3rd Wave of Foreclosure Hits The Jobless
People With Traditional Mortgages Who Have Lost Their Jobs Are Now Facing Foreclosure (CBS) ... up. With a government job, good credit, and a 30 year fixed rate loan on her southern California house, Judy ... swept up are not greedy investors, or people who got in over their heads with bad loans, reports CBS [more...]
Date: 2008-11-29 06:00:20
Blog posts
(99)
|
Videos
(92)
Credit Crisis is Bad News for California
Thanks to the credit crisis, Gov. Arnold Schwarzenegger warns that the state may need a $7 billion emergency loan from the federal government to finance day-to-day operations. [more...]
Date: 2008-10-03 22:17:28
It’s Time To Cut Back In California
The Union Tribune reports from California. “ABA Recovery Service owner Marcelle Egley-Sparks said that in the past year, ... During its first 73 years, San Diego Metropolitan Credit Union never lost money on a real estate loan. That ended last year, when it wrote off $527,681 in bad real estate debt. The credit union also took [more...]
Date: 2008-08-24 18:28:13
Theft By Any Other Name
Let’s try a little experiment. The next time you have a bill due, whether it’s a utility bill, your mortgage or rent, credit card payment, ... s bad enough that tax agencies treat this overflow as a sort of zero-interest loan, now they’re ... to soften the sting) and you’ll have some grasp of the shenanigans the California Controller’s office [more...]
Date: 2009-01-02 03:32:40
That Giant SUCKUP Sound
Note: This column originally appeared at Pajamas Media on Thursday morning. _________________________________________________ Let’s see ... s separate from the bailout fund. Then there are the “efficient car” loan guarantees already on schedule ... had congressmen known how Treasury would really use the money. Too bad; now it’s too late. It’s not only [more...]
Date: 2008-11-22 13:40:51
Weekly Economic Potpourri November 29, 2008
Every week there are a numerous headlines that are worthy of mentioning but I simply run out of time. Here are a few headline news reports of interest from the past week.Japan’s Factory Output Falls as Turmoil Hurts ExportsJapanese manufacturers reduced production in October and plan further cutbacks as a worsening global financial crisis weakens [more...]
Date: 2008-11-29 18:46:00
Blocking, Tackling & Running: Leveraging a Crisis Into Real Change
There's a fairly well known cartoon of two scientists working out a problem on a chalkboard covered with complex equations and down in the circle is a little circle with the key step inserted in small print - "and then a miracle occurs". Wouldn't it be nice if we could take the same short-cut to fixing the horrendous shopping list of significant [more...]
Date: 2009-01-16 20:07:11
Could the Satyam/PwC fraud be the visible part of an iceberg? Where are India’s “Generally Accepted Accounting Principles”? Isn’t governance rather poor all over corporate India? Bad public finance may be a root cause
In a March 5 2007 article in The Statesman, I said: “Our farmers are peaceful hardworking people who should be paying taxes and user-fees normally but should not be otherwise disturbed or needlessly provoked by outsiders. It is the businessmen wishing to attack our farm populations who need to look hard in the mirror – to improve their [more...]
Date: 2009-01-08 07:40:36
Underwater In A Way We Have Never Seen
The Denver Post reports from Colorado. “David Craig knows how draining it can be to make payments on a home that is worth less than the mortgage ... not one, but two, homes valued at less than what’s owed on them. ‘You hear about how bad the economy ... who specializes in difficult home financing situations.” The Post Independent from Colorado. “ [more...]
Date: 2008-12-02 18:07:48
Government Lending Support Pledges and Measures At $7.4 Trillion
As correspondents and readers have pointed out, Fed chairman Ben Bernanke and the rest of DC is increasingly resorting to the playbook he suggested ... to lend or backstop up to $7.4 trillion to get the credit markets moving again. This figure comes ... or be renegotiated. Trying to prop up bad loans in place merely ties up valuable lending capacity [more...]
