Pickle Real Estate

Reading Between the Head-Lines

New CMBS Tax Rules Miss Underwater Factor, BofA Says

  2009-09-22   Housingwire.com

The market for commercial mortgage-backed securities (CMBS) experienced a rally last week following the issuance of new guidelines regarding acceptable loan modifications within real estate mortgage investment conduits (REMICs).

The total reach of the new rules may not go so deep, however, as to help some underwater borrowers, according to one research firm.

Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending | Leave a comment

$30 billion home loan time bomb set for 2010

2009-09-21  sfgate.com

“Next year, many option ARM payments will begin to readjust, slamming borrowers with dramatically higher monthly mortgage bills. Analysts say that could unleash the next big wave of foreclosures – and home-loan data show that the risky loans were heavily used in the Bay Area.”

Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

Is Pent-Up Inflation From Fed Printing Waiting On Deck?

2009-09-21blogspot.com

” Inquiring minds are wondering about the possibility of “pent-up” inflation from the massive expansion money supply by the Fed. Our search for the truth starts with the question “Which Comes First: The Printing or The Lending?” This is a critical question given the massive expansion of base money by the Fed as shown in the following chart.”
Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Lending | Leave a comment

House Prices Won’t Return to Peak Until 2020: Moody’s Analyst

2009-09-21  housingwire.com

” At least another decade will pass before housing prices return to peak 2006 levels, according to an analyst at Moody’s Economy.com.”

Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Real Estate | Leave a comment

Next Bubble to Burst Is Banks’ Big Loan Values

2009-08-13  Bloomberg.com

While Regions may be an extreme example of inflated loan values, it’s not unique. Bank of America Corp. said its loans as of June 30 were worth $64.4 billion less than its balance sheet said. The difference represented 58 percent of the company’s Tier 1 common equity, a measure of capital used by regulators that excludes preferred stock and many intangible assets, such as goodwill accumulated through acquisitions of other companies.Wells Fargo & Co. said the fair value of its loans was $34.3 billion less than their book value as of June 30. The bank’s Tier 1 common equity, by comparison, was $47.1 billion.

Full Article Here

 

September 23, 2009 Posted by | Banking, Foreclosure, Real Estate, Stats | Leave a comment

Hussman on Post Crash Dynamics

2009-08-13blogspot.com

“Fundamentally and technically, those expecting the S&P to recover to peak 2007 levels anytime soon are in for a rude awakening. Such is the nature of Post-Crash Dynamics.”
Full Article Here

September 23, 2009 Posted by | Foreclosure, Stats | Leave a comment

ING’s Alt-A RMBS Portfolio Turns 21% Delinquent

2009-08-12housingwire.com

 ” ING Group posted a EUR 71m ($100.9m) profit in Q209 after three consecutive quarters of losses, despite a decrease in the value and performance of its residential mortgage-backed securities (RMBS) portfolio. “

Full Article here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

The Next Fannie Mae

2009-08-11wsj.com

Is anyone on Capitol Hill or the White House paying attention? Evidently not, because on both sides of Pennsylvania Avenue policy makers are busy giving the FHA even more business while easing its already loosy-goosy underwriting standards. A few weeks ago a House committee approved legislation to keep the FHA’s loan limit in high-income states like California at $729,750. We wonder how many first-time home buyers purchase a $725,000 home. The Members must have missed the IG’s warning that higher loan limits may mean “much greater losses by FHA” and will make fraudsters “much more attracted to the product.”
 
Full Article Here
 

September 23, 2009 Posted by | Banking, Investments, Stats | Leave a comment

Housing prices sink as underwater number rises

2009-08-11blownmortgage.com

“Two reports out say if you’re thinking of buying, wait. The prices are going to continue to drop. The reason they offer are the same: Continuing increases in the number of homes worth less than their current mortgages.”

Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Deflationary Debt Destruction Must Run Its Course

2009-08-11minyanville.com

“My vacation back to the US surprised and confounded many of my old friends: they know I moved back to park my wealth in dollars. Incredulously they asked how I could possibly not believe the US government, along with their crony partner the Federal Reserve, will not devalue the dollar to “settle” our debt with foreign lenders. A normal default (since we all know there is no way to possibly pay this debt back, nor is their enough capital in the world to buy our newly needed “financings”) isn’t palatable, they say, so the only direction for the dollar is down. I agree, but only in the long run. “

Full Article Here:

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Entering the Greatest Depression in History

2009-08-10lewrockwell.com 

” While there is much talk of a recovery on the horizon, commentators are forgetting some crucial aspects of the financial crisis. The crisis is not simply composed of one bubble, the housing real estate bubble, which has already burst. The crisis has many bubbles, all of which dwarf the housing bubble burst of 2008. Indicators show that the next possible burst is the commercial real estate bubble. However, the main event on the horizon is the “bailout bubble” and the general world debt bubble, which will plunge the world into a Great Depression the likes of which have never before been seen.”
Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Banks Expected to Collect $38 Billion in Overdraft Fees in 2009

2009-08-10nakedcapitalism.com

Today’s Financial Times highlights a possible target of regulatory action: bank overdraft fees. And those fees are not distributed the proverbial 80/20 pattern, with 20% of the accounts contributing 80% of the activity, but 90/10. And that 10%, not surprisingly, is in consumers with the lowest credit scores.

And not surprisingly, the biggest banks are the ones with the most aggressive fees.

Full Article here

 

September 23, 2009 Posted by | Banking, Investments, Stats | Leave a comment

How To Avoid Foreclosure By Declaring Bankruptcty

2009-08-10blownmortgage.com

” Over 3 million people are 60 days behind in their mortgage payments with little hope of finding a quick solution. This has caused many borrowers look for somewhat imaginative measures to save their home, one of these has been declaring bankruptcy to avoid a mortgage foreclosure. Does this work? Is it legal?”

Full Article Here

September 23, 2009 Posted by | Foreclosure, Lending, Real Estate | Leave a comment

   

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