• mortgages, News

    Ben Bernanke Wants To Rent Out Foreclosed Houses Or At Least Get Them Into A Database

    If you like mortgages you should read this Fed white paper for Congress on the housing market though I sort of get the sense that Ben Bernanke’s heart isn’t in it. As he says, “Our goal is not to provide a detailed blueprint, but rather to outline issues and tradeoffs that policymakers might consider,” which […]

    / Jan 4, 2012 at 6:46 PM
  • mortgages

    Mortgage Spreads Blowing Out Toward March Levels

    Yields on agency mortgage securities compared to U.S. Treasuries approached a five-month high today. Spreads rose to 215 basis points in intraday trading today, the highest level since early Mach 10, just prior to the crisis that leveled Bear Stearns, according to data compiled MKM Partners analyst Mike Darda. Over the past drbrtsl several weeks, […]

    / Aug 14, 2008 at 4:06 PM
  • mortgages

    A Primer On The Mortgage Bailout Bill

    Over the weekend the Senate overwhelmingly passed a the mortgage bailout bill that includes a government rescue plan for mortgage finance giants Fannie Mae and Freddie Mac, grants to states to subsidize local real estate markets and extends government protections for refinancing troubled mortgages. The legislation amounts to one of the most far-reaching government expansions […]

    / Jul 28, 2008 at 11:12 AM
  • mortgages

    Why Is Anyone In Philadelphia Paying Their Mortgage?

    A week ago the Wall Street Journal reported that the sheriff of Philadelphia was refusing to conduct auctions for foreclosed homes. It’s kind of civil disobedience from a government official. And his move prompted a sweeping reform scheduled to go into effect this week that will require lenders to participate in a court-sponsored “reconciliation session” […]

    / Jun 13, 2008 at 10:25 AM
  • FOREX, mortgages, Texas Pacific Group

    TPG Buys Stake of British Mortgage Company

    It’s not just the Lone Star Funds going long mortgage companies. This morning Bradford & Bingley announced plans to raise 400 million pounds by selling a stake to buyout firm Texas Pacific Group. It’s part of the now familiar dance for finance companies, where they reveal craptacular earnings and attempt to soften the blow by […]

    / Jun 2, 2008 at 9:21 AM
  • mortgages

    Private Equity Firm Buys Up Bear Stearns Residential Mortgage Unit

    Even before the deal closed on Friday, JP Morgan Chase had already spun off one unit of Bear Stearns–Bear Stearns Residential Mortgage Corporation, commonly known as Bear Res. On Friday the invaluable Housing Wire reported that said that an affiliate of Lone Star Funds had acquired the Bear Stearns’ wholesale and correspondent lending operation. According […]

    / Jun 2, 2008 at 9:10 AM
  • mortgages

    How Mortgage Auditors Contributed To The Credit Crisis

    The most jarring Bear Stearns story of the day isn’t in Kate Kelly’s amazing piece of reporting. It’s on National Public Radio, of all place. Today they are telling the story of a woman called Tracy Warren, who worked for a quality-control contractor that reviewed subprime loans for investment banks before they were sold off […]

    / May 27, 2008 at 4:52 PM
  • Bear Stearns, mortgages

    Trouble For Bear Stearns Mortgage Book?

    The departures of two senior Bear Stearns executives from JP Morgan Chase may signal problems with the value of the Bear Stearns mortgage portfolio. Over the weekend Henny Sender of the Financial Times reported that Jeff Mayer and Craig Overlander, the two men who had been in charge of the fixed income arm of Bear […]

    / May 27, 2008 at 8:58 AM
  • mortgages, Public Ignorance

    Would We Have Avoided The Mortgage Mess With More Financial Education?

    There’s no question that the United States is a nation of financial illiterates, and that this contributed to the decisions of millions of Americans to run up credit-card debts, buy houses they couldn’t afford, purchase college educations they can’t pay for. But does it follow from our widespread illiteracy that education would help us avoid […]

    / May 21, 2008 at 2:47 PM
  • mortgages, politics

    It Didn’t Start With Countrywide
    We Blame George Bush

    What a wild ride we’ve had with Countrywide today. Shares of the home lending behemoth dropped following reports this morning from the Los Angeles Times that the company was on the verge of bankruptcy. And they shot back up this afternoon as word leaked that Bank of America is in talks to buy Countrywide. (Careful […]

    / Jan 10, 2008 at 3:33 PM

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