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Keyword: housingcrisis

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  • VIDEO SURFACES=> HILLARY CLINTON Defended WALL STREET – Blamed Homeowners During Financial Crisis

    05/24/2016 5:28:55 PM PDT · by blueyon · 33 replies
    The Gateway Pundt ^ | 5/24/16 | Jim Hoft
    On Tuesday Hillary Clinton accused Donald Trump of “cheering” the housing crisis that saw millions of Americans lose their homes. Hillary Clinton was probably hoping her comments during the crisis would not surface.
  • Goldman Sachs to pay $5.1 billion to settle toxic mortgage probe

    01/14/2016 3:55:05 PM PST · by PAR35 · 41 replies
    CNN ^ | January 14, 2016 | Matt Egan
    The elite Wall Street bank announced on Thursday it reached a $5.1 billion deal to put to rest claims made by the government over its toxic mortgage deals. ... Goldman said it has agreed to pay a $2.4 billion civil penalty, pay $875 million in cash and provide $1.8 billion in consumer relief.
  • Repossessions spike 66% as foreclosure crisis lingers

    10/16/2015 6:36:46 AM PDT · by SeekAndFind · 8 replies
    CNBC ^ | 10/16/2015 | Diana Olick
    New foreclosures may be back to nearly normal, but the mess from the epic housing disaster in the last decade is far from gone. Bank repossessions, the final stage of the foreclosure process, jumped 66 percent year over year in the third quarter of this year, according to RealtyTrac, a foreclosure sales and analytics company. It's the largest annual rise ever recorded in bank repossessions by RealtyTrac. More than 123,000 homes went back to the bank in just three months. "In states such as New Jersey, Massachusetts and New York, a flood of deferred distress from the last housing crisis...
  • How The Government Caused The Mortgage Crisis [Overregulation vs Free Markets]

    06/04/2015 9:58:13 AM PDT · by Jan_Sobieski · 8 replies
    Business Insider ^ | 10/16/2009 | JOHN CARNEY
    It wasn't greed that caused the mortgage mess. In large part, the mess was the product of government policies designed to increase home ownership among the poor and ethnic minorities. Today Peter Wallison points out how Fannie Mae, Freddie Mac and the FHA created a demand for bad mortgages that encouraged mortgage brokers to generate millions of them. From the Wall Street Journal: Mortgage brokers had to be able to sell their mortgages to someone. They could only produce what those above them in the distribution chain wanted to buy. In other words, they could only respond to demand, not...
  • The Next Bubble

    04/01/2015 7:35:03 AM PDT · by Kaslin · 16 replies ^ | April 1, 2015 | John Stossel
    They're doing it again! When the last housing bubble burst, politicians blamed "greedy banks." They said mortgage companies lent money recklessly, making loans to people with dubious credit, for down payments as low as 3 percent. "It will work out," said the optimistic bankers. Regulators didn't disagree. Everyone said, "Home prices will keep going up." And home prices did -- until they didn't. The bubble popped in 2007. Lots of people were hurt, and politicians took more of your tax money to bail out Fannie Mae and Freddie Mac along with reckless banks. They also gave the Federal Housing Administration...
  • The NEXT housing bubble is on the way and, like before, it is government’s fault

    01/26/2015 7:05:04 AM PST · by SleeperCatcher · 19 replies
    Absolute Rights ^ | 01/26/2015 | Jon E. Dougherty
    A former member of a panel created to examine the causes of the financial crisis of 2007 says government policies that were really at the core of the crash are being quietly resurrected by the Obama administration, and that they are creating another housing bubble similar to the one that burst more than eight years ago. Appearing Friday on The Mark Levin Show, Peter Wallison, author of the new book “Hidden in Plain Sight,” and the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute, said that the federal government “was the central player” in the...
  • Whistleblower: Pelosi Covered Up Role In Crisis

