Housing Archive

Washington Mutual to take writedown, cut jobs

Yet another shoe that didn’t fall. No business interruption, no change to aggregate demand, a relatively few layoffs over time, and this is a major California lender where housing is hurting perhaps the most of any state. Washington Mutual to Take Writedown, Cut Jobs (Update1) 2007-12-10 17:00 (New York) (Adds writedown in ...Read More

Dodd’s novel idea for subprime borrowers

Dodd’s bill has similar goals to one passed by House lawmakers last month. It would enact stricter standards for subprime loans made to borrowers with poor credit — and for other “nontraditional” loans that allow borrowers to defer principal or interest payments, according to an outline distributed at a briefing for reporters ...Read More

UBS to sell stakes after $10 billion in subprime losses

Another example of a chunk of the losses being contained on Wall Street, and not leaking to Main Street this will now have zero effect on aggregate demand and there seems to be no business interruption. So as long as the losses stay spread out enough to not impair business operations and ...Read More

MBA Mortgage Applications Index for Nov. 30 shows lower rates

interesting how mtg rates are lower than at the Oct 31 fed meeting. U.S. MBA Mortgage Applications Index for Nov. 30 (Table) 2007-12-05 07:00 (New York) By Terry BarrettDec. 5 (Bloomberg) — Following is a summary of U.S. mortgage activity from the Mortgage Bankers Association. Nov 30 Nov 23 Nov 16 Nov ...Read More

FreddyMac house prices fall

NOTE THE HEADLINE BELOW VS THE STORY-PRICES ARE STILL UP YEAR OVER YEAR: Home Prices Suffer Biggest Drop In 25 Years (Reuters) U.S. home prices dropped the most in a quarter century in the three months to the end of September on an annualized basis as inventories, restrictive lending and a credit ...Read More