By Mike Colpitts Facing stiff political opposition, rising protests over government bail-outs and growing anger President Barack Obama delivered his first State of the Union Address without mentioning the foreclosure crisis. But he spent plenty of time addressing the financial crisis, reining in excessive risk taking on Wall Street and lots of other topics. His… Continue reading Homeowners Get Little Hope in Obama Speech
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
Mellowing in the Muck of Miami
By Mark Collingsworth Miami – Bright lights burst with radiance from Miami Beach condo balconies in the night’s darkness. Towers of high-rise condos that stood without signs of life just a few months ago are lighting up, indicating that more residents are moving into the half empty buildings. Mired in the muck of one of… Continue reading Mellowing in the Muck of Miami
Mortgage Modifications Lag
Bureaucratic stumbling blocks and red tape have hampered the government’s mortgage modification plan, helping only a small number of Americans stay in their homes, Treasury Department officials acknowledged. The Obama Administration’s Home Affordable Modification Program (HAMP) has permanently modified only 66,000 homeowner mortgages from more than 4-million that may be eligible for the plan. Another… Continue reading Mortgage Modifications Lag
Slow Ride to New Paradigm in 2010
Slow Ride to New Paradigm in 2010 By Kevin Chiu Mortgage rates are creeping upward. The sale of foreclosed properties is slowing as bankers catch up with the record volume of homes in default. Money markets remain tight, and the volume of home sales has slowed as a result of government incentives that were expected… Continue reading Slow Ride to New Paradigm in 2010
Answer: Saving the Real Estate Market
There are no perfect choices as President Barack Obama sits down with his financial advisors to talk over just what they’ll do next in the housing mess. Some choices are just better than others. Wall Street greed and bankers blunders got us to this point with the economy, and straightening out the mess is like… Continue reading Answer: Saving the Real Estate Market
Huge Rise in Walkaways
A growing number of homeowners are doing what was once unthinkable – strategically walking away from mortgages, and the trend is showing huge signs of increasing with the approval of academia. A consulting company working for financial institutions, Oliver Wyman estimates that 16% of current foreclosures are of mortgage borrowers intentionally walking away, choosing to… Continue reading Huge Rise in Walkaways
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