Tag Archives: home mortgages

Household Debt Falls

Two-thirds of the 4% decline in household debt since the recession hit in 2007 has come from home foreclosures. People have walked away from ownership of assets such as homes they could no longer afford. Here’s more: Well $363 billion … Continue reading

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Bank Of America Still Cleaning Up Its Countrywide Mess

Bank of America originates more home mortgages than anybody, thanks to its 2008 purchase of Countrywide for $4 billion. Since then, Bank of America has shelled out $30 billion to settle claims related to Countrywide. Bank of America also took … Continue reading

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The mortgage interest deduction could go away

Ruth Potter emails: Hello Luke Congress and the Administration are looking into scaling back or eliminating the Mortgage Interest Deduction. The consequences would be devastating to the recovering housing market and the tens of millions of home owners who benefit … Continue reading

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Want To Buy Some Mortgage-Backed Securities?

No? Why not? Banks are not issuing mortgage-backed securities that are not backed by the U.S. government. The market for non-government backed mortgage securities has been dead for three years. Until this market restarts, lending can only remain restricted and … Continue reading

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The New Consumer Financial Protection Bureau

This new bureaucracy is the result of the massive financial overhaul bill passed by the Democrats and signed by President Obama. Few, if any, of those politicians who voted for the bill read the bill. They just have faith in … Continue reading

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‘Busted: Life Inside The Great Mortgage Meltdown’ By Edmund L. Andrews

Check out the book on Amazon.com. Edmund L. Andrews writes that nobody duped him. He duped himself. He had covered all sorts of financial meltdowns as an economics reporter for the New York Times, but when he bought a home … Continue reading

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Reducing Foreclosures By Rewriting Bankruptcy Laws

From the LA Times: The root of the credit crisis, though, is much closer to Main Street than Wall Street: It’s the worsening problems in home mortgages. Foreclosure filings jumped again in August, as did the number of homes repossessed. … Continue reading

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Saving The Credit Market

From the Boston Herald: Our local banks hold many of the mortgages they write. In recent years, more and more mortgages across the country have been sold by the originating bank, bundled into complex securities and sold to investors. If … Continue reading

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Sen. Hillary Clinton Will Vote For The Bailout

From Newsday: At the Long Island Association breakfast in Woodbury before the the government’s financial bailout package failed the House midday, Clinton said the rescue effort will be incomplete, until the government comes up with a more robust rescue for … Continue reading

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Freddie Mac Stops Buying New York Subprime Mortgages

From the WSJ: In its latest effort to deal with the fallout of the subrprime credit crisis, government-sponsored mortgage buyer Freddie Mac said it will not purchase subprime mortgages secured by properties in New York state with note dates on … Continue reading

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