Date: 2008-11-24 19:18:49
The Poverty Business
Sorry if this appears to be an older article, and not latest headlines, just thought it was interesting - loki The Poverty Business Inside U.S ... into Byrider, Tsosie drove off, jubilant, in a 1999 Saturn subcompact she bought entirely on credit ... access to credit has put cars, computers, credit cards, and even homes within reach for many [more...]
Date: 2009-01-15 00:45:24
The Home That Was To Be Their Nest Egg
ABC 7 News reports from California. “Monday was just another day at Marsh Creek Elementary in Brentwood. School keeps kids focused on things other than the housing slump which has devastated this community. Just a few miles away is the City of Oakley where 620 homes so far this year have been lost to foreclosure [more...]
Date: 2008-12-03 18:28:57
Mortgage Rates, Scary Jobs Details, Investing in 2009, Russian Gas Dispute, and More!
by Addison Wiggin & Ian Mathias Mortgage rates plunge to record lows… but are they at the bottom? ... of the credit crisis. “That’s bad,” Byron King somberly explains. “We already have an aging work force ... to 2009… how to invest amid rife market manipulation If you’ve got money, credit and patience [more...]
Date: 2009-01-08 01:36:29
Unprecedented Fearmongering
Unprecedented Fearmongering Anytime President Bush warned us about being vigilant as we fought the terrorists, Democrats would chastize him for playing on people’s fears. It’s to be expected, though, that these same Democrats aren’t critical after President-Elect Obama delivered a speech that’s mostly fearmongering with a tiny hint of optimism [more...]
Date: 2009-01-09 16:00:01
The Brakes Are Not Working In California
The LA Times reports from California. “A record 10% of the nation’s mortgage-burdened homeowners fell behind on their loan payments or were in foreclosure during the third quarter, according to a survey released Friday by the Mortgage Bankers Assn., which said California and Florida were the biggest contributors to the worsening picture [more...]
Date: 2008-12-06 18:15:59
Credit Crisis Timeline
This is lifted from American Thinker, and by the way to the editor if you'd prefer I not take so much of the text leave comment or email me, ... to my article Why banks aren't the bad guysThe Growing Government Hand1933-1938President Franklin ... backed by the Federal government.1970President Nixon chartered Freddie Mac, the Federal Home Loan [more...]
Date: 2009-01-02 12:09:00
Bush WH Ignored Mortgage Meltdown Warnings
“In hindsight, it was spot on.” -Jeffrey Brown, former top official at the Office of Comptroller of the Currency, ... than many fixed rate mortgages,” David Schneider, home loan president of Washington Mutual, told ... by the White House. The proposed regulations might have avoided the worst fo the housing and credit [more...]
Date: 2008-12-01 19:43:15
Those Order Takers Are Now Gone In California
The Ventura County Star reports from California. “According to Bill Watkins, executive director of the UC Santa Barbara Economic Forecast Project…a foreclosed home in California sells for $200,000 less than a traditional home. Until foreclosures are worked through the market, ‘we don’t think the real estate market can clean itself up, [more...]
Date: 2008-12-27 18:47:48
No Credito Hoy
The New Year begins with our state no closer to a budget resolution than it was a week ago or a month ago ... , California is projected to run out of money in February, at which point the state will have to begin issuing ... at that prospective justice, keep this in mind, the Bee's article said:The bad news is that next in line [more...]
Date: 2009-01-02 08:10:00
California Mortgage Quote - Why is it Higher than Elsewhere
California mortgage quotes allow you to compare and contrast interest rates and evaluate the overall costs of securing a mortgage with various ... on! In addition, you should keep in mind that a California mortgage quote is dependent upon your credit history. Therefore, if you have bad credit, you may need to make corrections to ensure that your cre [more...]
Date: 2009-01-06 18:43:17
Are California’s Muni Bonds Golden?