    01/23/2015 7:57:27 PM PST · by roses of sharon · 10 replies
    IBD ^ | 1/22/15
    Subprime Scandal: We've long suspected the Financial Crisis Inquiry Commission wasn't honest in examining events before the meltdown. But an ex-commissioner says the probe was actually a full-blown political cover-up. In a just-released book, former FCIC member Peter Wallison says that a Democratic Congress worked with the commission's Democratic chairman to whitewash the government's central role in the mortgage debacle. The conspiracy helped protect some of the Democrats' biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal. Wallison's sobering, trenchantly written "Hidden in Plain Sight: What Really Caused...
  • Government Created the Housing and Financial Crises --- and Might Be Doing it Again

    01/23/2015 9:38:38 AM PST · by Kaslin · 10 replies ^ | January 23, 2015 | Michael Barone
    It's not in the printed text, but the most revealing words in President Obama's seventh State of the Union address came near the end. After the scripted line, "I have no more campaigns to run," elicited Republican applause, Obama ad libbed, "I know, because I won both of them." Thus the last quarter of Obama's presidency resembles the first quarter, when he shut off discussion with House Republicans by saying, "I won." But his second winning percentage was lower than his first -- the only American president of which that can be said -- and the House now has a...
  • Whistleblower: Pelosi Covered Up Role In Crisis (Housing Bubble)

    01/22/2015 6:15:16 PM PST · by Para-Ord.45 · 17 replies ^ | January 22 2015 | BD EDITORIALS
    Subprime Scandal: We've long suspected the Financial Crisis Inquiry Commission wasn't honest in examining events before the meltdown. But an ex-commissioner says the probe was actually a full-blown political cover-up. In a just-released book, former FCIC member Peter Wallison says that a Democratic Congress worked with the commission's Democratic chairman to whitewash the government's central role in the mortgage debacle. The conspiracy helped protect some of the Democrats' biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal. Wallison's sobering, trenchantly written "Hidden in Plain Sight: What Really Caused...
  • Government Created the Housing Bubble and Financial Crisis -- and Could Be Doing so Again

    01/20/2015 4:31:00 AM PST · by Kaslin · 10 replies ^ | January 20, 2015 | Michael Barone
    What caused the financial crisis? How can we prevent another one from happening again? The answers you most often hear to those questions are (1) greed and deregulation and (2) the Dodd-Frank law. But they're patently inadequate. Greed -- or the desire for monetary gain -- has always been with us and always will be. And no one has convincingly linked financial deregulation to the crisis. Dodd-Frank, enacted to increase regulation, confers too-big-to-fail status on very large financial institutions, which incentivizes unduly risky behavior and penalizes smaller competitors. The real problem was housing finance, argues my American Enterprise Institute colleague...
  • Making It Easy to Predict the Next Financial Crisis

    10/30/2014 2:57:56 PM PDT · by Sean_Anthony · 5 replies
    Canada Free Press ^ | 10/30/14 | Alan Caruba
    Republicans are the adults in Congress while the Democrats, liberal to the core, will never admit we are being set up for another financial crisis It is a cliché, but true, that history repeats itself. This is largely due to the failure of each new generation to learn anything from the past as well as the human tendency toward the bad habits of greed and power-seeking. Only the names and faces change. That is why the next financial crisis is entirely predictable. On October 23, The Wall Street Journal had an article, “Relaxed Mortgage-Lending Rules Clear Final Hurdle.” The financial...
  • Underwriting the Next Housing Crisis

    11/02/2014 1:27:31 PM PST · by reaganaut1 · 30 replies
    New York Times ^ | October 31, 2014 | PETER J. WALLISON
    WASHINGTON — SEVEN years after the housing bubble burst, federal regulators backed away this month from the tougher mortgage-underwriting standards that the Dodd-Frank Act of 2010 had directed them to develop. New standards were supposed to raise the quality of the “prime” mortgages that get packaged and sold to investors; instead, they will have the opposite effect. Responding to the law, federal regulators proposed tough new standards in 2011, but after bipartisan outcries from Congress and fierce lobbying by interested parties, including community activists, the Obama administration and the real estate and banking industries — all eager to increase home...
  • So a President Wearing Clown Mask Goes to a Rodeo…

