Breaking News

U.S. Home Foreclosures Soar in August

Franklin @ September 18, 2007 # 2 Comments

The question nobody asks is why aren’t banks restructuring loans to avoid foreclosures? That’s what they did in the past, most credit counseling services will tell you that the banks will restructure the loan before letting it default. However, something is different this time. It is a change that is puzzling regulators and the media […]

More on page 46

African-American and Latinos Hardest Hit by Foreclosure Crisis

Franklin @ September 5, 2007 # No Comment Yet

A new Acorn study found that African-Americans and Latinos are the groups hardest hit by foreclosures due to their exposure to high cost home purchase loans. During the past few weeks, politicians and the media have been covering the issue of the foreclosure crisis and in general tended to blame “unscrupulous lenders” or borrowers who […]

More on page 44

Bush Aid to Mortgage Holders only Aids Wall Street

Franklin @ August 31, 2007 # 2 Comments

As I pointed out yesterday, the administration is using the current crisis to strengthen Wall Street’s position in the biggest land-grabbing scheme since the XIX Century. Although it’s hard to analyze what Bush actually wants to do (he only said he was going to do something in the future), there are some inferences than can […]

More on page 43

Subprime Mortgage Crisis Spreading to High-End Housing Market

Franklin @ August 29, 2007 # No Comment Yet

For those who have not been following my reasoning on this matter here is an introduction: Since the 90s banks get liquidity for providing loans by packaging the loans into securities and selling those securities to 3rd parties (real estate is not real any longer from the point of view of the banks) As the […]

More on page 39

Home Prices: Steepest Drop in 20 Years

Franklin @ August 28, 2007 # One Comment

Are you ready to live as a renter in the cul-de-sac you used to own? As home prices keep going down, many homeowners will see that they face negative amortization (they will own more than the house is worth). A rational answer to such a situation (above all, if they cannot afford paying rising interest […]

More on page 36

Inside the Countrywide Lending Spree

Franklin @ August 26, 2007 # No Comment Yet

Great story at the New York Times Countrywide Financial systematically led people to high-cost mortgages that were not suited for them, some former employees say. “But providing “the best loan possible” to customers wasn’t always the bank’s main goal, say some former employees. Instead, potential borrowers were often led to high-cost and sometimes unfavorable loans […]

More on page 28

Fed CUTS discount rate

Franklin @ August 19, 2007 # No Comment Yet

The Federal Reserve, declaring that increased economic uncertainty poses risks for U.S. business growth, announced Friday that it has approved a half-percentage point cut in its discount rate on loans to banks. The action was the most dramatic effort yet by the central bank to restore calm to global financial markets. Of course, this cut […]

More on page 18

Entries (RSS)
Comments (RSS)

67 queries.
0.844 seconds.

Politics blogs Politics blogs
Links to Site