Category Archives: Risky Lending

Prosecuting mortgage fraud

Posted on April 26, 2007 by grim

From the Boston Globe: Patrick proposes mortgage fraud law Addressing Massachusetts’ rapidly escalating number of home foreclosures for the first time, Governor Deval Patrick yesterday proposed tougher enforcement and penalties in the mortgage markets, including criminal prosecution of lenders and … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

NJ Foreclosures Up 51.56% (YOY) in Q1

Posted on April 25, 2007 by grim

From RealtyTrac: More Than 430,000 Foreclosure Filings Reported in Q1 RealtyTrac(TM), the leading online marketplace for foreclosure properties, today released first-quarter data from its 2007 U.S. Foreclosure Market Report, showing more than 430,000 foreclosure filings — default notices, auction sale … Continue reading →

Posted in National Real Estate, Risky Lending | 4 Comments

Shutting down subprime

Posted on April 23, 2007 by grim

From Bloomberg: Countrywide’s Mozilo Says Regulators May Worsen Subprime Losses Banking regulators may push more homeowners into foreclosure by making it tougher to refinance subprime mortgages, said Angelo Mozilo, head of the largest U.S. home-loan lender. The Federal Reserve, Federal … Continue reading →

Posted in Housing Bubble, Risky Lending | 2 Comments

“Too much cheap money”

Posted on April 22, 2007 by grim

From the Times Trenton: More owners facing foreclosure Two years ago, when the housing market was booming, William Soodul figured he would reduce his costs with a “creative mortgage.” He took out a $226,500 adjustable-rate mortgage on his A-frame home … Continue reading →

Posted in Risky Lending | 1 Comment

Mortgage market slowdown prompts job cuts

Posted on April 20, 2007 by grim

From the NY Times: 2 Subprime Lenders Announce Job Cuts; Call Centers Closed General Electric’s subprime lending unit, WMC Mortgage, closed three centers yesterday and cut 771 jobs — about half of its remaining staff — while the Residential Capital … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Mortgage market slowdown prompts job cuts

Fannie and Freddie to offer rescue loans

Posted on April 17, 2007 by grim

From the Wall Street Journal: Fannie, Freddie Will Offer Lifelines To Struggling Subprime Borrowers By DAMIAN PALETTA April 17, 2007; Page A12 The top executives for mortgage-finance giants Fannie Mae and Freddie Mac plan to unveil alternatives that would help … Continue reading →

Posted in Risky Lending | 13 Comments

Expanding homeownership or predatory lending?

Posted on April 17, 2007 by grim

From USA Today: Subprime lenders’ big gifts helped lawmakers The nation’s top subprime lenders, including New Century Financial (NEWC), which has filed for Chapter 11, have lavished generous donations on homeownership programs sponsored by black or Hispanic members of Congress. … Continue reading →

Posted in Risky Lending | 1 Comment

Just who is the victim?

Posted on April 16, 2007 by grim

From Bloomberg: Subprime Mess Produces Unqualified Victims The story line of the newest American financial debacle is now clear: President Bill Clinton eased lending standards to encourage the rich people who run the mortgage market to embrace poor people with … Continue reading →

Posted in Risky Lending | 12 Comments

NJ subprime lenders not immune

Posted on April 15, 2007 by grim

From the Record: Subprime lenders shrink in N.J. Rose Mortgage Chief Executive Officer Ralph Vitiello and two colleagues were the only ones left last week at the 7-year-old subprime mortgage banking firm in Parsippany, which in January employed 60 people.”We’re … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 2 Comments

Beginning of the housing hangover

Posted on April 15, 2007 by grim

From the Morning Call online: Hangover starts after real estate bender Brad Cottrell was a paramedic when a friend introduced him to the high-rolling world of high-interest mortgage lending. Within three years of landing a job with Ownit Mortgage Solutions … Continue reading →

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Affinity fraud? Predatory lending?

Posted on April 14, 2007 by grim

From the Voice of San Diego: Foreclosure Wave Said to Hit Latinos Hard Rosa Gonzalez used to pay cash for everything. She passed up credit cards offered her at Sears. When she wanted to buy something, she saved up enough … Continue reading →

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Central Jersey foreclosures soaring

Posted on April 13, 2007 by grim

From the Home News Tribune: Mortgage crisis hits home in N.J. A Joint Economic Committee report released Wednesday revealed that four Central New Jersey counties combined to be among the top 50 metropolitan areas with the highest foreclosure rates in … Continue reading →

Posted in Economics, New Jersey Real Estate, Risky Lending | 4 Comments

11% of Bergen-Passaic subprime loans late

Posted on April 12, 2007 by grim

From the Record: Late mortgage payments rise in N.J. Nearly 11 percent of homeowners with subprime mortgages in the Bergen-Passaic region were at least 60 days behind in their payments in February, a congressional report released Wednesday shows. That’s up … Continue reading →

Posted in Economics, New Jersey Real Estate, Risky Lending | 12 Comments

Subprime in the City

Posted on April 12, 2007 by grim

From the NY Post: SUB-PRIME LOAN BUBBLE IN CITY A startling 50 percent of homeowners in five of the city’s poorest neighborhoods are holding sub-prime mortgage loans, it was reported yesterday. NYU’s Furman Center for Real Estate and Urban Policy … Continue reading →

Posted in National Real Estate, Risky Lending | 5 Comments

Subprime resets to peak

Posted on April 11, 2007 by grim

From the OC Register: Subprime resets to peak through April 2008 More homeowners with subprime adjustable-rate mortgages face tests of their ability to handle higher monthly payments starting later this year, RBS Greenwich Capital Markets Inc. said. Rates on about … Continue reading →

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