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- And then they lost control
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Under a conservatorship, the shares of Fannie and Freddie would be worth little or nothing, and any losses on mortgages they own or guarantee — which could be staggering — would be paid by taxpayers….
Original Source: housingpanic.blogspot.com
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10 July, 2008| housingblogs |
Comments (0) @ 23:26
- Tipster: Most Countrywide Full Spectrum Lending Branches Closing
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From our tip line comes the news that most of Countrywide’s remaining Full Spectrum Lending branches will be closed tomorrow July 11th. The Full Spectrum group is basically Countrywide’s subprime and Alt-A retail origination group. The company’s been laying off folks in this division (and others) as part of its original downsizing plan.
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Original Source:
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10 July, 2008| housingblogs |
Comments (0) @ 22:46
- California Housing: 1 out of every 192 Homes in Trouble. Top Ranking State in the United States.
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The foreclosures numbers for the month of June did not give us any hint of a second half recovery. The lunacy of some of the politicians out there is simply baffling. Apparently the current recession is now all in our heads:
“(CNN) Obama was responding to comments from Phil Gramm, a former Texas senator and a co-chair of McCain’s presidential campaign who told the Washington Times that America has “become a nation of whiners” and the country is in the midst of a “mental recession.”
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Original Source:
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10 July, 2008| housingblogs |
Comments (0) @ 22:35
- Great Minds Think Alike
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Almost as fast as I suggested 3 days a…
Original Source: www.socalbubble.com
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10 July, 2008| housingblogs |
Comments (0) @ 22:08
- Conservatorship for Fannie or Freddie?
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Two articles …
From the WSJ: Mortgage Giants Face Pressure Over Capital Even as federal officials sought to reassure investors about the financial health of Fannie Mae and Freddie Mac, pressure mounted on the giant mortgage companies to raise fresh capital to offset the tumbling values of home loans they hold.
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One possible scenario if Fannie and Freddie’s financial position worsens: Under…
Original Source:
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10 July, 2008| housingblogs |
Comments (0) @ 21:54
- [No Sleep Till Brooklyn] 2Q 2008 Brooklyn Market Overview Available For Download
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The 2Q 2008 Brooklyn Market Overview that I author for Prudential Douglas Elliman was just released.
It is the first comprehensive report of the entire borough, which is sort of surprising to me. Look for lots of additional data and charts on the market in the coming weeks. …
Original Source: matrix.millersamuel.com
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10 July, 2008| housingblogs |
Comments (0) @ 21:52
- Dead Equity Extraction Gone Bad
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In November of 2005 the original owners of a 3,023 sqft home on 1140 Santa Delphina Ave sold their house for $770,000. Purchased originally for $336,500 in June of 2000, the owners scored roughly $400,000 in tax free earning with that single transaction.Needless to say, Luis living next door at 1144 Santa Delphina was quite excited. Having purchased also in June of 2000 for $327,990 with a home of comparable size at 3,019 sqft, Luis suddenly found himself feeling $400,000 richer as well. (E…
Original Source: bubbletracking.blogspot.com
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10 July, 2008| housingblogs |
Comments (0) @ 19:30
- WaPo: "Hotel boom is kaput"
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From Michael Rosenwald at the WaPo: Slide by Marriott Signals Distress for Hotel Industry (hat tip John) Let there be no mistaking it now: The hotel boom is kaput.
Marriott International, one of the world’s largest hotel operators, released a stream of unsettling news for the industry yesterday: Its second quarter profit fell 24 percent, to $157 million; it lowered yearly profit estimates again…
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10 July, 2008| housingblogs |
Comments (0) @ 18:38
- BoE keeps rates constant
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Yesterday, the Bank of England passed up another opportunity to tackle inflation. It chose to keep rates fixed rather than hike them and tell the world that it would get serious about rising prices.There is always next MPC meeting. If the MPC again fails to act, there is always the meeting after that. Difficult decisions can always be pushed into the future. Why risk taking a tough and unpopular decision when it can wait until next month….
Original Source: ukhousebubble.blogspot.com
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10 July, 2008| housingblogs |
Comments (0) @ 18:08
- Adios, Countrywide
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This may be old news to some of you, but it was news to me: Bank of America "plans to dump the Countrywide name early next year."T…
Original Source: feeds.latimes.com
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10 July, 2008| housingblogs |
Comments (0) @ 16:09
- U.S. Foreclosures Double, Reposessions Triple, Fannie & Freddie Are Insolvent
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Foreclosures Rose 53% in June as U.S. Bank Repossessions More Than Doubled by Bloomberg snips:U.S. foreclosure filings rose 53 percent in June from a year earlier and bank repossessions almost tripled as deteriorating property values and higher payments on adjustable mortgages forced more people to give up their homes. More than 252,000 properties, or one in every 501 U.S. households, were in some stage of foreclosure…
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10 July, 2008| housingblogs |
Comments (0) @ 16:02
- All The Different Reports Are Supporting The Same Story
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The North County Times reports from California. “North County housing deepened its slump in June as foreclosures dictated the market and high-end housing prices begin to show weakness. The median price for a home sold in June tumbled 26.5 percent from a year ago to $490,000, according to the North San Diego County Association of Realtors’ monthly report.”
