Category Archives: Risky Lending

Subprime Breakdown

Posted on December 24, 2007 by grim

From the IMF Finance and Development Magazine: Subprime: Tentacles of a Crisis How could a modest increase in seriously delinquent subprime mortgages, which amounted to an additional $34 billion in troubled loans, so disrupt the $57 trillion U.S. financial system … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 126 Comments

Homeowner a misnomer

Posted on December 23, 2007 by grim

From the Hartford Courant: The Cash-Cow Myth Homeowners started losing hold of their homes years before spiking foreclosures and the housing slump slammed the economy. Piece by piece, some gave away their homes by tapping equity to take cash out … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment

“It was so easy, it’s incredible”

Posted on December 21, 2007 by grim

From the Wall Street Journal: Fraud Seen as a Driver In Wave of Foreclosures Atlanta Ring Scams Bear Stearns, Getting $6.8 Million in Loans By MICHAEL CORKERY December 21, 2007; Page A1 Skyrocketing foreclosures are a testament to how easy … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on “It was so easy, it’s incredible”

November foreclosures up 68% YOY

Posted on December 19, 2007 by grim

From the Associated Press: US Foreclosure Filings Rose in November S. homeowners increasingly failed to keep up with their home loan payments in November, as the number of foreclosure filings surged 68 percent nationwide compared with the same month a … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 236 Comments

No pain for NJ banks?

Posted on December 19, 2007 by grim

From the Record: Subprime woes take toll on regional banks Valley National Bancorp Chief Executive Officer Gerald Lipkin thinks regional banks such as his are being unfairly punished by investors anxious over subprime mortgage writedowns at large banks. Shares at … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | Comments Off on No pain for NJ banks?

Will the Fed step in?

Posted on December 18, 2007 by grim

From the Associated Press: Fed to Unveil Home Mortgage Plan Federal Reserve plan being unveiled Tuesday would give people taking out home mortgages new protections against shady lending practices. The rules to be proposed are especially geared to providing some … Continue reading →

Posted in National Real Estate, Risky Lending | 287 Comments

Subprime: All you need to know

Posted on December 18, 2007 by grim

From Bloomberg: `Deal With Devil’ Funded Carrera Crash Before Subprime Shakeout One week in 2002, Daniel Sadek was $6,000 short of covering the payroll for his new subprime mortgage company, Quick Loan Funding Corp. So he flew to Las Vegas … Continue reading →

Posted in Housing Bubble, Risky Lending | 4 Comments

30Y Fixed @ 21.99% !!!

Posted on December 13, 2007 by grim

From the Wall Street Journal: Of Victims and Mortgages December 13, 2007; Page A22 There are bad ideas to address the mortgage meltdown, and then there are ideas so awful that they even have Democrats rebelling against their powerful House … Continue reading →

Posted in General, National Real Estate, Risky Lending | 268 Comments

Mortgage industry facing dramatic changes

Posted on December 13, 2007 by grim

From Inman News: Senate Democrats propose new restrictions on mortgage lenders Senate Democrats have rolled out a bill that, like legislation passed by the House last month, is aimed at preventing mortgage brokers from steering borrowers into higher-cost loans in … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment

Mortgage industry fallout not over

Posted on December 12, 2007 by grim

From BusinessWeek: Mortgage Mess Gets Messier Sometimes bad news comes in threes. While the Federal Reserve cut interest rates Dec. 11 to ease the financial and housing crises, the market was confronted with yet more evidence of the damage these … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment

Changes at the GSEs

Posted on December 11, 2007 by grim

Freddie, Fed Try to Limit Damage Mortgage Investor to Trim Purchases of Late Loans; Regulator Targets Practices By JAMES R. HAGERTY and DAMIAN PALETTA December 11, 2007; Page A3 Regulators and government-backed mortgage investors are struggling to contain damage from … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 2 Comments

Pointing a finger at the street

Posted on December 5, 2007 by grim

From the WSJ: Wall Street Firms Are Subpoenaed New York Examines Treatment Of Debt Tied to Risky Mortgages By KARA SCANNELL December 5, 2007; Page C2 New York state prosecutors have sent subpoenas to several Wall Street firms seeking information … Continue reading →

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“People have to be responsible for their own actions”

Posted on December 4, 2007 by grim

From the WSJ: Some Cry Foul Over Relief Plan For Borrowers By SUDEEP REDDY, DOUGLAS BELKIN and JONATHAN KARP December 4, 2007; Page D1 The Bush administration’s plan to give subprime borrowers a break on their mortgages is already catching … Continue reading →

Posted in National Real Estate, Risky Lending | 245 Comments

NJ subprime foreclosure rate above national average

Posted on December 1, 2007 by grim

From the Record: N.J. subprime woes worse than nation’s The Federal Reserve Bank of New York issued a report Friday that sheds light on the condition of subprime mortgages in New Jersey, and it’s not a pretty picture. Nine percent … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 3 Comments

U.S. Foreclosures up 94%

Posted on November 29, 2007 by grim

From CNN/Money: October foreclosure filings surge Foreclosure filings nearly doubled in October and more people could lose their homes in 2008, according to a report released Thursday. In October, 224,451 foreclosure filings were reported nationwide, up 94 percent from October … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment