thestatedtruth.com | November 30, 2010
Buy back mortgage contracts are getting interesting. It looks like a cat fight just starting…… You don’t think the banksters want to own that crap they sold to Fannie and Freddie do you? They thought it was a free ride. But now it doesn’t look so free……The expected amount so far refused exceedes $120 billion. This […]
thestatedtruth.com | November 27, 2010
The number of days since the average borrower in foreclosure last made a mortgage payment is now 492 days up from 382 days a year ago and a low of 244 days in August 2007.
thestatedtruth.com | November 24, 2010
The October median new home price of $194,000 was the lowest recorded by the Census Bureau since the market peak.
thestatedtruth.com | November 21, 2010
Ireland has an unprecedented budget deficit — equaling one-third of its economic output this year! This bailout is a no-brainer, but up until now Ireland has said they didn’t need any help…..Geez! Finance Minister Brian Lenihan said Ireland will apply for a bailout as it sets itself up to be the second euro member to seek a rescue […]
thestatedtruth.com | November 18, 2010
Home-mortgage rates surged to their highest level in three months, showing implications of the recent spike in Treasury yields and causing another headache for the Fed. The rate for a 30-year, fixed-rate mortgage averaged 4.39% last week, according to Freddie Mac, up from a record-low 4.17% the week before. Rates on 15-year fixed-rate mortgages were 3.76%, up […]
thestatedtruth.com | November 18, 2010
Prime means the top qualified and most credit worthy people, the highest rated and least likely to default. Foreclosures on prime fixed-rate mortgages in the U.S. jumped to a record in the third quarter as unemployment strained household budgets of the most credit worthy borrowers. Homeowners are falling behind on their mortgage payments as job cuts […]
thestatedtruth.com | November 16, 2010
John Mauldin Reviews Gary Shilling’s Brand New Book,  The Age of Deleveraging: Investment Strategies For A Decade Of Slow Growth And Deflation. Some of his opinions are covered below. Roadblocks on the deleveraging highway may include a crisis in U.S. commercial real estate (Chart 5) that could exceed the earlier one in housing. Then there’s a possible […]
thestatedtruth.com | November 16, 2010
CNBC’s Diana Olick reports that the investigation into the biggest financial fraud in recent history is about to be closed. State AGs are nearing a settlement with banks, which will slap a few wrists, see banks put some money in a settlement fund, and will result in some principal reductions.  Then everything will be well again.  Oh, and banker […]
thestatedtruth.com | November 16, 2010
It looks like the day of reckoning is close at hand for state governments. Illinois faces a deficit for the fiscal year beginning July 1, 2011, that could reach $15 billion—more than half the state’s general-fund budget. California faces a deficit next year of $25.4 billion, twice the size of previous forecasts and California Gov. […]
thestatedtruth.com | November 14, 2010
thestatedtruth.com | November 13, 2010
This is peanuts compared to what the OTC derivative credit default swaps are going to cost. According to the National Conference of State Legislatures, U.S. cities saw their general fund revenue fall the most since at least 1986 in the budget year that ended June 30, according to the National League of Cities.   States now face […]
thestatedtruth.com | November 6, 2010
Here are some shocking numbers…..Personal incomes are not going up. In fact, the income data is downright scary for the U.S.   The largest group of wage earners – a massive 24 million or 16% of the total wage group  – made between 1 red cent and $4,999.99. On average they earned $2,016.  The average wage for […]
thestatedtruth.com | November 4, 2010
That flushing sound you hear is just more money down the toilet! Two weeks ago, the FHFA, using Moody’s assumptions and modelling, said that a worst case scenario for Fannie and Freddie could result in total costs to taxpayers of $363 billion, an incremental $220 billion to the $148 billion already spent to keep the […]
thestatedtruth.com | November 3, 2010
Given the high market expectations, the US Federal Reserve had no choice but to announce a second tranche of quantitative easing, nicknamed QE2. But the measure is an inevitably blunt instrument for the difficult task of restoring growth and generating jobs. The benefits accruing to America come with burdens for other countries, and both could […]
