Archive for January, 2008

SUBPRIME is Officially a Word – Thank You 2007

Written by Timothy Blake on January 08, 2008 under Archives, Editorial

2007 was a banner year for the mortgage and real estate industry. Three in the top 10 of the top 100 of the dumbest investment mistakes were a direct result of a word that didn’t exist outside of the risk analysis departments or lenders’ boardrooms. Now ‘SUBPRIME’ is officially a word, compliments of 2007 and the mortgage meltdown. Now I can officially add it to my word processor spell checker and will no longer have to fight the program or hyphenate the term.

Countrywide Financial Singing Mortgage and Bankruptcy Blues

Written by Timothy Blake on January 08, 2008 under Archives, Economic Impact, Investors, Lenders

Today seems like the day to write articles about Countrywide Home Mortgage, but Countrywide seems to be adding to their own problems. Countrywide Financial Corp. dropped the most in two decades in New York trading on speculation that it needs cash to continue operating its mortgage business. There have been rumors about Countrywide and bankruptcy. As ironic as it seems there were actually two reports about Countrywide and bankruptcy.

Lenders want more money from borrowers after bankruptcy, Countrywide example shown

Written by Timothy Blake on January 08, 2008 under Analysis, Archives, Foreclosure

Is this trend a total disregard for the courts, mortgage fraud, or just oppressive tactics? O. Max Gardner III, a lawyer in North Carolina who represents troubled borrowers, says that he routinely sees lenders pursue borrowers for additional money after their bankruptcies have been discharged and the courts have determined that the default has been cured and borrowers are current. It seems like violation of federal court orders to most people, but it happens more often than you might think. Here is one example:

Countrywide caught with bankruptcy embarassments and lost checks

Written by Timothy Blake on January 08, 2008 under Archives, Lenders, Mortgage Fraud

It pays to have an attentive lawyer when dealing with Countrywide. In breaking news of January 8 Countrywide admitted to fabricating documents related to the bankruptcy case of a Pennsylvania homeowner. Imagine how many similar cases are never identified. In the Countrywide case it is important to note that when the company invented the “letters” at least one was addressed to an office the homeowner did not have at the time. That was the first clue. The second clue was that the homeowner never received any of the letters.

70 percent think recession is here now or will be here soon

Written by Timothy Blake on January 07, 2008 under Archives, Economic Impact, Editorial

According to the Economic Cycle Research Institute, seven out of 10 citizens now believe we are or will soon be in a recession. Minnesota state economist Tom Stinson worries that fewer state residents will buy cars or make other big purchases, now that they have less home equity to draw on. An expected slowdown in spending and the job market lurks behind Stinson’s latest estimate of a revenue shortfall of $373 million in the state budget for fiscal year 2008-09. Other states have the same problems. The leading home price index is at a six-year low, financial services are at a 13-year low, while non-financial services are at a 56-month low, according to figures kept by ECRI.

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