Archive for December, 2011

Say goodnight to jumbo loans. The borrowers are going to default. Many jumbo loan holders have been hanging on despite the oversized payments because values have not fallen a great deal on higher priced properties. With the support from below being removed, the absence of a move-up market is causing higher priced properties to drift ever lower. This slow descent will continue, and as it does, more and more jumbo loan owners will see the futility in making huge payments and strategically default. Look out Irvine, this impacts you. Jumbo mortgage holders pose highest risk of strategic default A high number of jumbo mortgage owners — many located in high-cost markets hit by real estate deflation over the last several…[READ MORE]

Each year during the holidays, lenders are faced with the unenviable choice to allow more squatting or take away the family home at Christmas. With the bad public relations that go along with holiday foreclosures, most lenders hold off until the new year. Banks will hold off on some holiday foreclosures Andrew S. Ross, Chronicle Columnist Friday, November 25, 2011 Season of sharing, take 1. Got an e-mail from Wells Fargo responding to my column this week suggesting that banks consider a moratorium on home foreclosure activities, at least during the holiday season. "Wells Fargo is suspending eviction actions from Nov. 23 to Nov. 25, and again from Dec. 19 to Jan. 2, 2012. We will not physically evict or…[READ MORE]

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