    08/17/2013 1:11:41 PM PDT · by Kaslin · 29 replies ^ | August 17, 2013 | John Ransom
    Let’s put this housing “boom” we’ve all heard about in perspective. Let’s look at it not just with Progressive-colored glasses, but also with the frank stare of Main Street watching a rodeo clown wearing a presidential mask. Stop me if you heard this one before: According to a report by Goldman Sachs all is not that rosy in real estate. The benefits of the housing recovery have been targeted to those who least likely need it. I’m not just talking about the widely reported disparity in prices between high-end and low-end homes. It goes much deeper than that.  Half of...
  • 5 Ways the Student Loan Bubble Mirrors the Housing Crisis

    10/26/2012 5:17:16 AM PDT · by SeekAndFind · 9 replies
    Fiscal Times ^ | 10/26/2012 | By SHERYL NANCE-NASH
    Is history about to repeat itself? There are some striking similarities between the private student loan market and subprime mortgage industry. A new report from the Consumer Financial Protection Bureau (CFPB), provides more evidence for the comparison.“Student loan borrower stories of detours and dead-ends with their servicers bear an uncanny resemblance to problematic practices uncovered in the mortgage servicing business,” said Rohit Chopra, student loan ombudsman for the CFPB who authored the report, in a prepared statement. “Consumers deserve clarity, not chaos and confusion.” RELATED: 11 Things You Didn’t Know About Student Loans The report analyzed roughly 2,900 complaints,...
  • Prepare For The Coming Housing Collapse Part Two

    09/06/2012 9:58:02 AM PDT · by blam · 22 replies
    TBI ^ | 9-6-2012 | Keith Jurow
    Prepare For The Coming Housing Collapse Part Two Keith Jurow, ContributorSeptember 6, 2012 Keith Jurow is a former senior economic writer for the Holt Investment Advisory, who researches and writes about the housing market. . Editor’s Note: BUSINESS INSIDER has been featuring Keith Jurow’s housing market articles regularly for the past two years. He is the author of’s Housing Market Report. In my last BUSINESS INSIDER article posted in May, I explained why a housing collapse in major metros was coming and why you needed to prepare now. Since then, Wall Street economists, analysts and other pundits have smugly...
  • How Obama Bankrupted Black Homeowners

    09/03/2012 10:21:40 PM PDT · by grundle · 19 replies
    Obama pushed thousands of credit-poor blacks into homes they couldn't afford. Many are now in foreclosure. In fact, the lead client has since lost her home and filed bankruptcy. Acorn even crashed the lobby of Citibank's headquarters in New York and accused it of discriminating against blacks. The pressure worked. In 1994, Clinton's top bank regulators signed a landmark anti-redlining policy that declared traditional mortgage underwriting standards racist and mandated banks apply easier lending rules for minorities. Also that year, Attorney General Janet Reno and her aide Eric Holder filed a mortgage discrimination case against a Washington-area bank that forced...
  • CBS, AP: Dem chair of House Oversight covered up ties to Countrywide for himself, colleagues,

    08/17/2012 7:14:11 AM PDT · by Hojczyk · 11 replies
    Hot Air ^ | August 17,2012 | ED MORRISSEY
    A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Countrywide Financial Corp. to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show. The procedure to keep the names secret was devised by Rep. Edolphus Towns, D-N.Y. In 2003, the 15-term congressman had two loans processed by Countrywide’s VIP section, which was established to give discounts to favored borrowers. Issa exposed Towns’ coverup by issuing a second subpoena, which disgorged all of the records: The effort at secrecy was reversed...
  • And You Thought the Housing Crisis Was Over! The Community Reinvestment Act is back

    07/27/2012 5:37:12 AM PDT · by reaganaut1 · 70 replies
    The American Spectator ^ | July 27, 2012 | William Tucker
    Do you remember that thing about how the banks wouldn't lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgage and sold them to investors around the world so that when it became clear that those people weren't going to be able to pay their mortgages banks everywhere were left holding the...
  • Renting Prosperity

    05/05/2012 6:35:53 AM PDT · by jimbo123 · 4 replies
    Wall Street Journal ^ | 5/5/12 | DANIEL GROSS
    Americans are getting used to the idea of renting the good life, from cars to couture to homes. Daniel Gross explores our shift from a nation of owners to an economy permanently on the move—and how it will lead to the next boom. "The Great Gatsby," the pre-eminent American novel of financial ambition, overextension and downfall, offers a revealing vignette about the great American obsession: real estate. The narrator, Nick Carraway, can't afford to buy in the rarefied Long Island world inhabited by Gatsby, and by Tom and Daisy Buchanan. But he can afford to rent.

