• News

    Freddie Mac Profits From The Misery Of American Homeowners So That Banks Don’t Have To

    It’s always good fun to get upset about something of the form “X bet against Y,” and the financial markets offer a whole range of opportunities to do so. Everything is a bet against something, and if that something is sympathetic and/or you, you can go get enjoyably pissed at whoever is doing the betting. […]

    / Jan 30, 2012 at 1:18 PM
  • 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
  • News

    And Now, Blech, Mortgage Lawsuits

    It’s difficult to keep track of all the things that all the people are suing all the banks for regarding mortgages. A place to start is by remembering that banks stood in the middle of originating loans to people who didn’t pay them and selling them to people who are now sad that they didn’t […]

    / Dec 2, 2011 at 2:55 PM
  • News

    Let’s Talk About My Mortgage For A Minute

    Like many people, I like to believe that I prefer the government policies that I prefer because they’re a Good Thing for the world, not because they advance my self-interest. But as a relatively new homeowner, I break down a little on mortgages. Sure the mortgage interest deduction is a crazy and inefficient boondoggle, but […]

    / Sep 9, 2011 at 3:17 PM
  • News

    How Much Money Will Fannie And Freddie Get From Banks For Crappy Mortgages, Use To Make Further Crappy Mortgages?

    The Federal Housing Finance Agency’s lawsuits against every bank paint a pretty dastardly picture of the seventeen big banks – three of which are now BofA – committing all sorts of frauds in securitizing mortgages and selling them to Fannie Mae and Freddie Mac. This in turn caused Fannie and Freddie to have a series […]

    / Sep 6, 2011 at 4:28 PM
  • News

    New Idea For Banks: Getting Rid Of Exposure To Terrible Mortgages Originated Elsewhere

    Yesterday Bloomberg reported that BofA is getting out of its correspondent mortgage business. That business, if you need a little refresher, works as follows: 1. Bank of a Horrible Small Town originates a mortgage 2. BoaHST sells mortgage to BofA, repping that there’s nothing wrong with it 3. BofA sells mortgage to securitization/GSE, also repping […]

    / Sep 1, 2011 at 2:25 PM
  • News

    So Phil Falcone Took Out Another Loan, So What?

    The last month or so has not been the best of times for Phil Falcone. Harbinger Capital’s flagship is down, Goldman Sachs, Blackstone and some others have pulled their money, investors have been giving him shit for borrowing $113 million from one of his funds (where redemptions had been frozen) in order to pay personal […]

    / Dec 14, 2010 at 4:37 PM
  • News

    Citi’s Liar Loan Division To Take 2 Week Break

    Citi’s correspondent lending division, which produced $58.5 billion in mortgages last year and probably had a hand in the $28 billion in losses last year, recently sent out a letter to clients notifying them that the unit is shutting down their well oiled machine for two weeks to look into some mortgage applications that didn’t […]

    / Jun 24, 2009 at 9:37 AM
  • News

    The Next Mortgage Mess

    If the mortgage market blows up again, the FHA told you so. Faced with record high demand for government backed home loans, the FHA is concerned that it can’t properly handle the additional volume and is going to get picked off. “FHA will be challenged to handle its expanded workload or new programs that require […]

    / Jun 18, 2009 at 2:04 PM
  • News

    Back To The Future

    We really aren’t that sure how to greet this news, considering that we aren’t really sure that another $3 trillion in lending transactions is exactly what we need right now. But, then again, it does feel like 2005 for the first time all over again, and we’ve got that going for us. So that’s nice. […]

    / Mar 24, 2009 at 10:07 AM
  • News

    Dive! Dive! Dive!

