12debt.html?_r=1&ref=business EDITOR’S NOTE: It is ironic how reality eventually catches up with illusion. While we have been pounding on the issue of principal reduction as the only realistic way out of the recession, and while the financial industry has been busy convincing people that principal reduction is somehow immoral, the contraction of home prices back [...]
The Federal Reserve, by the way, doesn’t exist to make a profit like the commercial banks. Until 2009, the Fed paid no interest on the bank reserves and other monies it holds, and it earns interest on the Treasury securities it holds. According to the story in the Times, the “Fed’s profitability increased as an incidental result of the financial turmoil that began in 2007.”
Taxpayer support for the financial system grew by $700 billion last year, and has now reached roughly $3.7 trillion, including TARP, Federal Reserve programs, asset guarantees and federal bank deposit insurance, among other commitments.
RESPA is a federal statute so I would think that this sort of thing could be happening all over the place… like in all 50 states. And it’s also worth mentioning that what Bank of America is accused of here, is every bit as true for Chase, Wells, One West, US Bank, Aurora, Saxon… are you feeling me here? Come on, multiply the number of banks and servicers times fifty states, and before you know it we could be having a national block party… I’ll bring the beer.
by Jacob Goldstein 3-signs-housing-s-getting-weaker?sc=nl&cc=pmb-20100622 After bottoming out in the first half of ’09, the housing market made something of a comeback late last year. The comeback was stoked in part by public subsidies for the housing market. Now, key pieces of those subsidies are winding down — namely, the Fed’s purchase of more than $1 [...]
“We’re a little in the Wild West here,” said Paul Leonard, California office director of the Center for Responsible Lending. “People are struggling with what it means to uphold the terms of your mortgage contract and what it means to walk away. There are no tried and true rules.” June 21, 2010 Battles in California [...]
This is not a tragedy that discriminates. The race diminished as a result of what is being allowed to transpire will be “human”.
Editor’s Note: Housing prices will continue to decline until median income starts to flatten out. All signs indicate that we are in for another 10%-20% drop as conventionally measured. Remember that housing prices do NOT take into consideration selling expenses and concessions at closing. All things considered, housing prices should be at least 8% under [...]
What We Know (and Don’t Want to Know) About Housing Today, June 16, 2010, 34 minutes ago | noreply@blogger.com (Charles Hugh Smith) The housing market is doomed in the U.S., and the causal factors are all well-known. But we don’t want to know, because that knowledge would re-order the American culture and economy. Yesterday I [...]
Just think how it would have looked… Blankcheck would have said: “Gee, I couldn’t tell you about the ins and outs of those billions we made,” and someone would have walked over and whacked him with a good size stick. Now that’s what I call compelling television.
By James R. Hagerty Barclays Capital The numbers through March 2010 are estimates, the rest are projections. It’s a bit like guessing how many pennies are in a gallon jug at the state fair, but housing analysts keep trying to count how many foreclosed homes banks and mortgage investors own. Why should we care? Unlike [...]
Despite a surprising surge in home sales reported this week experts say the housing market’s spring fling has been fueled by now-expired tax credits and is unlikely to last.
Tax credit – Business – Real estate – Taxation – Low Income Taxpayers
Homebuyers rushed to take advantage of government incentives and record-low mortgage rates in April, giving the housing market its biggest boost in five months.
Homebuyers rushed to take advantage of government incentives and record-low mortgage rates in April, giving the housing market its biggest boost in five months.
Real estate economics – Business – Government – Real estate – Construction and Maintenance
Submitted by a reader from an unknown source — might be Dr. Housing Bubble, which is another Blog Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in [...]
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