Category: Mortgage Crisis
By Larry Doyle on Dec 18, 2009 in Current Affairs, Economy, Mortgage Crisis, Mortgages, Sense on Cents (Larry Doyle blog) | 11 Comments
When lying is not properly addressed and punished, it will perpetuate. We witness that dynamic in almost all corners of our economic and political landscape. In the world of finance, no market segment seems to have fostered more lying than the mortgage business. It continues. Let’s navigate. A strong and vibrant mortgage market is vitally [...]
By Larry Doyle on Dec 13, 2009 in American Consumers, Current Affairs, Economy, Housing & Housing Crisis, Mortgage Crisis, Mortgages, Sense on Cents (Larry Doyle blog) | 10 Comments
Despite overwhelming efforts on the part of Uncle Sam, the simple fact of the matter is the program to successfully and permanently modify mortgages has not gained truly meaningful traction. Public pressure on mortgage servicers specifically and the mortgage modification program at large have generated a slight, but hardly significant, increase in permanent modifications over [...]
By Larry Doyle on Dec 1, 2009 in Economy, Housing & Housing Crisis, Mortgage Crisis, Mortgages, Sense on Cents (Larry Doyle blog) | 6 Comments
The fact that the Obama administration is reticent to release data pertaining to completed mortgage modifications speaks volumes as to the lack of success of this initiative. With almost a third of American homeowners now ‘underwater’ on their mortgages, Obama and team are sticking to their game plan to modify mortgages. Details of Obama’s revised [...]
By Larry Doyle on Aug 14, 2009 in Economy, Home Loan, Housing & Housing Crisis, Mortgage Crisis, Mortgages, Real Estate, Sense on Cents (Larry Doyle blog) | 47 Comments
Can we truly expect our economy to return to LONG-TERM health if the housing market remains under severe pressure? I think not. While Wall Street rebounds, Main Street continues to lose value. How so? Home foreclosures continue to run at breakneck speed. Bloomberg reports, U.S. Foreclosure Filings Set Third Record-High in Five Months: Foreclosure filings [...]
By Larry Doyle on Jul 15, 2009 in Current Affairs, Economy, Housing & Housing Crisis, Mortgage Crisis, Mortgages, Real Estate, Sense on Cents (Larry Doyle blog) | 36 Comments
I guess this woman wasn’t too far off in her prophetic statement last Fall: Is Barack Obama about to move into the rental market and become the largest single landlord in the process? Hat tip to AK for pointing out this developing story. Reuters reports, Obama Mulls Rental Option for Some Homeowners: U.S. government officials [...]
By Pat Racimora on May 4, 2009 in Crime, Current Affairs, Economy, Home Loan, Housing & Housing Crisis, Mortgage Crisis | 54 Comments
(bumped up from this morning) The economy is booming in at least one sector, namely fraudsters out to separate you from your money. These human stains have always existed, of course, but the meteoric rise in the sheer number of scams in recent weeks is startling. And what better target than the already weakened? People [...]
By Larry Doyle on Apr 8, 2009 in American Consumers, Bank Bailouts, Banking Institutions, Economy, FASB, Mortgage Crisis, Sense on Cents (Larry Doyle blog), Toxic Assets, Wall Street | 12 Comments
In thinking about the economy, markets, and our banking system, my memory brings me back to my early days in New York. While working my way along 8th Avenue back to my apartment in Hell’s Kitchen, I would happen upon numerous versions of the classic NYC “hustle.” The shell game (also 3 card monte) was [...]
By Larry Doyle on Mar 27, 2009 in American Consumers, Bank Nationalization, Banking Institutions, Economy, FDIC, Mortgage Crisis, Real Estate, Sense on Cents (Larry Doyle blog), Tim Geithner, Wall Street | 12 Comments
The other day, I provided a cursory overview of the details embedded in the recently proposed Public-Private Investment Partnership, Will Banks Truly Sell these Toxic Assets? The main point I tried to highlight in that piece was the need for true price discovery for these toxic assets. A loyal reader provided tremendous insight in highlighting [...]
