Tag Archives: mortgage mess

Stockton, CA Going Bankrupt

Reuters – Stockton, Calif. to take up bankruptcy budget plan: Stockton, California was poised on Tuesday to take a major step toward becoming the largest U.S. city ever to file for bankruptcy after talks with its creditors on Monday at … Continue reading

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Guess Who’s Going Bankrupt

The company that owns my mortgage. A company whose parent company is 74% owned by the Federal government thanks to the bailouts. USA Today – Former GMAC puts mortgage unit in bankruptcy: Ally Financial, the former GMAC, which still owes … Continue reading

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“You’re not stabilizing the market. You’re creating more chaos.”

“You’re not stabilizing the market. You’re creating more chaos.” It’s only taken six years to learn, but the lesson may finally be sinking in: Public policy designed to keep bad borrowers in homes they don’t want to pay for has … Continue reading

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Did High Oil Prices Cause the 2008 Recession? What About the 2005-2006 Housing Market Collapse?

It’s a theory. One that’s better explored here. I’m curious about how this ties in to the housing story. The U.S. housing bubble peaked in 2005-2006. That was before the 2007-2008 oil shock, but gas prices were trending very high … Continue reading

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The Fool in the Shower

‘Fool in the Shower’ to Give Fed a Good Scalding: Caroline Baum: What the Fed is saying, in essence, is that as the economy improves, it’s appropriate to provide as much stimulus, or support, as it did in late 2008, … Continue reading

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SEC Charges Former Fannie and Freddie CEOs with Fraud

FOX News – SEC Charges Ex-Fannie, Freddie CEOs With Fraud: Freddie told investors in 2006 that it held between $2 billion and $6 billion of subprime mortgages on its books. The SEC says its holdings were actually closer to $141 … Continue reading

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Homeowners Foreclose on Bank of America

Beautiful. U.S. Patent and Trademark Office publishes patent for neonatal jaundice. this web site jaundice in newborns Gastroenterology Week December 27, 2004 2004 DEC 27 – (NewsRx.com & NewsRx.net) — WellSpring Pharmaceutical Corporation announced that the U.S. Patent and Trademark … Continue reading

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Economic Nutpunch: Real Estate Bubble Pops in China. Australia Next?

Zero Hedge – Chinese Real Estate Bubble Pops: Beijing Real Estate Prices Plunge 27% In One Month: Prices of new homes in China’s capital plunged 26.7% month-on-month in March, the Beijing News reported Tuesday, citing data from the city’s Housing … Continue reading

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Hacker Group Anonymous Targets Federal Reserve, Bank of America

Hacker Group Anonymous Brings Peaceful Revolution To America: Will Engage In Civil Disobedience Until Bernanke Steps Down: The world’s most (in)famous hacker group – Anonymous – known for effectively shutting down their hacking nemesis security firm (with clients such as … Continue reading

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Two Approaches to Broken Banks: Iceland vs. Ireland

If your country’s banking system is about to fail should you rescue it or let it collapse? Iceland’s banking system fell into a crisis before most. The government let it fall. Now some people are saying that was the best … Continue reading

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Mortgage Insurer AMBAC Skips Payment, Expects to go Bankrupt

Zero Hedge – Ambac Does Not Make November 1 Coupon Payment, To File Bankruptcy Within A Month If Unable To Raise Additional Capital: From a just released 8-K: On October 29, 2010, the Board of Directors of Ambac Financial Group, … Continue reading

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Crummy mortgage underwriting at Deutsche Bank, too

Bloomberg – Assured Guaranty Sues Deutsche Bank Over Mortgages: Assured said more than 83 percent of 1,306 defaulted loans examined in one of the transactions, ACEs Home Equity Loan Trust, Series 2007-SL2, breached Deutsche Banks representations and warranties. In the … Continue reading

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Bank of America may have to take back $47 Billion in Countrywide mortgages

Pimco, NY Fed Said to Seek BofA Repurchase of Mortgages Previously – Ambac: 97% of Countrywide Mortgages Failed Underwriting Standards

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Dept of Housing and Urban Development May Fine First Tennessee Bank

The Bank Draft – Official floats possibility of civil penalty for First Tennessee: Late last month, a regional inspector general for the Department of Housing and Urban Development, released a report detailing the government’s findings. The report said the IG’s … Continue reading

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Mortgagegate: MERS processed 60% of U.S. mortgages, had zero employees

What Is MERS and What Role Does It Have in the Foreclosure Mess? You’ve heard the name Mortgage Electronic Registration Systems or “MERS” mentioned in relation to the foreclosure problems in the residential real estate market. But what is MERS? … Continue reading

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