Category Archives: Risky Lending

Morning-after regrets

Posted on June 10, 2007 by grim

From the Boston Globe: The subprime barn door HOME FORECLOSURES are on the rise, and lenders specializing in subprime mortgages — that is, loans for homebuyers with blemished credit — have been evaporating left and right. At long last, lawmakers … Continue reading →

Posted in Housing Bubble, Risky Lending | 2 Comments

Jersey Shore foreclosures up 110%

Posted on May 30, 2007 by grim

From CBS: Home Foreclosures On The Rise At The Jersey Shore A cooling real estate market has lead to a tremendous amount of home foreclosures at the Jersey shore. From April ’06 to April ’07, foreclosures nationwide jumped 65-percent. Home … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 6 Comments

“It was easier than financing a car”

Posted on May 30, 2007 by grim

From Bloomberg: Subprime Fiasco Exposes Manipulation by Mortgage Brokerages Taher Afghani was working for discount retailer Target Corp. near San Francisco when friends told him about the riches to be made in California’s Mortgage Alley. It was 2004, and the … Continue reading →

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

Mortgaging their futures

Posted on May 30, 2007 by grim

From the Wall Street Journal: ‘Subprime’ Aftermath: Losing the Family Home Mortgages Bolstered Detroit’s Middle Class — Until Money Ran Out By MARK WHITEHOUSE May 30, 2007; Page A1 For decades, the 5100 block of West Outer Drive in Detroit … Continue reading →

Posted in National Real Estate, Risky Lending | 100 Comments

The socialization of risk

Posted on May 24, 2007 by grim

From the Bulletin: Let’s Bail On Financial Bailouts In his 1994 book, Money of the Mind: Borrowing and Lending in America from the Civil War to the Age of Milken (New York Noonday Press), James Grant presents a tour de … Continue reading →

Posted in Economics, New Jersey Real Estate, Risky Lending | 179 Comments

A “license to lie”

Posted on May 24, 2007 by grim

From the Wall Street Journal: Mortgage Brokers: Friends or Foes? Amid Mounting Defaults, State and U.S. Lawmakers Weigh Measures to Make Profession More Accountable to Borrowers By JAMES R. HAGERTY The political debate over how to deal with a surge … Continue reading →

Posted in Risky Lending | 4 Comments

“We’re not going to be able to help everybody.”

Posted on May 22, 2007 by grim

From the Courier Post Online: Home loan help stalls in N.J. Senate An effort to have the state provide up to $500 million in loans to homeowners struggling to pay high-interest rate mortgages stalled Monday as proponents considered how to … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate, Risky Lending | 164 Comments

Are housing concerns overblown on on-the-mark?

Posted on May 21, 2007 by grim

From NJBIZ: This Housing Slump Is for Real but Overblown NJBIZ: How have home prices in New Jersey behaved in this slowdown? Otteau: Home prices in the state declined in 2006 by 6 percent to 12 percent, depending on the … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate, Risky Lending | 54 Comments

“Many of the people out there that have houses, shouldn’t”

Posted on May 18, 2007 by grim

From the Herald News: Loan fraud seen as economic threat Friday, May 18, 2007 By HEATHER HADDON Two weeks ago, Pedro Rives set his sights on buying a new home on East 26th Street in Paterson. But after hearing so … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate, Risky Lending | 7 Comments

NJ mortgage fraud up 250% in 2006

Posted on May 17, 2007 by grim

From Inman News: Mortgage fraud climbs 30% With an industry database showing a 30 percent increase in loans involving suspected mortgage fraud in 2006, the Mortgage Banker’s Association is asking Congress to set aside $31.25 million over five years to … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 116 Comments

Tighter lending standards adding pressure

Posted on May 15, 2007 by grim

From the Wall Street Journal: Lenders Get Tougher Qualifying for a Mortgage Becomes Harder, Even for Applicants With Good Credit, As Banks Probe Deeper Into Personal Finances By RUTH SIMON May 15, 2007; Page D1 Mortgage lenders are beginning to … Continue reading →

Posted in National Real Estate, Risky Lending | 194 Comments

April foreclosures up 65% from a year earlier

Posted on May 15, 2007 by grim

From CNN/Money: Foreclosure rates still soaring Knock-on effects from risky mortgages and softening home prices show few signs of letting up; Nevada leads nation in delinquent homeowners. By Les Christie May 15 2007 Foreclosures continue to trouble real estate markets … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

A peek into the boiler room

Posted on May 12, 2007 by grim

From the United States District Court – Minnesota DECLARATION OF MARK BOMCHILL (PDF) (Hat tip to http://patrick.net for the link.) 1. My name is Mark Bomchill. I am over eighteen years of age and of sound mind. I was employed … Continue reading →

Posted in New Development, Risky Lending | 9 Comments

Bailout: 40-years of servitude

Posted on May 11, 2007 by grim

From the Philly Inquirer: Pa., N.J. moving to aid subprime borrowers Government help is on the way for some Pennsylvania and New Jersey homeowners facing unaffordable increases in monthly payments on adjustable-rate mortgages – sometimes called “exploding ARMs.” The board … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 31 Comments

NJ considering tighter requirements for lenders

Posted on May 9, 2007 by grim

From the Herald News: New law would boost regulation If New Jersey had already beefed up its requirements for loan officers, Manuel Maldonado might have avoided the fight to keep his Passaic home. Last year, Maldonado refinanced his house with … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | Comments Off on NJ considering tighter requirements for lenders