– Will loss reserves decrease again in Q2?
– Long-term default trends broken
– Prime, Jumbo Prime, and Option ARMs leading the way
– FL and NV – 1 in 5 homeowners in default or foreclosure
– 637k NEW mortgage delinquencies in May
– Q1 new loan production down slightly from Q1 2008
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Our mission is to provide our clients a significant edge. This is done by turning the daily, market-moving real estate and mortgage news flow and events into old news by the time it makes headlines. – Mark Hanson
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**We chose one of many weekly research reports and notes for this blog. For more information on our variety of absolutely unique research offerings please see the website.
First published in The Mortgage Pages research – July 5th 2009
With earnings on tap, one of the major pro-financials arguments I have been hearing lately is the continued reduction of loss reserves. I just assumed that everyone was in the ‘reserve building’ camp this quarter. Non-performing assets and core earnings will be key this quarter. And the fact is, defaults are rising across the board. With respect to residential real estate, defaults and foreclosures were up over 20% in Q1 relative to Q1 our data show.
A couple of weeks ago Lender Processing Services put out its monthly mortgage performance observation report that I skimmed through. The charts and results looked a lot like our data, so I filed it away in the mental hard drive and moved on. But upon closer examination over the past few days, the report was very enlightening. They also show that conditions continue to worsen, but only in the past couple of months long standing seasonality trends were broken and mortgage performance turned markedly worse.
Defaults, Foreclosures and Seasonality Trends Broken
May month-over-month default increase over 300% above the average for past four years.
Foreclosure inventories across Pay Option, Subprime and Alt-A continue to surge — up 88.3% y-o-y. This shows how lagging foreclosures actually are. The foreclosure resales for sale today are from 30-day loan defaults that first happened from 1 to 1.5 years ago — the heart of the Subprime Implosion. This highlights how much housing supply is in the foreclosure pipeline at any given time.
As explained in the previous chart, the massive default surge in higher grade paper over the past 6 months shown below will not produce foreclosure-related housing supply for months down the road…even longer with mortgage modifications in full force that extent out the default and foreclosure crisis. This will keep supply/demand fundamentals strained indefinitely, especially with lending outside of $417k still extremely tight relative to 2002-2007.
ONE in FIVE properties in FL and NV are in some stage of foreclosure. Now that is what you call supply.
This number even shocked me -- this equates to 1.3% of ALL mortgage loans in the country becoming delinquent in May alone. This is out of control. We track from Notice-of-Default, which is at 90-days typically. At 90-days most borrowers don’t cure. But as values come down, jobs continue to be lost and financing remains tight, more and more 30-day delinquencies are making all the way to foreclosure. Therefore, this 637k number is now very important and comes into play.
What happened in April and May? A complete break of trend can be seen here. This is significant.
The same significant trend break can be seen here.
The perfect mortgage credit crisis — the perfect borrowers, many that don’t need the help and that will not spend their $100 month refi savings, are the only ones able to borrow.
The epidemic mortgage mod re-default rate averaging 60%-70% will keep foreclosure-related housing supply on the market for years.
This is another great example of why mortgage mods are ineffective – they are addressing the problem far too late in the process. As a mortgage mod bear, this data is a positive to me. But if they wanted to make mods more effective, they would hit the borrower with force at the 30-day late mark.
Best Regards,
Mark Hanson
This document is for your private information only. In publishing research, Mark Hanson and M Hanson Advisors are not soliciting any action based upon it. Mark Hanson and M Hanson Advisors publications contain material based upon publicly available information, obtained from sources that we consider reliable. However, Mark Hanson and M Hanson Advisors does not represent that it is accurate and it should not be relied on as such. Opinions expressed are current opinions as of the date appearing on Mark Hanson and M Hanson Advisors publications only. Mark Hanson and M Hanson Advisors are not liable for any loss or damage resulting from the use of its product. Mark Hanson and M Hanson Advisors are Limited Liability Corp registered in CA.
July 28th, 2009 at 5:49 pm
Maybe the banks are hanging on to the foreclosures/abandonments until it becomes such a monumental mess that the US must bail them out – a variation of Too Big To Fail, the US will buy the homes at bank cost and then hold them til they can sell them at breakeven, like they’re doing with their ownership of AIG and CITI, even if breakeven is 50 years away
July 29th, 2009 at 10:42 am
After all is said and done, the question is… Where is this huge wave of foreclosures that were suppose to hit the market? At first, it was suppose to hit in May, then we moved it to July, but now as we’re approaching August, we see nothing yet.
