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And there is good reason why. The “errors” happen too often for them to be by accident. And as we have stressed, servicers are highly routinized. They aren’t set up to do much of anything on a one-off basis.
Two years ago, the average U.S. homeowner that was being foreclosed upon had not made a mortgage payment in 11 months. Today, the average U.S. homeowner that is being foreclosed upon has not made a mortgage payment in 17 months.
A report at the Dylan Ratigan show confirms what we’ve argued for some time is happening: that banks are not making mods to viable borrowers because servicing is more profitable.
To say that housing losses are a financial disaster is a modest understatement. I do not think that most people really comprehend how true this is. The main reason this is so is first, leverage and second, the fact the US economy...
I’ve been involved in real estate and stocks for 30 years. I’ve been analyzing the economy for just as long. And, in that time period, and in my studies, I have never seen an economic recovery without a corresponding recovery in the construction...
The head of the Federal Deposit Insurance Corp. is warning that flaws may have “infected millions of foreclosures” and questioned whether other regulators’ inquiries into problems at the nation’s mortgage-servicing companies...
Wow, the Obama administration has openly negotiated against itself on behalf of the banks. I don’t think I’ve ever seen anything so craven heretofore.
In spite of gloomy news about housing coming from virtually all directions, a new survey reveals that 70 percent of Americans would advise friends and family to buy a house, Thomas Wilson, CEO and chairman of the insurance company Allstate...
"Housing went from being the preeminent investment of choice to toxic waste," added Richard DeKaser, an economist with the Parthenon Group.
This was a wide-ranging talk on US housing with the very well informed hosts at BNN. Enjoy!
How can you possibly settle when you don’t know the extent of the abuses? Yes, I know this is intended to be a whitewash, but in the stress tests, the Administration engaged in a lot of persuasive-looking theatrics to somewhat disguise the fact...
The reasons why provide further proof that this proposal is just another example of throwing taxpayers under the bus to save the banks from suffering the consequences of their incompetence and criminality.
Many investors are simply examining the short term attractiveness of a cheap price and forgetting that they are buying in a desert community that relies heavily on cheap oil. Cheap oil is now a thing of the past.
But other regulators, including the Office of the Comptroller of the Currency, which oversees national banks, and the Federal Reserve, do not favor such a large fine, contending a small number of people were the victims of flawed foreclosure...
The invidious cowards who inhabit Washington are unwilling to restructure the largest banks and GSEs. The reluctance comes partly from what truths restructuring will reveal. As a result, these same large zombie banks and the U.S. economy will...
In January, 358 new-home permits were issued in the region, a 20-year low for the month. New home sales totaled 387.
For those of you who feel these global events are unrelated to your neighbors foreclosed house across the street, listen closely. This “Real Estate Depression” has occurred with the most favorable interest rate environment possible...
Contracts for pending sales of previously owned U.S. homes fell faster than expected in January to the slowest pace in three months, data from a real estate trade group showed on Monday.
It suggests what we have long argued: that failures to convey loans as required by securitization documents are widespread, if not pervasive. Now that servicers and foreclosure mills are finding that a lot of judges no longer take them at their word.
Tom Miller may not realize that keeping homeowner victims in the dark while negotiating with the perpetrators is the wrong way to approach criminal activities. But the rest of us do.
Greg Swan called housing bears "flying monkeys" right as Phoenix, Arizona peaked. I believe congratulations are in order. It's not easy to be that boldly inept.
Nevada led the nation in distressed sales with a staggering 57 percent share – Arizona and California weren’t far behind, at 49 percent and 44 percent, respectively.
As more than $113 billion worth of home equity has vanished from South Florida’s housing market in the past five years, the number of homeowners with mortgages that are larger than the values of their properties has become enormous.
Obama should be punishing the big banks that sabotaged the American dream of home ownership -- instead he's giving them the whole enchilada.
Going forward, the bank is accepting FHA loan applications from borrowers with credit scores as low as 500, though they must come up with a 10 percent down payment and sport a maximum debt-to-income ratio of 31 percent.
Short answer: Not very well.
As lenders are scrambling about to avoid the legal ramifications of fraudulent foreclosure documentation, another wave of foreclosures is expected to hit the market this year due to resetting mortgage interest rates of option adjustable rate...
MERS - The Mortgage Electronic Registration System issues an Announcement that appears to be an attempt to put the genie back into the bottle Summary: MERS has told its members not to foreclose in its name on home loans, effective immediately.
Foreclose in your own name, and come to court with your documents - real ones (if you have them, and I bet in many cases they no longer exist!) or buzz off for the next three months. That ought to have a really interesting impact on the housing...
Allow me to spell this out for you more specifically: MERS is an abomination, a legal blasphemy that should be destroyed before it unleashes the four horsemen of the apocalypse.
