Jose Canseco In Foreclosure, Update On Fed’s Term Lending

Looking for something interesting at the next foreclosure sale? Jose Canseco has abandoned his home near Los Angeles, leading to foreclosure. “He made a mathematical decision and just let it go,” said Gregory Emerson, Mr. Canseco’s lawyer. He bought the 7,300-square-foot home for $2.8 million in 2005, and his trust defaulted on mortgage payments in

WaMu Brokerage Closes, Florida, FHA Rules, Mortgage Prices

Does $5 billion buy you the right to shutter Washington Mutual’s broker business? You bet it does. It buys you the right to tell Washington Mutual to eliminate the business channel by May 31st (loans must lock by tomorrow, and most loans must fund by June 13th). WaMu announced yesterday to their employees that they

Regulators Grill Fed on Bear’s ‘Risky Business’

After two days of Congressional hearings exploring the Bear Stearns bailout, it’s bailout burnout. Lawmakers grilling those who brokered the $2-per-share Bear Stearns bailout during a long, strenuous weekend is not unlike the mom in Risky Business grilling her son Joel (Tom Cruise) about why her crystal egg got cracked while she was out of