Posts about Mortgage Market Report as of July 11, 2009

A New Moment of Promise               Accra, Ghana   Good morning. It is an honor for me to be in Accra, and to speak to the representatives of the people of Ghana. I am deeply grateful for the welcome that I’ve received, as are Michelle, Malia, and Sasha Obama. Ghana’s history is rich, the ties between our two countries are strong, and I am proud that this is my first visit to sub-Saharan Africa as President of the United States. I am speaking to you at the end of a long trip.

Even “progressives” (some of them) recognize it – the report is out here: “The Role of Government Affordable Housing Policy In Creating the Global Financial Crisis of 2008″ Why not stop this nonesense now? It feels too good to be manipulating free markets and especially individual banks and companies, until the crash which inevitably results. Then, all they need to do is blame the perennial whipping boys – “greedy capitalists” for taking excessive risk this time.

by John Slidenger Great credit is key to getting good loans. In this market where lending is tight and money isn’t freely flowing, the only way to get someone to lend you money is with good credit. Here are a few ways to achieve this. Believe it or not, credit monitoring services are actually a good way to make sure your credit stays high. There is usually a charge for it, but these companies will check your credit, and if it changes, send you an email about it so you can deal with it if it’s not an authorized use.

Often times I will get inquiries about how to market clients that are late on their note, but have not received an official NOD. Their primary concern is that the NOD lists that they are using for selling are not converting well for them. Most of the time terrible conversion rates are ascribed to the information going public at a particular point in time. In which case the market becomes loaded with telephone calls, mail and flyers.

A congressional report places the blame for the financial mess we are in squarely at the feet of Fannie, Freddie, Clinton and a democrat Congress. The report talks about the Clinton administration’s National Homeownership Strategy, citing President Clinton’s directive to “lift America’s homeownership rate to an all-time high by the end of the century.” The Clinton strategy further said that Freddie and Fannie should reduce down-payment requirements and, according to the report, “called

Risk assets recovered last night, Alcoa beating expectations, and the IMF saying recovery was likely from Q1 2010, all helping. Some also attributed the optimism to the better weekly jobless number, despite its seasonal distortion. The S&P500’s +0.4% gain saves it from breaching the critical level of 879, but only just. Oil was stuck at $$60, but copper rebounded 3.1%. The US yield curve was pressured higher,10yr treasuries up 10bp, but 3mth Libor managed another 1.5bp decline to 0.51%.

Urmila Matondkar, Rangeela Rangeela was a path-breaking film for Manish Malhotra as well as for Urmila. Responsible for the actress’ sexy makeover in this film, the designer bagged quite a few awards as well Sexy Farzana Eva Mendes Maria Sharapova Ashley Tisdale Jennifer Aniston Scarlett Johansson Raquel Welch Kate MOss Elle MacPherson Cameron Diaz Bo Derek Ursula Andress Marilyn Monroe Liz Hurley Danielle Lloyd Halle Berry Jessica Alba Rihanna Priyamani Denise Richards: Denise, the former Bond girl, was destined to grace the pages of Playboy, so she was there in December 2004 issue.

Often times I will get inquiries about how to market clients that are late on their mortgage, but have not incurred an formal NOD. Their essential concern is that the Notice of Default lists that they are using for marketing are not closing advantageously for them. The reason those lists tend not to close well is because once the client info goes public they are stuffed with phone calls and direct marketing. The second strongest issue is that many times once an NOD has been announced, the client may have already vacated the house.

With the fall of the stock market, the collapse of the economy became clear. The real driving force behind it, however, was the failure and dropping confidence in the largest bond market of the world. Known as structured finance, it has led to a crisis which rivals the Great Depression, as well as brought about the demise of twenty plus banks and almost $3 trillion in government spending and guarantees. Securitization is the biggest export for the US in the 2000s.

Quote: Here are some highlights of Issa’s blow-by-blow account: • With an implicit subsidy to American homeowners in the form of reduced mortgage rates, Fannie Mae and its sister government sponsored enterprise, Freddie Mac, squeezed out their competition and cornered the secondary mortgage market. They took advantage of a $2.25 billion line of credit from the U.S. Treasury. • Congress, by statute, allowed them to operate with much lower capital requirements than private-sector competitors.

Quote: Here are some highlights of Issa’s blow-by-blow account: • With an implicit subsidy to American homeowners in the form of reduced mortgage rates, Fannie Mae and its sister government sponsored enterprise, Freddie Mac, squeezed out their competition and cornered the secondary mortgage market. They took advantage of a $2.25 billion line of credit from the U.S. Treasury. • Congress, by statute, allowed them to operate with much lower capital requirements than private-sector competitors.

