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Bailout May Cost $23.7 Trillion: Barofsky

The Mortgage Crisis Blog — Thu, 22 Oct 2009 09:51:08 +0000

Source: Huffington Post WASHINGTON – The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday. Under the worst of circumstances, the report said, the government’s maximum exposure could total nearly $24 trillion, or $80,000 for every American. The figures are part of a tough new quarterly report to Congress from special inspector general Neil

How To Stop Foreclosure – 3 Legitimate Solutions

The Mortgage Crisis Blog — Thu, 22 Oct 2009 02:09:55 +0000

A superb resource: Stop Foreclosure In Houston To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you. Here are a few directions you can take: Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rate

The Grandness of Having Refinance Second Mortgage

The Mortgage Crisis Blog — Thu, 22 Oct 2009 00:43:34 +0000

Having your own home can have many benefits. Apart from having a roof over your head to save yourself from getting burned under the scorching sun or from being washed away from the rain, owning any type of property would mean that it could be used as collateral during an emergency. If you suffer from some financial crisis and also are a person who has a bad credit history, borrowing the additional money you need from a bank could be a problem. When it becomes difficult to obtain a quick loan,

A different view of the Great Depression’s cause

The Mortgage Crisis Blog — Wed, 21 Oct 2009 22:24:00 +0000

von Lee E. Ohanian * What started the Great Depression? This column says that the industrial decline began before monetary contraction or banking panics – the conventional culprits – took hold. It attributes the massive drop in manufacturing hours to President Hoover’s labour policies, which kept nominal and real wages high. Our current crisis continues to draw parallels to the Great Depression ( Eichengreen and O’Rourke 2009 ) and has refocused attention on the 1930s. Several fea

U.S. Dollar Attacked by Central Bank Lilliputians Profting From the Carry Trade

The Mortgage Crisis Blog — Wed, 21 Oct 2009 21:57:48 +0000

Oct 21, 2009 -Market oracleBy: Jim_Willie_CB The US Federal Reserve continues to talk about their urgent Exit Strategy. My theory is they will be doing mostly talking and almost no doing. The nations that talk the least will be hiking interest rates the most, like Australia. The United States might be dead last in hiking interest rates. The credibility of the USFed will in the process continue to be harmed much more than already, which is rock bottom. The Dollar Carry Trade and the lost Petro-Do

Avoidable Foreclosures Continue Despite Servicers’ “Loan Modifications”

The Mortgage Crisis Blog — Wed, 21 Oct 2009 21:27:40 +0000

Avoidable Foreclosures Continue Despite Servicers’ “Loan Modifications” (PDF; 46 KB) Source: National Consumer Law Center Why have several recent programs designed to encourage loan modifications failed to slow America’s still-worsening home mortgage foreclosure crisis? A new report from the National Consumer Law Center (NCLC) discloses that mortgage servicers – including many large banks – have found it cheaper to foreclose on homeowners than to offer loan modifications that would benefit home

Brand Disloyalty

The Mortgage Crisis Blog — Wed, 21 Oct 2009 19:00:48 +0000

The US dollar is a sort of monetary brand. And like any other brand, it can fall out of favor. Even iconic brands can rapidly lose their “must-have” caché. Sometimes, a brand can disappear entirely, as did Pan American Airways or “Members Only” jackets. But there is always something else waiting to take its place. So it is with the US dollar, a brand making lows in the financial markets. The dollar has been the “Coca-Cola of monetary brands,” says James Grant, editor of Grant’s Interest Rate O

Wells Fargo’s (NYSE: WFC) Loan Losses Outpace Bank of America’s (NYSE: BAC) and JP Morgan Chase’s (NYSE: JPM)

The Mortgage Crisis Blog — Wed, 21 Oct 2009 18:57:37 +0000

Wells Fargo & Co (NYSE :WFC) announced their third-quarter earnings Wednesday morning announcing $3.2 billion in profit for the quarter and also announced that it expects quarterly losses from non-performing loans to peak sometime during the loan. The strong earnings announcement from Wells Fargo was primarily attributed to its community banking profits and investment gains from mortgage gains, but the San Francisco based bank still faces significant losses from increasing numbers of delin

The Looting of America: How Wall Street’s Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It

The Mortgage Crisis Blog — Wed, 21 Oct 2009 15:21:39 +0000

Review Library Journal Review–Leopold (founding director, Labor Inst. & Public Health Inst. ; The Man Who Hated Work and Loved Labor) spends much of this text providing an excellent lemonade stand explanation of the history and mechanics of the various mortgage-related securities and their derivatives that have come under scrutiny as a result of the current financial crisis. Many readers will find the simplicity of this exercise a welcome parry to the mass media refrain that only the

Left & Right: Liberals/Conservatives

The Mortgage Crisis Blog — Wed, 21 Oct 2009 13:00:58 +0000

Welcome to Left & Right. Just Politics..? has joined with Let’s Talk Politics to provide two different perspectives on the same topic in the hopes of creating a conversation about a given issue. Be sure to read both opinions and, if the mood strikes you, feel free to leave a comment (or two) below. Of course, Just Politics..? encourages you to visit Let’s Talk Politics for more great articles. The Left The Right By Joseph @ Let’s Talk Politics One of the ben