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December 2008 - Around The Web



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  • Just Let House Prices Fall To Stimulate Sales
    Published Fri, Dec 26 2008 11:01 AM by ml-implode.com
    "Sambucci makes sense. Without government interference, in the current environment, the trend would be to higher rates and lower prices. At some point, there is an interest rate at which lenders are willing to lend without government backstops. To...
  • Firms Charge Thousands To Modify Mortgages
    Published Fri, Dec 26 2008 8:10 AM by www.washingtonpost.com
    A growing industry has emerged to take advantage of the unprecedented wave of foreclosures, charging distressed homeowners for help negotiating better loan terms -- a service provided for free or for a nominal fee by many nonprofits.
  • As Property Values Plunge, Tax Bills Might Not Follow
    Published Fri, Dec 26 2008 8:10 AM by www.washingtonpost.com
    Homeowners whose property values have plummeted as much as 40 percent are unlikely to see a corresponding drop in their real estate taxes next year, and some might face a tax increase as the counties surrounding the District struggle with huge budget...
  • Selling Option Adjustable Rate Mortgages
    Published Thu, Dec 25 2008 7:56 PM by feedproxy.google.com
    An excerpt from a training video produced in 2005 by World Savings Bank. The video demonstrates how brokers were encouraged to sell Option Adjustable Rate Mortgages. World Savings Bank Training Video ( click, than scroll down to video on lower left column...
  • A Mortgage Regulator Speaks Out
    Published Thu, Dec 25 2008 4:18 PM by www.businessweek.com
  • Once Trusted Mortgage Pioneers, Now Pariahs
    Published Thu, Dec 25 2008 2:28 PM by ml-implode.com
    At the center of the controversy is an exotic but popular mortgage the Sandlers pioneered that helped generate billions of dollars of revenueat their bank. Known as an option ARM — and named “Pick-A-Pay” by World Savings — it is now seen by an array of...
  • GMAC Approved as Bank Holding Company
    Published Wed, Dec 24 2008 8:47 PM by Calculated Risk Blog
    : Order Approving Formation of Bank Holding Companies and Notice to Engage in Certain Nonbanking Activities. Here is interesting part on ownership: To address concerns that GM could control GMAC and GMAC Bank for purposes of the BHC Act, GM has committed...
  • Bank of England Allowed ‘Crazy Borrowing’
    Published Wed, Dec 24 2008 8:47 PM by feedproxy.google.com
    “We need to develop some new instruments, which sit somewhere between interest rates, which affect the whole economy… and individual supervision and regulation of individual banks. We need to develop something which bridges that gap and directly addresses...
  • Preparing for the shortest honeymoon ever
    Published Wed, Dec 24 2008 8:47 PM by themessthatgreenspanmade.blogspot.com
    From the current issue of :
  • Video Interview: Roubini preaches more gloom
    Published Wed, Dec 24 2008 10:35 AM by feedproxy.google.com
    , professor at Stern School of Business at New York University and chairman of RGE Monitor, is renowned for having foreseen the current economic malaise a number of years ago. He was scorned at the time by mainstream economists for being a crank, but...
  • Sheila Bair Needs to Get Over This Loan Mod Thing
    Published Wed, Dec 24 2008 6:57 AM by Seeking Alpha
    submits: Sheila Bair warns of a “backlash” against MBS investors who’ve challenged loan modifications in court, lenders have “an obligation to modify, not to foreclose.” Oh, really? An obligation to whom, exactly? There’s no shortage of duties in the...
  • Fannie, Freddie Cut Deal With Cuomo on Appraisals
    Published Tue, Dec 23 2008 11:39 PM by www.washingtonpost.com
    Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, reached a new agreement with New York Attorney General Andrew Cuomo to ensure independent home appraisals, dropping a requirement that would have prohibited lenders from using in...
  • Frontier Investment to close - Rainland unknown
    Published Tue, Dec 23 2008 10:53 PM by ml-implode.com
    We'd been watching for news about Rainland Mortgage Company when the Register-Guard newspaper reported: "Frontier -- a fully-owned subsidiary of Selco Community Credit Union -- told its investors that it will file dissolution papers with the...
  • AmEx: We're getting TARP, too
    Published Tue, Dec 23 2008 4:21 PM by rss.cnn.com
    American Express Co. announced Tuesday that it had received preliminary approval for a $3.9 billion government bailout investment.
  • Pay Option ARMs - The Implosion Is Still Coming Despite Low Rates
    Published Tue, Dec 23 2008 1:44 PM by mrmortgage.ml-implode.com
    There is some serious Pay Option ARM (POA) misinformation going around. Everywhere you look there are stories about how the low index value on the LIBOR will automatically ‘fix’ Pay Option ARMs and drop borrower’s payments to almost nothing. Sorry folks...
  • the "D" word (depression) will start to become more widely accepted
    Published Tue, Dec 23 2008 1:12 PM by ml-implode.com
    Okay, so 3 trillion is a lot of money. But it doesn't appear to be working. It just gets sucked up by the balance sheets of banks who hold hundreds of billions worth in derivative contracts that now, apparently, have little or no value. Don't...
  • Just Say No to Commercial Real Estate Beggers
    Published Tue, Dec 23 2008 1:12 PM by Seeking Alpha
    Tom Lindmark submits: If you read this earlier and are just now scraping yourself off of the ceiling, I apologize making you go ballistic once more. The WSJ and others reported that the new beggar at the Treasury’s bailout window is the commercial real...
  • New Home Sales in November
    Published Tue, Dec 23 2008 11:13 AM by Calculated Risk Blog
    The Census Bureau , New Home Sales in November were at a seasonally adjusted annual rate of 407 thousand. This is the lowest sales rate since 1982. Click on graph for larger image in new window. The first graph shows monthly new home sales (NSA - Not...
  • Mortgage Modification Can Be Trying, Chaotic
    Published Tue, Dec 23 2008 11:12 AM by loanworkout.org
    Hope Now, the mortgage industry’s alliance intended to help struggling homeowners, announced Monday it’s helped almost one-million home-owners get loan modifications this year. But, advocates for homeowners say the group is inflating its success. Homeowners...
  • This is Why California Has 8 of the 10 of the Worst Real Estate Markets in the US
    Published Tue, Dec 23 2008 11:11 AM by loanworkout.org
    I have always said that lenders targeted homeowners in the Golden State of California. The reason that lenders made more loan here is simple, more money per unit. Why set up operations in Alaska or New Mexico, when you can open up several mortgage chop...
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