3 Home Mods in progress - …Nathan, an “investor”, has 3 loans he is trying to modify. Here is what he said - “… we stopped making payments on all three homes because we figured we might as well save the money since we don’t know if we will be able to keep he homes.” … Foreclosure Forum at LoanSafe.org
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Low Mortgage Rates to Spur New Wave of Defaults - has reasons loans are not making it out of application stage - MR Mortgage
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On the Sandlers and POAs - The Problem With Option ARMs - Felix Salmon - portfolio.com
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A Mortgage Regulator Speaks Out - John Dugan, the Comptroller of the Currency, suspects that lenders aren’t doing enough to reduce the mortgage burden on homeowners - … Dugan spoke with BusinessWeek Banking Editor Mara Der Hovanesian about the new report and the need for regulatory change. An edited version of the conversation follows … - BusinessWeek
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1. Prepare for Stimulus - Vahan Janjigian - You can question whether Obama’s plan will succeed, but don’t doubt that alot of money will be spent. - Forbes
2. 5 Smart People - A look ahead into the coming year. - Forbes editors and writers take a look ahead at U.S. business and the economy in 2009. Click on the authors to read what they think will be the big trend, hear their unconventional wisdom, be cautioned against misplaced assumptions, check the watch list and get a bold prediction. - Forbes
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AIG Retires $16 Billion in Swaps With Federal Help - By Hugh Son - Bloomberg
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Looking Ahead to 2009 - Bob Eisenbeis - has 7 areas of interest - Cumberland Advisors
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A Mortgage Paper Trail Often Leads to Nowhere - GRETCHEN MORGENSON - … But lawyers who represent candidates for modifications say the programs are hobbled by the complexity of securitization pools that hold the loans, as well as uncertainty about who actually owns the notes underlying the mortgages…. And here is another hurdle: Most loan servicers — the folks responsible for handling all the paperwork surrounding monthly mortgage payments — aren’t set up to handle all of the details involved in a modification. … — NY Times
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GMAC quiet on bailout hurdle after deadline passes - (AP) — Even after a crucial deadline came and went, the financing arm of General Motors Corp. remained silent Saturday on whether it cleared a final hurdle to become a bank holding company and gain access to billions in federal bailout money. … GMAC had received the Federal Reserve’s approval to become a bank holding company earlier in the week, but the approval was contingent on the ailing auto and home loan provider completing a complicated debt-for-equity exchange by 11:59 p.m. EST Friday. - AP Google
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IRA ARTMAN SECTION - thanks Ira:
Man of the Year (Paul O’Neill) - The New York Times earlier this month contributed a memorable anecdote to the lore of this crisis when it reported on the emergency session that took place in the Roosevelt Room of the White House on the day after the credit markets shut down. - David Warsh - Economic Principals
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Good Reference - Save This and try it out - City-Data.com interesting web site with home price look up/comps [put in your zip]
