What If All Mortgages Were 1% Lower? A Wall Street acquaintance of mine wrote to me about dropping trillions of dollars of mortgages by 1%. “I think that something like it may just happen. Many people I’ve talked to have said the same thing: ‘The money would go directly to the borrowers to help our
Foreclosures
Clever Chase Business Loan Promo There are some pretty creative folks out there, even in banking. Every once in a while someone will suggest a reward to residential borrowers for making their payment, instead of (what some would say) a reward for not making their payments. In some news out yesterday, Chase announced an incentive
The S&P Case Shiller April 2010 report of existing home sales showed year-over-year 3.8% price gains averaged across 20 major metropolitan areas, which brings prices back to the same level they were in late-summer 2003. S&P cited the homebuyer tax credit (which homebuyers had to be in contract by April 30 to be eligible for)
The S&P Case Shiller March 2010 report of existing home sales showed year-over-year 2.3% price gains averaged across 20 major metropolitan areas. This is the second positive number since December 2006, following a 0.6% YOY gain posted for February, which is a significant rebound from the record low decline one year ago when Q12009’s 20-city
In the past week, we’ve seen promising economic and home price data, but many homeowners are still strained to the point where foreclosure is inevitable—or perhaps “viable” for those deeply underwater homeowners considering strategic defaults. So the often repeated question is: what do late mortgage payments, foreclosures and bankruptcies do to your credit score? A
7 More Bank Failures The FDIC, seemingly in the news more and more, sent out an announcement with a listing of its recent enforcement decisions, including final orders or cease and desist orders. No one likes to see their employer on the list. The FDIC also announced the “shuttering” of seven banks on Friday, with
The S&P Case Shiller February 2010 report of existing home sales showed year-over-year 0.6% price gains averaged across 20 major metropolitan areas. This is the first positive since December 2006—see returns for each metro area in table below. S&P acknowledged the improved condition of the housing market but said that high foreclosure rates and the
I was reminded that 70% of the US economy is propelled by consumers, all consumers. Last night, after giving a speech to some UC Berkeley econ students, I was in a book store and the gal in front of me asked the clerk, “Do you have a book on ‘Karmageddon’? Its like, when everybody is
The S&P Case Shiller January 2010 report of existing home sales showed year-over-year -0.7% price declines averaged across 20 major metropolitan areas (see table below). This is the closest to positive since January 2007. San Francisco and Minneapolis are 15.2% and 12.9% above their trough values, and notable declines for the year-over-year period were Las
Porn King Offers Foreclosure Rescue To Octomom I couldn’t make this stuff up. “Octomom” is facing foreclosure, and a leading adult entertainment kingpin is offering to pay her mortgage. Only in America! What Happens to FHA Approvals When Lenders Merge or Acquire? Dear Abbey, “If a mid-sized lender that is not doing any FHA loans
Federal Home Loan Bank of SF Sues Dealers The Federal Home Loan Bank of San Francisco sued nine securities dealers alleging they misled it about the credit quality and risks of loans behind $19.1 billion in private-label residential mortgage-backed securities. Among several dealers, Credit Suisse, Deutsche Bank, JPMorgan Chase, and Bank of America were named
4 More Banks Fail, 30 Have Failed In 2010 New York regulators on Friday closed the Park Avenue Bank with total assets of $520 million and total deposits of $494 million. The FDIC has arranged for Valley National Bank (NJ) to run it. (Valley National is also taking over LibertyPointe Bank, which was shuttered Thursday.)
Daylight Savings Time Reminder Don’t forget to “Spring ahead” this Sunday morning. We lose an hour of sleep. Another Bank Closure The FDIC made a rare Thursday move and shut down LibertyPointe Bank This bank catered to the Orthodox Jewish community in Manhattan and Brooklyn, and will be taken over by Valley National. BofA’s Mistaken
Mortgage Markets After March 31 For the week that just ended for the Fed, their MBS purchases totaled $17.6 billion, and they sold $6.6 billion, netting out that magical $11 billion weekly total. They are right on target to end this in about a month. After March 31st, the program ceases. People will still buy
Mortgage Markets After March 31 For the week that just ended for the Fed, their MBS purchases totaled $17.6 billion, and they sold $6.6 billion, netting out that magical $11 billion weekly total. They are right on target to end this in about a month. After March 31st, the program ceases. People will still buy
The S&P Case Shiller December 2009 report of existing home sales showed year-over-year -3.1% price declines averaged across 20 major metropolitan areas (see table below). Notable declines for the year-over-year period were Las Vegas -20.6%, Tampa -11%, and Detroit -10.3%, and Phoenix -9.2%. But comparing YOY November to YOY December, all 20 metro areas showed
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