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  • Geithner Not the First Treasury Secretary to Spar With Lawmakers
    Published Fri, Nov 20 2009 5:50 PM by Wall Street Journal
    Thursday’s shouting match between Treasury Secretary Timothy Geithner and lawmakers on the Joint Economic Committee raised eyebrows but Mr. Geithner isn’t the first Treasury Secretary to find himself publicly sparring with a Senator. In 2002, then-Treasury...
  • Back to Business: With F.H.A. Help, Easy Loans in Expensive Areas
    Published Fri, Nov 20 2009 5:50 PM by feeds.nytimes.com
    An effort by the F.H.A. to prop up real estate prices amid rising defaults has put taxpayers at risk.
  • HUD Issues Final Condo Policy Decisions
    Published Fri, Nov 20 2009 5:50 PM by www.mortgageprocessor.org
    Written By: Stacey Sprain, Certified Ambassador Loan Processor (CALP) The anticipated guidance from HUD in regards to the final Condo Policy finally arrived last week in the form of two Mortgagee Letters. , which replaces the previously issued and which...
  • Americans More Unhappy With Feds' Housing Fixes
    Published Fri, Nov 20 2009 5:50 PM by www.businessweek.com
    Trillions spent on propping up banks, buying mortgages, tax credits and new programs designed to lower payments and prevent foreclosures. And yet a new survey from Move Inc., the parent of Realtor.com, says Americans are growing increasingly dissatisfied...
  • Where Home Prices Are Suddenly Hot
    Published Fri, Nov 20 2009 5:50 PM by www.businessweek.com
    The real estate market continues to send mixed signals. Home sales are rising. They were up 11% in the third quarter from the same period last year to a 5.3 million-a-year annual pace. The sales are coming thanks to a lot of financial incentives. Thirty...
  • Expect tightening from the FHA
    Published Fri, Nov 20 2009 5:35 PM by feeds.washingtonpost.com
    For the past several years, the Federal Housing Administration has been the go-to financing resource for cash-strapped home buyers who can't come up with a big down payment. It has zoomed from barely a 3 percent market share to nearly 30 percent of...
  • 100% Mortgage Financing From USDA
    Published Fri, Nov 20 2009 3:29 PM by CNBC
    I didn't know about it either. Yes, the US Department of Agriculture has a program, instituted back in the 1940s, to assist in rural development, that has become extremely popular during these days of crunching credit. These are USDA-backed loans...
  • Housing Back in the News
    Published Fri, Nov 20 2009 3:29 PM by wallstreetpit.com
    Two reports released this week remind us of the difficulties still confronting the residential real estate market. First, the consumer price index (CPI) showed continued moderation. Yes, the overall number was up 3.4 percent on a monthly annualized basis...
  • Unemployment Rate Increases in 29 States in October
    Published Fri, Nov 20 2009 1:22 PM by Calculated Risk Blog
    From the BLS: Twenty-nine states and the District of Columbia recorded over-the-month unemployment rate increases, 13 states registered rate decreases, and 8 states had no rate change, the U.S. Bureau of Labor Statistics reported today. Over the year...
  • A Few House Price Forecasts
    Published Fri, Nov 20 2009 1:22 PM by Calculated Risk Blog
    From housing consultant Ivy Zelman commenting on the MBA Delinquency report in the NY Times "I’ve been pretty bearish on this big ugly pig stuck in the python and this cements my view that home prices are going back down." From Bloomberg: “I...
  • Five Things: The Ever-Sensational Looming Global Economic Collapse
    Published Fri, Nov 20 2009 1:06 PM by www.minyanville.com
    1. The Ever-Sensational Looming Global Economic CollapseThe word came down hard and fast late Wednesday evening "Société Générale has advised clients to be ready for a possible 'global economic collapse' over the next two years mapping a...
  • House Attacks Fed, Treasury
    Published Fri, Nov 20 2009 10:59 AM by Wall Street Journal
    Political frustration over Wall Street's rescue and high unemployment erupted in Congress, with one panel threatening tighter scrutiny on the Fed and another excoriating Geithner.
  • Geithner Under Fire on Economy
    Published Fri, Nov 20 2009 10:59 AM by Wall Street Journal
    Snowballing frustration about the economy and Wall Street bailouts burst into a political fracas, with lawmakers calling on Treasury Secretary Geithner to resign.
  • More on FHA Loans
    Published Fri, Nov 20 2009 8:20 AM by Calculated Risk Blog
    David Streitfeld at the NY Times adds some color: In January, Mike Rowland was so broke that he had to raid his retirement savings to move [to San Francisco] from Boston. A week ago, he and a couple of buddies bought a two-unit apartment building for...
  • States: Seriously Delinquent Mortgages vs. Unemployment Rate
    Published Fri, Nov 20 2009 8:20 AM by Calculated Risk Blog
    Here is a scatter graph comparing the seriously delinquency rate for mortgage loans vs. unemployment rate for all states. The seriously delinquent rate include 90+ days delinquent loans, and loans in the foreclosure process for Q3 2009 (Source: MBA)....
  • Delinquent Mortgages Equal to Three Times the Balanced For-Sale Inventory
    Published Fri, Nov 20 2009 8:20 AM by Seeking Alpha
    submits: A Flood Will Humble Thee Eight million homes with delinquent mortgages represent a staggering 300% of the normal supply of existing homes for sale. With 3.63 million units now on the market, one million above the long-term average, an inundation...
  • Fed Beaten: Bill To Audit Federal Reserve Passes Key Hurdle
    Published Fri, Nov 20 2009 8:20 AM by www.huffingtonpost.com
    In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute...
  • Martin Armstrong – A Forecast for Real Estate…
    Published Fri, Nov 20 2009 8:20 AM by economicedge.blogspot.com
    This is a very interesting paper as well. Here Martin shows the following model for real estate, a peak in 2007, a bounce in 2012 to a secondary lower peak in 2015 and then it continues on down into the year 2033. That just would not be pretty for mid...
  • Loan Modifications: 3 Reasons They Are So Slow
    Published Thu, Nov 19 2009 6:01 PM by feedproxy.google.com
    The Mortgage Crisis or Credit Crisis as many are more accurately describing it has left millions of Americans (and Earthlings worldwide for that matter) in or at the brink of foreclosure. Banks and Government have launched an ongoing set of increasingly...
  • Mortgage Delinquencies and Foreclosures by Period Past Due
    Published Thu, Nov 19 2009 6:00 PM by Calculated Risk Blog
    Click on graph for larger image in new window. First, on the market ... This graph is from Doug Short of (financial planner): "Four Bad Bears". Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500...
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