    04/28/2012 2:12:19 PM PDT · by Jerome Hudson · 9 replies
    big Government ^ | 04/28/2012 | wynton Hall
    The U.S. Federal Reserve estimates that of the 12 million American homeowners who have negative equity, 3 million--or 1 out of every 4--are borrowers with FHA-insured loans.
  • 69% Say Those Struggling With Mortgage Should Sell, Buy Cheaper Home

    03/26/2012 8:14:34 AM PDT · by reaganaut1 · 31 replies · 16+ views
    Rasmussen Reports ^ | March 22, 2012
    While most Americans agree now is not the best time to sell a home, they feel stronger than ever that those struggling to pay their mortgage should sell their home and buy a cheaper one rather than receive help from the government. The latest Rasmussen Reports national telephone survey of American Adults shows that just 19% believe the government should assist those struggling homeowners in making their mortgage payments. Sixty-nine percent (69%) think someone who can’t afford to make increased mortgage payments should sell their home and find a less expensive one. That’s up three points from January and the...
  • How to really Fix the Housing Crisis

    03/06/2012 7:12:06 AM PST · by SeekAndFind · 16 replies
    Townhall ^ | 03/06/2012 | Doug French
    The foreclosure crisis has crawled on for going on four years now with no end in sight. "Continued house price declines could lead to even more defaults, foreclosures and distress sales, undermining wealth, confidence and spending," William Dudley, president of the Federal Reserve Bank of New York said. "Breaking this vicious cycle is one of the most pressing issues facing policy makers." Every one of the Republican presidential candidates is being asked how they would handle the slow-motion housing wreck. Long shot Newt Gingrich says he would rewrite the rules to make it profitable for banks to renegotiate loan principal...
  • Couple Lives In $1.3 Million, 4,900 Sq. Ft. Home For 5 Yrs Without Making Single Mortgage Payment

    03/05/2012 5:11:32 PM PST · by SeekAndFind · 32 replies
    Zero Hedge ^ | 03/05/2012 | Tyler Durden
    Wonder how Americans can afford to buy millions of iGadgets, a second LCD TV for the shoe closet, and eat at restaurants more than almost any time in the past despite sliding personal income? Simple - increasingly fewer pay the biggest staple bill in a US household: their mortgage. The following story of Keith And Janet Ritter, who have lived in their Fort Washington, MD $1.29MM, 4,900 square foot McMansion for 5 years (which they purchase with no money down) without ever making a single mortgage payment, and who are not even close to being evicted, may explain much...
  • Governor Romney's Housing Crisis (FR Exclusive)

    01/27/2012 1:41:24 PM PST · by BuckeyeTexan · 88 replies
    FreeRepublic | 01/27/2012 | BuckeyeTexan and Danae
    <p>At the CNN Florida Republican Presidential debate in Jacksonville on January 26th, Governor Romney attempted to link Speaker Newt Gingrich to the 2007 Housing Crisis by questioning the Speaker’s role as a consultant at the troubled mortgage giant Freddie Mac. He made the same connection in the NBC debate on January 23rd. Governor Romney claimed in the debates that Speaker Gingrich peddled his influence in Washington D.C. to promote Freddie Mac when he should have been blowing the whistle on the government-sponsored entities' practices.</p>
  • [CA] sues for answers from Fannie Mae, Freddie Mac on housing meltdown

    12/21/2011 1:08:11 AM PST · by Cincinatus' Wife · 19 replies
    Los Angeles Times ^ | December 21, 2011 | Alejandro Lazo
    California Atty. Gen. Kamala D. Harris is suing Fannie Mae and Freddie Mac to force the mortgage giants to answer questions about their role in California's housing meltdown. In two suits filed Tuesday in San Francisco County Superior Court, Harris seeks to compel the companies to respond to subpoenas from her office that have been ignored so far. Harris is seeking information about the practices by Fannie and Freddie in California as part of her ongoing investigation into the mortgage industry. The suits ask a judge to order the two companies to answer a set of 51 questions served in...
  • No worries for Dodd and Frank

