By Cheryl Reams The U.S. government housing rescue program is on target to spend more than $2-trillion on bail out efforts, according to a review of government allocations. The effort marks the largest amount spent on record to aid real estate markets in a downturn, and is intended to help push the economy in the… Continue reading Housing Bail Out to Top $2-Trillion
Category: Economic Crisis
Fixing America’s Broken Banking System
By Mike Colpitts Beset by a series of frauds, failed accounting practices, lack of proper government oversight, including the failings of law enforcement agencies America’s banking system is broken. At the heart of the massive problem are the nation’s two mammoth mortgage giants, Fannie Mae and Freddie Mac, also known as America’s biggest money pit.… Continue reading Fixing America’s Broken Banking System
Worst is Over as Housing Deflation Peaks
Despite an on-coming wave of foreclosures, the worst is behind the majority of U.S. housing markets, according to a new assessment by Housing Predictor. Real estate deflation has been the worst in three states, topping 75% in the hardest hit markets of the country. But it has begun to slow as a result of a… Continue reading Worst is Over as Housing Deflation Peaks
Dirty Money Sealed Dodd’s Fate
By Kevin Chiu Embattled U.S. Senator Chris Dodd, the chairman of the senate banking committee, released his financial reform package at a press conference and it appears it will be one of the last significant actions the Congressmen will be making in Washington, D.C. Dodd, who announced late last year he will not be seeking… Continue reading Dirty Money Sealed Dodd’s Fate
Underwater Between a Rock and a Hard Place
Owning a home with negative equity and a higher mortgage payment than is affordable is like living between the proverbial rock and a hard place. Yet for hundreds of thousands of homeowners that’s the way things are these days. Staggering job losses, growing under employment and record bankruptcies throwing many business owners out of work… Continue reading Underwater Between a Rock and a Hard Place
No Bottom in Housing Market in 2010
The bottom of the housing market will not develop in 2010 in the majority of U.S. markets as a result of high unemployment, the record plague of foreclosures and tight mortgage lending standards, prolonging the downturn as the economy struggles to recover. The new assessment by Housing Predictor analysts was determined after a lengthy review… Continue reading No Bottom in Housing Market in 2010
Two Years Later Foreclosure Crisis Far From Ending
By Mike Colpitts Two years after Housing Predictor was the first real estate research firm to forecast the foreclosure epidemic the crisis is caught up in a maze of bureaucratic red tape, squabbling in Congress and political turmoil. Since the crisis began bankers have made an estimated 5-million foreclosures, and it is only forecast to… Continue reading Two Years Later Foreclosure Crisis Far From Ending
Cold Chills Strike from New Deal Era
HYDE PARK, New York – Step into the library of President Franklin Delano Roosevelt’s after paying the admission and the first thing you see is a corner dedicated to the Great Depression, America’s last big battle with the U.S. economy. For any mortal in touch with reality these days a cold chill reverberates down your… Continue reading Cold Chills Strike from New Deal Era
Short Sale Madness
Distressed home sales in which the lender cooperates to cut the amount of principal owed are likely to increase in 2010, but the number of short sales is unlikely to have any real impact on the housing market, according to a new Housing Predictor study. The small number of short sales that are actually approved… Continue reading Short Sale Madness
Will the U.S.A. Go Broke Over the Housing Bust
By Mike Colpitts As 2010 gets underway the sort of money that it will take the U.S. economy to get back on track is beginning to dawn on people. The $1.8-trillion commitment the Treasury Department is making to buy up securities and bonds from Fannie Mae and Freddie Mac is a bail-out of record proportions.… Continue reading Will the U.S.A. Go Broke Over the Housing Bust