The CBC and Subprime Reform

I have to give it up to Rep. Elijah Cummings (D-MD) who has led the fight for fairness in subprime mortgage lending, even before it was cool ... that lenders establish a borrower's ability to repay over the life of a loan, because some subprime loans ... on the subprime market Thursday. Cummings issued an open letter calling for more federal supervision [more...]

Date: 2007-10-17 23:34:57
Blog: Jack and Jill Politics...

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Study: Subprime More Prevalent in Minority Nabes

tildenavenue22.jpg A new study from NYU’s Furman Center for Real Estate and Urban Policy shows that subprime lending in the city last year was ... , 10.8 percent of mortgages were from subprime lenders. All three neighborhoods have median incomes ... credit histories, it definitely raises questions about whether subprime lenders have engaged [more...]

Date: 2007-10-15 14:19:10
Blog: Brownstoner: Brooklyn R...

Asian shares surrender gains as subprime concerns resurface - UPDATE

Asian shares surrender gains as subprime concerns resurface - UPDATE Forbes - Stock markets across Asia turned lower in late trade Wednesday, ... that the meltdown in the US subprime sector is continuing to create massive losses for US banks. In the Yen Slips ... about Merrill Lynch’s subprime exposure. Taiwan clears trust funds to invest in China, [more...]

Date: 2007-10-24 16:01:21
Blog: CDN Finance News...

“Edwards, Foreclosure Critic, Has Investing Tie to Subprime Lenders:”

It just doesn’t stop with this hypocrite… As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, ... in subprime-mortgage companies whose “shameful lending practices,” he said, threaten millions ... Journal has identified 34 New Orleans homes whose owners have faced foreclosure suits from subprime [more...]

Date: 2007-08-17 13:09:11
Blog: Right Voices ...

Fraud and the subprime mess

Via Calculated Risk, this Moody's data suggests that outright fraud is one of the main causes of high default rates on recent subprime mortgages. Subprime Mortgage Market Update: September 2007: The data show that, as we have noted in previous communications, loan performance for the 2006 subprime vintage seems to be driven primarily [more...]

Date: 2007-10-22 17:19:19
Blog: Information Processing...

Subprime In Black and White

Subprime In Black and White Evidence is mounting that during the housing boom, ... other borrowers, even after controlling for factors such as income, loan size and property location ... government, the study showed that the 10 New York City neighborhoods with the highest rates of subprime [more...]

Date: 2007-10-17 11:43:02
Blog: Politics Plus...

The second coming of subprime?

The second coming of subprime? Posted Oct 21st 2007 2:10PM by Zac Bissonnette Filed under: Forecasts, Bad news, Consumer experience, Housing Be afraid, be very, very afraid. According to a piece from Marketwatch, subprime is -- to borrow a line from Monty Python -- not dead ... it's just sleeping. And when the subprime players [more...]

Date: 2007-10-21 15:00:11
Blog: BloggingStocks...

When Subprime Gets A Cold, Black America Gets the Flu

Lots of folks including the New York Times Opinion page are clucking their tongues over the subprime mortgage mess ... down its mortgage-backed securities business in the United States, the latest casualty of the subprime ... borrowers were far more likely to be steered into high-cost subprime loans than other borrowers, even [more...]

Date: 2007-10-17 20:33:15
Blog: Jack and Jill Politics...

Commercial Litigation: Ready for Subprime Time?

Fall out from bad subprime mortgages started hitting where its hurts count -- on Wall Street ... knows a teeny dot about the subprime mortgage business and a bit more about commercial litigation. Plus ... into securities for sale to investors or lent the funds that the subprime mortgage companies used [more...]

Date: 2007-10-22 15:36:18
Blog: Blawgletter...

Let the Subprime Buyer Beware

Aaron Lucchetti has this report on how one SEC official views the subprime mess. Credit rating firms have been verbally pummelled since subprime mortgage bonds started melting ... s investigation into rating firms such as Moody’s Investors Service, Standard & Poor’s and Fitch Ratings [more...]

Date: 2007-10-12 15:05:20
Blog: MarketBeat Blog - WSJ.c...