thestatedtruth.com | October 31, 2010
thestatedtruth.com | October 30, 2010
This article from the Wall Street Journal:   No matter how you slice it, the housing market faces almost nine years of foreclosure hangover. That means materially lower prices are likely from here with a chance we fall off a cliff when (not if) the next economic dislocation shows up.  October 30, 2010  By Mark Whitehouse 107: Is […]
thestatedtruth.com | October 29, 2010
thestatedtruth.com | October 28, 2010
So….The real question is how did personal liability mortgages ever become so common in Europe? Why would anyone ever buy a house under such strenuous terms? Inquiring minds want to know! By SUZANNE DALEY Published: October 27, 2010 MADRID — Manolo Marbán, 59, is still living in his house in Toledo and going to work in […]
thestatedtruth.com | October 26, 2010
Fresh data shows the number of California homes entering foreclosure jumped nearly 19% in the third quarter from the previous quarter.  It’s the first time the Golden State has logged an increase in the key measure since hitting a peak early last year. Californians were a median five months behind on their mortgages when their lenders […]
thestatedtruth.com | October 26, 2010
By Jody Shenn Oct. 26 (Bloomberg) — Home lending in the U.S. will fall below $1 trillion next year to the lowest level since 1996, according to the Mortgage Bankers Association. Originations will decline to $996 billion in 2011, from a projected total of $1.4 trillion this year, the trade group said today in a […]
thestatedtruth.com | October 25, 2010
Before anyone gets jazzed about this, the numbers will be revised next month, and percentages don’t tell the real story! The NAR reported September existing home sales came at 4.53 million units, a 10% jump from the prior downward revised number of 4.12 million, compared to expectations of 4.3 million. Keeping this number in perspective, it […]
thestatedtruth.com | October 25, 2010
This from The Wall Street Journal….Are they kidding?…….Nope…….You want civil unrest and riots, like they have in France,  just try to take away or cut the mortgage interest tax deduction……..and watch housing fall further at the same time. Any Senator or Congressman can be voted out of office if this happens, but not until next election unfortunately. Hot Hot Potatoes. Sacrosanct […]
thestatedtruth.com | October 24, 2010
One of the sacred cows of our economy revolves around the mortgage interest tax deduction. Home buying is heavily subsidized in the United States. The Federal Reserve has injected trillions of dollars in purchasing mortgage backed securities and other questionable assets all for the purpose of keeping interest rates low. Yet this is one area […]
thestatedtruth.com | October 21, 2010
The regulator for Fannie is set to get litigious ….. OCTOBER 21, 2010 By NICK TIMIRAOS The federal regulator overseeing Fannie Mae and Freddie Mac hired a law firm specializing in litigation as the agency considers how to move forward with efforts to recoup billions of dollars on soured mortgage-backed securities purchased from banks and […]
thestatedtruth.com | October 21, 2010
The number of U.S. homes seized by banks topped 100,000 in September for the first time ever, according to RealtyTrac, a real-estate data company. The average loan in foreclosure is 484 days delinquent, according to LPS Applied Analytics. Some 23 states require foreclosures to go through the courts. Even if the outcome of most cases […]
thestatedtruth.com | October 21, 2010
These two giant white elephants funded more than 62 percent of new mortgages in the first half of this year, according to Inside Mortgage Finance, a trade publication in Bethesda, Maryland. It would seem that they some how managed to  loose money on every mortgage funded! Fannie Mae and Freddie Mac the mortgage-finance companies operating under […]
thestatedtruth.com | October 19, 2010
Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said. The bondholders wrote a letter to Bank of America and Bank […]
thestatedtruth.com | October 19, 2010
10/19/2010 The banks have a $3 trillion footnote on their balance sheets known as CRE. They are lucky they’re not insolvent: the Moody’s REAL/Commercial Property Price Index index dropped by 3.3% in August, and is now 45.1% lower compared to the October 2007 peak. Moody’s Summary Points: The National — All Property Type Aggregate Index recorded a […]
thestatedtruth.com | October 19, 2010
