Foreclosures slow to a crawl as banks are forced to refile faulty paperwork
So how much of a delay in foreclosures is the robo-signing fracas causing? Freddie Mac, the now essentially taxpayer owned company that with Fannie Mae, finances or guarantees about half of all U.S. mortgages, told the Financial Times on October 25 that its now taking...Citigroup says it doesn't have a mortgage foreclosure problem
Only one big surprise in Citigroup’s (C) third quarter earnings announced before the New York Stock market opened October 18. No, not the penny a share in earnings above the Wall Street estimate of 6 cents a share. A slight positive surprise certain was a high...The mortgage foreclosure "robo signers" could cost banks big money–because of put backs
Add another word to English as spoken on Wall Street: robo signer. These are the folks at banks and mortgage servicing companies who signed hundreds of foreclosure documents a day. Frequently they didn’t read them at all. Even more frequently they didn’t bother to...Goodbye Fannie Mae and Freddie Mac as feds decide to delist stocks on NYSE
Shares of Fannie Mae and Freddie Mac, once the giants of the mortgage financing world—plunged yesterday, June 16, on news that the companies’ shares would no longer trade on the New York Stock Exchange. The shares will trade only on the over-the-counter bulletin board...Can taxpayers begin to get off the hook?
This week’s attempt by the FDIC (Federal Deposit Insurance Corp.) to sell securities backed by residential mortgages and construction loans marks a huge milestone in the road back to normalcy for the financial markets this week. Let’s hope the markets pass the test....Household wealth rises and foreclosure rate hits a record–what kind of recovery is this?
Put these two headlines together from Bloomberg today and you’ve got a good snapshot of the U.S. economic “recovery” to date. “U.S. Foreclosures to Reach 3.9 Million in Second Record Year.” “Household Net Worth in U.S. Increases by $2.67 Trillion.” Let’s look at the...Mortgage deliquency rate projected to inch–and I mean inch–downward in 2010
Reassuring news on the home mortgage front: the tide of mortgage delinquencies will start to recede in 2010—unless you live in Arizona, California, Florida, New York or Virginia. Those states will see delinquencies continue to climb next year. That’s the forecast from...The mortgage crisis shifts to the FHA and Congress wants to make the problem permanent
Another of the “emergency” measures enacted to stop of the financial crisis from plunging the economy into a depression looks like it’s on the road to becoming “permanent.” And this one could really blow up on us taxpayers—again—not so far down the road. I’m talking...Jobless numbers tomorrow–and on them hangs the trend in this market
The U.S. Bureau of Labor Statistics releases the July payroll and unemployment numbers tomorrow before the stock market opens. It’s a chance to give some badly needed new life to the “We can see the turn in the economy coming” optimism that has...Default isn't just for subprime mortgages anymore
The rate of default among home owners with prime mortgages is soaring. These are supposed to be the safest mortgages, the ones that went only to borrowers with the best credit scores, remember. And that’s a huge problem for a banking system that was almost...Bad mortgages get worse at Wells Fargo stretching out schedule for paying back $25 billion bailout
Fear of the future trumps current earnings, as far as investors are concerned, when it comes to Wells Fargo (WFC). On July 22, before the opening bell, the company reported second quarter earnings of 57 cents a share–far above the 34 cents a share Wall Street...The next banking crisis: Commercial mortgages
Heard enough bad news about failing residential mortgages to last you a couple of lifetimes? Tired of headlines about huge losses at Citigroup and Bank of America? Cheer up. The subprime, alt-A, and prime home mortgage meltdowns are about to be blown off the front...Jim’s Daily Email Alerts:
Every post from Jubak Picks straight to your mailbox. And they're free!