Archive for March 11th, 2009

FDIC Chief Says That Taxpayers Will Profit From Newest Bailout Plan

Good news, Taxpayers. I have it on the highest authority that the plan to set up partnerships with private investors to buy the banks’ toxic assets is a lock to make us money. None other than Sheila Bair, the Chairwoman of the FDIC, said today that happy days are closer than we think. A U.S. […]

Justice Department Reported To Be Gearing Up For Mortgage Fraud Prosecutions

Pigs fly! Barney Frank and I finally agree about something. Speaking about going after various fraudulent financiers Mr. Frank remarked, “Rules don’t work if people have no fear of them” What a revelation. The reason everyone up and down the mortgage chain as well as on Wall Street took the liberties they did was that the risk/reward […]

Will More Problems With Alt-A Loans Get Swept Under The Rug?

It seems almost a bit old fashioned to write a column about Alt-A loans and more downgrades to classes of those loans. Almost like we’ve moved on from that and it’s just a question of mopping up the mess. HousingWire has a report that puts a distinctly different light on that. Standard & Poor’s Ratings […]

Defending The Developers

If you’re in the mood for one of those stories that makes you shake your head and ask how people could possibly be so stupid, take a look at this NYT story. It’s about the excess condo development in Miami and focuses on one project in particular. This sort of stuff is standard fodder these […]

Mortgage Applications Actually Falling

Housing Wire has some useful information on mortgage applications this morning. The headline number from the Mortgage Bankers Association is that mortgage applications were up 11.3% for the week ending March 6. HousingWire presents a different picture. Household applications actually fell, according to Mortgage Maxx LCC, which tracks weekly mortgage applications as well for its […]