Monthly Archives: May 2007

“‘You cut my [expletive] deal!”

Posted on May 7, 2007 by grim

From the Washington Post: Pressure at Mortgage Firm Led To Mass Approval of Bad Loans Maggie Hardiman cringed as she heard the salesmen knocking the sides of desks with a baseball bat as they walked through her office. Bang! Bang! … Continue reading →

Posted in National Real Estate, Risky Lending | 3 Comments

NC law did little to curb predatory lending

Posted on May 7, 2007 by grim

From the Wall Street Journal: Predatory Lending: Hard to Tame North Carolina Has Mixed Results Protecting Subprime Borrowers By CHRISTOPHER CONKEY May 7, 2007; Page A5 eight-year-old North Carolina statute has become a model for federal lawmakers who want to … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Making Highlands optional

Posted on May 7, 2007 by grim

From the Record: Builders’ group sets forum on Highlands Where will housing be built in the Highlands? This question has rung out repeatedly at New Jersey Highlands Council hearings. Now, a new group formed by builders, the Highlands Coalition for … Continue reading →

Posted in New Development, New Jersey Real Estate | 1 Comment

Weekend Open Discussion

Posted on May 6, 2007 by grim

This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week … Continue reading →

Posted in General | 260 Comments

Lereah: “We’re in a real estate recession”

Posted on May 6, 2007 by grim

From the Chicago Tribune: Housing cheers turn gloomy On his way out the door, the housing industry’s self-described “cheerleader” is making one last economic forecast — a sober one at that. “We’re in a real estate recession,” said David Lereah, … Continue reading →

Posted in Economics, National Real Estate | 7 Comments

A second renaissance for Newark?

Posted on May 6, 2007 by grim

From the NY Times: Not Hot Just Yet, but Newark Is Starting to Percolate You live where? Such is the reaction that Ron Saleh and other new residents of this long-suffering city inevitably get when they tell friends they have … Continue reading →

Posted in New Development, New Jersey Real Estate | 4 Comments

Don’t take the punchbowl away

Posted on May 6, 2007 by grim

From the Baltimore Sun: Failure to regulate non-bank lenders helped cause subprime mess Anyone looking to point a finger of blame for the meltdown in the subprime mortgage market may need more than two hands. It took the action, and … Continue reading →

Posted in National Real Estate, Risky Lending | 3 Comments

“They didn’t know that prices can go down…”

Posted on May 4, 2007 by grim

From the Daily Record: Professor sees decline in housing market House prices may continue retreating for five years and retreating substantially, Yale University professor Robert J. Shiller said Wednesday. But he emphasized that “I don’t really know” because it’s so … Continue reading →

Posted in Housing Bubble, National Real Estate | 16 Comments

“The school budget increased again!”

Posted on May 4, 2007 by grim

From USA Today: Parents selling homes when kids go to college GLEN RIDGE, N.J. — In towns such as this, where highly rated public schools are supported by even higher property taxes, many parents faced with college bills are selling … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 13 Comments

Move over subprime, FHA is back

Posted on May 4, 2007 by grim

From the Boston Globe: Panel: Expand FHA role in subprime lending US House panel voted to expand a federal agency’s powers to help low-income borrowers at risk of losing their homes as Congress pushes legislative fixes for the subprime mortgage … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

RMBS Risk Revisited

Posted on May 4, 2007 by grim

From the Hudson Institute: Where Did the Risk Go? How Misapplied Bond Ratings Cause Mortgage Backed Securities and Collateralized Debt Obligation Market Disruptions JOSEPH R. MASON JOSHUA ROSNER The residential mortgage-backed securities (RMBS) market has experienced significant changes over the … Continue reading →

Posted in Economics | Comments Off on RMBS Risk Revisited

The (illegal) American Dream

Posted on May 3, 2007 by grim

From the Wall Street Journal: Big Banks’ Loan Push: Illegal Immigrants Mortgages Get Pitched To Underserved Market; Critics Find Some Risks By ROBIN SIDEL May 3, 2007; Page C1 The nation’s big banks, scrambling for customers, are pitching mortgages to … Continue reading →

Posted in National Real Estate, Risky Lending | 123 Comments

Too big and too expensive to sell.

Posted on May 3, 2007 by grim

From the Hartford Courant: Sell Or Die Tryin’ The Farmington mega-mansion of rapper 50 Cent that has absolutely everything might now need one thing more – a buyer. The infamous house built by investment swindler Benjamin J. Sisti and once … Continue reading →

Posted in National Real Estate | 10 Comments

But can we afford it?

Posted on May 3, 2007 by grim

From the Record: Politicians want flood bond issued Environmentalists, politicians and flood-weary residents found common ground on the soggy banks of the Passaic River on Wednesday, urging adoption of a $1.75 billion bond through a referendum that would pour more … Continue reading →

Posted in New Jersey Real Estate | Comments Off on But can we afford it?

“This spring, they’ll be lucky to sell.”

Posted on May 2, 2007 by grim

From BusinessWeek: No Spring Thaw for Housing Maybe you guessed it, but now it’s official: The housing market has not hit bottom. Poor home sales in cold-and-quiet February may be excusable, but in March, April, and May, they are a … Continue reading →

Posted in Housing Bubble, National Real Estate | 173 Comments