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
Category: Mortgage
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
Open Letter to U.S. Congress
America is at a cross roads. The U.S. economy has suffered major damages as a result of the nation’s mortgage crisis. Housing prices have fallen in the majority of local markets from coast to coast at unprecedented speed. Financial markets have sustained huge swings in erratic fashion. The nation is in turmoil. As you consider… Continue reading Open Letter to U.S. Congress
New World of Mortgage Lending
By Cathy Salustri Three years ago it seemed anyone could get 100% financing on a half-million dollar home and lenders had a mortgage product for every situation. Today the lending pendulum has swung the other way and lenders are getting back to basics with more conventional mortgages. Lenders say they’re protecting their interests and keeping… Continue reading New World of Mortgage Lending
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.