New Federal Standards For Mortgage Industry Largely Irrelevant
Obama Plans Fast Action to Tighten Financial Rules WASHINGTON — The Obama administration plans to move quickly to tighten the nation’s financial regulatory system. Officials say they will make wide-ranging changes, including stricter federal rules for hedge [...]
Insolvent Banking System Eludes Government Containment
Denial Of Reality Becoming Impossible The game of pretending that the world banking system and national governments are solvent becomes more difficult by the hour. The true magnitude of the write downs that the banking industry needs [...]
Congress Proposes Cram-Downs As New Mortgage Solution
The plight of homeowners delinquent on their mortgages has been the focus of much debate lately. There have generally been two major lines of thinking: -The best course is to let free market principles apply. If homeowners [...]
Few May Benefit From Lower Mortgage Rates
Rates Increase Mortgage rates increased today on a sell off in the Treasury market. The benchmark 10 year treasury note increased in yield by 16 basis points (bps) to 2.244%. The 2008 low on the 10 year [...]
FHA Takes A Closer Look At Home Values On Refinances
HUD announced in Mortgagee Letter 2008-40 that effective January 1, 2009 that FHA will require a second appraisal for all cash-out refinances where the loan to value, exclusive of UFMIP, exceeds 85% of the appraised value. The [...]
When A Walmart Clerk Beats A $2 Million Trust Fund
The Federal Reserve fired its last bullet today by formally cutting interest rates to zero percent. A Fed statement noted that “The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth [...]
Loan Modification Efforts Continue
Despite the recent news that many of the mortgage loans modified have gone back into default, the loan modification effort continues. Until a better solution is found loan modification efforts will continue, especially given the full backing [...]
Bank of America Receives Day’s Hall of Shame Award
BofA to Offer Loans to Illinois Factory Bank of America Corp. said it will provide a “limited amount” of additional loans to an Illinois door-and-window factory, just a day after sit-in protests escalated into an intense labor-relations [...]
US Bancorp Takes Fed’s Advice To Lend Aggressively
US Bancorp (USB) is still profitably while other banks can’t find enough zeros to put after their losses. In the latest quarter ending September 30, 2008, USB’s net earnings declined by 48% to $576 million due mainly [...]
