2007 USA Realty Meltdown

THE BOTTOM LINE: A city-commissioned report shows Hispanics have received the most subprime loans of any local ethnic group and criticizes Santa Clarita officials for a lack of fair housing outreach. The city says the findings are exaggerated, but it aims to fix the problems.  

As Subprime Lending Crisis Unfolded, Watchdog Fed Didn't Bother Barking from the Washington Post gives a good reason why the Federal Reserve shouldn't have an exclusive role in guarding the nation's monetary health. Despite many warnings of the subprime mortgage...  

Calpers burns in subprime fire 24 Oct 2009, 0000 hrs IST, REUTERS SAN FRANCISCO: Faced with huge losses on subprime loans, Calpers is suing the rating agencies which it said misled them by giving top ratings to mortgage bond funds which later turned out to be a house of cards. Calpers also was overcharged for foreign exchange transactions, says state Attorney General Brown, who is suing bank State Street. The market rally this year also has...  

CreditSights says accelerating shift from interest-only to higher amortising payments will spur delinquencies. Excerpts from US RMBS Update: A Payment-Shock Seesaw Delinquencies of 2005-vintage subprime and Alt-A loans will likely continue to be boosted because of mortgage-related payment shocks, CreditSights says in its latest update on the US RMBS market: “The past year has seen only 7% of [...]  

Subprime mortgages: Myths And Reality Kent Cherny & Yuliya Demyanyk 17 October 2009 The global crisis is said to have originated in the US subprime mortgage market. This column argues that many of the most popular explanations that have emerged for the subprime crisis are, to a large extent, myths. Subprime mortgages have received a lot of attention in the US since 2000, when the number of subprime loans being originated and refinanced shot up...  

Reverse mortgages could be the next subprime crisis. Some of the same subprime lenders that helped drive the real estate boom with loans to home buyers who couldn't afford the payments are now targeting seniors, the National Consumer Law Center warned Tuesday. Brokers, who are given financial incentives to sell the loans, may be making misleading claims to potential customers, according to a report by Boston-based NCLC. "This market is...  

WASHINGTON, Oct. 5, 2009 (GLOBE NEWSWIRE) -- Mortgage servicer Ocwen Financial Corporation (NYSE:OCN) convened more than 30 representatives of grassroots and national housing advocacy organizations to share success stories, new ideas and insights related to preventing foreclosures and helping homeowners. The roundtable discussion was geared, in part, to provide additional context for an expected report by a Congressional Oversight Panel on the...  

It's not the ones you decline, it's the ones you approve that get you in trouble. Confucious says (probably not) "the superior man understands what is right; the inferior man understands what will sell."Source - Bailout Nation  

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ABC NewsExisting-home sales drop 2.7% in August to 5.1 million paceMarketWatch"There is a growing pipeline of foreclosures that have yet to hit the market," said Omair Sharif, an economist for RBS Securities, pointing to a report in ...Home sales rise in Chicago area for 2nd monthChicago TribuneSales of Existing US Homes Probably Climbed as Prices FellBloombergHome sales drop 2.7 percentThe Associated PressCNNMoney.com -BloggingStocks (blog...  

Delayed Foreclosures Stalk MarketWall Street JournalWhen that happens, Mr. Burns believes, home prices will fall further, particularly in markets with large numbers of foreclosures. Overall, he expects home ...The "Shadow" Foreclosure InventoryAtlantic OnlineThe Foreclosure Pain May Drag on for YearsWall Street Journal (blog)all 4 news articles »  

KFGOState foreclosures highest in Upper MidwestChicago TribuneThe online real estate tracking service RealtyTrac shows approximately 3700 foreclosures in Minnesota during August, a decline of nearly 11 percent from a ...MN foreclosures drop 11 percent in AugustBizjournals.comMinnesota has highest foreclosure rate in Upper MidwestMinnesota Public RadioMinnesota foreclosures highest in the regionMinneapolis Star Tribuneall 26 news articles »  

Housing Crash to Resume on 7 Million Foreclosures, Amherst SaysBloombergSept. 23 (Bloomberg) -- The crash in US home prices will probably resume because about 7 million properties that are likely to be seized by ...Report: Looming foreclosures may hammer home pricesUSA TodayAmherst Sees 7m Foreclosures Poised to Distress House PricesHousing WireCramer on bloggingstocks: Don't believe the latest doomsayer's ...BloggingStocks (blog)all 9 news...  

Report Finds US Foreclosure-Mediation Programs FalterWall Street JournalWithout imposing stricter obligations on servicers, it's not likely that the mediation programs will actually lead to fewer foreclosures, the report said. ...Consumers Group Takes Mortgagte Modification Programs to TaskCredit Union TimesState Foreclosure Prevention Ineffective, Study ShowsBloombergUS home foreclosure mediation in jeopardy: reportReutersCBS MoneyWatch.com...  

MiamiHerald.comTreasury Official: TARP Vital To RecoveryWall Street Journal"Families are still feeling the pain of rising unemployment, rampant foreclosures, higher bank fees, and limited access to credit," Warren said. ...TARP Had 'Significant Role' Stabilizing Markets, Inspector SaysBloombergUS Assistant Treasury Secretary Allison Written Testimony Before ...eGov monitorGovernment Watchdog: 'Extremely Unlikely' Taxpayers Will Recoup ...ABC...