90% of loans are sold to Fannie and Freddie . Thus, 90% of loans will be exempt from the new rule.
I strongly suspect that the intent is to pull as many contested foreclosures as possible out of the court process, particularly those that involve chain of title issues, since enough adverse rulings have the potential to blow up the entire...
So in one corner, a wealthy and likely politically connected law firm gets off easy despite widespread reports of abuses in Florida while little guys are presumed guilty and denied a remedy that lenders actually prefer because they come out ahead...
A new study from the Center for Responsible Lending, “Fix or Evict? Loan Modifications Return More Value than Foreclosure,” found that families facing eviction outnumber those who received a loan modification by 12 to 1.
This is now officially the worst housing crash since the Great Depression. Putting aside hyperbole new home sales fell 80 percent from 1929 to 1932. Those years, if you know a bit of history were not model years for the U.S. economy.
Banks would pay borrowers who are more than 90 days behind on mortgage payments up to $1,000 to seek independent financial advice and up to $20,000 in cash as a “fresh start” payment towards living costs in a new home.
Four states are considering legislation that would prohibit or restrict the use of “distressed sales,” such as foreclosures and short sales, as comparable sales as a part of a residential real estate appraisal.
The fact that HAMP was an embarrassment appears to have led to the bizarre conclusion that the remedy is better modification theater...
In 2010, the median sales price paid for an existing mobile home in Alameda County was $40,000, down 53 percent from the $85,000 median paid in 2006, the year before the real estate meltdown began.
The phrase that made me chuckle was “despite the surprise plunge in sales, economists do not believe a new downturn is underway” Are they nuts?! We are plunging to new all time lows for many housing indicators and we are not in a new downturn?
In both real and nominal terms, the 2000s saw home prices go ballistic.
Once we get into the 2012-14 timeframe, then I expect a third phase shift will drop prices back to 1987 levels. As many observers have noted, bubbles don't retrace to historical averages--they over-correct to extremely low values.
Several key housing indicators that predicted last year’s double dip in metro Phoenix home prices are now showing the market could be poised to start a slow rebound.
At just 250,000, this was the lowest annualized new home sales number ever. So on one hand you have a TV clown tell you the housing market bottomed in August 2008, on the other you have a pathological tax cheat Welcoming all to the recovery...
They are getting quite a bit of help from Fannie and Freddie not making claim at all. Why not? Well, if the GSEs did put in claims, the PMIs would quickly go bust and Fannie and Freddie would report losses. So the failure to put in claims is yet anot
But irrespective of the cause, the outcome is that these pro se clients mess up foreclosure mill economics by behaving in non-standard and time-consuming ways; hence they need to be dealt with.
Last October, when everyone was jubilant about the housing "recovery," Gary Shilling of A. Gary Shilling & Co., predicted that house prices would fall another 20%.
Yesterday, ABC15 News in Phoenix did a feature on seller financing which made it sound like it could be a good deal. When I checked out the website of the company they featured, Arizona Sellers Financing, I was pretty horrified at their terms.
The annual rate is at 4.88 million in sales. Expectations were for an annualized 5.15 million.
Today, Robertson's house remains on the market. It is part of a growing collection of homes that real estate insiders dub "birthday houses," a term that refers to any property that has gone unsold longer than a year.
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!
As many as 51 percent of Arizona homeowners are underwater, according to new data from CoreLogic.
479,000 annualized, that's a 22.5% fall on last month.
Given how well “shock and awe” worked in the Iraq war, I’d see the Administration’s use of that expression in the context of the mortgage mess as a Freudian slip.
The promise of palm tree groves and low-priced real estate lured Alan and Katherine Ackerly across the Rocky Mountains from Denver to Nevada in 2004, where thousands of new houses beckoned brightly as any neon sign. They came to buy their retireme
CoreLogic’s latest reports shows .. Statewide values were down 4.25 percent for the year ended January vs. a 2.6 percent year-to-year drop in the previous month.
Two people who have been briefed on the discussions, but who asked for anonymity because the deal was not final, told me last week that no witnesses had been interviewed and that the coalition had sent out just one request for documents...
Derivative structures allowed certain corporate players to employ 90x+ leverage, there is no wonder what happened when the housing market dropped 36% and the CRE market dropped 42%. Believe me, dear readers. They are not finished falling.