July 2009 - Around The Web

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Regulator: GSEs Unlikely to Fully Repay Bailout

Published Thu, Jul 30 2009 5:05 PM by Calculated Risk Blog

From the WSJ: GSEs Unlikely to Repay U.S. in Full ... "My view is that some assets in the senior preferred will have to be left behind as they come out of conservatorship," Federal Housing Finance Agency Director James B. Lockhart said Thursday...
Mortgage Servicers' Perverse Incentives

Published Thu, Jul 30 2009 5:04 PM by Seeking Alpha

submits: Last month, I whether banks’ seeming to effectively modify mortgages was a function of “greed on the part of the banks — that while they pay lip service to the idea of modifying mortgages, they actually make more money by being recalcitrant and...
Homebuyer tax credit fraud

Published Thu, Jul 30 2009 5:03 PM by rss.cnn.com

The IRS is on the lookout for taxpayers and tax preparers skirting eligibility rules when claiming the $8,000 tax credit. Here's what you need to know.
Has the housing market hit bottom?

Published Thu, Jul 30 2009 5:03 PM by feedproxy.google.com

Tim Iacono is a retired software engineer and writes the financial blog “” which chronicles the many and varied after-effects of the Greenspan term at the Federal Reserve. Tim is also the founder of the investment website “” that provides weekly updates...
2009-28: The Role of the Securitization Process in the Expansion of Subprime Credit

Published Thu, Jul 30 2009 5:03 PM by www.federalreserve.gov

We analyze the structure and attributes of subprime mortgage-backed securitization deals originated between 1997 and 2007. Our data set allows us to link loan-level data for over 6.7 million subprime loans to the securitization deals into which the loans...
Federal Reserve approves final amendments to Regulation Z that revise disclosure requirements for private education loans

Published Thu, Jul 30 2009 4:42 PM by www.federalreserve.gov

Federal Reserve approves final amendments to Regulation Z that revise disclosure requirements for private education loans
HUD Announces New FHA Loan Modification Program

Published Thu, Jul 30 2009 10:53 AM by www.hud.gov

U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced the Federal Housing Administration (FHA) has implemented changes to its loan modification program to ensure consistency with the Obama Administration's Home Affordable Modification Program....
Revisiting Case-Shiller: House Prices Bottoming but Far from Stabilized

Published Thu, Jul 30 2009 8:44 AM by Seeking Alpha

submits: Yesterday, I that the housing data, while generally positive (the first uptick nationally in 34 months), contained some negative news due to seasonality. The crux of the problem lies in the strong tendency for house prices to increase in the...
Mortgage Melt-Down Investigation: Goldman Sachs and Deutsche Bank Get Served

Published Thu, Jul 30 2009 8:43 AM by Seeking Alpha

submits: Goldman Sachs () and Deutsche Bank () got served by the US Senate which is investigating fraud in the mortgage meltdown last year. Several other financial institutions may also have received subpoenas from the sub-committee that is headed by...
Update: Fannie and Freddie Preferred

Published Thu, Jul 30 2009 8:42 AM by Seeking Alpha

On July 14th I about the trading activity in Fannie Mae ()/Freddie Mac () preferred shares. It was clear then that there was a buyer. The buy side interest has continued:
Unemployment Spreads Distress in US Home Loans

Published Thu, Jul 30 2009 8:41 AM by CNBC
WSJ: FDIC to Split Failed Banks Hoping to find Buyers

Published Thu, Jul 30 2009 8:40 AM by Calculated Risk Blog

Think Corus and Guaranty (Texas) ... From the WSJ: (ht jb) The Federal Deposit Insurance Corp. ... is poised to start breaking failed financial institutions into good and bad pieces in an effort to drum up more interest from prospective buyers. The strategy...
The Return of Cram-Downs, Condo Reconversions and More

Published Thu, Jul 30 2009 8:39 AM by Calculated Risk Blog

First a graph from on Ventura County sales and inventory by price (Effective Demand covers Ventura and the San Fernando Valley in LA) Click on graph for larger image in new window. This graph from Most of the activity is at the low end, and inventory...
Home Crisis Investigation

Published Thu, Jul 30 2009 8:38 AM by feedproxy.google.com

If Timothy Geithner is as bad at handling the economy as he is at picking bathroom tiles, he won’t need to sell his house. > Mon - Thurs 11p / 10c
Settling For Less in the New Normal

Published Thu, Jul 30 2009 8:38 AM by feedproxy.google.com

Good Evening: Just as they have during 9 of the past 10 sessions, U.S. stocks suffered a setback in the morning, only to rally late in the day. Unlike so many recent sessions, however, all the major averages remained in the red as the closing bell rang...
Many Chime In On "Housing Hypocrites" Post

Published Thu, Jul 30 2009 8:38 AM by feedproxy.google.com

Yesterday's post generated an unusually high number of responses. Let's take a look at some of them. Mike From NYC Writes: Calculated Risk has a post titled In this story, the building owners are "transferring their ownership interest to...
Obama: ‘Beginning of the End of the Recession’

Published Wed, Jul 29 2009 6:40 PM by Wall Street Journal

President Barack Obama attended a town hall meeting in North Carolina today. The primary focus was health care, but he also began with a look at state of the economy and a defense of the stimulus program. Here is an excerpt of his remarks on the economy...
Beige Book: Less Bad Is the New Good

Published Wed, Jul 29 2009 6:40 PM by feedproxy.google.com

The Current Economic Conditions, aka , is a Federal Reserve report published 8X/year. Each Fed District gathers anecdotal information on current economic conditions in each District and reports back to the Fed. The Beige Book summarizes this information...
Board publishes "5 Tips for Shopping for a Mortgage"

Published Wed, Jul 29 2009 4:03 PM by www.federalreserve.gov

Board publishes "5 Tips for Shopping for a Mortgage"
Momentum on Trading Curbs Builds

Published Wed, Jul 29 2009 12:40 PM by Wall Street Journal

The chairman of the Commodity Futures Trading Commission said the debate over energy trading should move from whether to set position limits to who should set them and at what level.

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July 2009 - Around The Web

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