I’ve often wondered if the movie Changing Places with Eddie Murphy had a grain of truth to it? In the movie 2 guys (bankers) sit around a club room, smoking cigars and making bets on other people’s lives. They decide to see if they can up end a complete stranger’s world.
These guys might be in […]
Category Archives: Mortgage
No Ownership Society: Stop Changing the lending rules
March 5, 2010 – 4:28 pm
A Big Fannie
March 1, 2010 – 6:38 pm
America needs a Big Fannie. Yes, Fannie Mae and Freddie Mac are already too big to fail, and Congress is considering proposals to combine these giants into one giant Fannie. Let’s play a word association game: Fannie (rear end) + Democrats (Donkeys) + Republicans (Elephants) = One Big Fat Ass?
You guessed it. Put all the […]
The Extend & Pretend Conference: IMN Distressed Real Estate
February 27, 2010 – 3:16 pm
No it isn’t some conference of sex coaching, it was a group of bankers (including Fannie Mae) and real estate investors who gathered this week in Miami for the IMN Distressed Real Estate Conference, and frankly, it was a little depressing.
The debate seemed to revolve around lender’s decisions to ‘extend loans and pretend that the […]
Shorts Outnumber REO…
February 22, 2010 – 7:19 pm
A survey finds that 15.9% of sales were short sales, and only 13% were REO (post-foreclosure, bank owned). This is another positive trend, among crappy trends. It means banks are shaking bad loans before they become full foreclosures. The reset on housing values is being engaged.
Add those numbers together, and 28.9% of all sales are […]
New Mortgage Trend Emerges…
February 22, 2010 – 7:11 pm
Today Fannie Mae announced a $1 BILLION warehouse facility to NattyMac (a.k.a. Guggenheim Partners). This ‘guarantee facility’ will be further broken down by NattyMac to smaller mortgage bankers in the form of additional warehouse lines of credit to fund residential mortgage loans.
This is the beginning of a green-shoot form of grassroots lending base in the […]
