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S&P Case-Shiller Housing Index Probably Overweights Foreclosure Sales

Published Fri, Jul 03 2009 8:34 PM by feedproxy.google.com

The monthly S&P Case-Shiller home price index has been around since the 1980's. And it seems to be the most-followed index of housing values and is said to be the superior measure of home values in current market conditions. The S&P Case Shiller...
Origins of the Current Financial Crisis

Published Fri, Jul 03 2009 2:41 PM by feedproxy.google.com

In which Barry Ritholtz encounters the unreliable Stan Liebowitz saying very strange and very false things about the mortgage market: Zero Down Is a Foreclosure Factor : There is a kind of weird OpEd in today’s WSJ by Stan Liebowitz. The professor makes...
Wells Fargo Gives California July 10 Drop-Dead Date

Published Fri, Jul 03 2009 2:40 PM by feedproxy.google.com

Nice to have a firm date for when California must have a budget and stop shopping IOUs. Here is Wells Fargo from a release yesterday: Wells Fargo & Company (NYSE:WFC) said today it will accept registered warrants issued by the State of California...
More Idiocy From the SEC: Reinstatement of Short-Selling Restrictions

Published Fri, Jul 03 2009 2:39 PM by feedproxy.google.com

Inquiring minds are reading S.E.C. May Reinstate Rules for Short-Selling Stocks . They have been reviled as the bad hats of Wall Street, nefarious traders who cashed in on the market collapse and, some insist, helped precipitate it. Now short-sellers...
FDIC Bank Failures by Week

Published Fri, Jul 03 2009 2:39 PM by feedproxy.google.com

By popular request ... The FDIC closed seven more banks yesterday, and the following graph shows bank failures by week for 2009. Click on graph for larger image in new window. So far there have been 52 FDIC bank failures in 2009. It appears the pace has...
Zero Down Is a Foreclosure Factor (Duh)

Published Fri, Jul 03 2009 2:39 PM by feedproxy.google.com

There is a kind of weird OpEd in today’s WSJ by Stan Liebowitz. The professor makes the incredible discovery that zero down payments, 100% LTV financings tend to slide in great numbers into foreclosure: “What is really behind the mushrooming rate of mortgage...
Dudley: Lessons Learned from the Financial Crisis

Published Fri, Jul 03 2009 1:22 PM by www.newyorkfed.org

Remarks at the Eighth Annual BIS Conference, Basel, Switzerland
Federal Reserve: If California Gives You an IOU.....

Published Thu, Jul 02 2009 5:54 PM by Federal Reserve

The California State Controller's Office has announced that it may issue registered warrants, or IOUs, for some payments as early as today. These registered warrants would not be payable immediately, but rather on a future date. These warrants will be identified with the word "REGISTERED" on the front. ...
Is the new affordable FHFA loan program predatory lending?

Published Thu, Jul 02 2009 5:03 PM by feedproxy.google.com

Submitted by Edward Harrison of Credit Writedowns . Yves said her piece about the new affordable FFA program to allow home ‘owners’ in negative equity to stay in their homes. And I had a crack at it yesterday as well. But, I have some thoughts to run...
Personal Bankruptcy Filings increase 40% in June (YoY)

Published Thu, Jul 02 2009 5:03 PM by feedproxy.google.com

From Bloomberg: Consumer Bankruptcy Filings Rose 36.5% in First Half, ABI Says (ht Ron) U.S. consumers made 675,351 bankruptcy filings in the first half, a 36.5 percent increase from a year ago, according to the American Bankruptcy Institute. June filings...
Did You Know: Interest Rates and Mortgage Pay Off

Published Thu, Jul 02 2009 3:46 PM by feedproxy.google.com

Did you know that lower mortgage rates enable a borrower to pay off a greater share of the loan much faster?
Economists' Commentary: Going Back to Plain Vanilla Financing

Published Thu, Jul 02 2009 3:46 PM by feedproxy.google.com

A recent Wall Street Journal article suggests that the new consumer protection agency will bring a return to plain vanilla financial products.
Did You Know: Interest Rates and Yearly Payments

Published Thu, Jul 02 2009 3:46 PM by feedproxy.google.com

Did you know that today's mortgage rates, which have been between 5 and 5.5 percent, are generationally low.
Comparing Upside Down Homeowners to Bankrupt Companies

Published Thu, Jul 02 2009 2:28 PM by seekingalpha.com

Loan Survivor submits: On July 1, 2009 the FHFA announced that they were increasing the maximum LTV on agency held refinances from 105% to 125%. This new guideline applies only to existing FNMA/FHLMC mortgages. As before, it does not allow cashout, or...
Geithner's Toxic Asset Plan Reborn

Published Thu, Jul 02 2009 2:28 PM by seekingalpha.com

Linus Wilson submits: CNBC Reports that the TARP’s Public Private Investment Partnership’s ((PPIP)) asset managers are going to be announced on any day now. It will be a smaller affair with only $50 billion of assets to be bought not the $500 billion...

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