July 29th, 2009 at 12:32 pm
This foreclosure wave, especially of Option ARMS has been delayed due to three major factors.
1. Obama’s programs, which don’t do a thing, except to delay foreclosure a bit.
2. State actions which have slowed things down.
3. Low Index values on the Option ARMs which makes resets drag further into the future.
July 29th, 2009 at 9:53 pm
As an appraiser I find these observations to be true. is there stability in the market or slight increase in prices? We don’t see evidence. Several times in the past couple of years we heard the same predictions and prices continued to slide. I think that 2011 is likely to be the turning point.
July 30th, 2009 at 8:12 am
Hi Mark and all,
I want to thank all of you who write in here, I value the insight and common sense.
In reading the papers over the last 2 weeks, one would believe that the banks are riding high in profits, the recession is over,Foreclosures are a thing of the past, Loan mods are working, short sales are hard to find due to lack of inventory……………..
I mean come on!! Is it the banks intention to just spit out a controlled inventory in the worst areas over a period of time to help maintain their “false” profit margins? How can they even claim to be making profits without knowing what their losses are?
Or, do they know what their losses are and are not disclosing them?
Are we seeing the banks becoming liars to the government and the public just as they did in the boom years! Why mislead the entire nation about profits! Who gains on this type of monumental deception? In my business circles, I find that I am the lone ranger in my beliefs that the real estate market still has to suffer another nasty wave of Foreclosures. Many scoff at me. I point people to this website, but if it isn’t on CNN, then it is propaganda to them.
I barely passed economics in high school, but I do run my own business, and I do know that if I am losing more than what I am making, then I am not making a profit. I can try to delay or hide my losses, but eventually I have to address the losses and deal with them. In other words, I have to add them to my bottom line and adjust as necessary. Anyway, I have vented enough. I just hate to see us being lied to again, being fooled into believing that all is good and that the worst is over.
July 30th, 2009 at 8:37 pm
Appraiser – your right, but they use accrual accounting and hope they can spread the losses out over several years, so they can “earn” there way out of the problem. If they were forced to market to market, they would be insolvent. Nobody wants that, not even me, as I sit here just licking my chops setting aside cash just waiting for the opportunity to pounce in a big way. It wouldn’t be good for our country. Total disaster!
July 31st, 2009 at 4:43 pm
Thanks Mr M and all contributors — I appreciate the time you take to share your knowledge. Today the President and Newsweek’s cover announced the recession is over —- I am shocked that the real picture is being so blurred by the media. Fortunately, there are other sources, such as this site, that help to get the truth out! Thank you again for your posts.
July 31st, 2009 at 6:02 pm
Mr. Mortgage… just want to say thank you. I started reading your blogs and watching your youtube vids just in time… your insights are clear, concise, and your opinions are backed by real data, and I’m pretty sure you and others like you have saved me a couple hundred thousand bucks so far… and I am sure you’ve saved other people like me from financial disaster.
My realtor (who told me last winter was the bottom and we are running out of houses) is not so happy with you… but if you’re ever in SoCal my family will be happy to buy you dinner!
August 1st, 2009 at 7:29 am
my father is a real estate attorney and as he did in 2003 he is warning me that the mortgages and refinances he is seeing are MORE risky than the subprime loans of 2002-2004….he says they are all 3% FHA loans for way more house than they can afford but that in the last 3 months they are coming in daily……SOMETHING DOESNT SMELL RIGHT……….. AGAIN !!!
August 1st, 2009 at 8:37 am
Everyone in the industry with any true experience has always referred to FHA as the new Subprime.
10 years ago, if a borrower could not be approved traditionally, and since subprime really did not exist, FHA was used for what would have been subprime.
August 1st, 2009 at 8:52 am
It is all a matter of confidence. Obama is trying to create some level of confidence in the market by holding back foreclosures, getting FHA to refi. There are lots of buyers in the sidelines waiting for a deal. Why buy now if it will go down another 10%. Even the folks here on these forum are potential buyers sitting on the sidelines – that is why they are here.
No doubt that the folks on this forum are more sophisticated given that the info provided here is so informative. Remember that avg Joe Blow is also waiting on the sideline, going to house openings and reading local papers and CNN. Once they think that prices in his neighborhood is creeping up he will bite. And when he does the herd will do the same.
So in a way the huge build up in foreclosure inventory held by the banks is no problem. After all Citi, Wamu, BOA are in a way controlled by Fed and they can hold these inventory for a very long time.
