FHA chatter; News from MERS, Wells, Flagstar; Home price index not as bad as feared

  As my grandfather used to say, “If you find yourself in a hole, the first thing to do is stop digging.”* Apparently the folks at Sunwest Bank , out of Tustin, CA, felt the same way. Clients received a letter saying, “I regret to inform you that as of October 2, 2009, Sunwest Bank will be suspending its mortgage banking operations. [more...]

Date: 2009-09-29 19:04:07

Blog posts (481) | Videos (363)
 

Even as Congress tries again to pass the behemoth $700 billion Wall Street handout bailout news comes from California of a $7 billion problem that ... need an emergency loan of up to $7 billion from the federal government within weeks, the Los ... U.S. state's cash reserves may be exhausted near the end of October, and various state-funded services [more...]

Date: 2008-10-03 22:53:53

DrumBeat: October 11, 2008

GPS could save airlines billions in fuel costs CHICAGO - A World War II-era air traffic network that often forces planes to take longer, ... expensive — still makes sense because the cost of driving is almost as bad and driving takes longer ... crisis is not just some kind of bad dream, but the new reality. With globalization, it is clear [more...]

Date: 2008-10-11 13:14:59

The First To Fall And The Last To Rise

The Manteca Bulletin reports from California. “In the go-go days of stratospheric housing price increases some newer neighborhoods - such as Woodward Park, Diamond Oaks, and Villa Ticino - were seeing prices jump as much as $5,000 a month. Now those neighborhoods have returned back to earth as closed deals so far this month signal that banks are [more...]

Date: 2008-10-11 18:59:11

To the rich go the spoils

By BJ One of the reasons that I'm highly skeptical that the economic downturn sparked by the credit crisis will be easily or quickly reversed is ... institutions, while putting taxpayers on the hook for trillions more in far-less-than-certain loan-backed ... at least $1.6 billion went that the executives won't be feeling too bad: Banks that are getting [more...]

Date: 2008-12-23 13:20:08

Emergency Cash Payday Loan with Jiffy Cash

Emergency Cash Payday Loan What is an Emergency Cash Payday Loan? An emergency cash payday loan is a small personal payroll advance loans completed online. It is by far the best and quickest way to obtain the fast cash loan you need. Is it hard to get Emergency Cash Payday Loan? Absolutely not! Getting a Payday Loan Emergency Cash from JiffyCash. com is one of the easiest things that you ever make. We are really doing every effort to get short term personal payday loan as easy and stress free as possible. [more...]

Date: 2009-09-29 01:53:04

It’s Back To Reality In California

The Glendale News Press reports fromCalifornia. “Beset by a distressed economy and a soaring number of city inspections, the FourOneSix mixed-use condominium project on Broadway Avenue has pushed back its opening to January and will wait until its debut to push ahead with unit sales, officials said. Sales have been slow at the FourOneSix project [more...]

Date: 2008-10-06 19:59:29

Happy Days Are Here Again – The Resurgence of FDR

By Irwin Nowick This week we saw why in times of economic uncertainty the American people in their infinite wisdom always – as they must - turn to the Party of Franklin Delano Roosevelt and Harry Truman for their protection. Growing up on the North Shore of Long Island my late mother – heir to what on paper was the upper [more...]

Date: 2008-09-19 11:36:08

People Who Were Well Off Are Feeling Nervous

The Princeton Packet reports from New Jersey. “Mercer County’s more affluent communities, including Princeton and West Windsor, have experienced an increase in foreclosure notices during the past year, according to an analysis by The Packet. Both towns have seen a tripling of initial notifications of foreclosure proceedings, year over year [more...]

Date: 2008-09-01 15:41:01

The Bailout Busts - What’s Next for Americans

Lord, have mercy. I look at the news in the morning and am shocked & appalled only to receive some fresh, ... in their largest one-day point drop ever. Credit markets, whose turmoil helped feed the stock market’s angst, froze up further amid the growing belief that the country is headed into a spreading credit [more...]

Date: 2008-09-29 23:41:12

Massive Bailouts Hide Behind Housing; Nastier Problem Looms

The rules of Capitalism are being rewritten by the U.S. government, but few people are being told the entire reason why ... not trusting each other. Would you lend to another bank that might be holding billions of bad housing securities? But a big part of the problem is a shadow economy know as credit-default swaps [more...]

Date: 2008-09-20 16:53:21

Central Banks Anticipate "Mother of Year-Ends" 'Liquidity Crunch

We noted a few weeks ago that between large amounts of short term financial firm debt maturing in the third and fourth quarters, ... last year, which was bad enough to lead to emergency intervention. From Bloomberg: The Federal Reserve may have to increase the cash it provides to banks and brokers, already a record, to help them [more...]

