via Keith Jurow Remember all those sub-prime mortgages that blew up in 2007 and popped the housing bubble? The widely-held consensus is that millions of them were foreclosed as housing markets cratered. Since then, the remaining ones have been quietly disappearing …
James Langford for the Washington Examiner reports, General Electric has agreed to pay $1.5 billion to settle a Justice Department investigation of high-risk mortgages handled by its lending business before the 2008 financial crisis. https://www.youtube.com/watch?v=xbqREqf-ye4 Read More/Source/Credit/FairUse: https://www.washingtonexaminer.com/bu…
Desperate measures for desperate times? By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. As house prices in the UK continue to slip-slide downwards, compounding fears that the multi-year housing boom has run out of gas, the country’s largest mortgage …
via nbcnews: President Donald Trump’s short-term stimulus is pushing up borrowing costs and eliminating deductions in some markets. Although growth in the housing market is slowing, the number of million-dollar homes in the United States is on the rise, creating pockets …
From Zillow: Image by iStock.com/peeterv A combination of high home values and rising interest rates has sparked concerns that the housing market may be due for a slowdown. The current economic expansion is now the second longest in U.S. history. If …
Borrowers can have low credit scores, but have to go through an education session about the program and submit all necessary documents, from income statements to phone bills. They must go through counseling to understand their monthly budget and ensure …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter What will the Bank of Canada do? The Bank of Canada has nudged up its target rate four times, starting July a year ago, from 0.5% to 1.5%. It last hiked on July 11. But now …
With borrowing costs rising and effects of tax cuts set to wear off, a shock could push the most vulnerable over the edge, and take the recovery with them via Jonathan Spicer By almost every measure, the U.S. economy is booming. …
via Bloomberg: No credit? Bad credit? Just file bankruptcy? You’re in luck! Because Angelo Christian very much wants to sell you a house. Regardless of whether or not you have demonstrated any ability to pay back debt you have already …
by Dave Kranzler of Investment Research Dynamics Other people’s money is always more fun to play with recklessly than your own. As such there’s been a quiet escalation in number of private capital pools offering mortgage (and auto) financing to subprime quality borrowers. …
By Dave Kranzler of Investment Research Dynamics …Only this time around they are sponsored by the U.S. Government and guaranteed explicitly by the Taxpayers. I say “explicitly” because Government agency-issued mortgages are directly guaranteed. In 2008, the Government bailed out the banks who …
The subprime mortgage industry vanished after the Great Recession but is now being reinvented as the nonprime market. Carrington Mortgage is now offering mortgages to borrowers with “less-than-perfect credit.” Demand from both borrowers and investors is exceeding expectations. Subprime …