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Original Source: thehousingbubbleblog.com
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10 July, 2008| housingblogs |
Comments (0) @ 15:36
- ABX and CMBX Cliff Diving Again
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Check out the ABX-HE-AAA- 07-2 close today. More Cliff Diving!
Note: The ABX indices are based on credit default swaps (CDS) for various tranches of subprime mortgage-backed securities (MBS). For some background, here is a post at the Cleveland Fed back in March, 2007.
Most of the CMBX indices are setting new record lows again.Note: Up is down for the CMBX indices. The CMBX is quoted as…
Original Source:
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10 July, 2008| housingblogs |
Comments (0) @ 15:23
- OFHEO issues statement on GSE’s
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The Office of Federal Housing Enterprise Oversight (OFHEO) has issued a statement today on the stability and solvency of the GSE’s in response to the unprecedented run on their stock prices as increasing turmoil in the housing market drives loan losses skyward.
From the OFHEO:For Immediate Release…
Original Source:
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10 July, 2008| housingblogs |
Comments (0) @ 14:45
- More homes, less sold
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There were 273 fewer homes sold on Long Island in June than a year ago, according to the latest statistics from the Multiple Listing Service of Long Island.
While sales dipped, the inventory of available single-family homes keeps climbed, reaching 26,399 last month, 640 more than in June 2007.
Meanwhile prices continue to fall. The median price of homes in contract in Suffolk County was $360,000 in June, down $50,000 from a year ago. In Nassau County, the drop was less dramatic, falling from $485,000 in June 2007 to $468,000 last month.
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Original Source: spacedoutli.wordpress.com
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10 July, 2008| housingblogs |
Comments (0) @ 13:39
- BofA CEO Lewis on Countrywide
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From the LA Times: Countrywide takeover will pay off, BofA’s CEO says [Lewis] said Bank of America paid so little for the lender that once the books on the deal were closed, the Countrywide operation would immediately show a profit — with the potential for huge growth in income when the mortgage industry recovers.
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Lewis initially said he wanted to study whether to keep the Countrywide brand,…
Original Source:
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10 July, 2008| housingblogs |
Comments (0) @ 13:23
- McCain open to Fannie-Freddie bailout; Isn’t everyone?
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The dangerously declining duo known as Fannie Mae and Freddie Mac is dominating financial news today. Worth noting:T…
Original Source: feeds.latimes.com
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10 July, 2008| housingblogs |
Comments (0) @ 13:22
- Deer, Wood You Spend The House, Please.
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Money, Money, Money — ABBA
I find HELOC abuse stories fascinating in a train-wreck sort of way. I like to try to imagine the thought processes and belief system that would allow someone to do something so incredibly foolish. Spending your home equity is not a one-time event that could be the result of a single, rash decision, it is the cumulative effect of numerous bad decisions made over a long period of time. Each refinance or equity extraction was the result of a rational thought process with some deliberation. The fundamental belief must be that house prices always go up, therefore additional equity will always be available to spend. If you didn’t believe that, you might pull the money out to screw the lender, but you wouldn’t do it knowing it might cause you to lose your house. The second fundamental belief must be that interest rates and payments will always decline. When you take on more debt, you have to make larger payments to service it, unless of course, you continually refinance with an adjustable rate mortgage in a declining interest rate environment. It is possible some of these people believed their income would rise to make the larger payment as well, but the overriding belief had to have been that low interest rates and serial refinancing would always be available. All of these beliefs are wrong, and the market is driving this point home (literally) right now. …
Original Source:
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10 July, 2008| housingblogs |
Comments (0) @ 12:30
- Turnabout Is Fair Play
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The Casper Star Tribune reports from Wyoming. “Federal data show that southwest Wyoming is bearing the brunt of the state’s population growth. ‘It’s not really surprising at all,’ Sublette County Planning Director Bart Myers said of the latest census figures, which are tied heavily to the development of the nearby Pinedale Anticline and Jonah fields, two of the nation’s largest natural gas fields.”
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Original Source: thehousingbubbleblog.com
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10 July, 2008| housingblogs |
Comments (0) @ 11:12
- Senate poised to pass housing bill
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The saga still isn’t over, but after months of debate on Capitol Hill, the Senate seemed poised Thursday to finally pass a comprehensive housing and foreclosure prevention bill this week.
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Original Source: rss.cnn.com
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10 July, 2008| housingblogs |
Comments (0) @ 11:11