Don’t worry, says the state agency that’s running radio ads about how you can get a home with (almost) no cash. This time, they’ve got it all figured out.
Sure about that?
via JSOnline.
Aug 29
According to a report published by Federal Housing Finance Agency (“FHFA”) on Thursday, government-backed mortgage finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) lost $226 billion in capital in the last three years.
via – Seeking Alpha.
Aug 28
The delinquency rate on home equity loans is higher than all other types of consumer loans, including auto loans, boat loans, personal loans and even bank cards like Visa and MasterCard, according to the American Bankers Association.
Lenders say they are trying to recover some of that money but their success has been limited, in part because so many borrowers threaten bankruptcy and because the value of the homes, the collateral backing the loans, has often disappeared.
The result is one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up.
via NYTimes.com.
Aug 27
America is a “Mickey Mouse economy” that is technically bankrupt, according to Jochen Wermuth, the Chief Investment Officer (CIO) and managing partner at Wermuth Asset Management.
“America today looks like Russia in 1998. Consumers, companies and the government are all highly indebted. America as a result is a bankrupt Mickey Mouse economy,” Wermuth told CNBC.
via CNBC.
Aug 27
The Securities and Exchange Commission alleges that Countrywide Financial Corp.’s ex-chief executive Angelo Mozilo approved loans for favored borrowers that contradicted the company’s lending policies.
via WSJ.com.
Aug 23
The Federal Trade Commission has adopted rules combating telemarketers who advertise “debt relief services” that make deceptive representations to consumers.
Aug 21
Gross sees what we all know – while the housing bubble may have deflated, the mortgage bubble is alive and well, thanks to artificially low interest rates. Left to an unfettered free market, rates would skyrocket, and the housing market would get smacked down once again.
via Seeking Alpha.
Aug 21
Mortgage lenders must now pay the difference if a loan’s closing costs come in higher than they estimated, which means no more lowballing to lure customers.
via – latimes.com.
