Austin Kilgore wrote an article about predictions from Deutsche Bank concerning the mortgage market and the financial position of homeowners. While we certainly saw mortgage blues on the horizon well before the summer of 2007, Kilgore’s article shocked even us.
As June 2009 rolls on more banks were shut down by the FDIC. In a recent article we asked “What is the main problem with banking in Atlanta Georgia? Perhaps the question should be “What’s wrong in Georgia?”
Now that it is early January it is the perfect time to find out what your house is worth. Real estate agents are not as busy as they will be in the spring. If you tell your realtor that you are thinking about selling in the spring, you may be able to get a free market analysis. On the other hand you may not want to know what it says. Are foreclosures used as comparative pricing for your home?
As we finish the last day of 2008 the reality of the matter is that 18 months have passed since red lights came on and warning sirens sounded in the summer of 2007. Letting the air out of the mortgage bubble, and subsequently starting the collapse of Wall Street, the summer of 2007 was only a prelude to bigger unthinkable things to come.
When the news hit the street, subprime borrowers took the first hit. No one seems to remember the sequence of federal manipulations or new mortgage terms, which were onerous to the point of being predatory. Terms which were deceptive and misrepresented by the mortgage brokers and lenders. Everyone in the industry wants to wheel and deal, but no one wants to milk the cow.