    12/08/2011 12:09:13 PM PST · by Graybeard58 · 3 replies
    Waterbury Republican-American ^ | December 8, 2011 | Editorial
    "Barney Frank: I've destroyed the economy, my work here is done." — Washington Times headline, Nov. 29 It was quite a confluence of news last week when in the span of hours came Rep. Frank's retirement announcement, a report on declining housing prices and home-ownership rates, and a poll belaboring the obvious about Americans' fears about the housing and stock markets. With his fellow Democrat, former Sen. Chris Dodd of Connecticut, Rep. Frank, D-Mass., shoulders much of the blame for today's economic catastrophe and the fiscal crises plaguing governments at all levels. They spent years pushing policies that ultimately required...
  • The Housing Recovery Will Take Many Years

    11/14/2011 6:38:56 AM PST · by SeekAndFind · 21 replies
    Washington Post via RealClearMarkets ^ | 11/14/2011 | Roebrt Samuelson
    We Americans think of ourselves as problem-solvers, but the housing collapse has so far eluded all solutions. Perhaps 10 million homes have gone into foreclosure since 2006; millions more will follow. From their peaks during the real-estate bubble, home prices are down 30 percent, new housing construction has dropped 75 percent and existing home sales are off almost 30 percent. Housing's collapse is one reason the economic recovery is so weak. Construction remains depressed, as are the appliance and furniture sales spurred by home buying. It may be that patience is the only cure. Home prices have to find bottom;...
  • Risk Rises for Housing Agency (projected losses of $50 bil for FHA)

    11/11/2011 10:35:14 AM PST · by reaganaut1 · 1 replies
    Wall Street Journal ^ | NOVEMBER 11, 2011 | NICK TIMIRAOS
    Concerns are rising that the Federal Housing Administration could run out money if the economy doesn't recover soon, raising the risk the agency would seek a taxpayer bailout for the first time in its 77-year history. Since the mortgage crisis erupted five years ago, the FHA has played a critical role in housing finance as private lenders retreated. It backs about a third of all new mortgages originated for home purchases, up from around 5% in 2006. But, as the FHA prepares to release its annual financial report next week, a forthcoming study by Joseph Gyourko, a real estate and...
  • Obama's new mortgage program is full of disappointing details

    11/11/2011 6:19:51 AM PST · by Driftwood1 · 12 replies
    The Heritage Foundation ^ | 11-11-11 | David C. John
    When you're in trouble, nothing beats a helping hand — provided you can reach it. Certain homeowners with "underwater" mortgages are about to find that out. Say you're a homeowner with such a mortgage. The value of your home has dropped over the last few years until it is much less than you owe. It looks like you'll never get any relief. Then the government announces another plan to help people like you — the ones who have struggled to pay their mortgages on time. So you apply. Surprise: there are technical terms (which nobody mentioned ahead of time) that...
  • Generation Jobless: Young Men Suffer Worst as Economy Staggers

    11/07/2011 5:30:01 PM PST · by MinorityRepublican · 12 replies
    The Wall Street Journal ^ | NOVEMBER 7, 2011 | CONOR DOUGHERTY
    Cody Preston, 25, keeps looking for work that will pay what he made installing granite counters. PORTLAND, Ore.—Few groups were hit harder by the recession than young men, like Cody Preston and Justin Randol, 25-year-old high-school buddies who didn't go to college. The unemployment rate for males between 25 and 34 years old with high-school diplomas is 14.4%—up from 6.1% before the downturn four years ago and far above today's 9% national rate. The picture is even more bleak for slightly younger men: 22.4% for high-school graduates 20 to 24 years old. That's up from 10.4% four years ago. In...
  • Freddie Mac CEO to step down

