By Noah Buhayar, Oshrat Carmiel, Nic Querolo Chuck Sheldon, a landlord and property manager in Albuquerque, New Mexico, has owned apartments for more than half a century. These days, he can barely keep up with all the moving pieces. He’s talking with owners of roughly 1,700 units he manages, who are worried what’s going to […]
The Mortgage Bankers Association warned that the housing market could face a ” large-scale disruption,” due to actions by the Fed that were meant to help the mortgage market. The Fed bought $183 billion of purchases last week of mortgage-backed securities, in an effort to drive down rates, and they did. But the Fed’s actions, […]
CNNMoney (London) “Sell everything.” That harrowing advice is from The Royal Bank of Scotland, which has warned of a “cataclysmic year” ahead for markets and advised clients to head for the exit. Do not wait. Do not pass go. “Sell everything except high quality bonds,” warned Andrew Roberts in a note this week. He said […]
By A. Gary Shilling U.S. housing activity remains weak despite six years of federal government aid, strong interest from overseas buyers, rock-bottom interest rates and massive purchases of mortgage bonds by the Federal Reserve. Does this mean housing may never spring back to its pre-recession levels? Many signs point to yes. Don’t blame the Chinese, […]
Janet Yellen, newly confirmed Federal Reserve (Fed) chair, announced February 19th that America’s central bank is moving to cut off the massive financial lifeline that has been subsidizing the European banking system since the beginning of the global financial crisis in March of 2008. By delaying foreign bank compliance with the stringent capital and borrowing […]
Bill Dallas, whose last two subprime lenders went bust during the global credit crunch, pledges to get it right this time around. Dallas, 58, plans to offer the loans through his new company, NewLeaf Lending in Calabasas, California, this year. He’s one of a growing number of executives striving to resuscitate the market, which six […]
Nearly 6.4 million homeowners in the United States are still “underwater” on their mortgages, owing the bank more than their house is worth, experts say. “Nearly 6.4 million homes, or13 percent of all residential properties with a mortgage were still in negative equity at the end of the third quarter,” said CoreLogic, an Irvine, California […]
Nearly half of the US homeowners, who had their loans modified under a government aid program, are now defaulting again on their mortgages at an alarming rate, according to a report on Wednesday by a watchdog organization. The report by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), said that around 865,100 […]
The Obama Administration Wants Banks to Stop Being So Uptight About their Mortgage Underwriting. How Crazy is That? Here we go again The Washington Post reports that the administration is pushing for banks to loosen their lending standards in order to make more home loans to buyers and minorities with poorer credit and lower incomes. […]
During his State of the Union speech, President Obama introduced a new plan to save responsible homeowner $3,000 a year on their mortgages by refinancing at historically low interest rates. Americans would be wise to be cautious, however, about the new efforts by the federal government. The federal government’s previous intervention in the market has […]
