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Tag Archives: mortgages
Why I don’t think regulators should suspend mark to market accounting
Here’s my simplistic, probably naive take on mark market accounting. In recent years some of these banks loaned $500,000 to buy California houses that in today’s market are only worth $250,000. Mark to market accounting would require them to value … Continue reading
NY Times Joe Nocera: no bailouts for homeowners
There’s a teensy-weensie little twist at the end.
FICO CEO says “worst is yet to come” for mortgage problems
FICO CEO Michael Porter on CNBC, via Calculated Risk: “Before we do the credit cards, we are actually not done with the mortgage [crisis] – the worst of that is yet to come in fact. The thing about mortgages is … Continue reading
Adjusted for inflation, prime interest rates were negative from 2002 to 2005
Lots of people, me included, think that the main cause of the real estate bubble and credit bubble were the interest rates set by the Federal Reserve under former Chairman Alan Greenspan. Those interest rates were kept too low for … Continue reading
An analogy for the real estate crash
Heidi the bar owner decides to extend her customers easy credit terms so they can drink now and pay later: Taking advantage of her customers’ freedom from immediate payment constraints, Heidi increases her prices for wine and beer, the most-consumed … Continue reading
Who got us into this mortgage mess
Over at SayUncle’s tgirsch talks about who and what was responsible for the mortgage industry problems that are shaking the finance industry apart. In particular, he says that the Community Reinvestment Act was not the cause. Here’s my comment from … Continue reading
Good explanation of Obama’s refinancing plan
I haven’t said much about the housing plan because I haven’t had time to study it, but this seems like a pretty good explanation. The plan has two notable restrictions on the types of loans that qualify: The loan must … Continue reading
Will lower interest rates help adjustable rate mortgage holders?
Will lower interest rates help adjustable rate mortgage holders? Answer: It depends on the type of adjustable rate mortgage (ARM). There are ARMs and then there are option ARMs. Some of the option ARMs had crazy terms. Unlike a regular … Continue reading
Inflation-adjusted U.S. house prices 1975-2008
Source. The graph shows the bubble taking off in 1998 and the market peaking in 2005-06. That latter date is generally considered the market peak by many sources. Note that this graph completely contradicts the chirpy real estate agent advice … Continue reading
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