    10/26/2011 8:23:47 PM PDT · by rabscuttle385 · 28 replies · 2+ views
    The Hill, Washington, DC ^ | 2011-10-26 | Peter Schroeder
    Charles E. "Ed" Haldeman, Jr., has announced his plans to step down as chief executive officer of mortgage giant Freddie Mac sometime in the next year. The Federal Housing Finance Agency (FHFA), which regulates Freddie and its counterpart Fannie Mae, announced Wednesday that Haldeman is looking to leave the government-sponsored enterprise some time next year.
  • Here's The Fed Speech That Has Everyone Buzzing About 'QE3' Tonight

    10/20/2011 7:50:58 PM PDT · by blam · 23 replies
    TBI ^ | 10-20-2011 | Joe Weisenthal
    Here's The Fed Speech That Has Everyone Buzzing About 'QE3' Tonight Joe Weisenthal Oct. 20, 2011, 6:53 PM The big econ news of the night is this report from WSJ that the Fed is considering large-scale mortgage purchases to drive down rates even further. This talk appears to have been set off by a speech given by Fed Governor Daniel Tarullo given this evening at Columbia where he talks up precisely this: Mortgage purchases. Here's the relevant bit: Within the FOMC and in the broader policy community, there has been considerable discussion of possible additional accommodative measures, from communication strategies...
  • Occupy Astroturf

    10/17/2011 8:10:59 PM PDT · by Tolerance Sucks Rocks · 5 replies
    Rolling It Up the Hill ^ | October 17, 2011 | Sisyphus
    It is ironic that, as the President predictably endorses the violent, odiferous Occupy Astroturf movement, the demand was emitted for a trillion dollars to be spent repairing the environment. I knew they were disgusting, but in such few numbers their impact can’t be that bad.Some commentators have noted the irony of these dedicated and sincere foot soldiers of the Left decrying Wall Street while lauding Wall Street’s most notorious hired gun (which they, again ironically, share with Big Labor), Barack Hussein Obama.The real irony, of course, is in the pundits’ own failure to recognize the classic third year of a...
  • Banks turn to demolition of foreclosed properties to ease housing-market pressures

    10/14/2011 8:38:40 PM PDT · by FritzG · 24 replies
    The Washington Post ^ | 12 Oct 2011 | Brady Dennis
    The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice. A handful of the nation’s largest banks have begun giving away scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods. The banks have even been footing the bill for the demolitions — as much as $7,500 a pop. Four years into the housing crisis, the ongoing...
  • Mortgage rates drop below 4 percent for first time ever

    10/06/2011 10:57:40 AM PDT · by ilovesarah2012 · 2 replies
    msnbc ^ | October 6, 2011
    The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent. For those who can qualify, it's an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates. On Thursday, Freddie Mac said the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a...
  • Timeline shows Bush McCain Warning Dems of financial and housing crisis; meltdown - YouTube

    09/04/2011 10:24:05 AM PDT · by Sons of Union Vets · 163 replies · 1+ views
    Fox News ^ | Sept. 24, 2008 | Fox news
    From Fox News Channel Wednesday, September 24, 2008 Special Report With Brit Hume
  • Obama administration poised to become the world’s largest landlord

    Over the past three years the Obama administration has been secretly planning the largest redistribution of wealth in history. When President Obama took office, mortgage giants Fannie Mae and Freddie Mac held a staggering $6.1 trillion in subprime mortgages. If you’ll remember just prior to the 2008 election, President Bush signed the $300 billion Toxic Asset Relief Program better known as TARP. Two of the largest beneficiaries of this were the mortgage companies Fannie Mae and Freddie Mac. The two companies received a combined $169 billion in taxpayer funds. Upon taking office, the Obama administration gave instructions to the two...
  • Pending home sales slip 1.3% in July

    08/29/2011 8:23:11 AM PDT · by Free Vulcan · 3 replies
    Marketwatch ^ | 8.29.11 | Steve Goldstein
    WASHINGTON (MarketWatch) -- An index of pending home sales fell 1.3% in July, the National Association of Realtors reported Monday.
  • Pending sales of existing US homes fell in July (Beware of Happy Spin)

    08/29/2011 8:04:40 AM PDT · by tobyhill · 8 replies
    msnbc ^ | 8/29/2011 | msnbc
    Pending sales of existing U.S. homes fell in July from June in the latest sign of weakness in the housing industry, data from a real estate trade group showed on Monday. The National Association of Realtors Pending Home Sales Index, based on contracts signed in July, was down 1.3 percent to 89.7 from 90.9 in June. Economists polled by Reuters ahead of the report were expecting pending home sales to fall 1.3 percent. In a sign of how much the sector has recovered from a year ago, the index was up 14.4 percent from July of 2010.
  • Does Anyone Have a Real Economic Plan? The critical issue the candidates avoid: the voters are...