August 2nd, 2009 at 1:25 am
I was just reading over the new 125% HARP guidelines and comparing to HAMP program. In the HARP is states there will be TBA or To BE ANNOUNCED securities…So when these new loans get booked with extremely high LTV’s they will somehow get securitized. Does anyone think they will do the Credit default swaps on those? I would be interested on comments on that subject please.
August 2nd, 2009 at 6:48 am
The real question to HARP:
What fools would actually buy them?
August 2nd, 2009 at 7:34 am
The 105% was a joke,and 125% will be marginal benefit in the areas that need the most help,and remember second homes were 35-40% of purchases in the bubble years and they don’t get any help at all with these programs.
I never saw the % of second home purchases by states but I’m sure NV,FL,SC are at least at the 35-40% range, probably a lot higher.CA and AZ might be more balanced. Anyway large scale foreclosures in the second home market will crtaer all prices in these areas IMO
August 2nd, 2009 at 8:05 am
Patrick – I think a lot of people will buy the HARPP MBS, as you and I are the backers through FNMA and Freddie guarantees. No different than FHA or GNMA now.
August 2nd, 2009 at 9:37 am
Is the purchase of the REIT IPO PMT a method to invest in foreclosures?
“PENNYMAC MTG INVT TR (PMT)”
August 2nd, 2009 at 10:32 am
Gator – Yes they are investing in distressed mortgage back secs. The IPO was very underwhelming. They had to cut their offering by over 1/2. Track record of those running this sec. is not exactly trustworthy or ethical.
August 4th, 2009 at 11:13 am
Mark,
Great report! In So. Cal, the SFH REO supply is tight in cities such as Irvine, Chino Hills, and western part of Corona. It seems contrary to what the statistics are saying. REO Supply ought to be abundant but that’s not the case here. I heard from the grapevines that banks are sitting on their supply so they can keep prices from tumbling and hope that over time housing price will recover. I’ve heard from one individual account that he’s been in a house without paying mortgage for 9 months and the bank hasn’t kick him out.
Is this what’s been happenning with the REO supply? I’d appreciate your inputs.
Thanks,
August 5th, 2009 at 4:54 am
The shadow inventory is right where you said it is. They are living in the houses without paying. 5 houses foreclose, and 35 are postponed. Cans kicked down the road, not to mention those not paying. This will go on for years.
August 5th, 2009 at 9:24 pm
News from CNBC states 41% of all conforming loans in the USA are underwater.
August 6th, 2009 at 5:32 pm
…and it’s going to top 50% by 2011, according to that report!
August 8th, 2009 at 6:32 am
Mark, thanks for continuing to look at the numbers and speaking the truth, even when the Greek chorus around you insists on drowning out facts like these.
August 8th, 2009 at 8:25 am
I am amazed at the financial media that bellows from the roof tops that home prices have bottomed. Can they not see the recasting and resetting of loans that is about to begin in the next few months. It is going to not allow for a true housing bottom until probably 2011 or 2012. The one point that may lengthen it out, is the fact that the Fed. has kept interest rates so low that the option arms margins may reset lower for now yet explode up in the out years.
August 8th, 2009 at 5:53 pm
Has anyone used the new feature on google maps that allows you to search for foreclosures?
If you go to maps.google.com, enter a search for Los Angeles, CA, then click on the “show search options” to the right of the search field. Open the drop down menu that appears, and select “real estate”.
A whole mess of options will appear on the left side of the map, including a checkbox that allows you to select to show only “Foreclosures” (includes pre-foreclosures). Now, a ton of red dots will appear all over the place. It doesn’t look like there very many on the map, until you zoom in.
Try zooming into nice areas, almost down to the street to street level (tightest zoom in), and you will be amazed. HUNDREDS and HUNDREDS of entries for the higher end areas – Beverly Hills, Hollywood Hills, Los Feliz, Hancock Park, Bel Air, Malibu, Santa Monica, the beach cities etc.
August 11th, 2009 at 9:54 pm
Great article in today’s WSJ discussing the new subprime, FHA-GNMA. Would encourage all to read. Was not aware that FHA was refinancing people @ 125% CLTV and then writing down principle with tax payer taking loss up to 30% of loan amount. The gravy train is just getting longer and longer.
August 12th, 2009 at 11:38 am
Housingrealist…
“writing down principle with tax payer taking loss up to 30% of loan amount.”
