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CFOZone Experts

Opinions and views from expert CFOZone members.

Tag >> mortgage foreclosures
Aug 20
2010

More trouble for banks

Posted by Ron F in Supreme CourtsecuritizationRiskmortgagesmortgage foreclosuresloan lossescomplianceCitigroupCitiCaliforniaBanksBanking

Ron F

This trend has now reached California, so it's about to become a whole lot more meaningful.

Again, this may be a matter of paperwork, but at minimum, it seems like banks will have to spend time and money straightening out their claims to homes on loans they've securitized.

Aug 12
2010

Time to stop subsidizing home prices

Posted by Stephen Taub in Riskmortgagesmortgage foreclosuresline of credithome equity loansCash

Stephen Taub

The report in the New York Times today http://www.nytimes.com/2010/08/12/business/12debt.html?_r=1&ref=business about the huge amount of home equity loans that have been written off or barely paid back is very disturbing, and a stark reminder about a major reason the entire globe continues to feel the effects of the mortgage crisis.

It is also a reminder that this crisis was not just caused by sub-prime mortgages, but also by greed among the many people who took out the mortgages and loans to buy boats, luxury cars, extensions on their homes and expensive colleges.

Mar 11
2010

A downtick in foreclosures could really reflect the weather

Posted by Ron F in reformrecoveryrecessionmortgage foreclosuresmedialoan delinquenciesjoblessnessfinancial crisisemploymenteconomyCareers/Managementbubbles

Ron F

It seems to me that the crappy weather in February is only cited as an excuse for poor performance, but never an explanation for the opposite.

Yes, this Realtytrac report on foreclosures says they may have fallen last month because notices were late, but that fact wasn't reported today in NPR's coverage this morning.

Aug 26
2009

A housing bottom? Not yet, according to the Fed

Posted by Ron F in recessionmortgage foreclosuresleverage

Ron F

Yes, the Case-Schiller index shows that house prices rose 9 percent in June from a month earlier, though they're still 15 percent below where they were a year ago and who knows how much the bump up reflects banks' hesitancy to foreclose on defaulted mortgages so as to avoid having to report the losses.

So does that mean we've hit bottom? One economist after another seems hell bent on getting quoted in Bloomberg or Reuters to that effect, though none ever seems to supply any substantive evidence for drawing such a conclusion. (Sorry, but the spin supplied by the National Association of Realtors doesn't count in our book.)

Aug 22
2009

Rain on the Parade: Some Alarming New Numbers on Foreclosure Rates (They're Up)

Posted by kcates in Obamamortgage foreclosuresMortgage Bankers' AssociationMaking Home AffordableKarl Catesdelinquenciescompliance

kcates

Sales of existing homes show the biggest surge in 10 months, the Dow is on almost summerlong winning streak and the chairman of the Fed says the recession in ending.

Not to rain on the parade, but all the good news comes with caveats and asterisks, and much of the qualifying data is shuffled aside for the brighter headlines.  One report that didn't make many front pages suggests some sobriety is in order.

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