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From the monthly archives:

March 2007

Federal Reserve Board Testimony to Congress

by MorganMarch 28, 2007 Mortgage News/Insight

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!On Tuesday, March 27th members of the Federal Reserve Board testified in front of Congress regarding the current crisis in the subprime market.  Below I’ve excerpted and commented on the testimony of Sandra F. Braunstein, Director, Division of Consumer [...]

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No More Stated Loans for Subprime Borrowers?

by MorganMarch 28, 2007 Mortgage News/Insight

At the bottom of this article about California’s attempt to protect consumers through the tightening of mortgage regulations is this alarming paragraph:
As Machado shepherds his bill through the legislature, California Gov. Arnold Schwarzenegger’s office is evaluating a plan by Department of Corporations Commissioner Preston DuFauchard proposing the state bar loans to subprime borrowers unless lenders [...]

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Twitter Update Day 3

by MorganMarch 28, 2007 Web/Tech

So my twitter-a-thon is going strong in to day 3.  I am at over 100 updates, which is less than I anticipated, but in order to enjoy my evenings I’ve been cutting my updates off after work.  It’s not easy to keep it up but it has been a very interesting experiment.  If you want [...]

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Can you guess New Century’s Most Valuable Asset?

by MorganMarch 28, 2007 Mortgage News/Insight

From MarketWatch.com:
The New York Times reported Wednesday that the Irvine, Calif., company’s trying to find financing that would allow it to reorganize under Chapter 11 status or sell itself through a prepackaged bankruptcy filing.

New Century’s most valuable asset, the Times said, is the software platform it uses to make loans.

The former number two [...]

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Wharton School Gets the Subprime Mess

by MorganMarch 28, 2007 Mortgage News/Insight

From the OC Register on the subprime debacle:

"I think that for the moment, they should probably leave it alone," says Joseph Gyourko, professor of real estate and finance at Wharton, warning that bailouts can make people more reckless in the future. "We don’t want to introduce moral hazard …. We don’t understand this very well [...]

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1st Post at Bloodhound Blog

by MorganMarch 28, 2007 Weblogs

I made my first post today over at the prestigious Bloodhound blog.  It just went up.  Check it out and let me know what you think.  I have a combination of nervousness/excitement about being part of that elite group; its a feeling of "do I belong?"  I believe I do, and I hope that others [...]

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First Franklin Makes Cuts

by MorganMarch 27, 2007 Mortgage News/Insight

First Franklin announced the layoff of some in its operations staff and the consolidation of several offices; reports the OC Register.  The total number of cuts was not disclosed by the company which is held by Merrill Lynch.

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An Important Point Legislators Need To Remember

by MorganMarch 27, 2007 Mortgage News/Insight

Matt Carter on Inman Blog writes about the survey that all of us California DOC lenders received a while ago asking about our non-traditional mortgage loans.  He rightly asks the question "So uh…what exactly have you fellas been up to?"  The CA DOC is not alone.  Michigan recently sent out a notice the starting in [...]

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Finally, some good sense coming from our industry

by MorganMarch 27, 2007 Mortgage News/Insight

Mortgage Banker Association president John Robbins, in front of Congress today said:
â??Working together, I suggest we must accomplish three things. We must stabilize the subprime mortgage credit system; provide assistance for homeowners facing foreclosure; and finally prevent this from ever occurring again.â?? (hat tip: Housing Wire)

Amen.  While many would view this as hollow, too little, [...]

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