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By NorCalSavant, on June 12th, 2009
There was an interesting article in the New York Times detailing the plight of Eileen Ulery, a homeowner in Mesa, Arizona caught up in the delinquency/foreclosure crisis. She basically owes $143,000 on a house worth only $122,000, a loan to value of about 117%. She lost her job at Arizona State University with an income [...]
By NorCalSavant, on May 29th, 2009
The moratoria banks had on foreclosures have expired, and a steady stream of foreclosures is expected to hit the market throughout the remaining year. As these foreclosed properties add to the supply of houses on the market, home prices are expected to continue to decline or stay declined.
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"Own to Rent" [...]
By NorCalSavant, on May 8th, 2009
Last week Treasury announced the Second Lien Program to work in tandem with the primary mortgage modification under the Home Affordable Modification Program to help homeowners avoid foreclosure. Treasury also announced new lender incentives under the beleaguered Hope for Homeowners Program for underwater homeowners. Are these new programs going to make a difference in continuing [...]
By NorCalSavant, on May 3rd, 2009
Interest rates are low, and house prices are down, but all you eager mortgage buyers out there, beware. Mortgage fees and private mortgage insurance (PMI) have gone up, sometimes based on the credit score, and underwriting and appraisal rules have changed for the worse.
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Is the US Reaching a Strategic Default Tipping [...]
By NorCalSavant, on April 19th, 2009
In my earlier post here, I had discussed the details of President Obama’s Making Home Affordable Program. The program has two components — Home Affordable Refinance program for solvent homeowners with a loan-to-value as high as 105%, and Home Affordable Modification program for delinquent or nearly-so homeowners unable to pay their mortgages.
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By NorCalSavant, on January 8th, 2009
The housing industry is going through a crisis. A huge number of individuals holding mortgages are finding themselves unable to pay their upwardly adjusting mortgage payments as I discussed in my earlier post on the credit squeeze, foreclosures and recession. The housing construction has gone into a meltdown with new housing starts at their historic [...]
By NorCalSavant, on November 3rd, 2008
Economists have often looked to the TED and LIBOR-OIS spreads to identify the relative state of the credit squeeze. An increase in the TED spread or the LIBOR-OIS spread indicates a credit squeeze and a potential economic downturn.
TED Spread
The TED spread is the difference between the interest rate banks charge each other on [...]
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