mister d

What Could Have Averted the Housing Bubble?

insiderman You are right for blaming congress and the CRA, but you need to understand that people who got loans, in the CRA areas, were not the ones who created this mess. It is the fraudulent bad flips and other type of speculative bulls*** that gives these neighborhoods a bad reputation statistically. The worse part about it is the stripping of wealth these communities absorb. These are neighborhoods that need it most. Any housing package must contain intense oversight as these vulters are gearing up for another round.

Souring FHA Loans

the fraudsters ran out of places to defraud and had to turn to FHA. These bankers just cant stop what they area doing. I have wonderd for quite some time if we might just experience minor corrections as opposed to the major trends we see in real estate if lenders would simply follow the rules. You take the fraudulent loans out of the portfolios and the mess is much easier to clean up. The funny thing about it is that these loans are easy to spot with basic underwriting. Unfortunately underwriters are forced to approve loans to meet quotas. I suggest an article. www.fiercefinance.com/...

Obama's Foreclosure Plan: A Closer Look

The housing market is to messed up for any plan to fix. Period. The only choice is to allow foreclosures to run their course and hopefully reach a bottom before even the americans who are fortunate enough to be able to afford their mortgages in these trying times smarten up and see the futility in trying to maintain a house that may never recoup its value. It is at this point that all americans, even you honerable hard working citizens will begin to question the financial feasibility of homeownership based on 2005 terms and conditions.

The one thing no one wants to admit or even recognize, especially rick santelli, is the basic principles of asset backed lending. The borrower agreed to pay x dollars per month for typically 30 years. In most states people are not defaultng on contracts as many are stating they are simply excercising an option within the contract to return the asset in leau of payment. Who is responsible for making the wiser of the two decisions, the borrower or the lender, is the real question.

Taking into consideration all the factors that surround a mortgage loan it would appear to be common sense to me. The lenders bear the burden of responsibility for making wise lending decisions as they are the ones who bear the greater of the consequences as demonstrated by todays current market.

Obama's Foreclosure Plan: A Closer Look

The housing market is to messed up for any plan to fix. Period. The only choice is to allow foreclosures to run their course and hopefully reach a bottom before even the americans who are fortunate enough to be able to afford their mortgages in these trying times smarten up and see the futility in trying to maintain a house that may never recoup its value. It is at this point that all americans, even you honerable hard working citizens will begin to question the financial feasibility of homeownership based on 2005 terms and conditions.

The one thing no one wants to admit or even recognize, especially rick santelli, is the basic principles of asset backed lending. The borrower agreed to pay x dollars per month for typically 30 years. In most states people are not defaultng on contracts as many are stating they are simply excercising an option within the contract to return the asset in leau of payment. Who is responsible for making the wiser of the two decisions, the borrower or the lender, is the real question.

Taking into consideration all the factors that surround a mortgage loan it would appear to be common sense to me. The lenders bear the burden of responsibility for making wise lending decisions as they are the ones who bear the greater of the consequences as demonstrated by todays current market.

Vegas Home Prices Continue to Fall; No Turnaround Yet

Tim,

As a real estate appraiser in Las Vegas I can tell exactly what the problem is. Values are continuing to plummet in Las Vegas due to the fact that lenders will not lend on Nevada. Period. The brokerage business has almost completely been wiped out due to current market conditions and the major receivers of TARP funds have no desire to try and catch a falling knive. Major lenders have an additional dilema that they can neither face or fess up to. Almost every sale in Vegas is a short sale or foreclosure and refinancing is almost impposible due to Loan to value problems created by declining home values. These short sale and foreclosure sales are not your typical short sale. A typical short sale prior to a few years ago was when a seller may be a little short to cover total selling costs. These short sales and foreclosures show losses so significant that the banks cannot afford to recognize them on their books. When I say significant I mean massive losses. They are typically blaiming end investors who apparently cannot come to resolution between first and second position holders. That is simple second needs to go away. You had less skin in the game for that position and you got what you paid for. Until lenders start to recognize losses, with financing in place via alternative mortage options. in Vegas values will continue to fall. On the brighter side I personally feel that vegas has undershoot quite drastically. There are investors with cash all over town looking at property and running into the same problems. I know of numerous situations where the only thing holding the deal up is the financing in place problems. Banks and loan servicers need to shit or get off the pot, they are destroying a vibrant valuable community. Not to mention creating an almost unattainable position for themselves as the values they are destroying are in fact more and more often becoming their property. Makes me wonder why?

