Miscellaneous

• “Risky Mortgages” Will No Longer Be Part of Bank of America’s Lending Lexicon

  Paul Kiesel | April 22, 2008 2:52 PM | 0 CommentsLos Angeles, CA

  Bank of America is making plans to overhaul its mortgage product menu, after they complete their acquisition of Countrywide Financial. According to CNNMoney, Bank of America will offer traditional...

• More Foreclosures in California, Nevada and Arizona

  Paul Kiesel | April 21, 2008 6:54 PM | 0 CommentsLos Angeles, CA

  According to the Press-Telegram on Sunday, new statistics will be released later this week showing a huge jump in foreclosed homes across the states of California, Nevada and Arizona. Nevada fairs...

• UBS Admits "Subprime Miscues"

  Paul Kiesel | April 21, 2008 4:23 PM | 0 CommentsLos Angeles, CA

  UBS released a report on its Web site Monday conceding that a “blind drive for revenue” led it to take more risks than it should have. UBS has written off more debt from the subprime mortgage crisis...

• Bush's HUD Nominee

  Paul Kiesel | April 18, 2008 3:39 PM | 0 CommentsLos Angeles, CA

  Steve Preston has been given the nod by President Bush to be his housing secretary nominee, according to a senior administration official. Fortunately, this appears to be a bipartisan move, with...

• Henry Paulson and the Curious Case of the Flurry of Foreclosures

  Paul Kiesel | April 16, 2008 9:02 PM | 0 CommentsLos Angeles, CA

  Henry Paulson might be as confused as the average American when it comes to the subprime mortgage crisis. Testifying in front of a house-panel a month ago, Mr. Paulson said, “[. . .] let me...

• Wachovia and Others Preparing for a Rainy Day

  Paul Kiesel | April 14, 2008 8:58 PM | 0 CommentsLos Angeles, CA

  Wachovia is the latest financial institution to seek outside financing from foreign and private equity investors. Today, the company reduced its dividend and said that it would raise about $7...

• False "Hope Now" in Foreclosure Relief Plans

  Paul Kiesel | April 07, 2008 7:32 PM | 0 CommentsLos Angeles, CA

  Before the federal government helped facilitate the purchase of Bear Stearns by JP Morgan Chase last Monday, a pennies-on-the-dollar sale of Bear Stearns stock, Treasury Secretary Henry Paulson had...

• Repackaging Risk

  Paul Kiesel | March 28, 2008 4:17 PM | 0 CommentsLos Angeles, CA

  As of this moment, on the auction site eBay, there are an assortment of Bear Stearns items being listed by several sellers. There are coffee mugs, t-shirts, duffle bags, umbrellas, etc. and all of them bear the Bear Stearns logo. But there is one item separating itself from all the others: a blue Bear Stearns helmet. The last bid on it, as of 1:40 PM PST, was for $152.50 and has 18 hours left...

• Don't Look to McCain for Help with the Mortgage Crisis

  Paul Kiesel | March 25, 2008 6:24 PM | 0 CommentsLos Angeles, CA

  John McCain believes that the number one issue for Americans is national security. According to the Associated Press, and shortly after Governor Charlie Crist of Florida endorsed him as a Presidential candidate, Mr. McCain said, "Even if the economy is the, quote, No. 1 issue, the real issue will remain America's security [. . .]" This statement shows he has not wavered from his campaign's main...

• Affluent Were as Susceptible to the Lure of Adjustable Rate Mortgages

  Paul Kiesel | March 25, 2008 6:00 PM | 0 CommentsLos Angeles, CA

  At the peak of the housing boom to purchase homes, many affluent consumers with annual incomes of $100,000 or more were lured into taking out adjustable-rate mortgage (ARM) loans, under the impression that they would be able to lower their monthly mortgage payment (from existing fixed-rate mortgages) or that it would allow them more financial flexibility. In order to secure these lower monthly...