Housing recovery no where in sight
• Daily NewscaterThe housing bubble will not stop bursting until prices return to historically normal levels, enabling home buyers to finance their purchase without incurring debt that they can ill-afford.
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Housing
Photos of the damage left in the wake of Hurricane Ike
• coastal.er.usgs.gov/hurricanes/ikeHurricane Ike did a number on the Gulf coast.
Sadly Ron Paul warned of Fannie Mae and Freddie Macs demise 5 years ago!
• US House Congressional web siteThis explicit promise by the Treasury to bail out GSEs in times of economic difficulty... is a promise on behalf of the government to engage in a huge unconstitutional and immoral income transfer from working Americans to holders of GSE debt.
Taxpayers take on TRILLIONS in risk in Fannie, Freddie takeover
• USA TodayThe federal takeover of mortgage giants thrusts trillions of dollars of risk directly onto taxpayers' shoulders. "You can call it a bailout, you can call it a safety net, you can call it a rescue package, but the bottom line is the taxpayer
U.S. Mortgage Foreclosures, Delinquencies Reach Highs
• BloombergForeclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell.
Government may soon back troubled mortgage giants
• APThe government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's m
Home prices fell at record pace in June
• ReutersHome prices fell a record annual 15.9% in June, but the monthly rate of decline slowed from May which suggested the decimated housing sector may be stabilizing, according to Standard & Poor's.
Local Governments Cashing in On Homes
• NY TimesUsing taxpayer and private money, Boston, Minneapolis, San Diego and a handful of other places are buying foreclosed properties to refurbish and resell them to developers and homeowners in an effort to prevent troubled neighborhoods from sliding into
FBI saw threat of mortgage crisis
• LA TimesLong before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business was starting to attract shady operators and billions in losses were possible.
Warren Buffett: Fannie Mae, Freddie Mac "Have No Net Worth"
• Bloomberg"The game is over" as independent companies said Buffett. "They were able to borrow without any of the normal restraints. They had a blank check from the federal government.”
Fannie and Freddie shares hit 18-year low
• ReutersShares of Fannie Mae and Freddie Mac dove to their lowest levels in more than 18 years on mounting fears of a government bailout that would wipe out shareholders of the two U.S. housing finance giants.
Bailout of Housing Giants Is Inevitable
• NY TimesFinancial conditions are continuing to worsen at Fannie Mae and Freddie Mac, leading investors to prepare for a government bailout of the housing giants even as the Treasury Department and the companies say such taxpayer intervention will not be nece
What's in a Bill Name?<br>by U.S. Rep. Ron Paul, M.D. (R-TX)
Powell GammillRecently Congress passed the American Housing Rescue and Foreclosure Prevention Act., also known as the Housing Bill. I was asked how I could vote against a bill to help American homeowners, but this bill has more to do with helping big banks
LOST SOVEREIGNITY
• NY PostThere's a new land grab starting in America. Foreign money, which up to now has focused its attention on investing in iconic commercial real estate is now moving to scoop up tens of thousands of discounted foreclosed homes across the country.
Fannie Mae posts another huge loss
• ReutersFannie Mae posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85% to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.
Foreclosure Crisis Catching Renters Off Guard
• Washington PostJames Austin was stunned when a real estate agent showed up to snap photos of the house he was renting last year and casually informed him the place was in foreclosure.
Freddie Mac’s Big Loss Dims Hopes of Turnaround
• NY TimesThe gloom over the nation’s housing market deepened on Wednesday as Freddie Mac, the big mortgage finance company, reported a gaping quarterly loss and predicted that home prices would fall further than previously projected.
At Freddie Mac, Chief Discarded Warning Signs
• NY TimesThe chief executive of the mortgage giant Freddie Mac rejected internal warnings that could have protected the company from some of the financial crises now engulfing it, according to more than two dozen current and former high-ranking executives and
Housing Lenders Fear Bigger Wave of Loan Defaults
• NY TimesThe first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
After the Bubble, Ghost Towns Across America
• Wall Street JournalSince real-estate tanked, many new planned communities across the country are half-empty, with for-sale signs outnumbering residents by a large margin. Daily life in these developments seems a bit post-cataclysmic. Unfinished houses and vacant lots s
Greenspan Says Housing Prices Not Yet Near Bottom
• BloombergFormer Federal Reserve Chairman Alan Greenspan said falling US home prices are "nowhere near the bottom'' and the resulting market turmoil isn't showing signs of abating. While the odds of a recession are 50-50, achieving stable mark
Housing Bailout Debacle
Mike RenzulliThere is more to the housing bailout than meets the eye. Mike Renzulli points out how we got into this mess and who is really to blame.
Arizona Halts All State Land Sales
• HousingDoomApparently Arizonans aren’t the only one having difficulty selling their properties- the State of Arizona can’t unload them either:
U.S. Commercial Real Estate Sales Down 70%
• HousingDoomWill Congress be looking at a "commercial bailout" next?
Bush quietly adds $300 billion more debt to prop up failed gov't mortgage lenders
• APEarly in the morning and out of public view, the president signed it without fanfare in the Oval Office, adding his signature to a measure he once threatened to veto. The White House said his accomplices were Treasury Secretary Henry Paulson, Housing
S&P: Home prices drop by record 15.8% in May
• APHome prices tumbled by the steepest rate ever. The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8% in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9%, its biggest decline i
Housing: No Bottom Yet in Sight
• seekingalpha.comThursday's gloomy report on June home sales from the National Association of Realtors provided the market a reality check and knocked the major averages back a couple of percent while slamming bank stocks with nearly a 10% loss on the day.
The Fannie-Freddie Fraud - by Ron Paul
• LewRockwell.comFollowers of the Austrian school of economics have warned that unless Congress moved to end the implicit government guarantee of Fannie Mae and Freddie Mac, and disengage the US Government from the housing market, America would face a crisis in hous
Senate passes taxpayer funded bailout of bad mortgage lenders
• AP[So they use your money to cover their losses on their money they risked. Suckers!!!!] Homeowners who cannot afford their monthly payments can refinance into taxpayer-backed loans. The bill also offers your money to Fannie Mae and Freddie Mac
Credit card purchases to be reported to IRS?
• DailyPaul.comThe new housing bill just passed by the House, HR 3221, apparently contains a stealth provision for the reporting of all credit card transactions to the IRS. Maybe a big enough stink will arise before the Senate gets to their version that it can be s
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