I believe you mean WHEN A (FHA) FORECLOSURE.. takes places .. the priniciple write down…is really a tax payer loss…
btw, where is MM? MIA??? MOVING AGAIN?
August 12th, 2009 at 2:50 pm
No – I don’t mean in foreclosure, I mean mortgage mod. They specifically stated that FHA has implemented princple write downs on mortgages up to 30%. REad the article.
August 12th, 2009 at 5:01 pm
WSJ article with 30% prin writedown mentioned, WOW, unbelievable!
Much to their dismay, Americans learned last year that they “owned” Fannie Mae and Freddie Mac. Well, meet their cousin, Ginnie Mae or the Government National Mortgage Association, which will soon join them as a trillion-dollar packager of subprime mortgages. Taxpayers own Ginnie too.
Only last week, Ginnie announced that it issued a monthly record of $43 billion in mortgage-backed securities in June. Ginnie Mae President Joseph Murin sounded almost giddy as he cheered this “phenomenal growth.” Ginnie Mae’s mortgage exposure is expected to top $1 trillion by the end of next year—or far more than double the dollar amount of 2007. (See the nearby table.) Earlier this summer, Reuters quoted Anthony Medici of the Housing Department’s Inspector General’s office as saying, “Who would have predicted that Ginnie Mae and Fannie Mae would have swapped positions” in loan volume?
Ginnie’s mission is to bundle, guarantee and then sell mortgages insured by the Federal Housing Administration, which is Uncle Sam’s home mortgage shop. Ginnie’s growth is a by-product of the FHA’s spectacular growth. The FHA now insures $560 billion of mortgages—quadruple the amount in 2006. Among the FHA, Ginnie, Fannie and Freddie, nearly nine of every 10 new mortgages in America now carry a federal taxpayer guarantee.
Herein lies the problem. The FHA’s standard insurance program today is notoriously lax. It backs low downpayment loans, to buyers who often have below-average to poor credit ratings, and with almost no oversight to protect against fraud. Sound familiar? This is called subprime lending—the same financial roulette that busted Fannie, Freddie and large mortgage houses like Countrywide Financial.
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FHA
Associated Press
FHA
FHA
On June 18, HUD’s Inspector General issued a scathing report on the FHA’s lax insurance practices. It found that the FHA’s default rate has grown to 7%, which is about double the level considered safe and sound for lenders, and that 13% of these loans are delinquent by more than 30 days. The FHA’s reserve fund was found to have fallen in half, to 3% from 6.4% in 2007—meaning it now has a 33 to 1 leverage ratio, which is into Bear Stearns territory. The IG says the FHA may need a “Congressional appropriation intervention to make up the shortfall.”
The IG also fears that the recent “surge in FHA loans is likely to overtax the oversight resources of the FHA, making careful and comprehensive lender monitoring difficult.” And it warned that the growth in FHA mortgage volume could make the program “vulnerable to exploitation by fraud schemes . . . that undercut the integrity of the program.” The 19-page IG report includes a horror show of recent fraud cases.
[1fha]
If housing values continue to slide and 10% of FHA loans end up in default, taxpayers will be on the hook for another $50 to $60 billion of mortgage losses. Only last week, Taylor Bean, the FHA’s third largest mortgage originator in June with $17 billion in loans this year, announced it is terminating operations after the FHA barred the mortgage lender from participating in its insurance program. The feds alleged that Taylor Bean had “misrepresented” its relationship with an auditor and had “irregular transactions that raised concerns of fraud.”
Is anyone on Capitol Hill or the White House paying attention? Evidently not, because on both sides of Pennsylvania Avenue policy makers are busy giving the FHA even more business while easing its already loosy-goosy underwriting standards. A few weeks ago a House committee approved legislation to keep the FHA’s loan limit in high-income states like California at $729,750. We wonder how many first-time home buyers purchase a $725,000 home. The Members must have missed the IG’s warning that higher loan limits may mean “much greater losses by FHA” and will make fraudsters “much more attracted to the product.”
In the wake of the mortgage meltdown, most private lenders have reverted to the traditional down payment rule of 10% or 20%. Housing experts agree that a high down payment is the best protection against default and foreclosure because it means the owner has something to lose by walking away. Meanwhile, at the FHA, the down payment requirement remains a mere 3.5%. Other policies—such as allowing the buyer to finance closing costs and use the homebuyer tax credit to cover costs—can drive the down payment to below 2%.
