Blowing the Lid Off the Mortgage Industry
From the category archives:
If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!In this Bloomberg segment Dr. Nouriel Roubini shares his thoughts on why pundits proclaiming the stabilization of the housing market are wrong and why the current policy path is unsustainable and likely to have a messy exit. My favorite [...]
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Unemployment rose in nearly every state in the nation in May, with many reaching record unemployment levels not seen since 1976. So much for green shoots. If 70% of our economy is driven by consumer spending, and more and more consumers are out of work, how exactly are we coming out of this [...]
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All this green shoot talk and pronouncements that the worst is over fails to take into account the sorry state of the US consumer. Sure indicators may be turning (are they really?) but the fact remains that the US consumer, the same people responsible for 70% of our nation’s GDP are still in a world [...]
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Great visualization of the average student loan debt carried by students coming out of college across the country. Amazing that most states’ averages are more than $15,000 per student. It’s tough to bash people for not saving enough when going to school automatically puts you in the hole as you enter the workforce.
It will be [...]
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The state of California is imposing a 90-day moratorium on all foreclosures as part of the new California Foreclosure Prevention Act that goes into effect tomorrow. The law requires that lenders prove they tried to modify a borrower’s loan before initiating foreclosure proceedings.
From the San Jose Mercury News:
The law is expected to make lenders try [...]
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GOOD Magazine has a great graphic representation of the biggest bankruptices in history. (click link for bigger size) Check out Lehman bro’s $691 billion BK, more than 7 times the size of GM’s recent bankruptcy. (h/t Boing Boing for the image)
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As the unemployment rate continues to grow it is hitting an increasing number of people who had prime mortgages. The result is a huge increase in foreclosures among primes. In the first three months of the year, prime fixed-rate loans accounted for nearly half of the increase in foreclosure proceedings, according to the Mortgage Bankers [...]
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The Center for Responsible Lending (CRL) estimates that one million new foreclosures have been filed so far in 2009. The news comes on the heels of the release of the first quarter 2009 National Delinquency Survey from the Mortgage Bankers Association (MBA) which reveals that 12 percent of all mortgages are now delinquent, the highest [...]
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The sickening feeling in my stomach continues to worsen. AIG is looking to clawback a $490 million endowment and the $27 million in donations already made to charities to pay employee bonuses instead. The New York Post has the details on this underhanded, disgusting move by a company and board that has long [...]
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Economist Paul Krugman is any way in a New York Times Op-Ed. Krugman blames Reagan and his advisors for planting the seeds that would has become the worst economic crisis since the Great Depression.
Krugman points to the 1982 signing of the Garn-St. Germain Depository Institutions Act that deregulated mortgage financing, encouraged absurd [...]
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