Date: 2008-09-11 15:04:44

Don’t Lock Today’s Buyers Out of Homeownership

It seems that down payment assistance programs (DPA) create a genuine divide among real estate professionals ... or VA loan as they were opposed to contributing the few hundred dollars in fees that those programs ... by corporate greed and bad business practices. Today’s buyers attempting to use DPA’s are a different set [more...]

Date: 2008-09-17 20:57:32

1-17-2009 (Sat Afternoon) Fin. & Econ. Activity

At least 21,000 jobs were targeted for elimination yesterday as employers from Hertz Global Holdings Inc. to Advanced Micro Devices Inc ... -parts division. Hertz, the second-largest U.S. rental-car company, said it will cut more than 4,000 jobs ... by trading losses on mortgage bonds, the bank faces credit-card losses that surged to a record [more...]

Date: 2009-01-17 18:27:49

Highlights and Lowlights of BofA’s Earnings Call

Bank of America moved its earnings announcement up to this morning to soothe investors after The Wall Street Journal’s report that BofA would need ... and $27 billion in credit costs. Many of the problems originated at Merrill Lynch, which had a loss ... Goldman Sachs research analysts noted wryly in a research report this morning. BofA CEO Ken Lewis [more...]

Date: 2009-01-16 16:01:30

The Bush Economic Black Hole Is Pulling California Under

Even as Congress tries again to pass the behemoth $700 billion Wall Street handout bailout news comes from California of a $7 billion problem that ... need an emergency loan of up to $7 billion from the federal government within weeks, the Los ... U.S. state's cash reserves may be exhausted near the end of October, and various state-funded services [more...]

Date: 2008-10-03 16:12:22

Bailing out the porn industry

by Rick Herschlag The porn bubble has burst. What for decades had been a growth industry has now gone limp. Popped a rod. Deflating as it may seem, millions of us saw it coming. You know the next part like a bad movie ... will be lost if we do not infuse the adult entertainment industry with countless billions in cash [more...]

Date: 2008-12-19 12:25:43

Next Stop For the Housing Crash: China

Chinese government economists and regulators are speaking publicly about systemic risks in real estate ... them to tighten loan approval processes. Lending standards at Chinese banks are notoriously lax. The Chinese government uses the institutions as cash machines to provide cheap financing with little [more...]

Date: 2008-07-24 11:35:00

How To Save Your Home From Foreclosure

Recently, Passive Dad asked me about free creative ideas to help friends facing foreclosure ... if you qualify for FHA home loan. Cancel services that you don’t need without paying unreasonable penalty ... away knowing that it’s not worth the effort — i.e., too far upside down, bad mortgage term [more...]

Date: 2008-10-03 11:40:48

Battle Over Bazooka Point Lending

Paulson asked for and received the right to do damn near anything he wanted with the $700 billion bank bailout money appropriated by Congress ... it."The operative words in that sentence were "For now".Because of rising unemployment, rising credit card defaults, rising foreclosures, and the need to increase loan loss reserves, banks are sitting [more...]

Date: 2008-11-11 05:05:00

Personal Balance Sheet, September 2008 ($171,916, -0.8%)

Every month, I publicly review my personal financial condition. If you’re wondering why I post under a pseudonym, Flexo, this is the primary reason ... . Here is a review of my account balances and “modified net worth.” Click on the following report ... checking out NetworthIQ. If you’ve been following Consumerism Commentary, you may have noticed [more...]

Date: 2008-10-04 14:51:00

Creative Financing In Large Real Estate Transactions

I have a friend who has fallen on hard times, and he owns home that is (was) ... the valuations have fallen so far. Use Your IRA To Help Reduce Your Mortgage Balance The first thing ... collateral that they can borrow against. In the case of somebody who is trying to finance (or refinance [more...]

Date: 2008-10-10 12:38:03

DrumBeat: August 12, 2008

High gas prices make motorists click on carpool sites NEW YORK — Robert Gilliland didn't think much about carpooling until gas prices got out of control. Now, he's happy to trade his motoring freedom for $120 in weekly savings. Gilliland found one rider through the classifieds website Craigslist and another using the carpool-matching service [more...]

Date: 2008-08-12 12:54:13

36 Symptoms Of Money And Financial Problems

Are you headed towards a financial disaster? You may not know it yet but your current lifestyle could be leading you into a pit of debt ... off old debts. money-problems You get denied or turned down for a loan or credit card ... some people are oblivious of their state, a good number also try to live in denial of their bad [more...]

Date: 2008-09-04 00:21:23

Dow jumps 600 as US government pledges bank aid

NEW YORK - The Dow Jones industrial average rebounded as much as 600 points today as Wall Street snapped back from last week's devastating losses ... work through their concerns about the banking sector, the stagnant credit markets and the overall ... the market has started to carve out a bottom and that the credit markets where many companies turn [more...]

