Archive for December, 2008
Loan Modifications Getting Mixed Re-default Results
John Dugan, Comptroller of the Currency has people thinking about the potential risks of mortgage loan modifications. Releasing data earlier this week, Dugan revealed that over 50 percent of loan workouts re-default within the first six months.
Meanwhile, FDIC Chairman Sheila Bair says, “not so fast, check your data.” Bair points to how loan are modified [...]
Unemployment Jumps Up Again, Tech Sectors Turn to Lose
US Jobless Claims Jumps 58,000 to 24 Year High. Tech Sector losses 34,000 contributing most of these losses November losses.
Foreclosures Drop, False Promise
Foreclosure Rates Down
RealtyTrac reports a strong 7 percent drop in November foreclosure rates, but pause the rejoicing. There are lots of foreclosure abatement programs at work here. And there is emerging bad news on the loan modification front, OCC reports greater than a 50 percent redefault rate with six months.
Delinquencies on loans not yet in [...]
What Will Obama’s Job Stimulus Plan Look Like?
A great analysis and compilation of President-elect Obama’s potential Job Stimulus Plan.
What do you think it might include or should include?
Mortgage Rates Up, Mortgage Applications Down?
Welcome to the unique conundrum of an economic mess we are in. Seems as though you solve one problem and you create more. Goes to my “too many artifical inputs, queers the economy” theory–okay so Adam Smith mentioned it first.
Anyway, it looks like rising unemployment and tightening bank credit standards is working hard against the [...]
Robert L. Johnson Announces Plan to Assist Homeowners with Mortgage Foreclosure Crisis; Proposal Seeks $1Billion from the Federal Government
Private sector steps out to help modify mortgage loans. Robert L. Johnson proposes to work-out 200,000 mortgage loans a year. Leveraging $1 billion from th US government Johnson would raise another $7 billion in private funds–turning his minority-owned Union Trust Bank into Homeowners First Bank to solely distribute loan modification funds to mortgage servicers.