Here is an opportunistic view of California’s fiscal difficulties ... state. The “general obligation” (or full faith and credit) bonds now yield about three times as much ... , and on time. “There’s a fair amount of bad news coming out of California,” he conceded. “So ‘perceived risk’ [more...]
Date: 2009-01-14 00:11:54
WSJ: "Housing Push for Hispanics Spawns Wave of Foreclosures"
From the Wall Street Journal:"Housing Push for Hispanics Spawns Wave of Foreclosures"By SUSAN SCHMIDT and MAURICE TAMMANCalifornia Rep ... with loans that often didn't require down payments, solid credit ratings or documentation of employment ... all congressional districts in percentage of home loans not tailored for prime borrowers. The caucus [more...]
Date: 2009-01-05 04:10:00
Naughty and Nice
It's undeniably been a busy year for higher education with financial crises, continued student loan controversies, ... followers of the student loan market this year. When credit and asset-backed securities markets froze ... , Pennsylvania, and others are all looking to slash spending on higher education. Student Loan Panic [more...]
Date: 2008-12-18 22:20:06
Ethical Subprime Lenders
As the financial crisis spread this fall, conservatives attempted to cast blame on the Community Reinvestment Act (CRA), a 1977 fair banking bill ... Credit Union. In California, the news on housing may ... like an advertisement but it’s the truth. We don’t do credit scoring; we do it after the fact in order [more...]
Date: 2008-11-20 18:35:10
Appraisal Fraud and Industry Standards Described in 2003 Official White Paper-RED FLAGS DESCRIBED IN DETAIL WITH EXCELLENT DIAGRAMS EXPLANATIONS AND DESCRIPTIONS OF BEST PRACTICES
loan_origination_mortgage_fraud_ffiecloan_origination_mortgage_fraud_prevention_response_nelsonRed Flags • Critical loan processing activities, such as verification of income, employment, or deposit, is delegated to brokers. • Delegated underwriting allowed for correspondents that are new or lack an established track record with the FI [more...]
Date: 2009-01-09 15:33:10
WEDNESDAY JANUARY 13, 2009
THIS SITE SUPPORTS ALL THE MEN AND WOMEN OF ALL POLICE DEPARTMENTS, EMS CREWS, IN ADDITION TO ALL SERVING IN THE CANADIAN ARMED FORCES, ... ANIMATED DOPPLER STORM RADARNortheast Next Snowstorm CANADA WEATHER WARNINGSNEW BRUNSWICK & MAINE BORDER WAIT TIMESALL OF ATLANTIC CANADA STORM WARNINGS:This Site GIVES you the news as it happens, 24 [more...]
Date: 2009-01-14 00:21:00
Housing Bubble Genesis: 5 Reasons that Didn’t Cause the Housing Bubble and 5 Reasons that did.
There is a danger in having power. Credit at least many decades ago was seen almost as an extension of the morality of the borrower. That is, the way credit was given many times reflected the capacity, collateral, and character ... and credit is tight for most average Americans just like it was back then. In this recent bubble [more...]
Date: 2008-12-31 22:46:03
Rising Default Risk In Pro-Forma Commercial Loans
The bond market is reeling from rising default risk in Pro-Forma Commercial Mortgages ... Federal Credit Union in New York. “They were underwritten with outlandish expectations on rents ... are starting to turn bad. In New York City, Stuyvesant Town-Peter Cooper Village, a housing complex in downtown [more...]
Date: 2008-11-21 03:34:00
The U.S. as a Banana Republic?
Plane Ditches in New York River, All Aboard are SafeReutersNEW YORK (Reuters) - A US Airways jet with 155 people on board ditched in the frigid Hudson River off Manhattan after apparently hitting a flock of geese on Thursday and officials said everyone was rescued."We've had a miracle on the Hudson," New York Gov [more...]