    We’ve heard mixed stories about the effect of being “underwater” on home equity. We’ve heard that owners are likely to walk away, leaving the keys and moving on, and we’ve heard that it makes little sense to bail out on even a deeply underwater mortgage. It seems the former view has taken widespread hold as […]

    / Mar 18, 2009 at 10:42 AM
  • The Hamptons

    Hamptons Home In Discount Bin

    Late last year, an 18,000 square foot Bridgehampton house suffered the humiliation of foreclosure, an indignity that’s supposed to be reserved for Ed McMansions in California. Adding insult to injury is the news that the home, which features 8 bedrooms, 9 ½ baths, a pond, elevator and “flower-cutting room,” all set on 4-acres, has just […]

    / Jun 26, 2008 at 3:36 PM
  • News

    Our Obsession With Ownership
    Notes From The Ruins Of The Ownership Society

    Homeownership is overrated and the government went too far in pushing it on the American people, Paul Krugman writes in today’s New York Times. He suggests it’s time for America to “drop the obsession with ownership.” We couldn’t agree more. Four months ago we wrote: “The social engineering program entitled the ‘ownership society’ has failed […]

    / Jun 23, 2008 at 3:46 PM
  • News

    Did Bank of America Write The Bailout Bill?

    It turns out that the housing bailout bill really is “exactly what Bank of America and Countrywide wanted.” A memorandum dated March 11, 2008 has surfaced, and it seems to support the idea that BofA essentially wrote the bailout section of the bill. “Almost all of BofA’s preferences are mirrored in the Dodd-Shelby legislation,” Stephen […]

    / Jun 23, 2008 at 2:08 PM
  • Countrywide

    Countrywide Troubles For Bank of America

    Does Bank of American big man Ken Lewis know what he’s getting into with Countrywide? The recent news tying former Fannie Mae chief executives to sweetheart loans from Countrywide may result in the home lender getting cut off from the GSE gravy train. At the very least, Countrywide’s share of Fannie Mae’s dollars for mortgages […]

    / Jun 17, 2008 at 11:31 AM
  • News

    John Paulson Now Shorting Individual Mortgages of Down-on-Luck Friends in Hamptons

    You know what’s something that used to be considered gauche but is now de rigueur with the Hamptons set so you know it’s cool? Not paying your mortgage. Apparently a bunch of Hamptons residents have been neglecting to send their checks to Angelo Mozilo’s PO Box these last couple months, former UBS executives included, which […]

    / May 12, 2008 at 4:48 PM
  • News


    Obviously all the homeowners who read DealBreaker bought their pads in cash, but for the one or two of you with mortgages, listen up: make those payments. And we don’t say this because we care about you losing your house or because we’re worried about more securitized mortgage products defaulting, but because if you don’t […]

    / May 8, 2008 at 4:18 PM
  • News

    Citi: We’ve Run Out Of Suckers On The Outside, Any Takers In Here?

    From: To: Sent: Friday, March 28, 2008 10:29 AM Subject: Employee Discount News: Citi Employee Mortgage Program As a U.S. employee, you may be eligible for Citi and other partner products and services at special employee rates. Employee Discount News is a monthly email with information about products or services that may interest […]

    / Mar 28, 2008 at 12:20 PM
  • News

    Was Thornburg Brought Down By Irrational Markets and Mark To Market Accounting?

    That’s what David Gaffen implies when on the Market Beat today. And herein lies the peril of mark-to-market accounting. The company says “difficult market conditions that have resulted in a significant deterioration of prices of mortgage-backed collateral.” Market strategists have pointed out often that the assets in question being held — in Thornburg’s case, adjustable-rate […]

    / Mar 7, 2008 at 2:33 PM
  • DealBreaker Career Center

    Job of The Week: Mortgages!

    We like to end every week with a special gift for our readers: we’re finding you a new job. So we spent part of the afternoon combing through our Career Center in search of the most interesting jobs. There are dozens to choose from, all categorized according to specialization. But one special one has been […]

    / Feb 25, 2008 at 5:45 PM

Our Sites

  • Above the Law
  • How Appealing
  • ATL Redline
  • Breaking Defense
  • Breaking Energy
  • Breaking Gov
  • Dealbreaker
  • Fashonista