Yesterday the markets were concerned about S&P cutting Japan’s credit rating for the first time in 9 years to AA- to account for their mounting debt. What about here in the US, are we broke yet? Our deficit is over $14 trillion. This doesn’t matter … until it does. But when does that happen? When
MBS Reactions To BofA & GMAC Resuming Foreclosures Bank of America and GMAC are the home foreclosure processes that were frozen by documentation concerns. The WSJ reported that “Bank of America Corp. reopened 100,000 foreclosure actions, declaring that it had found no significant problems in its procedures for seizing homes. GMAC Mortgage, a lender and
Median Income for CA vs. US The FDIC does more than shut down banks on Fridays. It produces the Regional Economic Conditions (RECON) report that details economic information at the state, MSA (Metropolitan Statistical Area), and county levels. It is helpful to analyze risks facing banks and also for consumers to get a basic look
Top Loan Servicers Who sends your mortgage statement? Bank of America is #1 with $2.1 trillion (20% of the market). Wells is #2 with $1.8 trillion (17% of the market). Chase has $1.4 trillion for about 13% of the market, Citi has about $700 billion for a 6% market share, and GMAC/Ally has about $300
What Delaying Foreclosures Does To Mortgage Bonds/Rates Delaying the foreclosures leads to an entirely new set of problems. Having a buildup of properties hitting markets around the country at the same time will not be good. Delaying the process raises the chance for “deeper losses to bondholders as taxes and insurance payments are fronted” according
What Delaying Foreclosures Does To Mortgage Bonds/Rates Delaying the foreclosures leads to an entirely new set of problems. Having a buildup of properties hitting markets around the country at the same time will not be good. Delaying the process raises the chance for “deeper losses to bondholders as taxes and insurance payments are fronted” according
Yahoo Finance economics editor Daniel Gross, who was a Newsweek/Slate financial columnist until last month, wrote a succinct summary of the foreclosure crisis yesterday. But that wasn’t his hook. The hook was how big banks can alleviate both the jobless and foreclosure crisis by hiring 50,000 workers at $50,000/year each to deal with foreclosures (excerpt
Delaying Inevitable Foreclosures President Obama just vetoed a foreclosure-related bill, making it make it more difficult for banks to complete paperwork and speed the foreclosure process, and could give homeowners more time to rework loans. And news broke last Friday that Bank of America would immediately halt foreclosure sales in all 50 states, a development
Wells Fargo To Modify More Option ARMs Remember when Wells Fargo took over Wachovia, wrote down the option ARM’s, and thought that was the end of the problem? It wasn’t: at least 531 Illinois homeowners will be offered mortgage loan modifications by Wells after an investigation into allegedly deceptive marketing of Option ARM’s. Illinois and
Mortgage Banker vs. Broker Debate After BofA Exits Broker Biz Does one business channel take valuable resources away from other channels of origination? You bet it does – just ask Bank of America, who exited wholesale yesterday. And by “resources” I mean much more than the head of correspondent complaining about the head of wholesale
Which States Do Which Kinds of Foreclosures? Loan agents and consumers often want to know which states carry out which types of foreclosure. Here you go. In the “silver lining” category, the immediate result is that with thousands of foreclosures being delayed, the sales market won’t be flooded with these REO properties for resale. That,
Foreclosure Sales Slowed By Title Company Policies First American Financial, Fidelity National Financial, Old Republic, etc., are all publicly held title companies. I mention this a) because there is some conjecture that the share price of title companies may suffer, given the current foreclosure “hubbub”, and b) Old Republic won’t write new policies for homes
Is Zillow Credible? If and when I go to find another home loan, is Zillow going to set the rate? Is Zillow going to underwrite it? (Sorry – venting a little here.) In a report that some would say is “Big Brotherish”, according to research by Zillow Mortgage Marketplace, done with myFICO.com, any potential borrower
The S&P Case Shiller June 2010 report of existing home sales showed year-over-year 4.2% price gains averaged across 20 major metropolitan areas. In June, 17 of the 20 metro areas covered by the index were up. However S&P noted that this reporting period was during the peak of activity corresponding to federal homebuyer tax credit
The S&P Case Shiller June 2010 report of existing home sales showed year-over-year 4.2% price gains averaged across 20 major metropolitan areas. In June, 17 of the 20 metro areas covered by the index were up. However S&P noted that this reporting period was during the peak of activity corresponding to federal homebuyer tax credit