Category Archives: Risky Lending

Resetting loans offer no reprieve

Posted on July 26, 2007 by grim

From Reuters: Mortgage delinquencies seen peaking in 2008 The credit quality of U.S. mortgages is set to weaken substantially through the remainder of 2007 and well into next year, with delinquencies peaking in mid-2008, Moody’s Economy.com said on Thursday. Delinquencies … Continue reading →

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

NJ DOBI issues statement on Subprime

Posted on July 24, 2007 by grim

From the New Jersey Department of Banking and Insurance: BULLETIN NO. 07-15 – STATEMENT ON SUBPRIME MORTGAGE LENDING On July 17, 2007 the Conference of State Bank Supervisors (CSBS), the American Association of Residential Mortgage Regulators (AARMR), and the National … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 10 Comments

Lenders of last resort

Posted on July 23, 2007 by grim

From the Wall Street Journal: States Aim to Stem Tide Of Home Foreclosures With Funds for Refinancing By THADDEUS HERRICK July 23, 2007; Page A2 Hoping to slow the quickening pace of home foreclosures, about a half-dozen states are setting … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

NJ thrifts suffer as housing turns soft

Posted on July 23, 2007 by grim

From the Record: Mortgage woes hurt thrifts Northern New Jersey thrifts, which rode the home-buying and refinancing booms to record profits in the early 2000s, are now proving the adage that what goes up comes down. Shares in Hudson City … Continue reading →

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Risky loans fall out of favor

Posted on July 22, 2007 by grim

From the Record: Refinancing replaces ARM loans Faced with rising monthly payments, many homeowners who took out adjustable-rate mortgages a couple of years ago now want to refinance into fixed-rate loans. “People are moving toward safe and secure fixed-rate mortgages,” … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 5 Comments

Too little too late?

Posted on July 20, 2007 by grim

From the Herald News: N.J. may home in on broker rules A consortium of 26 states took steps earlier this week to protect future homeowners from getting saddled with the risky mortgages that have left thousands of New Jersey residents … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 15 Comments

Good Riddance 2/28

Posted on July 19, 2007 by grim

From MarketWatch: Washington Mutual to stop offering certain subprime loans Washington Mutual Inc. , the largest U.S. savings and loan, has become the latest home lender to eliminate some of the riskiest mortgages to borrowers with scuffed credit or heavy … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Good Riddance 2/28

Subprime funds “practically wiped out”

Posted on July 18, 2007 by grim

From the Wall Street Journal: Subprime Uncertainty Fans Out Bear’s Hedge Funds Are Basically Worthless; More Bond Fire Sales By KATE KELLY , SERENA NG and MICHAEL HUDSON July 18, 2007; Page C1 Investors in two troubled Bear Stearns Cos. … Continue reading →

Posted in National Real Estate, Risky Lending | 243 Comments

Fed widens scope of regulation

Posted on July 18, 2007 by grim

From the AP: Federal Reserve, states to probe subprime lenders Federal and state banking regulators on Tuesday said they would step up their scrutiny of lenders that make home loans to people with shaky credit, focusing on companies that operate … Continue reading →

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“I wound up with a foreclosure notice. What am I to do?”

Posted on July 15, 2007 by grim

From the NY Daily News: Borrowing nightmares Carol David was sure her dream of home ownership was about to come true when she answered an ad offer to move into a house 30 days after making a $10,000 down payment. … Continue reading →

Posted in National Real Estate, Risky Lending | 3 Comments

“You’re only sunk if they go KerPlunk!”

Posted on July 13, 2007 by grim

From Bloomberg: CDOs Lose Their Marbles; Credit Cries `KerPlunk!’ Investors asking how many beans make four in the market for collateralized-debt obligations are realizing that the likely answer is three if you’re lucky, fewer if you’re not. … “Their models … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | Comments Off on “You’re only sunk if they go KerPlunk!”

“Its going to get worse before it gets better.”

Posted on July 12, 2007 by grim

From the NY Post: HEDGE HORROR SUBPRIME MELTDOWN COULD WIPE OUT BILLION$ As home foreclosures ricochet through Main Street in rising junk mortgage meltdowns, Wall Street is facing a separate barrage that could swamp its first rich victims – hedge … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 321 Comments

“There’s no consensus on where the market price is.”

Posted on July 11, 2007 by grim

From Bloomberg: Subprime Losses Drub Debt Securities as Credit Ratings Decline On Wall Street, where the $800 billion market for mortgage securities backed by subprime loans is coming unhinged, traders are belatedly acknowledging what they see isn’t what they get. … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

Racism or generalization?

Posted on July 11, 2007 by grim

From the APP: Loan rates high for minorities despite incomes Higher income does not protect blacks and Hispanics from receiving mortgage loans with above-market rates, a new study by a group pushing for reforms to lending laws says. The report, … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Racism or generalization?

Ratings Agencies “taking heat for the meltdown in the subprime-mortgage market.”

Posted on July 10, 2007 by grim

From the Wall Street Journal: Moody’s Faces the Storm Shares Could Come Under Fire as Ratings Are Questioned Anew By KAREN RICHARDSON and SERENA NG July 10, 2007; Page C1 Still, Moody’s and other credit-rating firms are again taking heat … Continue reading →

Posted in Risky Lending | 307 Comments