Consumer Mortgage News Made Simple
New Hope has a rocky start: Mr. President we have a problem: The FDR/Obama parallel may not be extreme. This is going to be a fast start for President Obama anyway you look at it. His cabinet picks are going to be critical to success. … [Read more...]
Obama Wins Historic Election, Now What? No question this was a historic election on many counts. However, the big question looms: We are beyond the campaign promises, now what do we really get? This was a campaign filled with a boat-load of promises, walking into a fist full of problems. I hope the "Hope" American's elected delivers the hope we expected--we will certainly get change. Handicapping the New Treasury Secretary We have already jumped into the Cabinet guessing game. Dealbreaker is looking … [Read more...]
Stop Reading and Go Vote! If you haven't already voted yet: take one last peek at what your vote will mean to your mortgage market, shut the lid on your laptop, head to the polls, do your civic duty, and then get your free coffee! Consumer Credit Crunch Banks are going to turn us into a savings economy after all. Tightening would have been a lot more valuable done over time rather than an overnight choke hold. However, a good short-term belt tightening never hurt anyone in the long-run. It also … [Read more...]
Small Bank Bailouts Financial market calamity was narrowly averted today as Farmers National Bank of Emlenton is expected to get a much needed capital injection from the US government. William Marsh, CEO led with this, "they were giving out free stuff"-type quote in the WSJ: "It seemed like the consensus in the industry was...go out and get this," said William Marsh, president and chief executive of Farmers National Bank of Emlenton, in Emlenton, Pa. Mr. Marsh said his bank is healthy and viable … [Read more...]
Loan Modification Plans The US government and JP Morgan Chase race to massive loan modification plans. Naked Capitalism reviews the JP Morgan plan with skepticism: So despite the use of mortgage counsellors, borrowers are NOT being assessed on an individual basis. I hate to sound like a perennial skeptic, but I doubt that these programs will be terribly successful (although pushing foreclosures off even two or three quarters will probably make the bank's financials look better, and they presumably … [Read more...]