Category Archives: Risky Lending

Delinquent loans at 16 year high

Posted on August 23, 2007 by grim

From Reuters: Late loans soar on troubled mortgages: FDIC The Federal Deposit Insurance Corporation said on Wednesday delinquent loans at U.S. banks jumped 36 percent to $66.9 billion in the second quarter, the biggest quarterly increase since 1990, largely fueled … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Delinquent loans at 16 year high

No rescue for NJ foreclosures

Posted on August 22, 2007 by grim

From the Asbury Park Press: Mortgage misery Homeowners facing foreclosure will get no help soon from a $30 million state rescue program because officials have suspended the effort before it even started. The decision comes as foreclosure lawsuits in New … Continue reading →

Posted in New Development, Risky Lending | 8 Comments

“Now forget it. It’s not happening.”

Posted on August 21, 2007 by grim

From the Press of Atlantic City: Local mortgage shoppers find it’s not so easy A single mother who earns $14.20 per hour at Tropicana has found herself in the same position as the owner of a law practice and three … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 292 Comments

Lending regulation draws criticism, argument, lawsuits

Posted on August 21, 2007 by grim

From the Wall Street Journal: BORROWING TROUBLE Illinois Tries New Tack Against Predatory Loans Its First Effort Drew Charges of Racism; Mortgage Brokers Revolt By AMY MERRICK August 21, 2007; Page A1 The Illinois legislature this month passed a law … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Lending regulation draws criticism, argument, lawsuits

NJ foreclosures up 52% YOY

Posted on August 21, 2007 by grim

From RealtyTrac: Foreclosure Activity Increases 9 Percent in July According to RealtyTrac(TM) U.S. Foreclosure Market Report RealtyTrac(R) (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2007 U.S. Foreclosure Market Report, which shows a total of 179,599 … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on NJ foreclosures up 52% YOY

Forgiven, but not forgotten

Posted on August 20, 2007 by grim

From the IHT: Former home owners find foreclosure can have unintended tax consequences Two years ago, William Stout lost his home in Allentown, Pennsylvania, to foreclosure when he could no longer make the payments on his $106,000 mortgage. Wells Fargo … Continue reading →

Posted in National Real Estate, Risky Lending | 4 Comments

A “self reinforcing downward cycle”

Posted on August 19, 2007 by grim

From the International Herald Tribune: The dream of home ownership, now a nightmare Three years ago, Martin and Jennifer Cossette bought into the dream of homeownership, the quintessentially American ideal of personal striving and family stability celebrated by politicians, promoted … Continue reading →

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

Redefining subprime

Posted on August 17, 2007 by grim

From the Mercury News: Subprime woes impact FICO scores The mortgage credit crunch not only is affecting interest rates that home buyers are quoted, but is triggering changes in less visible areas such as minimum credit scores, geographic location and … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 5 Comments

“We have a disaster on our hands”

Posted on August 16, 2007 by grim

From the Wall Street Journal: One Family’s Journey Into a Subprime Trap Monteses May Lose House as Rate Resets, Credit Options Dry Up By JAMES R. HAGERTY and KEN GEPFERT August 16, 2007; Page A1 Nearly two years ago, Mario … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 14 Comments

Did credit rating firms cause the bubble?

Posted on August 15, 2007 by grim

From the Wall Street Journal: CREDIT AND BLAME How Rating Firms’ Calls Fueled Subprime Mess Benign View of Loans Helped Create Bonds, Led to More Lending By AARON LUCCHETTI and SERENA NG August 15, 2007; Page A1 In 2000, Standard … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 233 Comments

“Our goal is to stay in the game.”

Posted on August 15, 2007 by grim

From the WSJ: Credit Crisis Hits Small Lenders Mortgage-Loan Backlash Spurs Halt in Operations; Bigger Rivals Swoop In By JAMES R. HAGERTY, RUTH SIMON and JONATHAN KARP August 15, 2007; Page A3 The mortgage credit crunch is tightening its grip … Continue reading →

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

“A good credit record doesn’t count for anything now”

Posted on August 14, 2007 by grim

From the Wall Street Journal: How the Mortgage Bar Keeps Moving Higher Home Buyers With Good Credit Confront Increased Scrutiny And Fewer Choices as Lenders React to Subprime Debacle By JONATHAN KARP August 14, 2007; Page D1 Frankie Van Cleave … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 6 Comments

“Eventually the knockwurst and bratwurst started to make people sick.”

Posted on August 13, 2007 by grim

From Bloomberg: Wall Street Mill Churns Out Bad Wurst: Caroline Baum A homeowner in Irvine, California, defaults on her mortgage; two Bear Stearns hedge funds implode. French banking giant BNP Paribas halts withdrawals from three of its investment funds; the … Continue reading →

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

A “victim of the rapid and utter deterioration in the market.”

Posted on August 13, 2007 by grim

From the Wall Street Journal: Mortgage Woes Take Toll on Lender With Roots in Faith HomeBanc Built Network With Church Connections; Firings After Chapter 11 By VALERIE BAUERLEIN August 13, 2007; Page A1 While many mortgage brokers screamed through the … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Lender satisfaction falls

Posted on August 13, 2007 by grim

From the Record: Lenders in damage-control mode new study by J.D. Power and Associates indicated that the subprime mortgage meltdown and rising defaults may be having an impact on relationships between consumers and the companies that collect their mortgage-loan payments. … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Lender satisfaction falls