Blowing the Lid Off the Mortgage Industry
From the monthly archives:
If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!I have been accused of not covering the positive parts of the industry on this blog and so to give a bit of time to the positive developments that are arising out of this mess I wanted to highlight [...]
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Cramer at it again with his Subprime Dirty Dozen. A video clip worth watching.
He says: “As the American Home Mortgage situation proves; you can’t trust any of these mortgage companies who aren’t banks…their future is out of their control.”
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Wow, big news day as American Home Mortgage stock tanks 85% after trading is resumed and a whole flurry of news and reports hit the wire after the company makes an official announcement (emphasis mine):
American Home Mortgage noted that this disruption has fueled concerns in the market regarding credit risk, causing many market participants to [...]
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This is amazing.
“There is no distinction between subprime and prime. When your home falls 20% that distinction goes out the window.”
We’ve been saying that for months. Thanks for finally getting the word out Jim.
Hat tip: HP and HD – great find!
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Is it obvious now? There is no such thing as containment.
American Home Mortgage’s shares tanked nearly 50% in pre-market trading prior to being halted by the NYSE as reports surfaced that the Alt-A mortgage company would not issue its previously announced dividend to share holders. Nothing like pulling a dividend to kill a [...]
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Countrywide obviously sees problems in the prime lending world – especially when it comes to 2nd mortgage liens and equity lines of credit. They admitted as much in their last conference call. Considering that most 2nd mortgage products aren’t available to people with less than a 660 mid-FICO this is a surprisingly prime [...]
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The Wall Street Journal reports that the fed funds future contracts trading makes it a lock that the Federal Reserve will cut the bench mark lending rate from 5.25% to 5%. From the Journal (h/t: CR):
Trading in December fed funds contracts translates into the market giving 100% certainty that the Fed will cut rates [...]
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NOTE: Please Digg this story to help get the word out. You can do so by clicking here.Â
Not to be overly sensational about this – but a California judge has thrown out the Mortgage Lender Implode-O-Meter’s Motion to Strike under Anti-SLAPP (Strategic Litigation Against Public Participation) in its legal battles with Loan Center of California. [...]
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In part 1 of this series on credit we talked about how important credit has become in surviving the current home depreciation environment and avoiding the ARM Reset Foreclosure Trap. Now that you know (hopefully) how important credit is to protecting yourself and family from foreclosure it’s time to look at the elements of [...]
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We’ve got a few more signs that is all not well with the non-subprime lenders that were supposedly insulated from contagion of the mortgage meltdown. Submitted in to evidence:
IndyMac lays off 400, sees mortgage delinquencies jump 30%
Impac lays off 20% of workforce
Countrywide revises 2nd mortgage and HELOC guidelines and rates
All of which just took place [...]
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