By Mike Colpitts Homeowners are fed-up and they are protesting by the way they are paying their bills. A growing volume of homeowners are paying credit card bills before making payments on their mortgages, according to a new study by Trans Union credit reporting agency. It’s a trend that has been widely reported over the… Continue reading Homeowners Protest Paying Credit Cards Before Mortgages
Category: Wall Street
Bankers Oppose Mortgage Retention Proposal
By Kevin Chiu Six federal agencies are proposing a rule that would require banks and mortgage companies to retain at least 5% of the mortgages they make, and not sell them to the investment market to hedge against credit risk. But the proposal is being opposed by the banking industry as part of the Dodd-Frank… Continue reading Bankers Oppose Mortgage Retention Proposal
Wall Street Bankers Should Be Prosecuted, Survey Shows
In an over-whelming show of support Americans want those responsible for sending the U.S. economy into a massive downturn prosecuted by federal authorities, according to a new opinion poll. The finding was determined through the latest Housing Predictor poll, which surveyed visitors over Wall Street bankers actions related to the near freeze of the U.S.… Continue reading Wall Street Bankers Should Be Prosecuted, Survey Shows
Paying Homeowners Money to Stay Works
By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works
Wealth Effect Impact Enormous on U.S.
By Kevin Chiu The impact of the now near fatal “Wealth Effect” on the US is enormous with weakening consumer confidence over the economy. Just in case you hadn’t heard of it before, the Wealth Effect is the way people feel about their personal financial condition as a result of equity in their home or… Continue reading Wealth Effect Impact Enormous on U.S.
Americans Divided Over Halting Foreclosures
By Kevin Chiu Despite the enormous financial damage it would do to the U.S. economy, Americans are divided over whether the record flood of foreclosures should be halted. That’s the stunning conclusion derived from the latest Housing Predictor poll. With foreclosures at all-time record levels, a divide has grown over the foreclosure crisis like perhaps… Continue reading Americans Divided Over Halting Foreclosures
Home Prices Decline Less in Hardest Hit Markets
By Mike Colpitts Where home prices are still declining they are deflating at a slower rate for the second year in a row, a new Housing Predictor survey has found. The hardest hit markets in the nation, including places in California, Nevada, Arizona, Rhode Island and Florida are experiencing less deflation than in early 2010.… Continue reading Home Prices Decline Less in Hardest Hit Markets
Federal Housing Agency Orders Halt to Home Resale Fees
By Mike Colpitts U.S. mortgage giants Freddie Mac and Fannie Mae will be halted from providing mortgages on homes that hold home resale fees under a new federal mandate. The decision, ordered by the Federal Housing Finance Agency, which oversees both government backed lenders, was ordered late Tuesday. It was contained in a proposal made… Continue reading Federal Housing Agency Orders Halt to Home Resale Fees
Housing Resale Fees Next Wall Street Rip-Off
A coalition of real estate related companies have launched an effort to stop a 1% home resale fee added to some new home developments being offered by a Manhattan based financial firm by sending a letter to U.S. Treasury Secretary Tim Geithner. The effort was revealed during a news conference with reporters, which included the… Continue reading Housing Resale Fees Next Wall Street Rip-Off
SEC Busts Wall Street Firm in Real Estate Collapse
Under new leadership the Security and Exchange Commission (SEC) charged a Wall Street firm and three affiliated companies with fraudulently managing investments tied to the real estate collapse. The investments were marketed as a way to raise income to insure home mortgages in the risky days before the U.S. economy nearly collapsed. The asset manager… Continue reading SEC Busts Wall Street Firm in Real Estate Collapse