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Around The Web
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J.P. Morgan: Foreclosure Sales Could Be Higher in Three Years
Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years. Analysts from J.P. Morgan Chase & Co. are forecasting that bank-owned sales as a share of total home sales will remain at current or even higher levels three years from now in more than half of the nation’s 10 largest housing markets, according to a recent investor presentation. (The slides for the presentation are available as a PDF.) Bank-owned sales–or “REO,” real-estate owned, in industry parlance—are expected to account for between 39% and 50% of home sales in Phoenix in the fourth quarter of 2012...(read more)
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Shiller: Should We Keep Subsidizing the Housing Market?
Is the government’s massive support of homeownership nothing more than a “sacred cow in American society?” asks Robert Shiller in the New York Times this weekend. The Yale University housing economist explored America’s long-standing relationship with, and affinity for, homeownership by asking readers to consider the long-term justification for the government’s support of the housing market. Government support for the housing market, of course, is not unique to this downturn and began during the Great Depression in an effort to jumpstart the building trades, Mr. Shiller points out. Since then, real estate has been firmly rooted in the political firmament. But housing has become about more than economic health. Mr. Shiller notes the psychological and cultural importance that the country has...(read more)
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Principal Writedowns and the Fake Stress Test
Rortybomb submits: Three things happened in a row Monday: (1) Two positive profiles of Timothy Geithner ( New Yorker , and The Atlantic ) came out, both working under the assumption that the stress tests of last year worked. Complete Story »...(read more)
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Cuomo caused mortgage meltdown, now he wants to be New York's governor?
Source: Washington Examiner After leaving HUD, Cuomo went on to become New York's attorney general and now, like his famous father before him, he is all but officially seeking to be the Empire State's governor. That job has in the past been a springboard to much bigger things, and Cuomo has until recently seemed a shoe-in to take this next big step. But people are beginning to focus now on Cuomo's record in a much more detailed way and what they are finding is not going to do him any good. As an example, CNBC's Maria Bartiromo interviewed Wall Street analyst Bove, who makes a devastating case that Cuomo's decisions as HUD secretary led directly to the economic meltdown in 2008: "One of the key reasons why [Fannie Mae and Freddie Mac are] bankrupt today, and why the...(read more)
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Barr Thanks HFAs for Leadership, Calls States "Key Partners"
Treasury Assistant Secretary for Financial Institutions Michael Barr addressed a packed house of state housing finance agency (HFA) staff, leaders, and their affiliate partners yesterday in Washing read more...(read more)
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Mortgage Loan Calculators
Payment CalculatorVery easy to use and similar to what you've seen all over the web. Multi-Payment CalculatorAllows you to calculate several different loans at once so you can compare payments. PITI CalculatorAdds taxes and insurance to your mortgage payment. Useful because this is how your lender calculates your monthly housing costs to determine your qualifying ratios. If you are impounding your loan, it helps you to know what your total monthly payment will be. Monthly Mortgage & Down Payment CalculatorCalculate your monthly mortgage payment and down payment.
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