Date: 2009-01-16 15:10:00
A Housing Market Detached From Reality
The Ukiah Daily Journal reports from California. “Worried consumers, ... , assets, credit and long-term job stability,’ as requirements for a home loan, said Ginny Richards ... a loan with no money down and no proof of income are over. If you’re buying, Richards advises, ‘ [more...]
Date: 2008-11-22 17:46:53
Repossessed Car Owners Shocked After Being Sued By Car Lenders
The latest in reality shows is Operation Repo, a team of “highly paid professionals” in the San Fernando Valley of California who repossess vehicles from dead beat car owners. Some of those who had their autos repossessed in Florida ... to the Tampa Tribune , those who had their vehicles repossesed believed their car woes were over until [more...]
Date: 2008-12-29 15:51:27
By Saying Yes, WaMu Built Empire on Shaky Loans
As a supervisor at a Washington Mutual mortgage processing center, John D ... the relentless pressure to churn out loans that produced such results. ... During Mr. Killinger’s tenure, WaMu pressed sales agents to pump out loans while disregarding borrowers’ incomes and assets [more...]
Date: 2008-12-28 04:44:56
Presidents, Parents, Pioneers, Oh MY!
Presidents, Parents, Pioneers, Oh MY! Posted by Dustin in January 2nd 2009 Any way you slice it, 2008 was a BIG year–historic elections, historic crises, gains for equality and setbacks, as well. Through it all we were honored to share our thoughts and perspectives with you through the Family Equality Council Blog, [more...]
Date: 2009-01-02 17:13:13
The Vegas Decade
As I research the history of the mortgage meltdown, it's funny how often Las Vegas takes center stage ... -down option to borrowers with blemished credit. The FHA isn't a direct lender, but guarantees loan ... with bad credit to put money down on a house is UnAmerican and probably racist, at a homebuilder's [more...]
Date: 2008-11-21 10:32:00
Weekly Economic Potpourri November 22, 2008
Every week there are a numerous headlines that are worthy of mentioning but I simply run out of time. Here are some news items from around the globe from this past week.Obama Targets 2.5 Million Jobs With Stimulus Plan President-elect Barack Obama said he aims to save or create 2 [more...]
Date: 2008-11-22 22:23:00
Posts about Tri-State Real Estate (FL, GA and AL) as of January 16, 2009
Foreclosures And The Mortgage Meltdown Continues to Plague America - usreoproperties ... either being foreclosed upon or delinquent. The nation … package aiming to thaw the frozen credit ... 01/16/2009 Toyota is developing a miniature, environmentally friendly car that is powered entirely [more...]
Date: 2009-01-16 14:21:19
AEI Subprime IV.4: Zimmerman Presentation
Here is Housing Doom’s fourth installment of our unauthorized annotated transcript of the American Enterprise Institute’s September 30, 2008 seminar "The Deflating Mortgage and Housing Bubble, Part IV: Where Is the Bottom?" This is the presentation by Tom Zimmerman. He makes use of an extensive slide deck. [more...]
Date: 2008-11-22 07:01:39
Martial Law, the Financial Bailout, and War By Prof. Peter Dale Scott
Global Research, January 8, 2009 Paulson’s Financial Bailout It is becoming clear that the bailout measures of late 2008 may have consequences at least as grave for an open society as the response to 9/11 in 2001. Many members of Congress felt coerced into voting against their inclinations, [more...]
Date: 2009-01-13 14:05:21
What The Rise And Fall In Housing Has Done
The Ventura County Star reports from California. “Thousands of Ventura County residents were pushed out of their homes last year, ... a year ago because they see the price slide continuing and ‘want to get out before it’s really bad,’ ... with programs from some of the major lenders and loan [more...]
Date: 2009-01-15 18:16:59
Bring Back Paternalism in the Mortgage Market
Not Responsible—Tom Jones Now let me ask you something: Have you ever felt that you weren’t responsible for the things that you do? I do not like government paternalism. When Ronald Reagan came to power and began our 25 year experiment with government deregulation, I thought it was a good idea [more...]
