December 2008 - Around The Web

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Bank stocks have fallen too much, Bove says

Published Mon, Dec 29 2008 5:20 PM by www.marketwatch.com

Bank stocks have lost too much of their value and the industry may be a lot stronger than most investors think, analyst Richard Bove says.
REITs Lower After SL Green Cuts Dividend

Published Mon, Dec 29 2008 5:20 PM by feeds.foxbusiness.com

REITs Lower After SL Green Cuts Dividend
For Desperate Homeowners, Scams Abound

Published Mon, Dec 29 2008 3:46 PM by loanworkout.org

Craig agreed to pay $30,000 and to share title on her house to a foreclosure rescue company. The company said it would use equity in her house to pay off her debts, and that her credit would be repaired. After a year she thought she’d get her house back...
$75 Billion Needlessly Lost in Hasty Lehman Bankruptcy Filing?

Published Mon, Dec 29 2008 11:03 AM by feedproxy.google.com

There is a piece I regard as truly odd in the Wall Street Journal tonight. Either much of what I have read about investment bank bankruptcies is wrong, or something peculiar is at what used to be the house of Lehman. A Wall Street Journal article, "...
Finally, we’re privatizing some risk

Published Mon, Dec 29 2008 8:58 AM by feedproxy.google.com

Good news reported by the New York Times. for an undisclosed sum. The FDIC had to rewrite some rules to let the private equity firms put together the deal, but let’s go ahead and help the FDIC expedite that still-walking time-bomb off of the federal balance...
The People's National Bank?

Published Mon, Dec 29 2008 8:58 AM by Seeking Alpha

submits: The Federal Reserve is running out of conventional monetary policy and bond market options. Thus, the time for unconventional policies may be at hand. The Fed has cut the federal funds rate and its short-term lending rate to banks to near zero...
Group of investors close to buying IndyMac

Published Sun, Dec 28 2008 8:44 PM by rss.cnn.com

Read full story for latest details.
Is Social Security a Ponzi Scheme?

Published Sun, Dec 28 2008 8:44 PM by www.businessweek.com
Meth an Accepted Aid in Loan Processing at WaMu

Published Sun, Dec 28 2008 8:31 AM by feedproxy.google.com

A on WaMu's in the mortgage market is worth reading for the former employee quotes alone. For instance, use of controlled substances was acceptable as long as they were the productivity-enhancing sort: “I’d lie if I said every piece of documentation...
By Saying Yes, WaMu Built Empire on Shaky Loans

Published Sun, Dec 28 2008 8:31 AM by ml-implode.com

As a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers’. He rarely questioned them...
Subprime Credit Boosted Minority Homeownership, but Now That's Slipping Away

Published Sat, Dec 27 2008 11:41 PM by www.washingtonpost.com

STOCKTON, Calif. -- Venice Circle is a loop lined with taupe homes and green lawns, a clear sign that drivers have left the freeway south of town and entered Weston Ranch, a 21st-century Levittown. The subdivision sprang up in asparagus fields 80 miles...
CRE Boom Ends in New York

Published Sat, Dec 27 2008 1:33 PM by Calculated Risk Blog

From the NY Times: Nearly $5 billion in development projects in New York City have been delayed or canceled because of the economic crisis, an extraordinary body blow to an industry that last year provided 130,000 unionized jobs, according to numbers...
Demand Transparency on Mortgage Rates and Fees

Published Fri, Dec 26 2008 7:53 PM by www.washingtonpost.com

With mortgage rates at historic lows -- 4.75 percent from several lenders in mid-December -- a new legal settlement from the Federal Trade Commission offers a cautionary note for consumers, especially if they are members of minority groups: Watch out...
Low Mortgage Rates to Spur New Wave of Defaults

Published Fri, Dec 26 2008 6:35 PM by mrmortgage.ml-implode.com

Talk about unintended consequences. The following is significant insight from the street level. This is especially important for those of you thinking that these low mortgage rates will lead housing and the consumer to the Promised Land. Everyone wants...
Winning Essays Earn Mortgage Payments from ING Direct

Published Fri, Dec 26 2008 6:19 PM by feedproxy.google.com

ING has been building considerable goodwill among struggling homeowners this holiday season. First they suspended evictions from single family homes through January 15, 2009 and halted foreclosure sales through March 2009. Now, 500 lucky winners of the...
EXCLUSIVE: FDIC to Sell IndyMac To Private Equity Firm

Published Fri, Dec 26 2008 3:27 PM by ml-implode.com

By Teri Buhl, with contributions from IEHI Staff. Teri Buhl is an investigative journalist covering Wall Street who writes for the New York Post. The FDIC’s most expensive bank failure, IndyMac, is slated to land in the hands of a private equity firm...
Amtrust Bank Added To Ailing/Watch List

Published Fri, Dec 26 2008 3:27 PM by ml-implode.com

We have learned that Amtrust AE's were told in a conference call on Monday, December 22, 2008 that loan locks were being suspended "with new locks to resume after 1/1/2009." Given the bank's year-end deadline to conform to regulatory...
Low Mortgage Rates, Few Qualify

Published Fri, Dec 26 2008 12:04 PM by Calculated Risk Blog

From the Miami Herald: Recent drops in interest rates have homeowners rushing to call local banks and mortgage lenders about refinancing. Loan applications are pouring in. Yet, South Florida homeowners are mostly getting a big fat ''No!''...
Credit Crisis - Signs of Progress

Published Fri, Dec 26 2008 11:33 AM by feedproxy.google.com

Are the various central bank liquidity facilities and capital injections having the desired effect of unclogging credit markets and restoring confidence in the world’s financial system? This is precisely what the “Credit Crisis Watch” is all about – a...
What Is the Point of Fannie's Directors?

Published Fri, Dec 26 2008 11:33 AM by Seeking Alpha

submits: In a world where an AIG offsite meeting can cause a public uproar, it's interesting that so few people seem to care very much about the sums of money being to Fannie Mae's directors. , of course is one of them: Keep in mind that this...

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December 2008 - Around The Web

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