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POPSU.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says “The situation is they are losing gobs of money, up to $400 billion in mortgages,” Wallison said in a Bloomberg Television interview. The Treasury Department recognized last week that losses will be more than $400 billion when it raised its limit on federal support for the two government-sponsored enterprises, he said. Lax regulation of Fannie Mae and Freddie Mac led to the mortgage companies taking on too many risky loans, Wallison said. “It turns out it was impossible to regulate them,” he said. “They were too powerful.” He said no one knows how much will be needed to keep the companies solvent. U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says - Bloomberg.com http://bit.ly/8FhHPH
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POPSThere ought to be hell to pay. Yet another article outlining how the largest investment banks - particularly Goldman Sachs - manipulated the market for their own benefit. What really irks me more than anything is that after betting against the very products they were selling to their clients, they got a MASSIVE government bailout while some of their top competitors got wiped out. To say the game is rigged is the understatement of the year.
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POPS10 ways to Screw over the Corporate Jackals
Really fun article with solid information and common senes suggestions.See the additional headings below: "3. Kill your landline. If you have a cell account, you don't need a landline, so they're just jacking you for money. And didn't we already discuss how you should unplug your cable? 4. Reacquire your wealth. The easiest way for the Federal Reserve, led by Time Magazine's ludicrous Person of the Year Ben Bernanke, to pick your pocket is through your accounts and investments... 5. Pacify your portfolio......chances are it's probably still poisoned by hyperleveraged funds or other financial stratagems, invested in oil, housing, malls, SUVs.... .6. Take credit. If you have more than two credit cards, you're simply asking for trouble. 7. Avoid CDs and DVDs: 8. Stop buying bottled water, factory-farmed beef and new cars, especially hybrids. 9. Do not watch whiny bitches. Especially so you can tell us how whiny they are; 10. Start or join a third party. "You want the puppet on the
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POPSQuicken Loans Quicken Loans provides consumers an easy and tenable mortgage or home loans . Read reviews and reports of the company's lending service.
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POPS Thomas Sowell: Random Thoughts
But what this means is that even the record-breaking federal deficit understates the government's real financial liabilities, because agencies like FDIC and the Federal Housing Authority are likely to need increased amounts of money to keep going. An e-mail from a reader says that liberals like to take the moral high ground, even though their own moral relativism means that there is no moral high ground. I doubt whether the man responsible for the massacre at Fort Hood will pay with his life for the lives that he took. He may well be free again someday. We can only hope that he does not get a hero's welcome when he arrives in some terror-sponsoring country, the way the Lockerbie bomber did. A recent study by the U.S. Commission on Civil Rights showed that, after the housing boom and bust, blacks, whites, Hispanics, Asian Americans and American Indians all reduced their subprime mortgage loans. Only politicians seem not to have learned anything from the economic disaster ...
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POPSGoldman Sachs Banksters Knew and Bet on Meltdown Filthy lucre on the backs of investors and then got Bailout money from taxpayers too, with the help of their "insider" (and Treasury Secretary) Timothy Geithner. (It helps to have pals in high places.--see Goldman-Geithner connections )
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POPSBank can't prove it owns the mortgage, Judge writes off $460k debt This is why Rep. Kaptur was telling people facing eviction to squat in their own homes , refuse to be evicted, and make the bank demonstrate in court that the debt is legitimate . Possession is 9/10 of the law. I predict that this is the first tremble of a massive shock-wave about to move through our economy.
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POPSBarney Frank: Predatory Lender Why is Barney Frank still in charge of the Financial Services Committee? Last years FNMA, FHA (GSE) loans are this years foreclosures. How is that working out for taxpayers. And in addition, lets keep non-paying borrowers in homes for 2 - 3 years without paying. How much is that costing taxpayers. Maybe cheaper to give those borrowers a big Cash for Keys check rather than continue to have a non-paying asset and cost of continuous litigation for a barrage of new federal mandates and state legislation that fuels plaintiff attorneys.
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POPSGovernment and the Free Market If I recall, it was the government that pressured mortgage institutes to loosen up there lending requirement. The next thing you know we have a mortgage crisis, and the housing market slumps along with the rest of the economy. Now we have PrezBO, telling banks how to lend. Deja Vu all over again. The enemy is in the White House. Leave no incumbent in office.
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POPSACORN foresaw the foreclosure crisis in 2001
More: Moreover, Oakland's law would have gone much farther than requiring that borrowers could afford loans. In 2001, ACORN officials already recognized that the driving force behind the subprime lending was the ability of brokers to chop up risky mortgages, repackage them with good loans as "securities," and sell them to other banks on a largely unregulated market. When homeowners who couldn't afford their loans later defaulted on them, these securities became widely known as "toxic assets" and were the primary cause of the world financial crisis… But if Oakland's law had been widely adopted, the bailout likely would have been unnecessary and the worst economic downturn since the Great Depression probably averted. Why? Because the city's ordinance not only would have held mortgage brokers liable for making bad loans, but also every other bank that later bought pieces of those bad loans after they were securitized. In short, the market for subprime loans would have dried up.
