Pickle Real Estate

Reading Between the Head-Lines

Freddie Mac Reports $2.5 Billion Loss, Warns of Weak Housing Market

2010-11-04  wsj.com

“Freddie Mac reported a narrower $2.5 billion third-quarter loss, the smallest shortfall in more than a year amid signs that mortgage delinquencies are slowing. But the company warned that delays in the foreclosure process could raise costs “significantly” and that losses also could rise amid a faltering housing recovery.”

original article

November 4, 2010 Posted by | Investments, Real Estate | Leave a comment

Foreclosure timeline exceeding 500 days in some states

2010-11-04  Truthaboutmortgage.com

Foreclosure timelines continue to increase, thanks in part of the recent robosigning allegations and related moratoria, according to the September Mortgage Monitor report released byLender Processing Services.

The average number of days mortgages are delinquent in five judicial states (New York, Florida, New Jersey, Hawaii and Maine) now exceeds 500 days.

Judicial foreclosures generally take longer to process because they are handled through the courts, and we all know how that goes…

Full Article Here:

November 4, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Stats | Leave a comment

Countrywide purchase keeps costing Bank of America

2010-11-04  Charlotteobserver.com

For Bank of America, Countrywide Financial is turning into a fixer-upper home that keeps needing one more budget-busting repair.

In January 2008, then-chief executive Ken Lewis called the Charlotte bank’s $4billion deal to buy the troubled lender a “compelling value.” But nearly three years later, the mortgage unit created by the acquisition is a major headache for Lewis’ successor, Brian Moynihan, and the bank’s shareholders.

Read more: http://www.charlotteobserver.com/2010/11/04/1810176/countrywide-purchase-keeps-costing.html#ixzz14M186V9Z

November 4, 2010 Posted by | Banking, Foreclosure, Lending, Real Estate, Stats | Leave a comment

BofA’s Moynihan `Surprised’ by New York Fed Loan Putback Demand

2010-11-03  -Bloomberg.com

“Bank of America Corp. Chief Executive Officer Brian T. Moynihan said he was surprised when the Federal Reserve Bank of New York and investors sent a letter pushing the firm to repurchase soured mortgages pooled into securities.”

 

original article

 

November 4, 2010 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

   

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