Mortgage Archive

Re: Mortgage Re- Defaults Rising, No Sign of Slowing

[Skip to the end] >    >   On Mon, Dec 22, 2008 at 12:29 PM, Bill wrote: >    >   The dominant reason loan modifications fail IMMEDIATELY is >   because the borrower’s financial condition is far worse than >   your records indicate. The most likely reason that’s true is >   that your loan officers instructed the borrower to lie ...Read More

NYT: Mortgages

[Skip to the end] (an email exchange) >    >   On Mon, Aug 4, 2008 at 7:50 AM, Russell wrote: >    >   I am more and more convinced housing is not near a bottom. >   Granted, I have no idea what the recent Housing Bill will do. But I >   think housing problems are going to cover ...Read More

Proposal for mortgage ‘crisis’

As previously proposed a few years back: Fund agencies (fnma/freddy) through the US Fed Financing Bank that funds directly with Treasury at Treasury rates. This lowers costs for the agencies that gets passed through to borrowers and removes liquidity issues for agencies. Shareholders are still at risk of mortgage defaults; so, market ...Read More

U.S. Job-Market Weakening Is Led by Self-Employed

Keeps getting stranger by the day. Next thing they’ll be saying is GDP really fell in Q3 and Q4, but the drop was all in off the books transactions. By the way CNBC actually put positive, overstated spin in the headlines on a couple of things. They said mortgage applications were the ...Read More

Refi madness

Homeowners rushing to refinance mortgages Federal Reserve’s surprise rate cut sparked a refinancing boom This week’s surprise rate cut by the Federal Reserve not only held Wall Street and investors in thrall, it’s also kicked into high gear a rush by homeowners across the country to refinance their mortgages at today’s lower ...Read More

2008-01-21 Update

Major themes intact: weak economy higher prices Weakness: US demand soft but supported by exports. US export strength resulting from non resident ‘desires’ to reduce the rate of accumulation of $US net financial assets. This driving force is ideologically entrenched and not likely to reverse in the next several months. In previous ...Read More

Re: Is $700 billion a big number

(an email and an article) On Dec 23, 2007 5:37 PM, Russell Huntley wrote: > > > > For a very bearish take on the credit crisis, see: Crisis may make 1929 look > a ‘walk in the park’. The article includes a $700 billion loss estimate from > the head of ...Read More

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