I have always wonderd what real estate would be worth without financing. Anoyone else experiencing difficulties with signed contracts getting closed?

Manhattan Mansions Fall from the Sky - Barron's

Many of the banks and rating agencies board members did not violate the law but hey did impose pressure on subordinates to do so by threatening their jobs or business contracts. I am not a lawyer but i beleive that was the purpose of the rico statutes.

Slump's Over? Vegas Employment and Housing Looking Up

pendings lead to sales when you can get a loan moron.

Slump's Over? Vegas Employment and Housing Looking Up

are you nuts?

Bernanke's Fall from Grace

we had brokers running our economy. What do you think would happen. JP Morgan and Citi came out on top and they in fact originated most of the junk loans undermining the crisis. If they are not investigated then the system is fixed. The fact that both companies ceos sit on the federal reseve banks is itself a violation of federal statute. Both firms also had members on the boards of both fannie and freedie. NOt to mention sveral of the rating agencies. Check for yourself nnbd-tracking the world.

Bank Safety: The Hidden America That's Not in Crisis

Brett has made a great point that no one at the treasury or fed have even recognized. In fact i fell the key to any bailout, with a goal of creating a bottom in the housing market, must include a program that utilizes the lenders who have made quality decisions within the last 10 years. I personally believe providing large amounts of capital to the smaller banks and credit unions under a mandate that they lend this money "today" with loser qualifications than they are used to would alleviate the problem in a short time. This would reward those who acted prudently as opposed to simply correcting the balance sheet of those who didnt. A funny fact. Countrywide is currently not accepting short sales or loan modifications unless the borrower does not finance their loans through them. Is anybody interested in hearing the truth about all the ajustable rate mortgages that are a large part of this problem.

Bank Safety: The Hidden America That's Not in Crisis

For many years i could not figure out why so called quality lenders such as jp morgan, countrywide etc. would make such terrible loans. I am a real estate appraiser and for the last 10 years i could see, in the course of my practice, that there were tons of loans that should have never be made. It has become abundantly clear know why these loans were made. They were simply concieved as products for the secondary market, very similar to the .com's that everybody knew were valueless but were pushed to the unwiiting investor. These terrible loans would not have been made if the banks had to assume the responsibility. The fact is they made these loans because they knew they had a buyer who would buy anything. If this doesnt prove that banks, brokerage firms and insurance companies should be seperated, as was mandated by the glass- steagull act, i dont know what will.

Bank Safety: The Hidden America That's Not in Crisis

Paulsen is lying. The fact is the bailout is a cover up of the practices of goldman sacs and the other brokerages. Goldman was fast tracked to become a bank, previoulsy unheard of, so they could take part in the bailout and jp morgan and the other banks were forced to go along to give the plan validity. The banks were forced to accept this plan primarily because they were co-conpsirators due to the fact that they originated all of the junk loans that created this mess The american people would have never gone along with a program that only bails out the two new so-called banks that combined payed its executives in excess of 8 billion dollars last year alone. This is what happens when you put a stock broker in charge of the treasury.

Freddie Mac CEO: Home Price Drops Only 1/3 Done

the facts are that the real loans made in distressed neighborhoods had nothing to do with this failing. bad loans to illegal property flippers in these neighborhoods represent a large portion of these loans making it appear that these neighborhoods are to blame. The disgusting fact is that these flippers knew of these programs, actually designed to improve distressed neighborhoods, would be beneficial to them if they utilized mainly minority straw buyers for their illegal transfers on the back end of their flips. The fact that fannie, freddie and all of the major lenders are not currently unloading their bad loans via foreclosure is more frightening. At first i believe these loans were not unloaded to make the companies balance sheet look better to the public and the compensation commitees of their organizations. It is obvious to me know that the reason for not unloading these assets may be something more sinister. I sincerely hope i am wrong but my theory is that these geniuses mat have assigned these mortgages to more than one person creating title problems. Numerous courts have dismissed foreclosure preceeding because the institution filing the compliant to foreclose cannot come up with the actual mortgage. This is only a theory but it is somewhat supprted by the fact that none of the recovery plans proposed ever mentioned the posibility of unwinding these intruments. Why is it so important that these intruments be saved as a whole? I beleive to cover up the fact that they were inproperly placed, rated etc. as a whole and the bailout that is currently in the works only serevs to protect the guilt and hide their illegal activities.