Monthly Archives: September 2009

Yisroel Pensack: New IMF Report On Global Financial System’s Health Oblivious To Land Speculation And Its Remedy

A new report by the International Monetary Fund on the health of the global financial system fails to pinpoint or propose a cure for the obvious underlying cause of the world’s economic and financial problems, which is rampant speculation in … Continue reading

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Democrats Considering Shielding Banks From Tougher State Laws

The Washington Post reports that Democrats are considering a bill “to shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.” This approach differs from that of President Obama. He wants to give states a … Continue reading

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Obama’s Making Home Affordable Program

There’s only so much that government intervention can accomplish if people don’t have the income to support monthly mortgage payments. Home values have fallen so dramatically that fewer homeowners than expected can be helped by Obama’s program. Lenders are swamped … Continue reading

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U.S. Mortgage Applications Fall

Despite all the incentives to buy a home, fewer people in America are employed and there’s not much demand for mortgages. And there’s not much demand by lenders to lend except to people with the highest credit ratings. Borrowing costs … Continue reading

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Foreclosures Rise

More homeowners are getting foreclosed on and more homeowners are falling behind on their mortgage payments, writes the Washington Post Sept. 30. The housing market remains weak despite massive government intervention. The Federal Reserve is backing off on buying mortgage-backed … Continue reading

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Cleaning Up Toxic Assets To Free Up Mortgage Lending

The Obama administration will likely release plans this week to restart mortgage lending. The first plan takes aim at toxic assets — assets that numerous lenders have on the books that they fear valuing. The other plan is another assault … Continue reading

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The New Lending Rules

Until now, states have taken the lead role with rules on lending. On Oct. 1, the Federal Reserve’s new federal rules come into effect. Those with poor credit currently pay up to two interest points more. The new rules force … Continue reading

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Mortgages Are All In The Details

What’s keeping the federal government’s massive efforts to reduce foreclosure from helping more homeowners verging on default? Often the problem is a lender losing some of the necessary paperwork. Lenders have to wait for three-month trials of HARP before they … Continue reading

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Fed Keeps Short-Term Interest Rates Near Zero

Most economists expect inflation to jump as the federal government must finance enormous deficits, theoretically crowding out private businesses in the struggle for loans. Though economic activity is no longer declining, it’s not advancing much either. A shaky economy prompts … Continue reading

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Los Angeles Center Hosts Free Five-Day Mortgage Modification Convention

Tiffany Hsu writes for the Los Angeles Times that more than 50,000 homeowners are expected. They’d love to find a way to restructure their mortgages to avoid foreclosure. The free five-day event, running through Monday, is organized by Boston-based Neighborhood … Continue reading

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