Bernanke on subprime mortgages

If Bernanke isn't worried about subprime mortgages, should you be? Federal Reserve Chair Ben Bernanke this week laid out his analysis of the subprime mortgage situation: Let me begin with some background. Subprime mortgages are loans made to borrowers who are perceived to have high credit risk, [more...]

Date: 2007-05-19 16:40:06
Blog: Econbrowser...

Schwarzenegger’s Fiscal Discipline is Terminated by Subprime Mortgage Slump

Schwarzenegger’s Fiscal Discipline is Shattered by Subprime Mortgage Slump ... Residents Will Sell Notes to Help Pay Bill Until Tax Money Comes In; Looks to be Largest Short Term Loan Loss Since Schwarzenegger Took Office mortgage news, Mortgage Video, Subprime Implosion, Subprime [more...]

Date: 2007-10-24 20:49:19
Blog: All the latest mortgage...

Fortress Questions for Edwards

Christopher Cooper reports in today’s Journal. As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, ... . At the time in late 2005 when Edwards went to work for Fortress, it already had a stake in one subprime lender ... has identified 34 New Orleans homes whose owners have faced foreclosure suits from subprime-lend [more...]

Date: 2007-08-17 13:08:07
Blog: Washington Wire - WSJ.c...

Mortgage Advertising Downturn Pile On

by mstephens7 More evidence that the ripples from the subprime mortgage mess are spinning out and beginning to affect web destinations ... Sites and What the Subprime Mess Means for Real Estate 2.0). Others seem to be jumping on board. Google sees Web search less exposed to mortgage woes | Business News | Reuters.com A meltdown in subprime [more...]

Date: 2007-09-24 17:52:27
Blog: Future of Real Estate M...

Subprime Bailout

Here's a controversial topic: Subprime bailout? $120 billion. Want to pick up the check for every homeowner who got saddled with a risky mortgage? ... of the bill. Larry Litton, whose company Litton Loan Servicing oversees the payments on 400,000 subprime loans, says on average it costs his company $16,000 to put one of its customers through a "loan [more...]

Date: 2007-04-16 15:23:00
Blog: The J-Walk Blog...

Premarket: Vegas, Baby, Vegas

Shares of MGM Mirage were all aces this morning, gaining 24% after investor Kirk Kerkorian, who holds a 56% stake in the company, ... , a casino and private residences. Shares of Fremont General, a subprime lender that has seen its stock ... of its subprime-mortgage business — last month Fremont said it found a buyer for $2.9 billion in subprime [more...]

Date: 2007-05-22 12:36:37
Blog: MarketBeat Blog - WSJ.c...

Mortgages: Anatomy Of The Subprime Meltdown

openhouse.jpg The Wall Street Journal has an excellent article that explains the interdependency between subprime borrowers and wealthy, ... for a new mortgage loan. With radio and Internet ads trumpeting easy approvals, he picked up the phone. That call set into motion Mr. Rodriguez's descent into the subprime mortgage mess. Over the next [more...]

Date: 2007-10-18 15:37:45
Blog: The Consumerist: Shoppe...

Bear Stearns Eats Its Own Bad Cooking

housing The two hedge funds at Bear Stearns that teetered on the edge of a meltdown were essentially betting that the downturn in the subprime ... swaps linked to subprime mortgages were tumbling amid worries about rising defaults, risky mortgage loans held by HSBC Holdings and trouble at subprime lender New Century Financial, which eventually [more...]

Date: 2007-06-26 09:17:00
Blog: MarketBeat Blog - WSJ.c...

The Subprime Bait and Switch

When the housing market began its rapid ascent in the mid-'90s, many observers waxed rhapsodic about the potential of high-interest, ... communities. The hope for subprime boosters was that such loans would allow the mortgage industry to continue ... are now predicting that nearly 20 percent of subprime mortgage loans made since 2005 will end [more...]

Date: 2007-07-16 11:07:09
Blog: In These Times...

Bernanke: Subprime Mortgages not a Serious Problem

What subprime problem?: Bernanke Plays Down Threat From Subprime Defaults, by Stephen Wisnefski and Jesse Thomas, WSJ: ... acknowledged there are "some significant risks associated with the financing of private equity ... to Americans borrowing more than they can manage": Borrowing to Get Ahead, and Behind: The Credit Boom [more...]