Date: 2008-10-13 17:47:29

It Isn't Over Until the Fat Lady Sings

Big caveat: even though we have very strong opinions, we do not give investment advice. What we provide (aside from commentary) ... . ``The patient that got drunk on credit growth needs to go into rehabilitation. To give him more alcohol ... or not the market signal is correct, we don't see the credit/economic [more...]

Date: 2008-10-21 07:42:03

Sellers Aren’t Getting What They Want

Leesburg Today reports from Virginia. “Long lines. Price wars. The decision became easy. She and her fiance finally bought the one townhouse they won on price. Fueled by a lot of emotion, the couple wanted what many others continue to seek today, a place to call home after their wedding. It didn’t turn out to be the fairytale they imagined [more...]

Date: 2008-09-19 13:59:47

about it recently, but this weekend's festival is actually a pretty big deal. Historically, local giant fests don't go so well when set up near New York, but this one seems to have the backing and support to actually get done right. First off, it certainly helps to have a band like Radiohead headline two nights [more...]

Date: 2008-08-08 18:53:54

Avoid These Three “Short-Term” Loans

Payday Loan Storefront In an ideal world, when you needed to borrow some money, you could just walk into your bank and just ask ... earned from folks who didn’t know they were getting a loan in the first place? Probably more than you’d think. Payday Loans Need a few extra bucks to make it through to your next paycheck? How [more...]

Date: 2008-11-03 10:50:51

Easy No Credit Check Loans

by Justin Finn No credit check loans are easier than one may think to obtain. For those of you with bad credit this may be the only type of loan that you will be able to get. You can get no credit check loans and rebuild your credit at the same time by paying it one time, every time. With these types of loans, bad credit does not affect your chances of getting the loan, nor does it hurt your credit rating as most of the time they are not reported to the credit agencies. [more...]

Date: 2009-09-29 17:16:25

Unforeseen Repercussions All Around In Florida

The Palm Beach Post reports from Florida. “Here in the eye of the nation’s financial storm, the Fed sits motionless, ... plenty of money’ in an equity loan.” “Silver said she wishes the Fed would cut rates and lenders would relax loan standards to boost home sales. But she is not optimistic for the short term. No matter [more...]

Date: 2008-08-07 14:10:02

Mortgage Has Become A Dirty Word

The Times Union reports from New York. “Condos are a relatively novel housing type in both Catskill and Greene County, meaning the Tower project was an experiment of sorts. The units were rentals at first, but Tower bought the Marina Drive property in 2003, added 14 townhomes to the site, and last year put them up for sale [more...]

Date: 2008-10-01 15:15:55

Gates of Vienna News Feed 10/5/2008

USABailout Bill Loops in Green Tech, IRS SnoopingCrowds Again Gather to Pray Before Image in WindowElection Precinct in Islamic Center That Hosted Extremist’s VisitMilitant Obama Youth March to ‘Alpha, Omega’ ChantN.Y. Times Whitewashes Obama-Ayers ConnectionRacism Without Racists Europe and the EUExtradition Bid Raises Fears of ‘Thought Crime’ [more...]

Date: 2008-10-06 00:49:00

BANKS FACE ANOTHER BAD YEAR IN 2009

Rising loan losses, the threat of more regulation and tougher competition adds up to another year of poor profits for banks BY DAVID ELLIS ... a significant deterioration in the health of their credit cards and home equity loan portfolios ... bad the outlook for 2009 is just as dismal. It may seem hard to imagine how 2009 can be worse than [more...]

Date: 2008-12-22 15:14:10

Breaking Down the Detroit 3 Bailout Plans

Yesterday, GM, Ford and Chrysler released official plans to Congress in hopes of securing federally backed loans to survive ... car sales. 22 of 24 new models between 2009 and 2012 will be cars or crossovers. Meaning ... all corporate jet operations. Reduces total dealers by 1,750 by 2012. Reduces engine sizes: “Eight [more...]

Date: 2008-12-03 17:36:09

Things You Tend Not To Spend Much Time Thinking Seriously About When Making A Decision To Relocate

I have had this item on my blogging to-do list for probably 18 months now, without attempting to address it ... s start with credit history, something discussed in this blog a long time ago. Or, rather, your lack of such overseas, which will hamper your efforts to obtain auto financing or even apply for local credit [more...]

Date: 2009-01-15 20:29:06

David Sirota: Top 5 Reasons to Vote Against Paulson's $700 Billion Bailout

There's news this Sunday afternoon of a congressional deal to bailout Wall Street fat cats with $700 billion of taxpayer cash ( ... INHERENT FISCAL INSANITY COULD MAKE PROBLEM WORSE When an individual consumer uses a new credit card to pay off astounding debt from an old credit card, it's called kiting, and in many cases [more...]