Often times I will get questions about how to market borrowers that are late on their deed, but have not received an official NOD. The key issue is Lis Pendens listings tend to have a low closing rate. The cause of those listings tending not to close well is because once the client information becomes public they are riddled with phone calls email and direct marketing. The next biggest matter is that often once an Notice of Default has been written out, the client may have already vacated the house.

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OK, since we are on a good Goldman run already, here is Megan McArdle’s response to Matt Taibbi’s notorious ‘vampire squid’ piece on Goldman Sachs. She does a great job of demolishing some of the specifics of Taibbi’s rant. And fair enough: as I commented before, Taibbi exaggerates and some of his attempts to create a cartoon villain out of Goldman are indeed straw man attacks.McArdle does less well in addressing the basic implication of Taibbi’s article: Goldman Sachs is the poster child for the

You have the ability to wield a great amount of financial power and the thing is, more than 75% of the global, working population have no idea that they have that potential to break the shackles of despondency, and fly like they have never done before. A tad dramatic, I know, but dramatics are more than called for here. People all over the world are driving the cars they want to drive, living in cavernous houses and sup on the wine of the gods everyday – all through the internet.

Bank of Wyoming Fails; Tally Rises to 53 for ‘09 The Bankrupt Party of Porkulus A Second Stimulus? No Way. Cancel the First One. It’s Really Just That Simple… Cantor On Fox News With Obamanomics, We’re Not Even Close to $eeing Green Marta Mossburg on dollars to nowhere CEO vows better performance as GM exits bankruptcy Conservative Democrats break ranks on health care Max Baucus on how to pay for health care Illegal immigrants again in the budget spotlight

Examiner.com Financial advice on whether a reverse mortgage is right for you Town Times Reverse mortgages have become a popular option for seniors who would like to reap some of the benefits of the equity they have built up in their homes. Falling home values hurt Reverse Mortgage market Examiner.com Let’s Stop the Housing Crisis Once and for All Motley Fool Signs of life seen in housing market NorthFulton.com Euroinvestor all 13 news articles » Unsuitable Annuities Tied To Reverse Mortgages Financial Advisor Magazine As more financial advisors sell insurance, a recent report indicates some could be unsuitably cross-selling annuities in conjunction with reverse mortgages.

Back in August 2007, when the DJIA was at 12,000 and looking tipsy, we published the following here in the Halls of Apostasy: It’s easy to see that great pressure was being applied to the home mortgage market [by the Comminity Reinvestment Act and the Clinton Administration] to qualify borrowers that would have ordinarily been disqualified for credit history reasons. OK, Out of the Wayback Machine and back to the present.

The new PolicyLink tool, “Reclaiming Foreclosed Properties for Community Benefit,” highlights promising practices that are already underway for localities looking to stabilize their local housing market and prevent blight from spreading. With more than 5 million mortgages in some stage of foreclosure and more than 15 million Americans “underwater” with homes worth less than they owe on their mortgage, the foreclosure crisis remains a very real threat to countless communities.  “As

The prices of oil have tripped below $60 a barrel right after the traders observed the economic weakness signs, though it is forecasted by the International Energy Agency that global oil demand would turn into normal stage. Traders are more concerned and focusing on situation that the rising global recession and the increased unemployment would keep restraining demand, where as stocks in US have been overloaded.

Poor jobs reports are bad for those out of work. However, for those looking for a mortgage, bad news equals good news, as Freddie Mac’s weekly mortgage report notes that current mortgage interest rates have dropped in the wake of labor market worries … View original story…

A  Financial Post report by Garry Marr dated July 09, 2009: New home construction rose for a second straight month in June, in what analysts say is another sign that the worst may be over for the Canadian housing market. Canada Mortgage and Housing Corp. said Thursday there were 140,700 new homes constructed in June on a seasonally adjusted annualized basis. Construction was up almost 8% from the 130,300 May figure. “There are some pretty good signs that we are starting to see in the housing market,” said Bob Dugan, chief economist with CMHC.

This is a guest post from Mr Credit Card from askmrcreditcard.com. Mr Credit Card, like myself, reviews lots of credit card offers on his site. He has also compiled his best recommendation on his best credit card deals page . Today he is going to give us a look at the murky world of sub primes and provocatively ask if there should even be credit cards for the sub prime market. In the good old days when credit cards were just getting started (think 1950s, American Express and Visa), people who managed to get their hands on them had high income and great credit scores.

From Forbes by Nouriel Roubini The jobs situation is even worse than the headlines.The June employment report suggests that the alleged green shoots are mostly yellow weeds that may eventually turn into brown manure. The employment report shows that conditions in the labor market continue to be extremely weak, with job losses in June of over 460,000. With the current rate of job losses, it is very clear that the unemployment rate could reach 10% by later this summer–around August or September–and will be closer to 10.5%, if not 11%, by year-end.