Date: 2007-05-18 03:17:35
Blog: Economist's View...

At or Above-Prime Subprime Primers

At or Above-Prime Subprime Primers Posted by Columbia Journalism Review on 19 Oct 2007 | Tagged as: Commentary, Economics, ... Enhancement Conduit (pronounced “EmLickEyCon” around The Audit) will not be used to buy bad or subprime loans from the hedge funds that bought them. Rather it would buy only good-quality instruments. What’ [more...]

Date: 2007-10-19 14:03:10
Blog: MediaChannel.org...

NYC: Study Finds Disparities in Subprime Mortgages by Race

October 15, 2007 By MANNY FERNANDEZ NY Times Study Finds Disparities in Mortgages by Race Home buyers in predominantly black and Hispanic neighborhoods in New York City were more likely to get their mortgages last year from a subprime ... neighborhoods where subprime mortgages — which can come with higher interest rates, fees and penalties [more...]

Date: 2007-10-16 03:09:40
Blog: The Real Cost of Prison...

SEC checks Wall St. giants' books for hidden losses

Related IndyMac Lets You In on How Bad the Market has Become --- Report: Regulators searching for subprime problems at Goldman, ... brokerage firms and banks to make sure they aren't hiding losses in the subprime mortgage meltdown ... of subprime-mortgage assets in their own inventory as well as assets held for customers such as hedge funds [more...]

Date: 2007-08-10 15:47:56
Blog: CRIMES AND CORRUPTION O...

Subprime Mortgage Debacle Will Hurt All of Us

You may not be directly affected by the subprime mortgage scandals, but one way or another, you probably will be ... t know anything about the subprime mortgage loans that were sliced, diced and pureed to produce ... in home sales would have been bad enough for the economy, but the financial world created mortgage-backed [more...]

Date: 2007-10-22 21:37:08
Blog: Granby 01033...

MILA shuts down

MILA, a subprime wholesale lender based in Mountlake Terrace, WA just north of Seattle, closed it’s doors Friday afternoon, ... locally, they ONLY worked the hard money side of the business.  When subprime loan originations skyrocketed, so did MILA’s growth.  When the subprime market started to fold this spring, MILA ceased [more...]

Date: 2007-04-22 00:05:56
Blog: Rain City Guide | A Se...

S&P, Moody's Mask $200 Billion of Subprime Bond Risk

Related Just Say AAA: PAUL KRUGMAN - Housing Bubble US Banking System Faces Imminent Collapse --- (Update1) By Mark Pittman June 29 (Bloomberg) ... in the market for subprime mortgage bonds by failing to cut the credit ratings on about $200 billion ... out a money-losing hedge fund. Almost 65 percent of the bonds in indexes that track subprime mortgag [more...]

Date: 2007-07-02 16:50:45
Blog: CRIMES AND CORRUPTION O...

In Search of a Market Price for Subprime-Linked Loans

null So what is a subprime-linked loan worth? Amid a debilitating desert of liquidity in the credit markets, ... it for two years and a day, agreed to carve out and keep NIBC’s toxic U.S. subprime-linked mortgage ... . That is a loss of 22.6%, bad but not devastating. Yet that isn’t the value Flowers is risking on the portfolio [more...]

Date: 2007-08-15 08:08:00
Blog: Deal Journal - WSJ.com ...

Subprime Mortgage Loans--Posner's Comment

The subprime-mortgage imbroglio is just the latest chapter in an age-old concern with the charging of interest, especially to individuals ... money to tide them over till their next paycheck, and subprime mortgage loans sometimes at annual rates 4 or 5 percent higher than mortgage loans to borrowers who have good credit, were consequence [more...]

Date: 2007-06-25 03:27:12
Blog: The Becker-Posner Blog...

Nothing to see here, folks

Governor Patrick testifies on the subprime mortgage crisis The whole truth would read this way: ... for serving on the board of Ameriquest, the nation’s largest subprime lender) were given to buyers with poor ... The Patrick administration in recent weeks has tried to pressure subprime lenders, whose [more...]

Date: 2007-10-19 09:41:12
Blog: Squaring the Boston Glo...

