Monthly Archives: August 2011

Obama’s Justice Department Forces Lenders To Make Bad Loans

The primary cause of the housing boom and bust? Big government telling banks how to invest their money. Instead of choosing for themselves the most profitable investments, banks had to open up branches in bad areas and to extend loans … Continue reading

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Obama Administration Considers Different Refinancing Proposals

Allowing people in government-backed mortgages to refinance at current record lows would boost the economy, boost the housing market, and do it all without increasing the deficit. Such a proposal would not even need Congressional approval. It sounds like something … Continue reading

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Mortgage Interest Rates Go Up A Bit

Mortgage interest rates remain near record lows. Ben Bernanke and the Federal Reserve are expected to push down mortgage interest rates. Bernanke has a big speech on Friday. Mortgage applications are at their lowest point since 1996. You would think … Continue reading

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New York AG Off States AG Mortgage Investigation

Eric T. Schneiderman is New York’s Attorney General. He has been removed from a states AG investigation of robosigning (abuse by banks in filing for foreclosure). Eric T. Schneiderman is not amenable to what is shaping up as a settlement … Continue reading

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Obama Administration Considers Housing Refinance Plan

The Obama administration is considering a deep intervention into the housing market to try to turn things around before the 2012 election. One consideration would allow millions of Americans with government supported mortgage to refinance at current low rates. Opposition … Continue reading

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A Bet On Bank Of America Is A Bet On Housing

That’s a line I just heard on CNBC (9:40 am PDT). Bank of America and Wells Fargo are disproportionately in the mortgage market. Meanwhile, home builder stocks are hitting record lows. Problems in housing are going to plague earnings for … Continue reading

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Mortgage Delinquency Rate Still Well Behind Last Year At This Time

Reversing an 18-month decline, the mortgage delinquency rate grew up in the second quarter. What led to this decline? Widespread mortgage modifications. When the mortgage delinquency rate stays below 10%, we might get a floor on home price declines. With … Continue reading

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Banks Gradually Clearing Backlog Of Mortgage Delinquencies

Overwhelmed by the number of mortgage delinquencies, banks are overcoming their paperwork processing issues to process more foreclosures and to sell these homes and move them through the system. With each foreclosure, banks lose on average more than $40,000. For … Continue reading

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Mortgage Delinquencies Rise Again

For a year this number was improving but in the second quarter of 2011, the percentage of mortgage delinquencies rose. This will likely lead to an increase in foreclosures and put more downward pressure on home prices. As home prices … Continue reading

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Feeling Betrayed By Fannie Mae

Here’s one of the constant problems with government run businesses — they have many conflicting aims. For the ordinary business, it has one primary aim — to make profits. For government run businesses, they have conflicting aims such as profits, … Continue reading

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