- Paul Kiesel | July 31, 2008 7:36 PM |
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MiscellaneousAccording to CNBC.com, former Federal Reserve Chairman Alan Greenspan said the US is “nowhere near the bottom” of the housing slump and is “right on the brink” of a recession.
These remarks greatly...
- Paul Kiesel | July 31, 2008 6:37 PM |
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MiscellaneousThe New York State Commission of Investigations reported that the state's mortgage borrowers need more regulatory protection from predatory lenders, according to CNNMoney.com. Predatory mortgage...
- Paul Kiesel | July 30, 2008 2:27 PM |
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MiscellaneousPresident Bush finally signed into law this morning the housing relief bill that seemed, until two weeks ago, as if it wouldn't get signed (see the President's comments from last week), after months...
- Paul Kiesel | July 28, 2008 6:08 PM |
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MiscellaneousBelow is an article from HousingWire.com, written back in December, 2006. The article clearly states that "billions of dollars" will be lost and that the then looming foreclosure crisis will be "one...
- Paul Kiesel | July 25, 2008 8:20 PM |
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MiscellaneousWhether people agree or disagree with the Housing Bill that was passed by the House on Wednesday, and is expected to be passed by the Senate next week, every homeowner, including homeowners barely...
- Paul Kiesel | July 24, 2008 9:00 PM |
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MiscellaneousIn 2007, mortgage brokers and loan officers received huge payouts by lenders like Countrywide, Bear Stearns and IndyMac to put unsuspecting borrowers into expensive loans (supbrime, ALT-A., etc.),...
- Paul Kiesel | July 23, 2008 9:07 PM |
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MiscellaneousThe Southern California housing market has been crushed over the last seven months, as foreclosure rates continue to soar and home prices further depreciate.
The City of San Diego, in an effort to...
- Paul Kiesel | July 23, 2008 4:30 AM |
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MiscellaneousLast week, at a Houston fundraiser for Republican congressional candidate Pete Olson, President Bush asked for the TV cameras in the room to be shut off. Unaware that iPhones exist, and that someone could be recording him with such a device, he then proceeded to do a two-minute standup act that one might find David Letterman or Jay Leno doing during their opening monologues. Unfortunately, and in bad taste, Bush chose to make fun of the housing crisis, which can be viewed on YouTube, Facebook and ABC News.
- Paul Kiesel | July 22, 2008 10:02 PM |
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MiscellaneousYesterday, the White House renewed its threat to veto the housing bill that will be voted on tomorrow by the House if it contained a $4 billion block grant program for states to buy foreclosed homes...
- Paul Kiesel | July 22, 2008 9:46 PM |
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MiscellaneousCNN and the AP reported today that foreclosures in the state of California rose in the second quater to the "highest level in at least 20 years."
DataQuick Information Systems also says in its...
- Paul Kiesel | July 21, 2008 9:53 PM |
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MiscellaneousThis Wednesday the House will vote on a housing bill that is expected to include a rescue for Fannie Mae and Freddie Mac.
Investors have been concerned about the financial health of both...
- Paul Kiesel | July 18, 2008 8:32 PM |
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MiscellaneousPhil Gramm, the former "deregulating" senator from Texas, will step down as John McCain's co-chair, CNN reports.
Phil Gramm received very bad press last week when commenting on American's and their...
- Paul Kiesel | July 18, 2008 7:57 PM |
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MiscellaneousCountrywide Financial Corp. was accused in a lawsuit, filed by California officials, of making risky loans to people who couldn't afford them. One in five mortgages went bad because of these...
- Paul Kiesel | July 17, 2008 9:56 PM |
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MiscellaneousAccording to the AP, Nancy Pelosi had this to say regarding her belief that Bush will now sign off on the proposed housing bills making their way out of the House and Senate:
The House plans a...
- Paul Kiesel | July 17, 2008 9:32 PM |
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MiscellaneousCongress is close to passing a bill that is meant to stabilize the housing market and provide relief to troubled homeowners. However, the bill, if Bush doesn't veto it (something that he is...
- Paul Kiesel | July 16, 2008 10:06 PM |
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MiscellaneousA grinning Barney Frank told Politico.com that, "The top financial officials of George Bush's administration have come before the public and said 'We're from the government, and we're here to help...
