Wednesday 4th December
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Hartford Beats Out Newark for Most Underwater Mortgages… What to Do, What to Do?
Written on 3 Jun, 2014 at 19:20
However, as it turns out, Newark's housing market isn't in the worst shape of any U.S. city. To visit the city with that distinction, you need to head north from Newark about 125 miles... and when you get to... (Continue reading)
BREAKING NEWS: Newark Votes, Approves Use of Eminent Domain to Fight Foreclosures”“First Domino Falls
Written on 30 May, 2014 at 20:17
The program would allow homeowners trapped in certain type of mortgage, known as a Private Label Security or PLS Loans, to voluntarily participate in a program where the City purchases these mortgages from investors and repackages them at terms homeowners... (Continue reading)
Here Come the Happy Housing Numbers, but Foreclosures Up Year-Over-Year
Written on 26 May, 2014 at 1:43
In other words, the housing market hasn't recovered, and won't recover because it can't recover until the underlying fundamentals change, and that won't happen for a long, long time. It certainly won't happen as long as we refuse to... (Continue reading)
Four Million Homes Rise Above Water in Q4… Does anyone realize how stupid a headline that is?
Written on 11 Mar, 2014 at 10:19
How about if we start a contest? I'd love to promote the, "Sell your home at the Zillow price and win your mortgage payments for a year" contest. It's not like we'd need any money to do it...... (Continue reading)
Demand for Mortgages Plummets, But It’s Not a Winter Storm, It’s More of an Ice Age
Written on 7 Mar, 2014 at 12:16
Do the math and it's easy to conclude that the number of homeowners unable or unwilling to move is high. If 30 percent are actually underwater, after adding sales commissions, moving expenses, and the need for a 20 percent... (Continue reading)
Negative Equity Is Not Really a Numbers Game
Written on 16 Nov, 2012 at 5:12
"This analysis suggests that the country should not focus on the immediate problem of mass unemployment, about which little can be done. Instead we should turn attention to long-term issues, such as tax reform and education." ... (Continue reading)
How to Strategic Default? Ask the MBA.
Written on 21 May, 2012 at 7:15
How to strategic default? There's just one little, teeny-tiny, almost insignificant smidgeon of a problem with what the Mortgage Bankers Association's CEO was saying: He was completely full of shit. ... (Continue reading)
What is Strategic Default? A Moral Dilemma?
Written on 21 May, 2012 at 7:06
What is a strategic default? These days, it occurs to me, there would be even less morality involved in the decision to walk away from a mortgage. I can't believe anyone actually feels morally obligated to a bank today.... (Continue reading)
Arizona’s SB 1451 – Does Arizona Have the Right to Save Itself from Drowning in Underwater Loans?
Written on 19 Feb, 2012 at 6:11
Senate Bill 1451 only uses PRIVATE MONEY. There is no government money involved, no subsidies, no guarantees, and no taxes. This Program utilizes a completely different structure than any current mortgage program. It includes a cash insurance... (Continue reading)
MM EXCLUSIVE: AZ Bill Writes Down Underwater Loans for Homeowners – A Mandelman Matters Podcast
Written on 5 Feb, 2012 at 20:23
"In Arizona we don't ignore problems, nor do we pretend they aren't there," Sen. Reagan explains. "Obviously, the federal programs aren't going to address our state's needs, and that's fine. We're perfectly capable of doing what's best for... (Continue reading)
Obama’s New Plan to Help Housing Isn’t Worth Waiting For
Written on 22 Oct, 2011 at 8:17
Even Edward J. DeMarco, acting director of the independent Federal Housing Finance Agency says his fix will be more of a tune-up than an overhaul, with reduced "frictions" and "enhancements."... (Continue reading)
Howie Hubler’s Loan Value Group… Proof That Wall Street Has No Idea What’s Happening on Main Street
Written on 1 Nov, 2010 at 9:13
Want to know who Howie Hubler is? Did you read Michael Lewis' book, "The Big Short," because if you did, you might remember Lewis mentioning a bond trader at Morgan Stanley that lost the investment bank $9 BILLION... more... (Continue reading)
Senate Investigation Says Banks Caused Crisis, Not Borrowers
Written on 22 Apr, 2010 at 13:45
As I've said what feels like a million times in a million different ways... it wasn't the borrowers, it was the banks, and what caused the crisis was that the banks broke the bond market... and it remains broken to... (Continue reading)
HAMP’s New Enhancements are Stupid and I’m Getting Tired of Stupid
Written on 10 Apr, 2010 at 20:43
They did it again, damn it. The Harvard contingent that's packed in like sardines in this administration once again demonstrated that they have no idea what they're doing when it comes to the foreclosure crisis.... (Continue reading)
Fox Business Reports: Leaked Document Shows Obama Considering Changes to HAMP Loan Modification Program
Written on 21 Feb, 2010 at 8:29
Clearly, these proposed rules are being considered, assuming that they are in fact being considered, in response to our nation's lenders' and mortgage servicers' flagrant and total disrespect and disregard for the federal government's Making Home Affordable Program... (Continue reading)