Category Archives: Risky Lending

Risky loans bite Jersey banks

Posted on April 14, 2012 by grim
Posted in Economics, Foreclosures, Risky Lending | 41 Comments

From the Record: North Jersey banks repossessed more properties In banking, OREO is not a cookie, and there’s no sugary frosting in the middle. It’s an acronym for one of the industry’s most unpleasant statistics, Other Real Estate Owned, which … Continue reading →

How the Fed learned to stop worrying and love bad loans

Posted on April 11, 2012 by grim
Posted in Foreclosures, New Development, New Jersey Real Estate, Risky Lending | 141 Comments

From the Wall Street Journal: Jersey Rejuvenation Story About six years ago, Newark, N.J., seemed to be winning its long struggle to emerge from decades of urban decay, and one of the symbols of that was the opening of Eleven80, … Continue reading →

Forclosure activity ticks higher as lenders resume resposessions

Posted on March 7, 2012 by grim
Posted in Foreclosures, National Real Estate, Risky Lending | 135 Comments

From Reuters: Foreclosure starts jump 28 percent in January : LPS Starts on U.S. home foreclosures shot up 28 percent in January, data provider Lender Processing Services (LPS.N) said on Tuesday in a report that suggested paper backlogs that had … Continue reading →

Do you have an FHA originated before June, 2009?

Posted on March 6, 2012 by grim
Posted in Mortgages, Politics, Risky Lending | 24 Comments

You are in luck. From the WSJ: White House Cuts Refinance Fees The U.S. government will cut fees on federally insured mortgages that have prevented some borrowers from refinancing their home loans at ultra-low interest rates, the latest in a … Continue reading →

Seller’s Market Buyer’s Market Renters Market! (and a squatter’s market too)

Posted on February 24, 2012 by grim
Posted in Economics, Foreclosures, Housing Recovery, Politics, Risky Lending | 163 Comments

A Two-Parter from Bloomberg (Hat tip Chi!): Why Renters Rule U.S. Housing Market (Part 1): A. Gary Shilling The collapse in housing and the 33 percent plunge in house prices since 2006 are favoring renting over homeownership. This trend will … Continue reading →

Can’t wait to hear about how NJ spends the settlement

Posted on February 13, 2012 by grim
Posted in Foreclosures, Housing Recovery, Risky Lending | 136 Comments

From Bloomberg: Foreclosure Deal May Help States Prop Up Budgets, Raze Houses Wisconsin plans to use part of its $140 million share of the national foreclosure settlement to fill a budget hole. Missouri would devote $40 million for education. Ohio … Continue reading →

What’s our cut of the settlement?

Posted on February 9, 2012 by grim
Posted in Housing Recovery, New Jersey Real Estate, Politics, Risky Lending | 117 Comments

From the Daily Record: NJ gets $837.7M in nationwide mortgage and foreclosure settlement New Jersey’s share of the $25 billion mortgage settlement announced Thursday is expected to bring financial relief to at least some of the state’s homeowners who are … Continue reading →

Thursday Morning Grim

Posted on February 9, 2012 by grim
Posted in Foreclosures, Housing Bubble, New Jersey Real Estate, Risky Lending | 171 Comments

From CNBC (via Business Insider): New York Housing Market Could Still Collapse: Analyst There’s been a lot of talk recently about home prices reaching a bottom. Most notably, Bill McBride at Calculated Risk — perhaps the most respected housing market … Continue reading →

Foreclosure settlement to finally be reached today?

Posted on February 6, 2012 by grim
Posted in Foreclosures, Mortgages, National Real Estate, Risky Lending | 106 Comments

From Bloomberg: Foreclosure Deal Deadline Arrives as States Must Choose Whether to Sign On States that balked at bank liability releases in a proposed $25 billion nationwide settlement over foreclosure practices must decide by today whether its mortgage relief and … Continue reading →

Why do we keep believing we can fix housing?

Posted on January 23, 2012 by grim
Posted in Economics, Foreclosures, Housing Bubble, Housing Recovery, National Real Estate, Risky Lending | 153 Comments

From the WSJ: Economists See Ways to Aid Housing Market he underpinnings of a housing recovery are hiding in plain sight: sharp price declines, low mortgage rates and rising rents have made owning more affordable than renting in a growing … Continue reading →

Housing Bailout #307b – “Sacrifice for the greater good”

Posted on January 5, 2012 by grim
Posted in Economics, Foreclosures, National Real Estate, Risky Lending | 220 Comments

From HousingWire: Bernanke calls for nationwide REO rental program The government should consider helping the nation’s vacant, unsold stock of foreclosed properties by supporting initiatives to occupy. Federal Reserve Chairman Ben Bernanke believes that one aspect should be a government … Continue reading →

Who is to blame? Borrowers or Banks?

Posted on December 20, 2011 by grim
Posted in Economics, Housing Recovery, Mortgages, Risky Lending | 128 Comments

From Reuters: Modification blunders bedevil U.S. housing recovery Shirley Burnell, a community activist from Oakland, California, has been trying to get her subprime loan restructured since 2007. She never missed a payment, but the adjustable rate mortgage she got in … Continue reading →

FHA: Nothing to see here, move along

Posted on November 28, 2011 by grim
Posted in Economics, Housing Bubble, National Real Estate, Risky Lending | 120 Comments

From the WSJ: What Housing Risk? Before the 2007 housing bust, financial analysts who raised questions about Fannie Mae and Freddie Mac’s shaky finances were dismissed as cranks. So it’s worrying to see a thoughtful critique of another taxpayer-backed monolith—the … Continue reading →

Mob extorts subprime lender, not sure who the crook is

Posted on November 2, 2011 by grim
Posted in Humor, National Real Estate, Risky Lending | 92 Comments

From the Post: Mortgage firm is Mafia Inc: feds It was a hostile corporate takeover — Mafia-style. The son of jailed former Lucchese boss Nicodemo “Little Nicky’’ Scarfo used the trusted mob technique of extortion to gain control of a … Continue reading →

Wrong title – We already made the big bet

Posted on October 10, 2011 by grim
Posted in Mortgages, National Real Estate, Risky Lending | 85 Comments

From the WSJ: U.S. Gambles With Mortgage Retreat hree years after virtually nationalizing the U.S. mortgage market, the government has embarked on a pullback to see whether private industry picks up the slack. Some people in the housing industry worry … Continue reading →