- Paul Kiesel | July 16, 2008 6:41 PM |
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MiscellaneousCNN reports that the FBI is currently investigating IndyMac Bancorp for fraud. The federal government is likely looking into whether IndyMac committed fraud when it made home loans to subprime...
- Paul Kiesel | July 15, 2008 9:40 PM |
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MiscellaneousThe Fed approved new mortgage lending rules on Monday in hopes of stemming "shady lending practices." Most of the new rules will affect subprime borrowers who have been the largest group of victims...
- Paul Kiesel | July 15, 2008 5:36 PM |
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MiscellaneousPresident Bush and Fed Chairman Ben Bernanke both spoke today on the economy and the continued difficulties financial markets are facing.
At a White House press conference, Bush told lawmakers...
- Paul Kiesel | July 14, 2008 4:22 PM |
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MiscellaneousFannie Mae and Freddie Mac own over half of the $10 trillion in home mortgages in the U.S. combined. These two government sponsored entities are seen as the wheels that make the mortgage industry...
- Paul Kiesel | July 11, 2008 8:25 PM |
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MiscellaneousThe federal government took control of IndyMac today, as the Office of Thrift Supervision transferred control of the $32-billion bank to the Federal Deposit Insurance Corp (FDIC).
Indymac's...
- Paul Kiesel | July 11, 2008 12:02 AM |
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Miscellaneousfannie Mae, Freddie Mac
- Paul Kiesel | July 10, 2008 9:29 PM |
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MiscellaneousFormer Senator Phil Gramm told the Washington Times that he does not think the economy is doing as poorly as the general media reports. In fact, Gramm suggests that the country is not in a...
- Paul Kiesel | July 10, 2008 5:41 PM |
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MiscellaneousTo have a change of mind or heart is not a bad thing. People change their minds all the time. So when most people accuse politicians of flip flopping, they're really accusing them of changing their...
- Paul Kiesel | July 09, 2008 4:26 PM |
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MiscellaneousSenator Ted Kennedy has returned to the Senate floor this afternoon, less than two months after being diagnosed with a cancerous brain tumor. He was applauded loudly upon his entrance.
Senate...
- Paul Kiesel | July 09, 2008 2:48 PM |
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MiscellaneousTreasury Secretary Henry Paulson said Tuesday that many homes cannot be saved from foreclosure and that, "There is little public policymakers can, or should, do to compensate for untenable financial...
- Paul Kiesel | July 08, 2008 3:18 PM |
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MiscellaneousBen Bernanke, Chairman of the Federal Reserve, said Tuesday morning that new lending rules would be put into effect next week to restrict exotic mortgages and to help curb other dubious lending...
- Paul Kiesel | July 07, 2008 5:43 PM |
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MiscellaneousOver the last 15 years, there have been five "avoidable events" stemming from Wall Street's or Congress' actions (or inaction), that led directly to the mortgage crisis.
1. Newt Gingrich and the...
- Paul Kiesel | July 07, 2008 2:51 PM |
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MiscellaneousA lawsuit that was filed by a Wisconsin couple in 2005 against mortgage lender Chevy Chase Bank for Truth in Lending Act violations (TILA) is set to get a ruling any day now. If the ruling by the...
- Paul Kiesel | July 05, 2008 8:09 PM |
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MiscellaneousSub-prime, mortgages, option ARM loans.
- Paul Kiesel | July 03, 2008 5:57 PM |
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MiscellaneousThe California Senate passed the first major bill that is designed to help prevent more home foreclosures and it is being sent to the governor. Gov. Schwarzenegger is expected to sign the measure...
- Paul Kiesel | July 02, 2008 8:44 PM |
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MiscellaneousIndyMac, in a securities filing late Monday, said that is is working with U.S. regulators on a plan to shore up the company's safety and soundness. However, other than their statements on raising...
- Paul Kiesel | July 01, 2008 8:31 PM |
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MiscellaneousThe Center for Responsible Lending released evidence yesterday, June 30, that IndyMac put itself in a hole by, "engaging in unsound and abusive lending during the nation's mortgage boom," (Center...
- Paul Kiesel | July 01, 2008 1:53 PM |
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Miscellaneous The Los Angeles Times reported today that California Hospitals have injured over 1,000 patients between July, 2007 and May of this year. The incidents are officially called "adverse events,"...