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!We can now enter a new acronym into our lexicon: TALF. And what is TALF? The Federal Reserve and the Treasury announced on November 25th that a Term Asset-backed securities Loan Facility will be created to provide liquidity for [...]
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People are not the only ones left homeless by foreclosure. Nearly three-quarts of all American households include a family pet, according to No Paws Left Behind and when families face tough economic times, it is often the animals who fare the worst. It is believed that as many as 4 million Americans and 1.25 million [...]
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Fitch Ratings and Standar & Poors (S&P) Ratings services both published their methodology and assumptions for evaluating residential mortgage-backed securities (RMBS) in November. Look for both services to issue updated ratings over the next few weeks.
Fitch Ratings has revised its surveillance methodology for U.S. sub-prime RMBS to reflect increased emphasis on ResiLogic, their loan-level and [...]
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Another guest post from MG Dungan who went from Wharton to Wall St. to real estate to Blown Mortgage.
The first Great Depression started with the October crash of 1929, but the market didn?t hit bottom until 1932. So far in 2008, the market hasn?t crashed; however, this year, similarly, will mark the end of an [...]
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In a recent story published on BusinessWeek’s website, the subprime mortgage industry is taken under the microscope and picked apart, bit by scandalous bit. The article, entitled ?Sex, Lies, and Subprime Lending,? presents many of the familiar excesses of subprime lending (pressure from investment banks and mortgage-backed securities brokers, data manipulation by loan officers) with [...]
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In the grips of a brutal financial crisis that continues to worsen despite all efforts by the governments across the world to stop it, and foreclosures continuing their unstoppable climb, there’s no question that things are pretty bad out there. Banks, in particular, have been given no reprieve at all by shareholders even as they [...]
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Which is more unbelievable: that “How to Get Rich Quick in Real Estate” courses are still actively being marketed or that people might still be buying them?
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When there is a stock market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them,? he elucidated. ?Take the proceeds and buy conservative bonds. No doubt the stocks you sold will go higher. Pay no attention to this?just wait for the depression which will come sooner or later.? When this depression?or panic?becomes a national catastrophe, sell out the bonds (perhaps at a loss) and buy back the stocks. No doubt the stocks will go still lower. Again pay no attention. Wait for the next boom. Continue to repeat this operation as long as you live, and you?ll have the pleasure of dying rich.
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Homeowners are not the only ones having difficulty paying their mortgages. Owners of commercial properties, from office buildings and industrial parks to malls and resorts to hospitals and medical buildings are all feeling the pressure. And as of Tuesday, the cracks are officially beginning to show.
Bloomberg reports that, according to RBS Greenwich data, delinquencies on [...]
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A guest post from Constantine von Hoffman, veteran business journalist and author of the blog CollateralDamage.biz, a humorous look at marketing, business and his dog.
“People have begun to feel like a Christian Scientist with appendicitis.” — Tom Lehrer
It is difficult to believe but earlier this year people were still debating whether or not we were [...]
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