In a move that could either send BAC stock limit down overnight or send it soaring (we are still trying to figure out just what is going on here), the NYT has broken major news that the US is preparing to go nuclear on more than a dozen big...
An informative walking tour of the damage done to my hometown of Scottsdale, Az., from Hurricane Fannie Mae, a hurricane that has caused more damage to housing across the land than hurricanes Katrina and Irene combined. You’ll enjoy the tour.
Countrywide did not disclose to investors that it failed to properly transfer the mortgages to the securitization trust from which they were sold…..This means that investors would not have an enforceable or secured interest in the mortgages.
“It’s a political hail Mary. It’s unclear why they want to throw a monkey wrench into a $5 trillion market,” said John Kerschner, head of securitized products at Janus Capital Group in Denver. He said the net benefits for the economy are negligible..
It makes "fixing" the GSEs difficult - or impossible. Nobody's going to take them at the coupon everyone wants to see without a guarantee by the government, which means the GSEs now become permanent wards of the state.
Some readers might be surprised at the sizable declines in the homeownership rates for younger householders...
Home builder KB Home (KBH) is seeing increased demand for what it calls double master suites, two large bedrooms with attached bathrooms to accommodate parents living with their adult children...
It is Bernanke that is frustrated that his low interest rate policy has not resulted in more ReFi’s. You can also take as a fact that Bernanke wants something done on mortgage relief.
The July Mortgage Monitor report released by Lender Processing Services, Inc. shows that foreclosure timelines continue their steady upward trend, as a payment has not been made on the average loan in foreclosure in a record 599 days.
The analyst thinks that 35% or more of Bank of America's loans might end up going into default, versus the 5% the bank says are in default today.
The attorney general of Nevada is accusing Bank of America of repeatedly violating a broad loan modification agreement it struck with state officials in October 2008 and is seeking to rip up the deal so that the state can proceed with a suit against
To facilitate the shredding of mortgage files and thereby keep the extent of past rampant mortgage fraud in the mortgage-backed securities market a secret
The much delayed Case Shiller update for June is out, and it is both worse and better than expectations: year over year, the number printed at a -4.5% decline...
Ooh, this is getting to be fun. Now the FDIC has weighed in too.
Obama appears to be gearing up to try to Do Something on the housing and general economy front. Readers have no doubt wised up to the fact that Doing Something, Obama Administration version, generally consists of largely cosmetic...
PopSci explores the geodesic dome's brief wave of popularity
Prices are going up, better act fast. Alternatively, prices are falling, homes won't last long at these prices.
The crazy thing is that robosigning is apparently still going on. Right now, the “settlement” talks are the equivalent of law enforcement negotiating with a serial killer over whether he’ll get a parking ticket, even as he continually sprays bullets
The idea that you can do something at no cost to fix the housing market is pure lunacy.
The granular, organic, whatever you want to call it…non-distressed market is withering away. Sellers are afraid to put their homes on the market for fear of losing too much equity, which means there are fewer potential move-up buyers.
I’ve been wondering when cash strapped states might look to the apparent failure of mortgage securitizations to adhere to REMIC rules as a possible trigger for tax assessments.
Now, let's get this straight. Is banning short selling equivalent to telling outright lies? No it's not. But it IS equivalent to not telling the truth. And that is, whatever you may think about this, a strange thing to be confirmed in official policy
[S]tealing is pretty much the worst thing that a bank can do — and these banks just finished the longest and most orgiastic campaign of stealing in the history of money.
For those who believe that Republicans: Corporate Kleptocrats and Democrats: Supporters of The People, you had damn well better wake the hell up.
U.S. home prices fell 5.9 percent in the second quarter from a year earlier, the biggest drop since 2009, as foreclosures added to the inventory of properties for sale, according to the Federal Housing Finance Agency.
Did you get it? They said that these procedures were standard between the two companies, which was to “..to memorialize the transfer of ownership lender to the securitization trust” right before initiating foreclosure.
The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing.
Iowa Attorney General Tom Miller said in a statement yesterday that Schneiderman's office had "actively worked to undermine" the effort.
ABC News reports that the bank made a mistake earlier this year, by initiating the foreclosure process on an elderly couple that had the audacity to submit a mortgage payment a week early.
A federal bankruptcy court on Monday issued a ruling calling into question the very ability to foreclose upon a MERS-held mortgage.