now turning her way.
ECONOMIST: Lenders in America and Britain retrench, but for how long?
According to Lou Tisler, head of Neighbourhood Housing Services of Greater Cleveland, a local community group, mortgage lenders are becoming more willing to renegotiate loans.
"We'd like to give management the benefit of the doubt, however questions remain, " he said, adding that the bank still had exposure to subprime mortgage assets and it remains to be seen who will be appointed to permanently head the investment-banking division.
Falling values mean that even if you've been dutifully making mortgage payments, you end up owning less and less of the roof over your head.
The theory: It is an easier political lift to curb such popular breaks as the mortgage interest deduction through a broad reduction of all subsidies than to fight the powerful housing industry head-on.
Early Friday, McCain's team returned fire with a commercial about Obama's relationship with Jim Johnson, the former Fannie Mae chairman who resigned as head of the Democrat's vice presidential vetting team after allegations he had received preferential terms on a mortgage from Countrywide Financial.
Also Friday, McCain's team fired off an ad about Obama's relationship with Jim Johnson, the former Fannie Mae chairman who resigned as head of the Democrat's vice presidential vetting team after allegations that he had received preferential terms on a mortgage from Countrywide Financial.
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