Christopher Dodd’s Subprime Answer

The opening paragraph of this article from last week says it all: Senate Banking Committee Chairman Christopher J ... with predatory lenders. So it seems the entire subprime mortgage mess was due to predatory lenders ... on during the subprime heyday. I’m sure there were lots of brokers doing shady things to get borrowers [more...]

Date: 2007-09-11 15:02:49
Blog: � AllFinancialMatters...

US banks refuse to accept subprime collateral

Related Aegis Mortgage Files for Chapter 11 Impac Suspends Alt-A Loans Credit squeeze to push rates higher Thornburg Mortgage Shares Halted Amid ... Banks Credit squeeze gives lenders indigestion Credit contagion U.K.'s Subprime Crisis May Be Worse ... refusing to lend money against hedge funds' subprime credit portfolios. Hedge funds said several [more...]

Date: 2007-08-15 18:36:18
Blog: CRIMES AND CORRUPTION O...

Paulson and Bernanke: Subprime is (not) contained

"Hank Paulson and Ben Bernanke are finally getting around to admitting that the subprime problem is not "contained ... asking the government to bail them out of their mistakes. The incompetence is what I find most ... what those subprime mortgage backed securities (MBSs) are really worth. As I've posted before [more...]

Date: 2007-10-16 15:17:56
Blog: CRIMES AND CORRUPTION O...

Containment spreading fast in housing bust: James Saft

source: Reuters From the beginning, Fed officials and others have preached "containment" on the housing debacle: first that its effects would be confined to subprime borrowers, then to locations ... up and telling their lenders: "I am subprime". A total of 18.82 percent of subprime loans were delinquent [more...]

Date: 2007-10-24 20:20:34
Blog: Pressekrachimmo...

Bush Talks About Bacon

Permalink | Posted in Bacon @8:26am | Comments (0) Subprime Bailout Here's a controversial topic: Subprime bailout? $120 billion ... Litton, whose company Litton Loan Servicing oversees the payments on 400,000 subprime loans, says on average it costs his company $16,000 to put one of its customers through a "loan modification [more...]

Date: 2007-04-16 15:26:00
Blog: The J-Walk Blog...

Merill Lynch loses $5 Billion on subprime loss

Merrill Will Report Third-Quarter Loss on Writedowns (Update5) By Bradley Keoun Oct. 5 (Bloomberg) ... into home lending and LBO financing right before this year's collapse in subprime mortgages brought ... it still expects a profit. Losses from mark-to-market accounting for subprime mortgages [more...]

Date: 2007-10-05 16:23:22
Blog: CRIMES AND CORRUPTION O...

Housing crisis averted? Countrywide Financial refinancing up $16,000,000,000 in subprime mortgages

Obviously the leadership at Countrywide Financial Corporation are readers of Independent Sources which means they are some smart cookies ... lender, is going to refinance up to $16,000,000,000 in subprime mortgage debt in order to help stem ... there is a way to salvage things. The current foreclosure boom is largely based on subprime [more...]

Date: 2007-10-23 14:40:30
Blog: Independent Sources ...

Subprime Update

by hilzoy From the WSJ (sub. req.): "Bear Stearns Cos.'s dramatic decision to lend as much as $3 ... through a jittery subprime-mortgage market. The loan on Friday came only after days of high-stakes ... in subprime-mortgage assets -- risked igniting a broader panic in the mortgage-bond market. The events [more...]

Date: 2007-06-23 05:58:52
Blog: Obsidian Wings...

Subprime Delinquencies Accelerating At Record Rate, Moody's Says

Subprime Delinquencies Accelerating, Moody's Says (Update3) By Shannon D. Harrington and Mark Pittman Oct. 4 (Bloomberg) -- Subprime mortgage bonds created in the first half of 2007 contain loans that are going ... as defaults on the underlying loans rise to record highs. Fitch said yesterday it's now reviewing ratings [more...]

Date: 2007-10-05 12:23:58
Blog: CRIMES AND CORRUPTION O...

Subprime wheel of blame: It's the poor people, stupid

Pres The subprime fallout has already been through a couple of the classic stages of grief: denial and blame ... , blaming lenders for writing bad loans in the first place. The latest scapegoat takes the cake ... . (See full opinion piece here, "A Wall Street Trader Draws Some Subprime Lessons.") Among Lewis [more...]

Date: 2007-09-06 17:40:28
Blog: Inman News Blog...