    08/16/2011 7:30:58 PM PDT · by neverdem · 21 replies
    Research Magazine ^ | August 2011 | Nicole Gelinas
    The critical issue the candidates avoid: the voters are deep in debt. Going into next year’s election, President Obama is in a heap of trouble over the economy. Some evidence: in June, only 29 percent of the people who participated in a Wall Street Journal / NBC News poll thought the country was “headed in the right direction.” A full 62 percent, by contrast, thought America was “on the wrong track.” A clear majority, too — 41 to 54 percent — disapproved of the president’s economic performance. The numbers aren’t moving in Obama’s favor, either. Another problem for the White...
  • Fannie Mae's dirty nonprofits helped torch US housing

    07/28/2011 9:15:10 AM PDT · by Edmunds mom · 4 replies ^ | 7/22/2011 | Scott Walter
    If “public-private partnerships” sound wonderful to you, please consider that the housing meltdown and the Great Recession we’re still struggling to escape were largely produced by a public-private partnership. ...the story’s essentials: oceans of tax dollars flowing to private groups – for-profit and nonprofit – that are praised by politicians who want credit for the subsidized housing boom, with the whole party lubricated by the dissolving of traditional lending practices, which in turn is justified by claims that unfettered lending will remedy racial disparities in housing. Those disparities, of course, are Exhibit A for advocates of “structural racism” theory, who...
  • Beginning of the end of the housing crisis? Some real estate ETFs recently hit 52-week highs.

    07/15/2011 6:59:41 AM PDT · by SeekAndFind · 22 replies
    Marketwatch ^ | 07/15/2011 | Mark Hulbert
    Well, what about housing? It’s been dead for so many years that its blood long ago stopped flowing. Surely this famous piece of advice from Nathan Rothschild doesn’t apply to that sector? Don’t be too quick to dismiss the possibility. Consider the iShares Dow Jones U.S. Real Estate Index fund, an ETF that is designed to represent the real-estate sector. Just one week ago, it traded at a 52-week high. The same goes for the iShares Cohen & Steers Realty Majors. What does the market know that the rest of us don’t? For answers, I turned to an investment service...
  • Foreclosure woes: For one homeowner, following bank's advice was bad news

    06/08/2011 8:01:42 PM PDT · by Jim 726 · 45 replies · 1+ views
    PANAMA CITY BEACH — Lindsay Hall took out a $200,000 loan in 2005 on her paid-off beach house with the understanding that her $600 monthly Social Security check would cover the mortgage payments. When her interest rate jumped more than a year ago, it raised her mortgage payments to $1,500. At that point, Hall started the fight to save her home. “I want to say I did my best to fight for the American dream,” said Hall, 70. Hall has negotiated with her loan servicer, IndyMac Mortgage Services, to modify her loan payments multiple times. Each time she negotiates payments...
  • Was Sarah Palin's New Home Purchase Preceded By A "Robosigned" (And Fraudulent) Title Release?

    05/26/2011 11:51:55 AM PDT · by SeekAndFind · 50 replies
    Zero Hedge ^ | 05/26/2011 | Tyler Durden
    Yesterday we reported that Sarah Palin has just purchased a new property in North Scottsdale, AZ for $1.75 million. We further speculated that there may have been some fishyness with regard to the terms of the purchase of the JPM short sale which was an over 100% flip in about a year. So far so good. Where this story takes yet another detour into the macabre, is a cursory analysis of the release deed of the prior mortgage holder of the property, one Steven Soraya, who had a loan amounting to $980,500.00 with Wells Fargo, which was released on July...
  • The True Story of the Financial Crisis

