Around The Web

Bankruptcies Jump, Hitting Highest Level in Four Years

2009-11-25T22:59:01Z

Filings rose 33 percent in the third quarter to the highest number since 2005, government data show, as rising unemployment and tight credit made it more difficult for consumers and businesses to stay current on their debts....(read more)

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Judge Voids Mortgage Due to Bank’s “Bad Faith”

2009-11-25T22:58:00Z

“[The adjustable rate bank note issued Aug. 4, 2004 is' hereby canceled, voided, nullified, set aside and is of no further force and effect . . . the lender and its successors are barred, prohibited and foreclosed from attempting, in any manner, directly or indirectly, to enforce any provision of" the mortgage loan." -Suffolk County Supreme Court Justice Jeffrey A. Spinner "We never asked for this. I was shocked, honestly. It's not like we said, 'Judge, please throw the loan away.' We just wanted them [the bank] to be reasonable.” -Greg Horoski, East Patchogue Home owner. > Here’s a fascinating development: A Long Island judge voided the mortgage of a home-owner after the legal team for the creditor behaved in an egregious manner. The lender lied in various...(read more)

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Ratio of Existing to New Home Sales

2009-11-25T22:57:00Z

Here is more on the "distressing gap" between existing and new home sales. The following graph shows the ratio of existing home sales divided by new home sales through October. Click on graph for larger image in new window. This ratio has increased again to a new all time high. The ratio of existing to new home sales increased at first because of the flood of distressed sales. This kept existing home sales elevated, and depressed new home sales since builders couldn't compete with the low prices of all the foreclosed properties. The recent increase in the ratio was due primarily to the timing of the first time homebuyer tax credit (before the extension). New home sales are counted when the contract is signed, and usually before construction begins. So to close before the original...(read more)

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Federal Reserve to run public service announcement with credit card tips for holiday shoppers

2009-11-25T22:56:00Z

Federal Reserve to run public service announcement with credit card tips for holiday shoppers...(read more)

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Fannie Mae: New Affordable Housing Options

2009-11-25T22:55:00Z

The government-sponsored enterprise is seeking to promote home purchases by low-income buyers and owner occupants....(read more)

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Tax Credit Quandaries Answered

2009-11-25T22:54:00Z

Buyers are likely to have many questions about their eligibility for the extended and expanded tax credits. Here are some key features....(read more)

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Citi Mortgage Reveals What Treasury Won't

2009-11-25T22:53:00Z

Citi Mortgage Reveals What Treasury Won't...(read more)

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HUD Lightens Up on FHA Second Appraisal Requirements

2009-11-25T22:52:59Z

Written By: Stacey Sprain, Certified Ambassador Loan Processor (CALP) Mortgagee Letter 2009-48 which was issued November 18, 2009 communicates the immediate elimination of requirements for second appraisals on high balance loans in declining market areas. Second appraisals are no longer required effective for cases pulled on and after November 19th. As you may recall, second appraisal requirements were originally added for high balance loans in declining market areas with the issuance of Mortgagee Letter 2008-09 which HUD now rescinds in its entirety. HUD has also rescinded the second appraisal requirements listed in Mortgagee Letter 2009-08 which originally implemented second appraisal requirements for cash-out refinances exceeding $417000 loan amounts when the subject property was considered...(read more)

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Judge blasts bad bank, erases $525G debt

2009-11-25T22:50:00Z

A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present -- canceling their debt to ruthless bankers trying to toss them out on the street. Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its "harsh, repugnant, shocking and repulsive" acts. The bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolutely no money on their ranch house in East Patchogue....(read more)

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FHA, Fannie/Freddie Tell it Like it is (to them)

2009-11-25T18:53:37Z

by David Brauner, Editor The appraiser Valuation 2009 conference in New Orleans this month offered unprecedented access to key regulators, AMCs and other decision makers regarding the future of the appraisal industry- that’s the good news. The bad news is that you may not like what they are saying. Honchos from FHA, Fannie Mae, [...]...(read more)

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FDIC Data Reflects Continued Economic Slump

2009-11-25T18:43:27Z

The Third Quarter FDIC Quarterly Banking Profile shows a deteriorating economy. Case-Shiller shows stability in home prices, but I project this to be just a pause. The Number of Problem Banks increased dramatically in the third quarter to 552 from 416. What’s significant in this is that 50 banks failed in the third quarter, up from 24 in the second quarter and 21 in the first quarter. An additional 29 banks have failed since the end of the third quarter. If you assume that the 50 seized banks were on the Problem List, the FDIC added 186 banks to the list in the third quarter. Most bank failures and the 552 problem banks are overexposed to C&D and CRE loans, which I have been warning about since April 2006. The Deposit Insurance Fund was in arrears by $8.2 billion at the end of the third...(read more)

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Treasury On Mortgage Modifications

2009-11-25T18:42:27Z

A little follow up to my post yesterday. I knew I'd probably upset the folks at Treasury, and I did....(read more)

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Housing Bottom? “Not Even Close”

2009-11-25T18:41:26Z

> Source : Housing Bottom? “Not Even Close,” Barry Ritholtz Says Aaron Task Tech TIcker, Nov 24, 2009 http://finance.yahoo.com/tech-ticker/article/378885/Housing-Bottom-”Not-Even-Close”-Barry-Ritholtz-Says?...(read more)

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US Federal Tax Dollars Payments/Allotments by State

2009-11-25T18:40:26Z

Via Visual Economics , we get this map showing the states that contribute the most in Federal tax dollars, and consumes the most in Federal Tax monies: > click for ginormous chart > Hat tip Chart Porn...(read more)

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A Case Study: To Default or Not?

2009-11-25T18:39:26Z

I recently bought a duplex both as an investment and as a place to live for the next few years. Because I intended to live there and it was less than four units, I was able to get a 96.5% loan to value, 30 year fixed rate 5.00% mortgage. I know, I was amazed as [...]...(read more)

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