The lending cartel believes they can hold back the REO flood

 NEWS, TUSTIN  Tagged with: , ,
Apr 022012
 
The lending cartel believes they can hold back the REO flood

In what can best be termed as delusional optimism, the lending cartel is cautiously optimistic they can control the flow of properties as the liquidate their shadow inventory. Based on what is happening today, lenders have reason to be optimistic. Collectively, they are withholding REO inventory and decreasing the supply of distressed inventory to force the market to bottom this spring. They don’t have much to lose. If they keep putting properties on the market, prices will certainly continue to [Read More...]

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Everyone hates the mortgage settlement, except the banks

 NEWS, YORBA LINDA  Tagged with: ,
Mar 142012
 
Everyone hates the mortgage settlement, except the banks

Despite a vigorous public relations campaign by both government officials and bank representatives, the sheeple are angry over the terms of the bank settlement. Loan owners are upset because they are not getting the break the believe they deserve, and prudent borrowers are upset because they know others are getting handouts. The only people who are happy with the settlement are bankers, and perhaps government officials who look like they did something. Rage grows over mortgage deal By Les Christie [Read More...]

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Banks greatly benefit from foreclosure settlement

 ANAHEIM, NEWS  Tagged with: , , ,
Feb 132012
 
Banks greatly benefit from foreclosure settlement

Last Friday, I posted an opinion piece about bailing out California debtors. The post was more about moral hazard than about the details of the bank settlement. Now that I have had time to review the bank settlement, I see the issues raised in Friday’s post were completely wrong. From what I now understand about the agreement, it only pertains to the big commercial banks, and it really doesn’t bail out anyone other than the banks. The moral hazard I [Read More...]

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Banks will delay some foreclosures and evictions during the holidays

Dec 022011
 
Banks will delay some foreclosures and evictions during the holidays

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 [Read More...]

 December 2, 2011  IRVINE, NEWS ,  1 Response »

Democrats as Robin Hood: steal from renters, give to loan owners and banksters

 NEWS  Tagged with: ,
Jul 112011
 
Democrats as Robin Hood: steal from renters, give to loan owners and banksters

Has fairness been a casualty of the housing bubble? At times it looks that way. The government keeps implementing policies to benefit one group over another not because it is the right thing to do but because it buys them votes. Last year, I wrote about The Policy of Screwing Prudent Renters to Benefit Loan Owners. One housing bubble phenomenon was that the right ones — prudent people who knew what they could afford – were kept out, and the wrong ones — [Read More...]

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Bankers’ Circle of Life: principal reduction programs and unintended consequences

 NEWS  Tagged with: ,
Apr 072011
 
Bankers’ Circle of Life: principal reduction programs and unintended consequences

A year ago today, I had Soylent Green is People author a guest post, The Debt Star has Cleared the Planet. He’s back. And this time, the forces of light and goodness will prevail, right? And now, Soylent Green Is People (And my cartoons. None of the artwork in this post or any other is mine, and some of the cartoons are direct reproductions. My “cartooning” is limited to some limited photoshop work and the use of additional text generally [Read More...]

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Banksters should be held accountable for ruining the housing market and economy

 NEWS  Tagged with:
Mar 302011
 
Banksters should be held accountable for ruining the housing market and economy

The banksters taking over our country enjoy extraordinarily nice lives of caviar and cigarettes. They’re insatiable greed is only surpassed by their lack of accountability. In last weeks post on shadow inventory, I came across a February story on how bankers let each other squat. It really made me angry: Bankers allow each other to squat One of the most infuriating facts about shadow inventory is its epicenter: the New York MSA. Boneheads in New York think their market is [Read More...]

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Proposed Subsidies to Housing Market Prices Benefit Only Bankers

 NEWS  Tagged with: ,
Apr 272010
 
Proposed Subsidies to Housing Market Prices Benefit Only Bankers

The indulgent lives of the Great Housing Bubble were last seen during the Roaring Twenties, another era notable for its sequence of financial bubbles. First came the Florida land boom (from Wikipedia): The Florida land boom of the 1920s was Florida’s first real estate bubble, which burst in 1925, leaving behind entire new cities and the remains of failed development projects such as Isola di Lolando in north Biscayne Bay. The preceding land boom shaped Florida’s future for decades and created [Read More...]

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The Ethics and Morality of Borrowing and Lending During the Great Housing Bubble

 NEWS  Tagged with: ,
Apr 232010
 
The Ethics and Morality of Borrowing and Lending During the Great Housing Bubble

Did anyone who participated in the Great Housing Bubble stop to consider what was the right thing to do? As long as the money flowed in a river to homeowner’s doors, few cared. The river of free money isn’t flowing any more, and now we have to examine why this happened, or we risk doing it again. In yesterday’s post on Walking Away from a Mortgage to Secure Their Children’s Future, I presented the argument that people should walk away from [Read More...]

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Bankster Bailouts Did NOT Save Us from the Second Great Depression

 NEWS  Tagged with: ,
Mar 302010
 
Bankster Bailouts Did NOT Save Us from the Second Great Depression

Did our brilliant politicians and the cool heads at the Federal Reserve save the world? Popular public opinion says yes. Me and many other astute observors say no. The only thing our collective actions has accomplished is to stop a group of greedy and ignorant fools from experiencing the consequences of their actions. Instead, the consequences have been passed on to us in the form of huge government bailouts and locally inflated house prices. Blame It on the Bubble Dean Baker Politicians and the media [Read More...]

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