By Larry Doyle on Mar 17, 2009 in Banking Institutions, Credit Risk, Current Affairs, Economic Stimulus, Economy, Employment, European Union, Global Finance, Mortgage Crisis, Sense on Cents (Larry Doyle blog), Wall Street | 8 Comments
***Cross-posted from my blog, Sense on Cents. Come by and visit! I thank our loyal reader in Michigan, Mr. Fiscal Liberal, for sharing with us a piece written by Simon Johnson, the former chief economist of the International Monetary Fund, a professor at the MIT Sloan School of Management, and a senior fellow at the [...]
By Larry Doyle on Mar 12, 2009 in American Consumers, Current Affairs, Economic Stimulus, Economy, Employment, Equity Markets, Home Loan, Housing & Housing Crisis, Mortgage Crisis, Mortgages, Real Estate, Sense on Cents (Larry Doyle blog), Stimulus Plan, Wall Street | 20 Comments
***Cross-posted from my blog, Sense on Cents. Come by and visit! At the core of most, if not all, of our economic problems lies housing. I do not need to replay the tape of low rates, shoddy underwriting, and Wall Street securitizations that all played a dramatic role in creating a bubble the likes of [...]
By Rabble Rouser Reverend Amy on Mar 9, 2009 in Bamboozling, Barack Obama, Chicago politics, Current Affairs, Economic Stimulus, Economy, Mortgage Crisis, Mortgages, Rahm Emanuel, Stimulus Plan, Tim Geithner | 69 Comments
As in Charles Krauthammer and Paul Krugman, that is. One is typically more conservative, one is more liberal, and both had columns this week on how Obama is dealing with our financial crisis, or not. Now, I have long enjoyed Paul Krugman’s work – he is a brilliant, brilliant man (the Nobel Prize Committee thought [...]
By Larry Doyle on Mar 1, 2009 in American Consumers, Banking Institutions, Barack Obama, Commerce, Congress (House & Senate), Current Affairs, Deficit, Democratic Party, Economic Stimulus, Economy, Employment, Equity Markets, Global Finance, Hedge Funds, Home Loan, Housing & Housing Crisis, Mortgage Crisis, Mortgages, Obama Administration, Real Estate, Republicans, Sense on Cents (Larry Doyle blog), Stimulus Plan, Unemployment, Wall Street | 13 Comments
Prior to going to the comments section of my son’s report card, human nature dictates that I first look at the grades. In that same vein, let’s see how the markets performed for the month of February: Let’s review my specific projections from the January 2009 Recap:
By Larry Doyle on Feb 28, 2009 in American Consumers, Barack Obama, Commerce, Congress (House & Senate), Current Affairs, Economy, Employment, Equity Markets, Home Loan, Housing & Housing Crisis, Mortgage Crisis, Wall Street | 48 Comments
The mortgage interest deduction has been a cornerstone of American tax and housing policy. In fact, I can’t count the number of times I conversed with my accountant about maintaining mortgage debt based upon the feeling it was the one deduction the government would never touch. Well, never just pulled into the driveway! For clarification [...]
By Larry Doyle on Feb 27, 2009 in American Consumers, Commerce, Current Affairs, Democratic Party, Economy, Employment, Equity Markets, Joe Biden, Mortgage Crisis, Real Estate, Unemployment, Wall Street | 65 Comments
Economic and budgetary analysis by their very nature often employ a “ceteris paribus” approach or similarly base line assumptions. Ceteris paribus, translated as “all other things being equal,” or base line assumptions are necessary given the fact that economic analysis has so many variables. Well, let me share with you that ceteris are NEVER paribus [...]
By Larry Doyle on Feb 23, 2009 in Bamboozling, Barack Obama, Current Affairs, Housing & Housing Crisis, John McCain, Middle America, Mortgage Crisis, Obama, Obama Administration, Wall Street | 26 Comments
I worked in the mortgage business on Wall Street for 23 years. During that time period I had the good fortune of developing relationships with some of the finest minds in this sector. While I do not know Laurie Goodman personally, I can tell you that there is no one individual in the market today [...]
by Ronald Scott
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