Then there is the booming refinancing program that Congress has approved to move into the FHA hundreds of thousands of borrowers who can’t pay their mortgage, including many with subprime and other exotic loans. HUD just announced that starting this week the FHA will refinance troubled mortgages by reducing up to 30% of the principal under the Home Affordable Modification Program. This program is intended to reduce foreclosures, but someone has to pick up the multibillion-dollar cost of the 30% loan forgiveness. That will be taxpayers.
In some cases, these owners are so overdue in their payments, and housing prices have fallen so dramatically, that the borrowers have a negative 25% equity in the home and they are still eligible for an FHA refi. We also know from other government and private loan modification programs that a borrower who has defaulted on the mortgage once is at very high risk (25%-50%) of defaulting again.
All of which means that the FHA and Ginnie Mae could well be the next Fannie and Freddie. While Fan and Fred carried “implicit” federal guarantees, the FHA and Ginnie carry the explicit full faith and credit of the U.S. government.
We’ve long argued that Congress has a fiduciary duty to secure the safety and soundness of FHA through common sense reforms. Eliminate the 100% guarantee on FHA loans, so lenders have a greater financial incentive to insure the soundness of the loan; adopt the private sector convention of a 10% down payment, which would reduce foreclosures; and stop putting subprime loans that should have never been made in the first place on the federal balance sheet.
The housing lobby, which gets rich off FHA insurance, has long blocked these due-diligence reforms, saying there’s no threat to taxpayers. That’s what they also said about Fan and Fred—$400 billion ago.
August 12th, 2009 at 6:35 pm
A little positive news would be nice . Lie to me. Being in New Orleans we feel somewhat isolated from other areas. Whether it’s having our head in the sand cause we are still too busy rebuilding from Katrina. Or just the natural laid back cultural deficiency we have always suffered who knows. Thanks for your insights.
August 12th, 2009 at 6:59 pm
JC – great info ! Isn’t the 30% mod going to be recaptured when the borrower sells or refinances? Shouldn’t that save a few bucks for the taxpayer?
I’m nauseated by all the giddiness in the press these days. If they aren’t interested in the inner workings and hidden mechanisims of the market, maybe they could just take a look at the google map mentioned by Ubu. The maps tell quite a story. The few properties I checked that were recent REOs and re-sold do not appear on the map — it looks pretty current to me.
August 12th, 2009 at 8:53 pm
Mr. M – I’m “jonesin” for some new data. Please throw us a bone!
August 12th, 2009 at 9:17 pm
Housingrealist…
My bad.. I’ve found the article…
FHA Commissioner David Stevens said the changes “offer borrowers an opportunity to stay in their homes, make payments that are manageable and defer [payment of] the money owed to a later time when, hopefully, home values have improved.”
…
Under the FHA plan, mortgage servicers can reduce the amount of principal on which the borrower must make loan payments by as much as 30% to get monthly payments to affordable levels. The borrower makes the reduced payments for the life of the loan, but is responsible for paying off the full loan amount when the home is sold or the loan is refinanced. This approach is designed to fit guidelines set by Congress, FHA officials said
…
Mortgage servicers will receive incentive fees of as much as $1,250 for each successful modification. FHA officials said they expect the approach to save the government money by reducing foreclosure-related losses on loans the government insures.
UMM…WELCOME TO THE GREATER DEPRESSION..JAPAN GOT NOTHING ON US!
August 12th, 2009 at 9:29 pm
Karen,
I think you’re correct… anyone that has an FHA loan, and the (up to 30%) reduction helps them keep payments afordable (no more than 31%).. gets to keep the home… what a nice deal..TAXPAYER GETS BACK THE $ (AT SOME POINT.. COULD BE 30 YEARS)…considering:
- owner is employed / has income
- not late more than 1 month
- wants to keep the home
- has an FHA loan
- these people will get in debt again, have learned nothing!
- does the loan become recourse, should they become “late” again?/forclose anyway after?
What’s the reason for anyone else to buy? to save FOR A DOWN PAYMENT? just wait for/get an FHA loan?
MM…doES high end market needs to get bellow 729K to sell (FHA) loan.. I’m DEBT FREE NOW….and hope to get 2 million dollar home (peak price) for 729K.. with 5% down.. what’s my chance??
CAN YOU SAY STAGFLATION!!!!!!!!!!!
August 12th, 2009 at 9:36 pm
wE’ve avoided (maybe) deflation.. looking at stagflation…it’s sure temptation..to stop spending out of desperation.. to get an FHA modification.. There must be a corelation.. what’s up with this nation? Can you MM tell us your analyzation?
