Archive for December, 2007

How Should Rev. Jesse Jackson View Foreclosures

Written by Timothy Blake on December 17, 2007 under Archives, Editorial, Foreclosure

I’ve read some articles, in which the mortgage counselors were the same ethnicity as the applicant. That makes an interesting slant. Minorities targeting minorities with white products to generate more green.

Delta Financial Files for Bankruptcy

Written by Timothy Blake on December 17, 2007 under Archives, Economic Impact, Job Losses, Lenders

In August Delta Financial announced layoffs. On December 6th it was said that Delta Financial may soon file for bankruptcy. That day is now. Delta Financial Corp., the Woodbury-based subprime mortgage lender, filed for bankruptcy Monday, almost two weeks after announcing it would stop originating loans and file for court protection.

Is MERS the Weak Link in Mortgage Recording

Written by Timothy Blake on December 17, 2007 under Archives, Editorial

Alarms are being raised in the mortgage investment industry as courts dismiss foreclosure cases because of the bank’s inability to prove ownership.

Internet programmers say little interest shown for Bush’s bailout

Written by Timothy Blake on December 15, 2007 under Archives, Economic Impact, Editorial, Government Positions

There appears to be little interest in Bush’s bailout plan from an Internet search standpoint. No surge in keywords and no major search data was seen. Is it that few people care? Or has the holiday season taken the focus off of the issue while people are busy? Many are saying the mortgage industry should take the heat. The Bush administration’s plan calling for the mortgage industry itself to stem the tide of rising home foreclosures has won praise from Congressman Paul Kanjorski, D-11, who opposes a government bailout.

UBS shows $10 billion subprime writedown

Written by Timothy Blake on December 12, 2007 under Archives, Economic Impact, International, Investors, Root Causes

This time it’s an investment bank with problems. Swiss-based UBS announced a $10 billion writedown this week on subprime exposures. An injection of capital from investors in Singapore and the Middle East was also announced. UBS has also slammed on the brakes at its investment bank, where the problems originated. UBS has been the biggest casualty so far among major European banks of the meltdown in U.S. subprime mortgages. Some analysts continue to characterize subprime as loans made to people with poor credit histories. Others say lack of regualtory action and oversight transformed predatory lending into acceptable lending standards.

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