Category Archives: Defaults

Economist Thomas Sowell Examines The Housing Boom & Crash

I’m reading this new book by economist Thomas Sowell — The Housing Boom and Bust. Read On For more than a decade, US newspapers have editorialized that banks are more conservative than they should be about lending money to blacks. … Continue reading

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New Regulations To Promote More Accurate Lending Risk

Credit rating agencies were spectacularly wrong in the past few years when they tried to assess the worth of mortgage-backed securities. When thousands of home owners can no longer afford to send in their monthly mortgage payments, all the fancy … Continue reading

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Corporate Loan Default Rising To Level Of Great Depression

Angelo Mozillo in 2007 noted that the mortgage market was seeing defaults at a rate not seen since the Great Depression. This remark was the first official announcement of our mortgage meltdown and Countrywide stock went in the toilet. This … Continue reading

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We Are Two Years Into The Mortgage Crisis

The flood of defaults and evictions hasn’t slowed. It’s only getting worse. Legislators want to do something. Many of their plans will cost a lot of money and reward inefficient economic behavior. In the first quarter of this year, 800,000 … Continue reading

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Defaults To Rise With Unemployment

Increasing foreclosures mean lower home prices which lead to more foreclosures. It is a vicious circle. The housing market is not expected to turn around for two years. We’re hitting bottom now, say many experts. Report: Pennsylvania and New Jersey … Continue reading

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Mortgage Defaults In California

Fewer Californians defaulted on their homes in the third quarter according to a new report. But the rules have changed. Here’s a view from Santa Rosa: In Sonoma County, lenders sent 1,021 default notices in the third quarter, down 26 … Continue reading

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California Defaults Down

About 94,000 home owners in California defaulted in the past quarter. Sue McAllister writes: The number of Santa Clara County homeowners who fell behind in their mortgage payments in the third quarter rose 70 percent compared to the same period … Continue reading

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Steps To Prevent Foreclosures

California has a new law to slow down foreclosures. Whether it will do the housing economy any good is an open question. In testimony to Congress Thursday, FDIC head Sheila Bare gave the example of IndyMac. Taken over by the … Continue reading

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Defaults Down In CA

All the ingredients are in place for high rates of foreclosure. Adjustable rate mortgages will keep resetting at higher rates. Job losses will continue to rise. Banks and governments are realizing the damage done to real estate prices by high … Continue reading

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