Archive for the 'Housing' Category

A Happy New Year message from Peter Schiff: The value of your house is still 20% too high.

By mw | Related entries in Bad Decisions, Economic recovery, Economy, Federal Reserve, Fiscal stimulus, Housing

When an economic bubble bursts, normalcy can only return if the price excesses created during the bubble are wrung out of the market. A recession is often a painful but necessary market mechanism that corrects the pricing distortion and consequent misallocation of capital that occurs in a bubble. When government intervention prevents the mispriced asset class from fully deflating, capital continues to be misallocated and economic malaise lingers on. This is the takeaway message from Peter Schiff’s Wall Street Journal editorial.

December 31st, 2010 | Permalink| 22 Comments »

Obama’s Mortgage Program Hitting Snags

By Justin Gardner | Related entries in Barack, Housing, Obama

I know this is the case because a good friend recently walked away from his home because there was too much paperwork to fix it and the value of the home wasn’t enough to justify saving it. And my guess is if this is happening in Missouri, it’s happening across the board. From CNN: The […]

July 8th, 2009 | Permalink| 2 Comments »

Mortgage Fraud Scandal Brewing *VIDEO*

By American News Project | Related entries in Housing, Subprime, Video

Criminal fraud may be one of the most underreported aspect of our current financial crisis. This is Lagan at ANP. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify […]

May 11th, 2009 | Permalink| 5 Comments »

Mortgage Defaults Rising In Higher Priced Neighborhoods

By Justin Gardner | Related entries in California, Economy, Housing

It’s happening a lot more now that other loans besides the subprimes are coming due. From North County Times: Ward Hanigan, a San Diego investor who purchases foreclosures, agreed that the longer foreclosure procedures produce artificially low inventory numbers, with no recovery in sight for the region’s housing market. “It’s like an oil pipeline; it […]

April 15th, 2009 | Permalink| 1 Comment »

Home Sales Jump In February

By Justin Gardner | Related entries in Economic recovery, Housing

Some are positioning this as a bit of good economic news, and it is…but a bit of perspective is needed. Not everybody is suffering right now, and if folks can buy homes at a 20 to 30% discount with historically low interest rates, why wouldn’t they? There are a lot of bargains out there right […]

March 23rd, 2009 | Permalink| 4 Comments »

Alt-A Mortgage Backed Securities Downgraded

By Justin Gardner | Related entries in Banks, Economy, Housing, Money

Remember when I highlighted a 60 Minutes piece back in December that talked about this? Well, now it’s happening. From WSJ via Calculated Risk: Standard & Poor’s Ratings Service on Monday placed its ratings on $552.8 billion worth of U.S. first-lien Alt-A residential mortgage-backed securities issued between 2005 and 2007 on watch for downgrade, saying […]

March 10th, 2009 | Permalink| 3 Comments »

Charlie Rose Talks To Larry Summers, Nouriel Roubini, Mark Zandi, and Fred Mishkin

By Justin Gardner | Related entries in Banks, Economy, Housing, Video

The topic? Their favorite restaurants in D.C. No, of course it’s the economic crisis and the housing situation and the banks and TARP and and and and and and… Most of the pundit shows really don’t have the time to give complicated topics like the economic crisis the attention they deserve. So what we usually […]

February 20th, 2009 | Permalink| No Comments »

Rick Santelli Leads A Revolt At The CBOT

By Doug Mataconis | Related entries in Barack, Economy, Housing, Politics

If you missed CNBC this morning, here’s Rick Santelli going off about Obama’s mortgage bailout plan and the strongly positive reception it got from the traders on the floor: Frankly, I think this is a sign that the criticism of Obama’s mortgage “relief” plan — especially the argument that it is rewarding irresponsible practices by […]

February 19th, 2009 | Permalink| 13 Comments »

Obama’s $50 Billion Housing Plan

By Justin Gardner | Related entries in Bailouts, Barack, Housing, Money, Republicans, Video

The plan is pretty straight forward. Bankruptcy judges can modify loan terms and lenders will get assistance if the agree to modify existing loans so people aren’t paying more than their homes are worth. From Bloomberg: Obama intends to make loan modifications the centerpiece of plan that also gives bankruptcy judges more power to help […]

February 18th, 2009 | Permalink| 4 Comments »

Obama to Detail Plan to Combat Foreclosures

By Alan Stewart Carl | Related entries in Barack, Economy, Housing

Just because President Obama has now signed the gargantuan stimulus bill into law doesn’t mean he’s done addressing the economy. Up next: solving the housing crisis. The ambitious plan [Obama] was announcing at a Phoenix high school Wednesday was expected to offer government cash to mortgage companies that reduce interest rates — and therefore monthly […]

February 18th, 2009 | Permalink| No Comments »