Date: 2008-09-28 23:35:52

Built On A Fallacy

The Pittsburg Post Gazette reports from Pennsylvania. “Howard Hanna III has never seen a real estate market like this — and he has been keeping an eye on real estate for the past 40 years. Falling interest rates and generally low unemployment typically prompt home owners to expand their homes or trade up. But Mr [more...]

Date: 2008-09-29 13:06:00

Now is Not The Time to Panic

“I know people are scared watching the markets unravel. Don’t panic. That is the worst thing that you could do in a market like this. Think about it ... and remember this too shall pass. We will not fix decades of overspending, a housing bubble and credit ... was one approach to fixing the financial institutions that we need to remain healthy [more...]

Date: 2008-10-07 16:39:05

Deal Journal] Bottom Feeding: Banco Santander of Spain is in advanced talks to take full control of Sovereign Bancorp, ... the credit crisis? Look to a measure called Value at Risk, or VaR, explains Gordon Crovitz. WSJ ... a program to buy mortgage-backed securities. The United Arab Emirates will guarantee domestic bank [more...]

Date: 2008-10-10 14:10:24

Mortgage Market Week in Review

I want to apologize for the delay in getting this out until Saturday.   Due to some technical difficulties and some new things I’m going to be implementing, Friday was spent working on computer issues.   Yeah, I know, a fun way to spend a Friday….. So, here we are at the end of the week and what’s happened? [more...]

Date: 2008-11-01 17:23:56

Loan Market Suffering Sharp Writedowns

While all eyes have been fixed on the interbank market, and the plunge in the Baltic Dry Index has also garnered some attention, ... of redemptions, margin calls and further redemptions can only make us nervous on loan and credit spreads ... of cash on hand at this point to cope with redemptions, in credit we are not so sure.” He added [more...]

Date: 2008-10-20 13:03:00

There's No Free Lunch, Mr. Lutz

There’s No Free Lunch, Mr. Lutz By Joe Nocera From my colleague Micheline Maynard (my first guest blogger!): Robert A ... industry reality: buyers want more fuel-efficient vehicles. His rationale is that tight credit ... that will be necessary to shift the plants from pickups and S.U.V.’s to building small cars and crossovers. Mr [more...]

Date: 2008-09-02 16:40:04

No Credit Check Loans

by Justin Finn No credit check loans are easier than one may think to obtain. For those of you with bad credit this may be the only type of loan that you will be able to get. You can get no credit check loans and rebuild your credit at the same time by paying it one time, every time. With these types of loans, bad credit does not affect your chances of getting the loan, nor does it hurt your credit rating as most of the time they are not reported to the credit agencies. [more...]

Date: 2009-09-28 19:06:42

Wall Street Hyperbole and the Real Estate Markets

Tell a friend to subscribe to the RSS feed and we *might* tell Santa to not leave coal in your stocking this year! ... ), provable income and assets in line with the loan amount being requested, and a credit score above ... qualification: credit, cash (down payment or true equity) or income, they got approved somewhere.  Today [more...]

Date: 2008-09-16 20:42:21

Fannie and Freddie to Announce Mass Loan Modification Program

re-default. This may also further erode investor confidence in residential mortgage backed securities, ... monies to put towards housing payments. Step 3) Start Improving Your Credit Rating This can take a long ... you pay your bills on time, that you have good credit.  Paying your bills on time only accounts for 30 [more...]

Date: 2008-11-11 19:02:07

Why Does The GOP Want To Destroy The Auto Manufacturing Sector?

Three dangerous reactionariesI can't say what I liked less as a kid, going to the dentist or going to a Broadway musical. But I've never gotten one musical, or one scene from a musical, out of my head. I was around 10 when my mother dragged me to see the musical adaptation of Al Capp's comic strip, Li'l Abner, at the St. James Theater [more...]

Date: 2008-11-17 16:00:00

How to Prepare for Buying a Home

This is a guest post from Jim, my friend and colleague at Blueprint for Financial Prosperity ... of thousands, over the life of your loan. Don’t buy a car. Don’t take advantage of 12-month 0% financing “ ... then, a house would could be listed on Friday and a contract signed by Monday. It was easy to get a loan [more...]

Date: 2008-09-03 12:00:29

End Game

This is my 603rd and last column for pbs.org. If you want to continue reading my work, please visit http://www.cringely.com, which is also in this week's links. Thanks for your support. Everybody in my line of work writes prediction columns for the coming year, but I wonder how many we will see this time around? The world is unsettled [more...]

Date: 2008-12-16 15:01:01

Why I'm still concerned about yesterday's vote and its impact on the economy

I find fascinating this entire discussion of whether or not voting down the bailout bill yesterday poses an economic danger to the US ... that all is not lost. But credit markets are still frozen. Practically no one in America can get a loan right now. No one. So I decided to use the Google and find out more about what this credit crunch really [more...]

Date: 2008-09-30 16:57:50

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