Meet The Real Estate Housing Market “Vampire REOs” Where Many Americans Live Mortgage-Free

| October 3, 2013

Zero Hedge is just out with this interesting article concerning the housing markets and what they call artifical price gains. Yeh, we agree, the whole free market system has been rigged in one way or another since 2009. ZeroHedge: Concerning Foreclosure stuffing. We explained this scheme by banks to limit the amount of available for sale […]

WSJ Says 107 Months to Clear Banks’ Housing Backlog.

| 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 […]

Foreclosures Top 100,000 In September

| 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 […]

Bank Foreclosure Kindergarden Class 101

| 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 […]

U.S. Bank Industry Entering New Tough Period

| 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.”  “We are less than one-quarter of the way through the foreclosure process,” said  Whalen, in remarks prepared for an […]

Foreclosure Furor Rises

| 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 […]

Home On The Range…..The Mortgage Mess Gets Bigger By The Day

| 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 […]

Bank Of America Joins Ally Financial (The Old GMAC) And JP Morgan In Delaying Foreclosures

| October 1, 2010

By ALAN ZIBEL October 1, 2010 WASHINGTON -  Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents. The move adds the nation’s largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases […]

The Shadow Knows!

| September 20, 2010

“An incredible 14% of the nearly 54 million first liens in the country are now either delinquent or in default” the Real Estate Channel’s Keith Jurow, observes. “To come up with a total for the shadow inventory, let’s first add the total number of loans in default to those delinquent 90 days or more since […]

Bank Home Repossessions Jump 25% From One Year Earlier, Setting New Record

| September 16, 2010

U.S. home seizures reached a record for the third time in five months in August as lenders completed the foreclosure process for thousands of delinquent owners, according to RealtyTrac Inc. Bank repossessions climbed 25 percent from a year earlier to 95,364, the most since the Irvine, California-based data provider began keeping records. “We’re on track […]

U.S. Home Prices May Face 3 More Years Of Decline As Inventory Surges

| September 15, 2010

Bloomberg      09-15-2010 The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market. Shadow inventory — the supply of homes in default or foreclosure that may be offered for sale — is preventing prices from bottoming after a 28 percent […]

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