Monthly Archives: January 2009

Stemming The Rising Tide Of Foreclosures

Harvard economist Edward L. Glaeser writes in the NYT that millions in the United States are at risk of foreclosure. This is the main thing behind the billions of toxic assets clogging up the banks books. Politicians can redistribute money … Continue reading

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The Fed Puts Out All Stops

The New York Times reports that the Federal Reserve will use unconventional measures to prop up the lending industry. You can get loans at low interest rates if you have superb credit, but most borrowers will have a hard time … Continue reading

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Two New York Mortgage Brokers Settle With State

They are charged with using higher fees on minority borrowers. The NYT says 455 black and latino borrowers will receive restitution. That amounts to about $1440 per person. The brokers don’t want to comment and they don’t want to fight … Continue reading

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How Best To Employ The Federal Housing Administration

President Obama, our nation turns its lonely eyes to you. It’s like he’s the second coming of Franklin Delano Roosevelt. High on the agenda is shoring up America’s banks. The two biggest — City and Bank of America — are … Continue reading

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The Rush To Refinance

Mortgage rates are at their lowest in decades. Those with good credit and high home values are rushing to refinance and lock in these low rates. Over the past two months, home loan fixed rates have declined 1.5%. The Federal … Continue reading

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Let’s Nationalize City – We Own It Anyway

If we nationalize Citi, we can then offer new mortgages and credit cards and other loans. A lot of people are talking about a national bank to buy toxic assets to free up lending. Sheila Bare of the FDIC is … Continue reading

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Fed Buys Mortgage-Backed Securities

Over the past 25 years, we’ve had an explosion of fancy debt securities, many of them backed by mortgages of varying qualities. New York’s branch of the Federal Reserve said this week it had started buying these things to boost … Continue reading

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Home Mortgage Rates Hit Their Lowest In Decades

But to take advantage of the new low rates, you have to have sterling credit. Lenders have learned their lesson from subprime loans and are making credit much more expensive for those with credit scores under 650. Rates have dropped … Continue reading

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The Subprime Solution: How Today’s Global Financial Crisis Happened, and What to Do about It by Robert J. Shiller

I’m enjoying this new book. You can find out a lot about it here. Professor Shiller writes that he was told there was no data on the long-term performance of home prices, not for the United States, not for anywhere. … Continue reading

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‘The foreclosure of America: The inside story of the rise and fall of countryside, the mortgage crisis, and the default of the American dream’ by Adam Michaelson

Dennis Prager interviews the former Countrywide marketer Wed., Jan. 7, 2009. Adam: “I want America to know what we were thinking in those conference rooms and in those hallways as the crisis was being born about 18 months ago. People … Continue reading

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