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December 2008 - Around The Web



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  • Homeowner Aid May Double Under Bush Loan Initiative
    Published Tue, Dec 23 2008 11:10 AM by loanworkout.org
    Voluntary modifications by mortgage lenders are “too little, too late,” said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts. As mounting job losses cause foreclosure rates to rise, “we clearly...
  • Miracle on 34th Street and Commercial REITs
    Published Tue, Dec 23 2008 11:09 AM by Seeking Alpha
    submits: You have to love family movie night. Last night we watched the John Hughes version of Miracle on 34th Street . In the not too distant past, I distinctly remember going into the colossal department stores as a kid, sitting on Santa Claus'...
  • When mortgage rescues go bad
    Published Tue, Dec 23 2008 11:08 AM by rss.cnn.com
    That lenders are ramping up their attempts to help troubled home borrowers is the good news.
  • CIT to receive $2.33B from government program
    Published Tue, Dec 23 2008 11:08 AM by ml-implode.com
    "Commercial financial firm CIT Group Inc. said Tuesday it received preliminary approval to obtain $2.33 billion as part of the government's $700 billion bank investment program. . . . CIT recently announced it was raising $300 million through...
  • Check out these 2010 real estate prices
    Published Tue, Dec 23 2008 8:34 AM by themessthatgreenspanmade.blogspot.com
    It is not clear how they came up with these housing price forecasts over the next couple years in this Forbes on the the nation's ten worst real estate markets. It should be quite clear, however, that if these numbers are anywhere close to being accurate...
  • Americans think Madoff's behavior is common - poll
    Published Tue, Dec 23 2008 8:34 AM by rss.cnn.com
    Most Americans believe that investment fraud like the recently revealed Ponzi scheme run by Bernard Madoff happens regularly on Wall Street, according to a recent survey.
  • Bank of America: Optimism Is Unwarranted
    Published Tue, Dec 23 2008 8:17 AM by Seeking Alpha
    submits: Bank of America Corporation (BAC), a financial holding company, provides a wide range of banking and nonbanking financial services and products to customers in the United States and internationally. The pending merger with Merrill Lynch (MER...
  • Sudden Upsurge in Demand for Mortgages May Not Be Met With Supply
    Published Tue, Dec 23 2008 8:16 AM by feedproxy.google.com
    Mortgage applications are up sharply as homeowners try to take advantage of low 30 year fixed rates. But tighter lending standards means that a fair number will be disappointed. Moreover, the surge in mortgage applications is for refinances rather than...
  • Irregularity Uncovered at IndyMac
    Published Tue, Dec 23 2008 8:15 AM by ml-implode.com
    Two months before IndyMac Bancorp collapsed in July, at a cost of $8.9 billion to taxpayers, a top federal banking regulator allowed the bank to backdate a capital infusion and gloss over its deepening problems, the Treasury Department’s independent investigator...
  • New report delivers bad (and good) news on mortgages
    Published Tue, Dec 23 2008 8:15 AM by feedproxy.google.com
    <!– @page { margin: 0.79in } P { margin-bottom: 0.08in } A:link { so-language: zxx } –> The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) issued their second on mortgage performance on December 22. As...
  • White House: Hoocoodanode?
    Published Tue, Dec 23 2008 8:15 AM by Calculated Risk Blog
    Click on cartoon for larger image in new window. Cartoon from Eric G. Lewis (site coming soon)
  • Fed designates CIT Group as bank holding company
    Published Mon, Dec 22 2008 6:59 PM by www.washingtonpost.com
    WASHINGTON -- The Federal Reserve on Monday said it has approved CIT Group Inc. as a bank holding company, clearing a key hurdle for the firm to bolster its resources with loans and support from the government's financial rescue fund.
  • FDIC Publishes Report On What To Know About Reverse Mortgages
    Published Mon, Dec 22 2008 6:43 PM by feeds.feedburner.com
    The recently published Reverse Mortgages: What Consumers and Lenders Should Know. The report goes over the the history of reverse mortgages and why the aging population presents such an opportunity to banks. While there is big opportunity in catering...
  • White House: No one could have known
    Published Mon, Dec 22 2008 6:43 PM by Calculated Risk Blog
    Never mind that many people saw this coming - obviously the White House wasn't listening. From the White House: Most people can accept that a news story recounting recent events will be reliant on '20-20 hindsight'. Today's front-page...
  • Financing The MBS Fix: The 800 Pound Gorilla
    Published Mon, Dec 22 2008 4:20 PM by yourmortgageoryourlife.wordpress.com
    by Scott J. Wilson and Anthony M. Freed Since the United States Government has (Mortgage Backed Securities), I have noticed in all of the debate and coverage that there is a serious on the part of our congressional membership and in the news media regarding...
  • Senior Federal Banking Regulator Removed
    Published Mon, Dec 22 2008 4:20 PM by www.washingtonpost.com
    A senior federal banking regulator has been removed from his job after government investigators concluded that he knowingly permitted IndyMac Bancorp to present a misleading picture of its financial health in a federal filing only months before the California...
  • Mortgage activity surges at US banks
    Published Mon, Dec 22 2008 4:20 PM by www.ft.com
    Banks are having trouble dealing with a flurry of mortgage applications, after record loan defaults and job cuts have stretched resources to the limit
  • Lucky investor dodges Madoff
    Published Mon, Dec 22 2008 3:17 PM by rss.cnn.com
    On Monday morning, Dec. 8th, Gilbert Harrison, chairman of investment bank Financo, was finally ready to start investing with Bernard Madoff. Luckily, his financial advisor pulled him in off the ledge.
  • Mortgage Brokers’ Association Sues HUD Over RESPA
    Published Mon, Dec 22 2008 3:02 PM by feedproxy.google.com
    The Real Estate Settlement Procedures Act (RESPA) Final Rule, issued Nov. 17 by the Department of Housing and Urban Development, disadvantages small businesses, according to a lawsuit filed by the National Association of Mortgage Brokers (NAMB). On Nov...
  • REIS: Commercial Real Estate Loan Defaults May Triple
    Published Mon, Dec 22 2008 1:12 PM by Calculated Risk Blog
    From Bloomberg: U.S. commercial properties at risk of default could triple if rental income from office, retail and apartment buildings drops by even 5 percent, a likely possibility given the recession, according to research by New York-based real estate...
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