03/31/2010 - House Flipping Is BACK. House Flippers in U.S. Crowd Courthouse Steps in Hunt for Deals - Competition is so stiff that experienced flippers such as Sergio Rodriguez and Brian Bogenn look back with nostalgia at last year, when they turned over 48 residences in the Phoenix area. - www.bloomberg.com
03/30/2010 - Geithner Issues Another Warning On Commercial Real Estate VIDEO: - Mounting losses from commercial real estate loans will continue to be a problem for the U.S. and especially smaller banks, but it can be managed, Treasury Secretary Timothy Geithner said Monday. - www.huffingtonpost.com
03/30/2010 - Warren: Half Of All All Commercial Mortgages Are Underwater VIDEO - "They are [mostly] concentrated in the mid-sized banks," Warren told CNBC. "We now have 2,988 banks-mostly midsized, that have these dangerous concentrations in commercial real estate lending." - www.cnbc.com
03/29/2010 - LNR trying to fix troubled commercial mortgages. LNR Property Corp managing about 25 percent of Wall Street's distressed commercial real estate debt - The CMBS portfolio puts LNR's roughly 300 South Beach employees on the front lines of the latest credit debacle to threaten the ongoing economic recovery: billions of dollars lent to commercial real estate during the boom times that now are tied to property worth less than the loans. - www.sun-sentinel.com
03/26/2010 - Obama Reverses Course, Will Order Lenders To Cut Mortgage Principal For Struggling Homeowners - The multifaceted effort will allow people who owe more on their mortgages than their properties are worth to get new loans backed by the Federal Housing Administration, a government agency that insures home loans against default. - www.huffingtonpost.com
03/26/2010 - FHA's Florida fiasco. Nearly 18% of all FHA loans in Miami are delinquent, making it one of the most troubled locales in the nation. - The poor performance of Florida's FHA loans has helped drag the agency down to its lowest point in decades, raising concerns that taxpayers will have to bail it out. The agency is in the midst of overhauling its operations to shore up reserves, which have fallen well below the level required by Congress. - www.cnn.com
03/25/2010 - Mortgage help coming? Unemployed and 'underwater' to get mortgage relief - For some unemployed borrowers, the effort would require servicers to reduce or suspend monthly mortgage payments for up to six months, an administration official said. Under fire to do more to stop the foreclosure crisis, the Obama administration will announce Friday new steps to help the unemployed and those who are "underwater" with a bigger mortgage than their home is worth. - www.cnn.com
03/25/2010 - Obama Foreclosure Plan Makes It Harder For Banks To Reduce Principal For Underwater Homeowners - Obama's Foreclosure Plan Has A Key Flaw That's Hurting Homeowners. The Obama administration's plan to help struggling homeowners has had the unintended consequence of making it harder for them to get the most effective kind of mortgage relief -- principal reductions. - www.huffingtonpost.com
03/25/2010 - Citigroup Signs Up For Government's Loan Modification Program - With Citi on board, now four big owners of home mortgages in the U.S. have joined the program - part of the Obama administration's $75 billion loan modification plan aimed at reducing monthly payments to help customers stay in their homes. Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. already participate - www.huffingtonpost.com
03/24/2010 - Bank Of America To Start Reducing Principal On 'Underwater' Mortgages - Bank of America's announcement came as another report pointed to continuing problems in the housing market. The government said new home sales dropped to a record low last month, a day after the National Association of Realtors said sales previously occupied homes also fell in February, the third straight monthly decline. - www.huffingtonpost.com
03/24/2010 - Average American In Obama's $50 Billion Mortgage Plan Still Owes More Than Their Home Is Worth - The average homeowner may owe their lender as much as two-and-a-half times more than the home is worth, the Office of the Special Inspector General for the Troubled Asset Relief Program states in its new report examining the administration's year-old Home Affordable Modification Program - www.huffingtonpost.com
03/23/2010 - PHOTOS: The U.S. Cities Hit Hardest By The Recession - Cities In Florida, California Lag Nation - In a new report out this week, the Brookings Institution tracks the uneven impact of the downturn on employment levels across the country's 100 largest metropolitan areas. - www.huffingtonpost.com
03/23/2010 - Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare - The average homeowner may owe their lender as much as two-and-a-half times more than the home is worth, the Office of the Special Inspector General for the Troubled Asset Relief Program states in its report examining the administration's year-old Home Affordable Modification Program - www.huffingtonpost.com
03/17/2010 - More homeowners are opting for 'strategic defaults' - Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments. Time was when Americans would do almost anything to hang on to their homes. But that commitment appears to be fraying as more people fall behind on their loans while watching the banks and lenders that helped trigger the financial crisis return to prosperity. - www.latimes.com
03/17/2010 - Bailout Watchdog To Shine Light On Mortgage Program - The formula is designed to calculate whether lenders are better off foreclosing or modifying the loan so borrowers can get back on track with payments. Housing counselors complain that many borrowers who are denied are not given a clear explanation. - www.huffingtonpost.com
03/15/2010 - California foreclosure starts rise nearly 20% in February - The number of California homes pushed into the foreclosure process by banks jumped 19.7% in February from the month prior, according to a report released Monday. There is a growing gap between those Californians falling behind on their house payments and those actually losing their homes, according to the report by ForeclosureRadar.com. - www.latimes.com
03/15/2010 - New round of foreclosures threatens housing market - About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners. And the number of pending foreclosures could grow much bigger over the coming year as more distressed borrowers become delinquent and then, if they can't obtain mortgage relief, wade through the foreclosure process, which often takes more than a year to complete. - www.washingtonpost.com
03/15/2010 - WATCH PART ONE: Michael Lewis Explains The Wall Street Collapse As A Story Of 'Mass Delusion' - The former bond trader is releasing a book this week called The Big Short: Inside the Doomsday Machine. According to CBS, the result of his 18-month investigation attempts to explain, - www.huffingtonpost.com
03/15/2010 - WATCH PART TWO: Michael Lewis Explains The Wall Street Collapse As A Story Of 'Mass Delusion' - The former bond trader is releasing a book this week called The Big Short: Inside the Doomsday Machine. According to CBS, the result of his 18-month investigation attempts to explain, - www.huffingtonpost.com
03/15/2010 - Hardest Hit States Given Only Weeks To Decide How To Spend $1.5B In Housing Funds - Guidelines issued under the U.S. Treasury Department's Fund for Hardest Hit Housing Markets on March 5 gave housing finance agencies in California, Arizona, Florida, Nevada and Michigan just six weeks to come up with plans on how to spend their share of the money. - www.huffingtonpost.com
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