Subprime

Are Lending & Housing Fixes Destroying The System?

[Editors Note: Rob Chrisman is on a cycling vacation this week so he’s asked some guest writers to step in on DailyBasis. Today, we start with mortgage banking vet Steve Emory.] The press still talks about how loans with stated income or 100% financing were the root of our problems. But subprime has been gone

The Greatest Subprime Meltdown Story Ever Told

The mortgage industry melted down August 2007, then whole financial world melted down September 2008. The Subprime Primer, a hilarious powerpoint chronicle of the crisis, made the rounds back then. I just stumbled across it, and I’ll repeat what I said at the time: Of all the deep analysis of the subprime crisis, this is

The Greatest Subprime Meltdown Story Ever Told

The mortgage industry melted down August 2007, then whole financial world melted down September 2008. The Subprime Primer, a hilarious powerpoint chronicle of the crisis, made the rounds back then. I just stumbled across it, and I’ll repeat what I said at the time: Of all the deep analysis of the subprime crisis, this is

[ __________ ] Is The New Subprime

A few weeks before the darkest days of the financial crisis in September 2008, economist Nouriel Roubini said: “we have a subprime financial system, not a subprime mortgage market.” Then the wheels came off: Fannie and Freddie overtaken by Treasury, Lehman failed, Merrill overtaken by BofA, WAMU overtaken by Chase, Wachovia overtaken by Wells, AIG

Wall Street Take on Homeowners Walking Away From Mortgages

Strategic Defaults Today A recent Barclays report (via HousingWire) said: “Most popular studies overestimate the level of strategic mortgage defaults. We think that the strongest cases of active strategic defaults are less than 1% of total defaults. These borrowers are clearly capable of making mortgage payments, always remain current on all non-mortgage debts and actively