Card Sharp by AnnaMaria Andriotis Until recently, a credit score of 680 was meaningfull. It meant you paid most of your bills on time, got dinged a little when you went shopping for a refi, but in general you were solid enough to get a loan at the best rates. Not anymore. That 680 is firmly […]
thestatedtruth.com | October 18, 2010
It’s likely that most informed people will agree with the 3 points made below. Our Guess is that more class actions are coming, it’s just a matter of time! Class action lawsuit against the MERS system for mortgage holdings  A class action lawsuit by citizens vs MERS and numerous banks depicting fraud and unfair practices has […]
thestatedtruth.com | October 15, 2010
The banks are (bigger) petrified dinosaur brains then even we gave them credit for! Morons to the tenth power!   This covers some new stuff, so its worth the read. Key Points: when a homebuyer signs a mortgage, the key document is the note. As said before, it’s the actual IOU. In order for the mortgage note to […]
thestatedtruth.com | October 14, 2010
U.S. mortgage rates fell for a third straight week. They now sit at the lowest level on record as housing demand slumps. Rates for 30-year fixed loans declined to 4.19 percent in the week ended today from 4.27 percent, Freddie Mac said in a statement. It is the lowest rate since the McLean, Virginia- based company […]
thestatedtruth.com | October 14, 2010
Let’s review this again……..the banks are run by people with prehistoric dinosaur brains* (but then again so are the homeowners)! Lets see, these homeowners bought the house for $500,000 in 2001 and then borrowed everything out of it with an $880,000 no interest loan, so who made the loan, right if you said the banks, the stupid […]
thestatedtruth.com | October 13, 2010
It would appear that the bankers do their thinking with prehistoric dinosaur brains.  In depositions released Tuesday, many of the workers testified that they barely knew what a mortgage was. Some couldn’t define the word “affidavit.” Others didn’t know what a complaint was, or even what was meant by personal property. In an effort to […]
thestatedtruth.com | October 13, 2010
The mortgage is still owed, but there’s going to be a problem figuring out who actually holds the mortgage, and they would be the ones bringing the foreclosure. You have a trust that has been getting payments from borrowers for years that it has no right to receive. So you might see borrowers suing the […]
thestatedtruth.com | October 8, 2010
Recently J.P. Morgan Chase, Bank of America and Ally Financial have temporarily halted foreclosures in 23 states due to flawed affidavits used in legal proceedings. Now Bank of America has expanded this halt to all 50 states, while PNC Financial Services said it was stopping foreclosures in 23 states for a month. Banks insist the problems are administrative and […]
thestatedtruth.com | October 7, 2010
President Barack Obama won’t sign legislation that critics said would have eased the way for banks to process home foreclosures, his spokesman said. The bill would have required courts to recognize notarizations across state lines, including electronic signatures. White House press secretary Robert Gibbs said the administration was concerned about the potential impact on home […]
thestatedtruth.com | October 6, 2010
 Chris Whalen (one of the top banking analysts): “Rising operating costs in banks will be more significant than in past recessions and could force the U.S. government to restructure some large lenders as expenses overwhelm revenue.â€Â “We are less than one-quarter of the way through the foreclosure process,†said Whalen, in remarks prepared for an […]
thestatedtruth.com | October 6, 2010
By DAVID STREITFELD and GRETCHEN MORGENSON Published: October 6, 2010 The uproar over bad conduct by mortgage lenders intensified Tuesday, as lawmakers in Washington requested a federal investigation and the attorney general in Texas joined a chorus of state law enforcement figures calling for freezes on all foreclosures. Representative Nancy Pelosi, the House speaker, and […]
thestatedtruth.com | October 4, 2010
The Mortgage Mess as it affectionately is called seems to be getting new names with each passing day – the latest one is, quite appropriately RoboSigning Scandal During today’s CNBC Kudlow segment Diana Ollick confirms various so far unfounded rumors that the government is planning to institute a 90 day foreclosure moratorium as it deals with the […]
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