September 4, 2010

You are here: Home / Archives for December 2008

Loan Modifications Getting Mixed Re-default Results

December 12, 2008 By Bill Rice 2 Comments
Sheila Bair FDIC

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 as the key determinate of success. For example, lowering rates drops that re-default rate to 23 percent according to Credit Suisse survey. A recent … [Read more...]

Unemployment Jumps Up Again, Tech Sectors Turn to Lose

December 11, 2008 By Bill Rice Leave a Comment

US Jobless Claims Jumps 58,000 to 24 Year High. Tech Sector losses 34,000 contributing most of these losses November losses. … [Read more...]

Foreclosures Drop, False Promise

December 11, 2008 By Bill Rice Leave a Comment

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 the foreclosure process jumped to nearly seven percent in the third quarter, a record high, according to the Mortgage Bankers Association, Saccacio said. "And … [Read more...]

What Will Obama's Job Stimulus Plan Look Like?

December 11, 2008 By Bill Rice Leave a Comment

A great analysis and compilation of President-elect Obama's potential Job Stimulus Plan. What do you think it might include or should include? … [Read more...]

Mortgage Rates Up, Mortgage Applications Down?

December 11, 2008 By Bill Rice Leave a Comment
unemployed

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 US Treasury plan to push mortgage rates to 4.5 percent, and maybe even 4 percent mortgage rates. MBA says mortgage applications drop 7 percent (17 percent for home purchase … [Read more...]

Robert L. Johnson Announces Plan to Assist Homeowners with Mortgage Foreclosure Crisis; Proposal Seeks $1Billion from the Federal Government

December 11, 2008 By Editor Leave a Comment

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. … [Read more...]