Howard B. Glaser is an analyst specializing in housing and financial services.

After working with the mortgage industry for several years, Glaser was an early critic of abusive lending practices and lax regulation by the federal government.

In 2002, Glaser called for the abolition of incentive payments to mortgage brokers, which too often resulted in steering borrowers to high cost loans.

In September 2006, Glaser warned in a Dow Jones interview that "It's been the Wild West in the lending industry for the past couple of years."'

In February, 2007, Glaser called for more aggressive federal action in stemming foreclosures: "This is going to get worse before it gets better and at some point federal policy-makers will need to have a real response".

In March of 2007, Glaser warned of the dangers of piggyback loans: "Piggyback loans could be the next skeleton to fall out of the mortgage industry closet," said Howard Glaser, an independent mortgage analyst. "These 80-20 loans give the borrower the illusion of being able to afford more house than they really have the funds for."

In April, 2007, in the Wall Street Journal, Glaser criticized the Mortgage Bankers Association for blaming the subprime crisis on the press,saying the MBA was 'not in touch with the reality of what's happening in the marketplace." Mr. Glaser said the MBA should talk about solutions rather than attacking critics. "Blaming the press for the troubles in the mortgage industry is a nonstarter," he says.

In June 2007, Glaser called for more federal action to protect consumers from abusive practices: "HOEPA has the potential to be the most powerful consumer protection tool in the mortgage industry. It gives the Fed almost unlimited authority and the regulator is using almost none of it,

In November of 2007, Glaser called for increased modifications to avoid foreclosures, telling PBS that, "We are in a death spiral in the mortgage and housing industry" due to subprime loans.

In December 2007, Glaser criticized the slow federal response to the housing crisis: "From day one, the federal government has miscalculated the depth and impact of the subprime crisis," said Howard Glaser, a mortgage analyst based in Washington and former official with the Department of Housing and Urban Development. "The concern now is that there is no action the feds can take to put a stop to this death spiral."

In December 2007, Glaser said that Bush administration plans to slow foreclosures were inadequate: "I would be very surprised if down the road three or four months you saw a significant impact (from this program) to mitigate the foreclosure crisis,"

In December 2007, Glaser commended FDIC head Sheila Bair for her aggressive approach to the mortgage crisis.

In February, 2008, in the National Journal, Glaser took the financial services industry to task for denying the depth of the mortgage problem from the start: "The credibility of the financial services industry is seriously frayed," said industry consultant Howard Glaser. Trade groups' "denial lasted well beyond the point that most policy makers could understand."

In April, 2008, on PBS, Glaser called the FHA seller funded downpayment program "a federally financed mortgage scam".

In June, 2008, in the Wall Street Journal, Glaser warned of a meltdown in seller funded downpayment loans insured by FHA: "Too often today's seller-funded loan is tomorrow's foreclosure."

In September, 2008, Glaser criticized predatory practices of servicers who deliberately kept borrowers in late payment status in order to increase fees: "There is an element of 'suck the loan dry, and then once you have gotten everything out of it that you can, you leave the carcass on the side of the road.'"

In November 2008, in the Washington Post, Glaser warned that the new administration would need to take action to forestall problems at FHA: "The early warning signals are there," Glaser said. "We may be in a situation where, 'Who is going to rescue the rescuer?' An FHA bailout is a clear and present danger."

In December, 2008, in the New York Times, Glaser renewed warnings of potential trouble at FHA:" If we don’t have the capacity to monitor systemic risk in F.H.A., then we are in real trouble”

In March, 2009, Glaser called for a carrot and stick approach to increase loan modifications, on NPR.

From 1994 to 2000, Mr. Glaser served in several senior management roles at the Department of Housing and Urban Development, including Counselor to Secretary Andrew Cuomo, Deputy Assistant Secretary, and Acting General Counsel. For his work in reforming federal housing programs, Mr. Glaser was a recipient of the 1996 John F. Kennedy School of Government “Innovations in Government” award.

Before joining the federal government, Mr. Glaser was a senior advisor to New York Governor Mario Cuomo.

Mr. Glaser has testified before Congress on real estate and housing finance issues. His analysis is frequently reported by the Wall Street Journal, New York Times, CNBC, Washington Post, American Banker and other media.

Mr. Glaser is a graduate of Harvard Law School and is a member of the New York State Bar.

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