Date: 2009-01-12 15:43:03
2008 Lookback: Of All the Nerve
Market meltdowns have a way of revealing the true nature of many people ... a Ponzi scheme, and not just as a result of trying to cover a few bad bets in 2008. Mr. Madoff ... it was not in favor of an auto-industry bailout, saying that “the American people aren’t interested in just giving [more...]
Date: 2008-12-24 09:54:00
Lending Club P2P: Review of New Post-SEC Changes, Free $25 Lender Bonus
Now that LendingClub has finished their SEC filing and is one of the only P2P lenders currently operating ( ... you get. Then you can simply compare this rate with your other options - credit cards, home equity loans ... conditions, remember that credit cards can only guarantee 6-12 months of a low rate, and home equity loans [more...]
Date: 2008-12-14 14:30:58
January 10 2009: Hornswoggled Absquatulation
Russell Lee Tobaccy Candy 1940 Pool hall, Shasta County, California Ilargi: The revolving doors between Washington and Wall Street are swinging like never before. Lawrence Summers and Robert Rubin are the finance powerhouses in the upcoming Obama administration. They were in the exact same place 10 years ago [more...]
Date: 2009-01-10 16:28:00
A Greater Depression?
The record drop in consumer spending in October is clear evidence of a profound weakening of the US economy. Even President Bush think thinks the situation is bad. At the G20 summit over the weekend, he said it was conceivable that the US “could go into a depression greater than the Great Depression“ [more...]
Date: 2008-11-17 14:11:33
Lost In A Sea Of Stark, Empty Houses And Vacant Lots
It’s Friday desk clearing time for this blogger. “Record numbers of Sonoma County homeowners are seeing property taxes fall, ... have been a little hard to swallow.’” “Bob DeKeulenaere says junk cars in his neighbor’s yard prevented [more...]
Date: 2009-01-02 17:57:28
Are you willing to go out and purchase a motorbike and want 5000 euro
The Dutch translation says: Woon je in Ridderkerk of Bloemendaal en heb je BKR. Lenen met een BKR notering is nergens zo eenvoudig ... dollar loan then a bank in Fitchburg Massachusetts and that makes a big clear gap in your monthly pay ... out if you can have a credit loan at a proficient percent rate. Many of the merchant banks wil show you a interest [more...]
Date: 2009-01-17 11:11:59
O.C. homes appraise 18% cheaper in a year Slice of Nixon’s Western White House? Only $15 million Bankruptcy sought for ocean-view homes in San Clemente Crystal Cove homesellers stubborn on pricing Higher-priced O.C. homesellers continue to discount Calif. home prices off 28.9%, nation’s worst drop O.C [more...]
Date: 2008-12-08 08:22:21
DrumBeat: December 12, 2008
U.S. Northeast Heating-Oil Delinquent Bills Top $100 Million (Bloomberg) -- Heating-oil dealers in the U.S ... -credit debt that is ranked in credit-reporting agencies and that affects their credit directly,” ... Petro-Canada in no rush to find U.S. refining space CALGARY, Alberta -- Petro-Canada will not look [more...]
Date: 2008-12-12 13:55:16
AEI Subprime IV.5: Whalen Presentation
Here is Housing Doom’s fifth installment of our unauthorized annotated transcript of the American Enterprise Institute’s October 30, 2008 seminar "The Deflating Mortgage and Housing Bubble, Part IV: Where Is the Bottom?" This is the presentation by Chris Whalen. He makes use of a slide deck. Here is the official transcript [more...]
Date: 2008-12-02 07:01:48
Nix Agonistes
Maybe those payday loan providers just want to help? ... . Poor customers are commodities, deposits are irrelevant, bad credit makes for a good loan candidate ... against a postdated check, known as a payday loan, is even pricier — about 30 times the annualized [more...]
Date: 2008-11-20 14:04:00