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POPSGenius: Mortgage Program Will Spend $3,000,000 per Loan Repair Three million mortgages are believed to be eligible for HAMP with 500,000 in a trial phase. The trial was supposed to last three months, but it has since been stretched to five months . The Doctor believes that many of these "repaired" loans will simply re-default. Why? For one reason, the underwriting (courtesy of TurboTax Tim) for the program uses "stated income", not verified income. These are the very same "liar's loans" that helped trigger the mortgage meltdown! Examining the chart, of the 50,130 trial modifications entered into in May, only 1,711 (or only 3%) resulted in a permanent modification! As The Huffington Post reported a few days ago, the low number of permanent modifications is still appallingly low ("HAMP will come nowhere close to keeping up with foreclosures"). Among the reasons for the low conversion rate: failure to make timely payments (doh!), failure to assemble necessary documentation (like income verification), and other . . .
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POPSToxic Drywall Leaving Homeowners in Limbo "This is like the small wave that's out on the horizon that's going to continue to grow and grow until it becomes a tsunami," said Florida attorney David Durkee, who represents hundreds of homeowners who are suing builders, suppliers and manufacturers over the drywall. "This is going to become critical mass very shortly." During the height of the U.S. housing boom, with building materials in short supply, American construction companies imported millions of pounds of Chinese-made drywall because it was abundant and cheap. An Associated Press analysis of shipping records found that more than 500 million pounds of Chinese gypsum board was imported between 2004 and 2008 " enough to have built tens of thousands of homes. They are heavily concentrated in the Southeast, especially Florida.
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POPSIt shakes a village: What thousands of individual economic crises mean for an entire community More: Through the Marin Housing Authority, Fatooh discovered three affordable housing complexes accepting applications -- then discovered a waiting list of three years. She phoned agency after agency, with no luck. Finally someone told her she'd have a better chance getting placed if she and the family spent three months living at a campsite. Meanwhile her repossessed house in Cazadero sits empty, she says. …The TV news reminds us every night: We're in a recession. But often the camera zooms in too tight: the single family facing eviction, the single worker laid off at the plant, the single patient unable to pay for cancer treatments. The panorama of such cases remains hazy: What does joblessness, foreclosure or lack of healthcare mean for entire communities? What happens to town after town of people like Kassy Fatooh? How does a multiplicity of stories like hers tear at the patchwork of agencies and services meant to hold our communities intact?
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POPSAmerican Casino: A Documentary About the Home-Mortgage Crisis more @ clip source the Cockburns meet one guy in "American Casino" who understands the whole mess better than most, a California real estate investor named Jeff Greene who smelled the end of the housing bubble around 2006 and bet $1 billion against the mid-decade exuberance of Wall Street. Sitting in his walled and gated beach compound in Malibu, Greene calmly tells the camera that the opportunity for his successful hedge bet (which has yielded $500 million so far) involved massive pain for millions of homeowners.
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POPSTopdot Mortgage Topdot Mortgage, a national mortgage bank offers a number of loan programs that suit every customer's loan needs and requirements.
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POPSACORN’s Lifeblood They just oozed seamlessly into conjecture about whether or not a child prostitute could be considered a “dependent” for tax purposes. What do these employees hear on a daily basis that this scenario was just another problem that needed fixing? But even these videos, no matter how disturbing, are just part of the ACORN story. As, too, is the pattern of problems with the voter registration system. This past weekend, Brandon Darby discussed his experience with ACORN when he was coordinating relief in post-Katrina New Orleans. ACORN saw New Orleans as their “turf” and targeted Brandon and his colleagues, trying to intimidate them to either submit to their “leadership” or leave. This is a pattern readers of Big Government will soon hear more about. In fact, in the coming days, you’ll learn a lot about the full ACORN story. It is an amazing story, in its own way. After waiting years for the mainstream media to finally peel back the ACORN layers, Big Government will have
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POPSThe Bernanke Bailout Boondoggle Announced this week is the number of re-financing on sub-prime loans and foreclosure should have been on everyone's mind. However, no one cares, as long as the stock market continues to climb higher. Giving those who have lost 50% of their 401k money, hoping for a rebound. Riddle me this? What has lost 55% and gained 45%, and still down 45% from the high? If you know the answer, you are well on your way to understanding the truth! The stock market is a game, if you don't know how to play by their rules, you will lose!
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POPSCongress Are You Listening? Stop Giving ACORN Our Money! of all accusations with facts backing up the statements. From the opening summary: “Since 1994, more than $53 million in federal funds have been pumped into ACORN, and under the Obama administration, ACORN stands to receive a whopping $8.5 billion in available stimulus funds. Operationally, ACORN is a shell game played in 120 cities, 43 states and the District of Columbia through a complex structure designed to conceal illegal activities, to use taxpayer and tax-exempt dollars for partisan political purposes, and to distract investigators. Structurally, ACORN is a chess game in which senior management is shielded from accountability by multiple layers of volunteers and compensated employees who serve as pawns to take the fall for every bad act.” This is not the first time ACORN has been investigated. The Consumers Rights League, a non-partisan organization, did an extensive in-depth investigation into ACORN Housing and their mortgage practices in 2008 which they . . .
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POPSNew FHA Foreclosures Jump As FHA continues to offer loans with little money down, and as home prices continued to decline from last year, its no surprise that delinquencies and foreclosures from newly originated FHA loans (last 12 months) are increasing.
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POPSI learned about a 30 year mortgage here I am fortunate to say I have many options available for a mortgage, but I was confused about which option was best for my situation. This site made the process very easy and straightforward.
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POPSAmerican Dream or American Nightmare? Home-ownership is just a part of the american dream, and it's a part which has been unduly subsidized and distorted by the government, to the pont that it threatens the whole dream.
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