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Tag Archives: mortgage mess
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
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
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
Homeowners Foreclose on Bank of America
Beautiful.
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
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
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
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
Posted in Economics
Tagged an ocean of debt that won't be repaid, mortgage mess, mortgagegate
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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
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
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
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
Mortgagegate – it’s much, much bigger than a foreclosure problem
I’m seeing a lot of pooh-poohing of mortgagegate. People seem to be under the impression that the problem with bad paperwork is just related to foreclosures. That isn’t the case at all. The paperwork was bad on these mortgages from … Continue reading
Bank of America Halts Foreclosures in all 50 States
“As we expected when we reported that the Delaware AG got into the foreclosure fray (Delaware not being a judicial state), it was only a matter of time before foreclosures would be halted in all 50 states. Sure enough, Diana … Continue reading
Banks Illegally Breaking Into Homes to Foreclose
Via Uncle, Tickerguy’s Recommendation: Buy Guns: We now have confirmed instances, including 911 calls, of banks hiring people to break into homes where the foreclosure has not yet taken place, and in some instances, they’re breaking into the wrong house. That’s … Continue reading
Mortgagegate – Mortgage & Foreclosure Fraud Alleged at JP Morgan, Ally (GMAC), Others
Big story that I’m still wrapping my head around. The allegations are that JP Morgan, Ally and other mortgage companies forged or improperly handled original mortgage origination documents, then later forged documents related to foreclosures. (Ally is the new post-bailout … Continue reading
Gary Shilling: Why House Prices Will Fall Another 20%
Depressing but filled with good information. This is Gary Shilling of the Cash-Shilling housing price index, so he knows what he’s talking about. Major reasons: Reversion to the long-term mean. High unemployment expected to continue. More houses now underwater. More … Continue reading
Bank of Japan Announces ZIRP, Debt Monetization
BOJ reverts to zero rates, pledges to buy more assets: The Bank of Japan on Tuesday pledged to pump more funds into the struggling economy and keep rates virtually at zero, surprising markets and stealing a march on the Federal … Continue reading
Ambac: 97% of Countrywide Mortgages Failed Underwriting Standards
Bloomberg – Ambac Sues Bank of America Over Countrywide Bonds: Ambac Assurance Corp. sued Bank of America Corp. over $16.7 billion of mortgage-backed securities, saying the bank’s Countrywide Financial Corp. unit fraudulently induced Ambac to insure bonds backed by improperly … Continue reading
Scariest Economic Fact I’ve Seen Lately
When the economic downturn began, consumer debt started declining. The conventional explanation was that consumers were tightening their belts. Taking on less debt. Repaying what they owed. Here’s a typical positive take on that news from December, 2009: Consumers are … Continue reading
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