August 13th, 2009 at 5:16 am
So the 30% principal (and imputed interest) is deferred until the final balloon payment is made when the home is sold? So lets say this is applied to a $300K mortgage and $100K is deferred and the homeowner stays 30 years – he then has an exit payment of about $300K with the imputed interest?
Someone staying that long is very unusual but the deal looks a lot less sweet for the homeowner. The basic beneficiary is the lender who continues to get a stream of payments and then they collect the remainder at sale, depending how the price of the home has moved the lender kind of seizes the home at sale, this is a delayed foreclosure process – help the banks avoid losses on immediate foreclosures.
From the homeowners perspective just tossing the keys and starting over is probably a lot better economically if the home is way underwater, they could make their stream of payments and still have zero equity at the end. They might never be able to avoid the ramifications of initially overpaying.
August 13th, 2009 at 8:31 am
JC – I’m not so sure that interest continues to accrue on the principle write down. Please confirm your source as to the accrual of interest. I suspect this is a stealth way the gov’t can support princple write downs without as much public backlash! Without interest accrual the current princple write down amount is inflated away over the next 30 years.
August 13th, 2009 at 11:59 am
I’m only going by what is posted here – and I think the rules are being made while the game is played
August 17th, 2009 at 11:39 am
Hey Karen and everyone,
In regards to the new google maps Real Estate feature that I pointed out, one thing I realized is that a LOT of the foreclosure/preforeclosure listings that come up on the search don’t have accurate addresses, because they are coming from pay-only sites like realtytrac. So realtytrac may have a listing like “Blah Street #301, L.A. CA 9XXXX”, and it’s obviously a condo somewhere, and the google feature will grab that entry and convert it to “301 Blah Street, L.A. CA 9XXXX”.
But I believe the numbers and general locations should be accurate – i.e. these are not ghost listings. Not sure about how much of the shadow inventory is on there though.
August 17th, 2009 at 2:01 pm
I think MM moved again his website… mhanson dot com
August 17th, 2009 at 9:16 pm
mm – you’re killing your blog. just a nugget. Gone from several times a week, to a few times a week, to several times per month, to twice per month, now down to once per month, and if nothing posts in two days, looking at bi-monthly. Killing the following my brother!
August 18th, 2009 at 1:15 pm
HEY ALL – YOU CAN FIND MARKS NEW BLOW AT MHANSON.COM – LOTS OF GREAT INFO
August 18th, 2009 at 1:16 pm
Meant to type BLOG not BLOW
October 3rd, 2009 at 3:58 pm
Many thanks for the well presented info! I appreciate data that is concise and easy to digest!
There is a big error in the map and the following statement though:
“ONE in FIVE properties in FL and NV are in some stage of foreclosure.”
What you meant I think was that one in five homes _that have mortgages_ are in foreclosure — your figure is incorrect as it ignores all the homes that are owned free and clear. It would be interesting to know how that changes the numbers – one in eight or ten homes perhaps in FL/NV? A drive around some neighborhoods noting “For sale” signs might give an idea.
Retirees in particular have often paid off their homes. In my own family, 2 of 4 homes are owned free and clear and the other 2 were purchased in the 1990’s. After being paid down for 10-15 years and because they were bought at 1990’s prices before the bubble, there is tremendous ’skin in the game’, too. So in my family only 1 of 4 homes has even a small chance of going delinquent (should my brother lose his job.) 3 of 4 simply not possible.
I think because of the many Americans like us with a lot of home equity and savings, after the Option ARMs resets wring out the remaining weak hands, we are likely to see some sun break through the clouds in housing and the economy. The scary numbers we are seeing now are the subprime/lost job/overpaid/minimal down payment crowds. I bet that 2/3’s or more of existing mortgages are old enough to not fit that bill.
October 16th, 2009 at 2:51 am
It appears that there may be some fraud in the assignments prior to foreclosures. If such fraud does exist, does that create title problems in the future? If so and this fraud in securitized mortgage assignments is rampant, what does that mean going forward for title insurance?
December 20th, 2009 at 12:11 pm
From my experiences is true.
January 26th, 2010 at 4:51 pm
Hello. Appreciate your site. I visit it regularly to read the latest info. Very useful post.
May 26th, 2010 at 9:04 am
Very interesting article. Keep us posting buddy !
May 29th, 2010 at 4:54 pm
You got to admit, there is no fast solution.
July 8th, 2010 at 11:33 am
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