Your Take: Impact of Subprime Lending Meltdown

If you haven’t been reading about the “subprime lending meltdown” lately, ... responsible, high credit score individuals here; not what you would associate with a subprime lender ... and it turns out that American Home Mortgage held his mortgage loan (AHM recently laid off 90 [more...]

Date: 2007-10-03 13:55:08
Blog: Blueprint for Financial...

Blacks Hit Hard by Subprime Loans

FULL TEXT Three years ago, relaxed lending practices allowed many African-Americans to own their home, ... to foreclosure" and subprime loan foreclosures will affect 10 percent of recent African ... ... sending the rate of homeownership to historic highs. But according to a recent study of subprime [more...]

Date: 2007-10-23 14:52:16
Blog: KnowledgePlex: The affo...

Goldman Sachs tiptoeing into the bear camp

Related Goldman went long subprime in the clients accounts and short subprime in their own account. Gee ... growth to keep racing ahead without missing a step -- despite subprime woes. Often overlooked, Japan remains the world's second biggest economy and top creditor with some $3,000bn in net foreign [more...]

Date: 2007-09-29 17:35:48
Blog: CRIMES AND CORRUPTION O...

Split Real Estate Markets: Which Homes Are Holding Up In Value?

The property market has developed a split personality. On the one hand, we have Zillow ... in a different way. Let’s first check out this state-by-state map of the subprime mortgage crisis ... that California is heavily mired in subprime loans. Subprime Mortgages: State By State [more...]

Date: 2007-09-13 14:19:48
Blog: Money and Personal Fina...

Obama's aggressive stance on subprime lending

Today, in an opinion piece in the Financial Times entitled Fine unscrupulous lenders, Barack Obama introduced his plan to solve the financial crisis brought on by the meltdown in the subprime mortgage sector. Obama started out with a rebuke of subprime industry practices, along [more...]

Date: 2007-08-30 03:35:27
Blog: MyDD :: Direct Democrac...

Guest Post: Greenspan says bundlers bungled subprime

"Subprime mortgages were and are risky, but they are worth it ... ." It's easy to blame mortgage brokers, or greedy lenders, or good ole' boy realty agents ... on the availability of subprime that has enabled a very significant increase in mortgages among minorities [more...]

Date: 2007-10-03 20:24:54
Blog: Inman News Blog...

Subprime Meltdown: FDIC Chair Suggests Fixing Rates To Solve Mortgage Crisis

nailsmortgages.jpg Sheila C. Bair, the chair of the FDIC, suggests that lenders "restructure all 2/28 and 3/27 subprime hybrid loans for owner-occupied homes in cases where ... prices decline by just 5 percent, a quarter of subprime loans may enter default, resulting in losses [more...]

Date: 2007-10-22 16:39:15
Blog: The Consumerist: Shoppe...

Barney Frank Leads Subprime Bailout Talks

The subprime mortgage debacle is the gift that keeps on giving.  Rep. Barney Frank is attempting to twist some lender arms for better loan rates and adjustments: The move by Frank, who’s using his clout to get major subprime lenders to attend the Hub meeting, came [more...]

Date: 2007-10-17 21:25:13
Blog: New England Republican ...

Subprime Hell Ripping Through Rochester

I linked through this from an Albany Project post. The New York Times has a great interactive Flash map showing the breakdown of subprime mortgage ... and Connecticut - The New York Times High-cost subprime loans became widely popular across [more...]

Date: 2007-10-22 19:35:13
Blog: DragonFlyEye.Net » Roc...

'Subprime Language' in Luxury Marketing

Wall Street Journal columnist Bret Stephens had the exterminator come over to his lower Manhattan apartment one recent morning; ... . Call it subprime language in an era of subprime mortgages. Mr. Stephens goes on to cite examples [more...]

Date: 2007-10-16 23:15:28
Blog: The New York Observer...

Teachers for Clinton

permalink digg this del.icio.us reddit Yahoo! [ ... of money to go around in the subprime lending industry, and though a Wall Street Journal story today ... industry. So, er, let him or her who is without subprime mortgage ties cast the first stone [more...]

Date: 2007-10-03 17:12:00
Blog: Ben Smith's Blog - Poli...

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