Debt Boom Backfires

It’s really so simple once you look through his looking glass. J. B. Richards has a simple way of looking at things as an economist for more than 40 years. “It’s been played out on Americans more than any other place on the planet,” he says. “It’s really a debt boom of monumental proportions. Banks… Continue reading Debt Boom Backfires

Avoiding Foreclosure with FHA Loans

Foreclosure is one of the largest and most talked about problems in the country today. The good news for some homeowners struggling to make payments is that FHA loans may be able to help. FHA, or the Federal Housing Association, has been designed to provide additional help to people looking to obtain a home loan,… Continue reading Avoiding Foreclosure with FHA Loans

Congress Fails America

Analysis of the Bailout Congress Fails America By Mike Colpitts When the nation’s economic disaster hit the breaking point Congress took action. The bailout approved by Congress gives the U.S. Treasury Department nearly complete discretion to purchase $700 billion of mortgage-backed securities and other troubled assets clogging the lending pipeline. But it fails to provide… Continue reading Congress Fails America

Dire Straits on Main Street

By Mike Colpitts Editor It finally hit the fan. The nation’s largest investment banks and mortgage companies developed the new financial trading instruments that triggered the credit crisis on Wall Street, and now the long expected financial melt down has finally entered its final stages. A few minutes before the New York Stock Exchange closed… Continue reading Dire Straits on Main Street

Desperation in New York City

By Mike Colpitts Desperate times cause people to do desperate things. We encountered one of these unfortunate souls on our trip last week to New York City, Marina Berkovich is an insurance agent in Brooklyn,  who owns the apartment we rented. She said business has been lousy with the ailing real estate market. Marina was nice enough… Continue reading Desperation in New York City

Reality Behind Fannie and Freddie Bailout

By Mike Colpitts Editor The reality behind the Fannie Mae and Freddie Mac bailout will amount not only to the largest single economic cost in U.S. history on the home front, but it will mark a monumental struggle for Congress to clean up the worst political financial mess in history at a cost to tax… Continue reading Reality Behind Fannie and Freddie Bailout

Economic Depression Not Forecast for U.S.

The U.S. economy will not suffer from an overall economic depression as a result of the real estate depression, according to a new forecast by Housing Predictor. The majority of the nation’s housing markets are under going deflation as a result of the credit crisis, but analysts now expect the housing depression to begin showing… Continue reading Economic Depression Not Forecast for U.S.

Foreclosure Auctions Failing to Attract Buyers

Lackluster turnouts at courthouse foreclosure auctions are becoming common place from the court house steps of Los Angles scattered across the country to New York City, according to attorneys who attend the auctions to bid on properties for mortgage lenders. The poor turnouts represent a major shift in the way foreclosures are being bought and… Continue reading Foreclosure Auctions Failing to Attract Buyers

The Sky Isn’t Falling

By Cathy Salustri It seems as though every other headline in the newspaper talks about people losing their homes and every time you turn on the TV newscasters are talking about foreclosures. Yesterday’s mortgage brokers work at Starbucks and Home Depot today. Some real estate agents are waiting tables or looking for other work. The… Continue reading The Sky Isn’t Falling

Giant Failures Await

Inside the offices of Countrywide Mortgage the signs illuminated their offices reading, “Fast and Easy Loans.” The notices beckoned any mortgage applicant to ask just what these loans were all about. The so-called Fast and Easy Loans offered by Countrywide and dozens of other mortgage lenders and banks throughout the country, which often gained chuckles… Continue reading Giant Failures Await