Mortgages and Housing: eWarehouseOne, Housing Charts, FHA Fraud, Second Liens, Principal Reductions, IRS Stops FCs?, Blackrock Trade Platform, Buffett and Affordable Housing, Strategic Defaults, Hardest Hit Fund

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Is the Fat Lady Singing at eWarehouseOne? – Paul Muolo – Over the past two months National Mortgage News has been reporting on a mysterious warehouse lender called eWarehouseOne. – National Mortgage News

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(must see charts) Charting the Housing Market - Charles Hugh Smith – By a number of measures the housing market has not recovered. I asked frequent contributor Chartist Friend from Pittsburgh to apply his technical insights to the housing market. His charts and observations are illuminating:Of Two Minds
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Mortgage Fraud Has Moved From Subprime To FHA – By Jim Petros – Strategic Deals Law Blog – hattip MBA group at Linkedin

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Matt Stoller: Some Observations on the Second Lien Problem - Over the past three years, the big four servicers have been keeping hundreds of billions of dollars of second mortgages on their books … Many of these mortgages would seem effectively worthless, …  It has only “hostage value”, …  The best way to clean up this situation is to have the regulators (FDIC, OCC, Federal Reserve) simply tell the banks that they must write down their second mortgages on collateral that has been impaired. … Only, the regulators haven’t done it, because the banks claim their seconds are performing.  Bank of America says that these loans are worth 93 cents on the dollar … more – Naked Capitalism

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(IMF on principal reduction) IMF chief Lagarde calls for U.S. mortgage relief – By Howard Schneider – … Speaking Thursday at the Brookings Institution, Lagarde urged that this relief be extended to loans held by mortgage giants Fannie Mae and Freddie Mac. … – Washington Post  – hattip Ira Artman
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AG Martha Coakely urges mortgage giants to implement loan forgiveness for homeowners – By Chris Reidy – Boston Globe – Massachusetts Attorney General Martha Coakley is looking to step up pressure on mortgage giants Freddie Mac and Fannie Mae to reduce loan principal for homeowners struggling to pay their mortgages and avoid foreclosure.
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(someone is still paying) Time To Call In The IRS To Stop The Foreclosure Crisis – by Donna S. Robinson – … you’ll see that the only real improvement we’ve had in the housing market since the 2008 collapse, … was the buyer tax credit of 2009-2010. … Why not give all borrowers a big tax credit equal to the difference between the amount they owe on their mortgage, and the current value of their property? Then, take that tax credit refund, and have the IRS send it directly to the mortgage company to make up those back payments. … And the cost could be paid for with all that unspent money from HARP, HARP2, TARP, FHFA and any other related program … – Realty Biz News
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(help big originators, hurt small ones?) BlackRock’s Street Shortcut – By KIRSTEN GRIND And SERENA NG – BlackRock plans to launch a trading platform this year that would let the world’s largest money manager and its peers bypass Wall Street and trade bonds directly with one another. Kirsten Grind reports on Markets Hub. … The electronic trading hub has the potential to reduce a lucrative revenue stream for investment banks at a time when their businesses are being squeezed by lackluster markets and new regulations put in place to curb risk in the aftermath of the financial crisis. … – Wall Street Journal

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Inside BlackRock’s Buy-Side Bond Platform – By Ivy Schmerken – Could a new electronic bond trading platform that crosses trades with other money managers and bypass Wall Street intermediaries be the start of a new BlackRock exchange? – Advanced Trading  
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(Warren Buffett, tax credit deals) ‘Oracle of Omaha’ invests in Chicago-area affordable housing – By: Anthe Mitrakos – Crain’s Chicago Business

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Strategic Default Here to Stay Despite Improvements, Risk Managers Say – BY: ESTHER CHO – With reports that around 20 percent of mortgages are underwater, about 46 percent of bank risk professionals surveyed by FICO expect to see the volume of strategic defaults in 2012 exceed 2011 levels. … Even with this discouraging data, 53 percent of survey respondents expect to see the housing market improve by the end of 2012, compared to 24 percent who said the market would deteriorate. … – DS News
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Slashed FICO score will not discourage strategic default - Posted by Jessica Huseman – In a blog Thursday, FICO detailed the results of a survey on the likelihood of increased strategic defaults. The answer overwhelmingly pointed to the notion that people will continue to walk away from their underwater homes, something FICO will probably nail their credit score about 150 points for. But my question is this: How many of the people strategically defaulting will actually care about the 150-point hit? Probably not many. – Housingwire
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SIGTARP: Hardest Hit Spent 3% of Budget, Program Lacks Participants – BY: ESTHER CHO – As of December 31, 2011, the Hardest Hit Fund (HHF), which is meant to fund “innovative measures” to help families through the housing crises in hardest hit states, has spent just 3 percent of its budget since its February 2010 inception, a report published by a watchdog agency for taxpayers  – DS News
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