1 in 6 FHA Loans Delinquent
November 19, 2009
Tweet One in six FHA loans are delinquent, and a full 3.32% of them were in foreclosure. This is the highest number since 1979. Based on all the crazy FHA lending that has also taken place, we’d venture that this number is only going to get worse. The share of all types of mortgages with [...]
Read More >>Unemployment Benefits and Homebuyer Tax Credit Extended
November 4, 2009
Tweet After weeks of partisan debate, the Senate voted on Wednesday to lengthen unemployment benefits by up to 20 weeks and to extend the $8,000 homebuyer tax credit. The closely watched legislation would extend jobless benefits in all states by 14 weeks. Those that live in states with unemployment greater than 8.5% would receive an [...]
Read More >>When Nobody Else Will Lend, Where Do You Go? Taxpayers
October 18, 2009
Tweet Here’s a story from Clusterstock titled “20 Year Old Buys Home With $183,000 FHA Loan And Just 3.5% Down” which provides a live example of why the housing market on the low end is going gangbusters. Denise Tejada bought a house last month at the age of 20, thanks in large part to a loan [...]
Read More >>CNBC Classic: The Call For A 21st Century Tea Party
February 19, 2009
Tweet I’ve mentioned before the dislike I have for CNBC, but I was just sent a clip from earlier today on CNBC that is worth watching. Rick Santelli, who some of you may know as the guy who reports from the trading floor, lost it and went on a mini-tirade about the way the government [...]
Read More >>The Tale of Washington Mutual: Suprised?
December 27, 2008
Tweet “It was the Wild West,” said Steven M. Knobel, a founder of an appraisal company, Mitchell, Maxwell & Jackson, that did business with WaMu until 2007. “If you were alive, they would give you a loan. Actually, I think if you were dead, they would still give you a loan.” The NYT is featuring [...]
Read More >>Now Commercial Real Estate Developers Want A Bailout
December 22, 2008
Tweet According to an article in the WSJ this morning, developers are going to Capitol Hill with hat in hand looking for a bailout. Being in the CRE industry, I have to say this is getting out of hand. The blowup of the housing market and the ripple effect have caused the government to step [...]
Read More >>Treasury Yields Create Defeasance and Yield Maintenance Nightmare
December 11, 2008
Tweet Treasury yields have plummeted to near nothing, and in some cases they have even gone negative for the first time as investors are searching frantically for the financial equivalent of a panic room. To commercial real estate owners who are looking to sell, or refinance, this has created yet another problem, the issue of maintaining [...]
Read More >>The Next Victim of the Housing Crisis: Privacy of Mortgage Professionals
May 24, 2008
Tweet Buried in a housing bill which was passed by the Senate housing committee by a vote of 19-2 on Tuesday is language attacking the privacy of those in the mortgage profession. Eessentially anybody receiving compensation for a loan or accepting an application will be required to provide their fingerprint into a newly created National Fingerprint Registry. [...]
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