Bloomberg reports today on Fed findings that state that (OMG!) piggyback mortgages are making it harder for homeowners to modify the terms of their existing first mortgages. No sh&$ Sherlock. Really? This is newsbreaking stuff here. 2nd lien holders who purchased piggyback 2nd mortgages are in a terrible position, althought it [...]
The current financial crisis affects everyone. No where, however, has the impact been more striking than on the middle-class.
?The gap between the ‘haves’ and the ‘have-nots’ is widening for families with children in the United States,? said Bruce Western, professor of sociology of the Multidisciplinary Program in Inequality and Social Policy at Harvard University. [...]
The Internal Revenue Service (IRS) does not have a reputation for being a good guy. In the current crisis, however, the IRS has been one of the few government agencies taking action that actually helps the individual taxpayer. They have provided guidance on the Mortgage Debt Forgiveness Act and expedited the process for removing or [...]
The Case-Shiller home price index was released for October today, and (surprise, surprise) home prices are down a record 18% from last year’s levels. This drop marks the 27th straight monthly drop in home prices in the 20 major metro areas tracked by the study.
Surely, it will only get worse with this dismal economy really [...]
Good news reported by the New York Times. A consortium of private equity firms are close to finalizing a deal to buy IndyMac Bank from the FDIC for an undisclosed sum. The FDIC had to rewrite some rules to let the private equity firms put together the deal, but let’s go ahead and [...]
ING has been building considerable goodwill among struggling homeowners this holiday season. First they suspended evictions from single family homes through January 15, 2009 and halted foreclosure sales through March 2009. Now, 500 lucky winners of the company’s essay contest will have a portion of their mortgage debt forgiven.
?We hope this foreclosure suspension will provide [...]
Would your friends foreclose on you? Maybe. Maybe not. Unfortunately, your friends are not the only ones viewing your profile or Facebook or many other popular social networking sites. Creditors and collection agencies are, too.
MSNBC reports that at least two Facebook members have been sent legal notices via their Facebook account. In what appears to [...]
Another guest post from MG Dungan who went from Wharton to Wall St. to real estate to Blown Mortgage.
It?s going to be all lawsuits all the time, as filings and indictments come fast and furious after January 20. In fact, a number are in the works already.
From the perspective of Wall St. crime, it will [...]
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