    05/15/2011 3:40:23 PM PDT · by TheFreedomPoster · 13 replies
    American Spectator ^ | May 2011 | Peter J. Wallison
    I believe that the sine qua non of the financial crisis was U.S. government housing policy, which led to the creation of 27 million subprime and other risky loans -- half of all mortgages in the United States -- which were ready to default as soon as the massive 1997-2007 housing bubble began to deflate. If the U.S. government had not chosen this policy path -- fostering the growth of a bubble of unprecedented size and an equally unprecedented number of weak and high-risk residential mortgages -- the great financial crisis of 2008 would never have occurred...
  • Housing tax credit cost more than it benefited — for homeowners (Suckers!)

    05/11/2011 1:31:23 PM PDT · by SeekAndFind · 3 replies
    Hotair ^ | 05/11/2011 | Ed Morrissey
    In my analyses of the homebuyer tax credits issued, renewed, and expanded by Democrats in response to the housing market collapse, I called it a waste of taxpayer money that only incentivized those already inclined and qualified to buy, skewed demand, and put off a much-needed correction in pricing. I left out something that the Wall Street Journal’s Smart Money noticed in Monday’s Zillow report, which is that it turned out to be a pretty bad deal for those who used the credit as well as taxpayers. Thanks to the artificially higher home prices that the tax credits provided, buyers...
  • The REAL Long-Term Return On Owning A Home: 0%

    05/09/2011 3:00:52 PM PDT · by SeekAndFind · 24 replies
    Business Insider ^ | 05/09/2011 | Gregory White
    Short-term terrible housing news is no surprise right now, but the long-term thesis that residential real estate is a good investment is starting to crumble too. Recent research from Wenli Li and Fang Yang (via Harvard Business Review) shows that the real rate of return on housing from 1975-2009 was actually negative.From Li and Yang:Assuming an annual depreciation rate of 2.5 percent, a property tax rate of 1.5 percent, a mortgage interest rate of 7 percent, and a marginal income tax rate of 25 percent for a typical taxpayer, the adjusted real rate of return on housing actually falls below...
  • Housing crash is getting worse: report

    05/08/2011 10:12:53 PM PDT · by george76 · 68 replies
    MarketWatch ^ | May 9, 2011 | Brett Arends
    If you thought the housing crisis was bad, think again. It’s worse. New data just out from Zillow, the real-estate information company, show house prices are falling at their fastest rate since the Lehman collapse. Average home prices are down 8% from a year ago, 3% over the quarter, and are falling at about 1% every month, according to Zillow. And the percentage of homeowners in negative-equity positions — with a home worth less than its mortgage — has rocketed to 28%, a new crisis high.
  • MERS LOSES (Quiet Title!)

    05/02/2011 1:35:54 PM PDT · by Kartographer · 18 replies
    Market-Ticker ^ | 5/2/11 | Karl Denninger
    Groves requested relief under the Declaratory Judgment Act, as well as “other and further relief to which [she] may be justly entitled.” The trial court’s judgment does not indicate that it granted her request to “quiet title” exclusively under the Declaratory Judgment Act. Accordingly, no error appears on the face of this record. See Tex. R. App. P. 26.1(c), 30; Alexander, 134 S.W.3d at 848. We overrule MERS’s first issue. ..... Groves alleged in her petition that MERS’s deed of trust “purported to create a lien for security purposes on Plaintiff’s property as described.” This alleged lien constitutes an adverse...
  • Community Reinvestment Act: Separating Fact From Fiction (Long Article)

    03/29/2011 5:31:52 PM PDT · by Kaslin · 21 replies
    IBD Editorials ^ | March 29, 2011 | Staff
    Cover-Up: Acorn clones using the Community Reinvestment Act to shake down banks aren't happy with our campaign to expose the truth about the CRA's central role in the financial crisis. The Greenlining Institute is typical. The Berkeley, Calif.-based community organizer fired off a letter to us complaining about our March 21 editorial "WaMu: Guilty Only Of CRA Compliance." In it, we argued that Washington Mutual, a CRA poster boy in the run-up to the crisis, is now a convenient whipping boy for the same regulators who pressured the bank into making the "reckless" multicultural loans they're suing it over today....