Category Archives: Risky Lending

How The Mighty Have Fallen

Posted on November 28, 2007 by grim

From the New York Times: Bracing for Home Loan Losses, Wells Fargo to Take Big Charge Wells Fargo & Company, the nation’s second-largest mortgage lender, after Countrywide Financial, said yesterday that it would take a $1.4 billion fourth-quarter charge for … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | Comments Off on How The Mighty Have Fallen

“Credit screws” getting tighter

Posted on November 27, 2007 by grim

From the WSJ: ‘Predatory’ Politics November 27, 2007; Page A18 The housing recession still hasn’t hit bottom and a new Goldman Sachs report suggests falling home values could cause a broader economic slump. So right on cue, by a veto-proof … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 9 Comments

Countrywide’s ATM

Posted on November 27, 2007 by grim

From the WSJ: Countrywide Borrowing Triggers Call for Review Senator Says Lender Uses Home-Loan Bank ‘Like Its Personal ATM’ By JAMES R. HAGERTY November 27, 2007; Page C2 Sen. Charles Schumer, a New York Democrat, urged regulators to examine potential … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

“We still have not hit the worst point …”

Posted on November 21, 2007 by grim

From Reuters: U.S. mortgage-related losses likely up to $300 bln: OECD Overall losses from the U.S. mortgage market crisis could be up to $300 billion but financial firms and policymakers need to buy time to ensure an orderly work-out, the … Continue reading →

Posted in Housing Bubble, Risky Lending | 1 Comment

“This is a vicious housing bust.”

Posted on November 15, 2007 by grim

From the Wall Street Journal: Economists in Poll Expect Credit Turmoil to Continue By PHIL IZZO November 15, 2007; Page A4 The credit crisis weighing on markets still has some time to play out and consumers may have a tough … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 275 Comments

NJ Metro Area Foreclosures Increase in Q3

Posted on November 14, 2007 by grim

From CNN/Money: Foreclosure filings: No slowdown yet Three states, California, Florida and Ohio, continue to dominate new foreclosure filings, as most of the nation saw increases in the third quarter, according to a new survey. During the period ended Sept. … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 2 Comments

“Shelter in a storm”

Posted on November 13, 2007 by grim

From the Wall Street Journal: Mortgage Crisis Extends Its Reach Fannie, Freddie Regain Dominance As Investors Shrink From Housing ‘Capitalism Isn’t Perfect’ By JAMES R. HAGERTY November 13, 2007; Page A1 Ever since the Great Depression, the American home-loan business … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 355 Comments

“We’re not out of the woods yet”

Posted on November 12, 2007 by grim

From Bloomberg: Mortgage Market Losses May Be $400 Billion, Bank Says Losses stemming from falling values of subprime mortgage assets may reach $300 billion to $400 billion worldwide, Deutsche Bank AG analysts said. Banks and brokers will be forced to … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 235 Comments

Super SIV will save the day!

Posted on November 12, 2007 by grim

From Bloomberg: Citigroup, Banks Agree on `Super-SIV,’ Person Says Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., the three largest U.S. banks, reached an agreement on the structure of an $80 billion fund to help unfreeze the … Continue reading →

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Risky lending slows nationwide

Posted on November 6, 2007 by grim

From the Wall Street Journal: Lenders to Home Buyers Tighten Further Stricter Rules Hit Borrowers With Good or Bad Credit; Higher Costs for Businesses By SUDEEP REDDY November 6, 2007; Page A2 More banks are tightening lending standards for home … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Hit the number

Posted on November 2, 2007 by grim

From the NY Times: New York Says Appraiser Inflated Value of Homes The New York attorney general, Andrew M. Cuomo, accused an appraisal company yesterday of inflating the value of homes under pressure from Washington Mutual, one of the nation’s … Continue reading →

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Yesterday Subprime, Today Option-ARM

Posted on October 24, 2007 by grim

From the Wall Street Journal: Countrywide’s New Scare ‘Option ARM’ Delinquencies Bleed Into Profitable Prime Mortgages By RUTH SIMON and JAMES R. HAGERTY October 24, 2007; Page C1 Subprime mortgages aren’t the only challenge facing Countrywide Financial Corp., the nation’s … Continue reading →

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“With house prices falling, lenders are looking to control their risk.”

Posted on October 23, 2007 by grim

From the Wall Street Journal: Lenders Curb New Mortgages In Weaker Areas Move May Put Added Pressure On Prices in Hard-Hit States; Submarket Collateral Damage By RUTH SIMON October 23, 2007; Page D1 Some lenders are now making it tougher … Continue reading →

Posted in National Real Estate, Risky Lending | 144 Comments

What is predatory lending?

Posted on October 23, 2007 by grim

From NJ.com: On predatory lending practices While there is no precise definition of predatory lending, it’s fair to say that the expected result is some harm to the borrower, and as it applies to sub-prime mortgages, there is a greater … Continue reading →

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Bankruptcy as an option

Posted on October 23, 2007 by grim

From the Wall Street Journal: More Debtors Use Bankruptcy To Keep Homes Chapter 13 Filings Gain In Popularity Because They Halt Foreclosures By AMY MERRICK October 23, 2007; Page A1 With loan defaults rising along with many mortgage payments, fast-growing … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 2 Comments