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Category Archives: Risky Lending
Risky loans bite Jersey banks
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
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 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 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 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 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?
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
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 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 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 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 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 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 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 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