foreclosure

About a month ago I wrote a post called “The coming wave of second mortgage writedowns” the gist of which was that the big four banks (Citi, JP, BofA, and Wells) had a shed load of exposure to now worthless second mortgages. With many first…

Expect a companion piece to this based on what is now happening in Europe. To put it simply, it is all bailout all the time as officialdom desperately uses extend and pretend liquidity to forestall the inevitable solvency problems. This…

The National Association of Realtors® announced today that existing home sales dropped a hefty 7% in January, adding further evidence that the resurgence of the housing sector is stalling. Wednesday, we saw a very soft new home sales…

In the lead-up to the credit crisis, I really didn’t write a considerable amount about second mortgages despite my focus on credit writedowns. At that time, I was more focused on writedowns from securitized mortgage paper (and later…

This past Monday I was on the BBC talking about the recently unveiled Fiscal Year 2011 Budget proposed by the Obama Administration for the U.S. Federal Government.  The budget is, as with most things Obama, a tightrope walk between the…

CNBC's Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now.  See Big Banks Accused of Short Sale Fraud - Realty Check with Diana Olick at CNBC’s website.…

This has been making the rounds. Colbert at his best.

The dust has settled a bit on the Treasury’s recent decision to give Fannie Mae and Freddie Mac a green light to nationalize our mortgage problem. Calculated Risk says the move was not necessarily done on Christmas Eve to escape notice. And…

Internet maven and San Diego North County real estate guru “Jim the Realtor” has another post  showing us that extend and pretend is alive and well in the wonderful world of housing. This guy received his first NOD in April, 2006,…

Good times are here again in residential property. House flippers are back and have now moved to foreclosure auctions.  Below is a house that was bought in foreclosure at $945,000 in November and is now on the market for $1.4 to 1.5…