Post Tagged with: "foreclosure"
The growing optimism on housing is not justified
The bullish argument that houses are now generally affordable also does not hold up on closer examination. As we have repeated ad infinitum the average household has too much debt and is in the midst of deleveraging rather than taking on more debt. Furthermore, households, on average, do not have enough cash for a down payment or a high enough credit score to qualify for the more stringent credit standards put into effect following the credit crisis. Neither do they have enough income
Debts that can’t be paid, won’t be
A common denominator runs throughout recorded history: a rising proportion of debts cannot be paid. Adam Smith remarked that no government ever had repaid its debt, and today the same can be said of the overall volume of private-sector debt. One way or another, there will be defaults – unless debts are paid in an illusory fashion, simply by adding the interest charges onto the debt balance until the sums finally grow to so fictitious a magnitude that the illusion of viability has to be dropped
Ten Observations To Start the Week
Ten thoughts on the economy and markets that include events in Greece, the US, Sweden, the EU and China
Banks Paying Cash to Homeowners to Avoid Foreclosures
Here’s the latest story that’s been getting buzz around the internet: banks are trying to get troubled mortgages off their books without having to go through costly foreclosure processes and they are offering homeowners cash incentives to do so
Lenders now suing for mortgage debt after foreclosure
The statute of limitations is five years for default. That means banks still have until the beginning of 2012 to sue a strategic defaulter from early
No Bottom in Sight for Housing
From Global Economic Intersection Guest author: Keith Jurow is the author of the MVP Housing Market Report. This article was posted at Minyanville with the title “There Is No Housing Bottom in Sight” At the end of June 2011, macromarkets.com released the results of a poll in which 108 leading economists and housing market analysts
Mortgage company hires people to break in and steal from man not in foreclosure
And the police are not interested in prosecuting. Video below
60 Minutes on The Next Housing Shock
"60 Minutes" aired a segment last night on the foreclosure fraud that we in the blogosphere have been discussing for sometime. See "Videos: Depositions of Alleged Robo-Signers From Nationwide Title Clearing" from November, for example. It’s good to see this issue go mainstream. The video is embedded below, but let me make a few comments
Banks Harassing and Foreclosing on U.S. Soldiers
This is from the testimony in the video below: Soldier’s wife: I’m dealing with Chase, getting their phone calls, getting their harassment around the clock. My husband Jonathan missed two hours of our daughter’s birthday party, because Chase simply would not hang up the phone until he made a payment in which we have already
Jon Stewart on the Mortgage Bankers Association Strategic Default
Hey if y’all can do it, so can we. (Hat tip Ryan Chittum)
Expect More De Facto Decriminalization of Elite Financial Fraud in 2011
The role of the criminal justice system with regard to financial fraud by elite bankers in 2011 is likely to reprise its role last decade — de facto decriminalization. The Galleon investigation of insider trading at hedge funds will take much of the FBI’s and the Department of Justice’s (DOJ) focus
Time To Shut Down MERS
Randall Wray advises us to support Representative Kaptur’s bill and restore the rule of law Every link of the home finance food chain promoted fraud—from mortgage brokers and appraisers who conspired to overvalue property to stick buyers with overpriced homes, to many mortgage lenders which preferred the riskiest mortgages to maximize interest and fees, on