The Mortgage Lender Implode-O-Meter - Mercedes-Benz Forum

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post #1 of 14 (permalink) Old 09-05-2007, 07:14 PM Thread Starter
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The Mortgage Lender Implode-O-Meter

Tracking the housing finance breakdown: a saga of corruption, stupidity, and government complicity.


The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui
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post #2 of 14 (permalink) Old 09-05-2007, 07:40 PM
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And come October many institutional investors will be able to opt out of the Hedge Funds and Derivatives that have so much of this bad paper included in their $MultiTrillion Leveraged Portfolios. This Opt out only happens once a year.

Put this on your daily watch list. It is not going to be pretty but it is necessary if you invest.
The Hedge Fund Implode-O-Meter - tracking the hedge fund implosion - leverage, speculation, arbitrage, interest rates, credit bubble

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post #3 of 14 (permalink) Old 09-06-2007, 07:08 PM Thread Starter
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Excellent link
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post #4 of 14 (permalink) Old 09-06-2007, 07:45 PM
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Sis is office manager for a law firm specializing in real estate. She is bummed, she has to announce a big lay off tomorrow. Foreclosure increase helps offset lack of closings, just not enough to keep all of their staff.
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post #5 of 14 (permalink) Old 09-06-2007, 09:11 PM
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Sis is office manager for a law firm specializing in real estate. She is bummed, she has to announce a big lay off tomorrow. Foreclosure increase helps offset lack of closings, just not enough to keep all of their staff.
Now there is a silver lining I had not heard before. RE Law firms remain kinda stable with increase in foreclosures.

+++++++++++++++++++++++++++

New Mortgage Foreclosures Set Record
Thursday September 6, 2:58 pm ET
By Martin Crutsinger, AP Economics Writer

Subprime Mortgage Woes Push New Home Foreclosures to a Record High


WASHINGTON (AP) -- The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.

The Mortgage Bankers Association reported Thursday that mortgage-holders starting the foreclosure process in the April-June quarter reached 0.65 percent, marking the third consecutive quarter that this figure has set an all-time high.

The delinquency rate, which tracks the number of people who are behind in their payments but have not yet entered the foreclosure process, was also up sharply during the spring, rising to 5.12 percent of all loans, up nearly three-fourths of a percentage point from the same period a year ago.

Doug Duncan, the MBA's chief economist, said the worsening performance was driven by two factors -- heavy job losses in the Midwest states of Ohio, Michigan and Indiana and the collapse of previously booming housing markets in California, Florida, Nevada and Airzona.

The Midwest has been hit hard by a heavy loss of jobs in manufacturing, especially in autos and related industries.

"The percent of mortgages in Ohio that are 90 days or more past due or in foreclosure is still more than twice the national average and 1 percent of all the mortgages in Michigan had foreclosure actions started on them during the last quarter," Duncan said.

He said there were also significant problems in the neighboring states of Indiana, Illinois, Kentucky, Tennessee and Pennsylvania.

Analysts said the problems in the formerly red-hot housing markets of California, Florida, Nevada and Arizona reflected in part speculators walking away from mortgages they can no longer afford.

During a five-year housing boom, the prices in these areas surged, creating what many analysts have described as a speculative bubble as investors bid up the price of homes hoping to quickly resell them for a profit.

Now with home sales falling, the inventory of unsold homes rising and prices stagnant, some speculators are choosing to default on their mortgages.

Another big problem is that an estimated 2 million adjustable rate mortgages are scheduled to reset this year at sharply higher interest rates, which will cause monthly payments in some cases to double or even triple, a problem that is especially severe in the market for subprime mortgages, loans offered to borrowers with weak credit histories.

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post #6 of 14 (permalink) Old 09-06-2007, 09:18 PM
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New Mortgage Foreclosures Set Record
Thursday September 6, 2:58 pm ET
By Martin Crutsinger, AP Economics Writer
Subprime Mortgage Woes Push New Home Foreclosures to a Record High


WASHINGTON (AP) -- The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.

"...1 percent of all the mortgages in Michigan had foreclosure actions started on them during the last quarter," Duncan said.

+++++++++++++++++++++++++++

Anything with the acronym MIRE should be considered suspect up front. A little something from my recent field trip to Michigan.

McBear,
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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #7 of 14 (permalink) Old 09-07-2007, 04:15 AM
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Quote:
Originally Posted by mcbear
New Mortgage Foreclosures Set Record
Thursday September 6, 2:58 pm ET
By Martin Crutsinger, AP Economics Writer
Subprime Mortgage Woes Push New Home Foreclosures to a Record High


WASHINGTON (AP) -- The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.

"...1 percent of all the mortgages in Michigan had foreclosure actions started on them during the last quarter," Duncan said.

+++++++++++++++++++++++++++

Anything with the acronym MIRE should be considered suspect up front. A little something from my recent field trip to Michigan.
That lady in the white top ( your MIoRE photo) sure raised my otherwise casual thread interest.

Last edited by shrimpton; 09-07-2007 at 04:18 AM.
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post #8 of 14 (permalink) Old 09-07-2007, 04:38 AM
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^^^

Do you think she is holding her breasts for a reason??

Ross

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beware of fundamentalists

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post #9 of 14 (permalink) Old 09-07-2007, 05:19 AM
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What's a Mortgage ...LOL
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post #10 of 14 (permalink) Old 09-07-2007, 05:20 AM
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^^^

Do you think she is holding her breasts for a reason??

The little guy in the red shirt ... 'aaaww Mum - I really want a Coke!'
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