HousingWire || financial news for the mortgage market » the BuzzPost

What $21.9m Used to Buy

JACOB GAFFNEY — Thu, 25 Jun 2009 20:44:16 +0000

Come one, come all! There are bargains out there, and for the right circles, none may represent that more than East Coconut Palm Road in Boca Raton. The mansion, previously listed for $21.9m, found no buyer. So folks, it’s auction time! And the 25,000 square foot mansion may be purchased for a song, as only $250,000 [...]

REO on the Half-Pipe

DIANA GOLOBAY — Tue, 23 Jun 2009 17:55:00 +0000

What do you get when you cross the foreclosure-ridden Fresno market with abandoned homes falling into disrepair and a documentary about skateboarding? An on-the-streets documentary film like no other. The concept of skateboarding thrill-seekers draining abandoned pools for use as skating parks is not a new concept. But a documentary of such skateboarders staged among interviews of [...]

Securitization — the Play

JACOB GAFFNEY — Thu, 18 Jun 2009 21:42:59 +0000

Securitization is alive and well: off, off Broadway. Last night saw the premiere of Monetizing Emma, a play about a teenager who securitizes her future possibilities. HousingWire happily attended the premiere (in spirit), in the front row, wearing tuxedos and holding a whole mess of nachos. In an interview with writer and ABS journalist, SourceMedia’s own Felipe Ossa, [...]

Wrecked Credit? No Problem!

DIANA GOLOBAY — Tue, 16 Jun 2009 20:37:39 +0000

We’ve all had one at some point: a lemon of a car that turns out to be too good of a deal to be true, that always seems to be in need of a repair and that — we later discover — survived some massive accident in its history that somehow miraculously escaped reporting and [...]

The Any-Time Homebuyer Tax Credit

DIANA GOLOBAY — Fri, 12 Jun 2009 15:56:12 +0000

A new bill introduced in the House Thursday, HR 2801 or Home Ownership Moves the Economy (HOME) Act of 2009, aims to make the current $8,000 first-time home buyer tax credit available to literally anyone that purchases a primary residence through the end of 2010. The bill, introduced by Howard Coble (R-N.C.), extends the current tax [...]

Chinese Drywall, the Next Housing Crisis?

DIANA GOLOBAY — Wed, 10 Jun 2009 21:38:00 +0000

The US housing market, still absorbing the full shock of massive defaults and foreclosures in the wake of contracting economic conditions, faces a new threat to stability: Chinese drywall. The building product ends up in frequent headlines these days as complaints about the product’s health and safety hazards circulate. Critics claim chemicals in the drywall lead [...]

Pass the Debt

DIANA GOLOBAY — Tue, 09 Jun 2009 01:24:37 +0000

As shocking as it is, the story of the pay-option adjustable-rate mortgage (ARM) has become old news: A borrower buys a huge home worth $1m with a mortgage that seems too good to be true at little more than $2,500 per month. After the bills start coming in, however, the borrower realizes it really was too [...]

Sick Over Defaults and Filing for Bankruptcy

JACOB GAFFNEY — Fri, 05 Jun 2009 19:36:12 +0000

While Senate Bill 61, which may provide bankruptcy judges the ability to modify mortgage agreement, remains stuck in committee, the relationship of bankruptcy to mortgage default remains a hot issue. The “Helping Families Save Their Homes in Bankruptcy Act 2009″ aims to protect borrowers who are recently made bankrupt. But what exactly would make a family [...]

The Sweet Sounds of Smooth Jazz and Corporate Responsibility

JACOB GAFFNEY — Thu, 04 Jun 2009 16:42:14 +0000

Party? HousingWire loves parties! And here’s why: It’s a gloomy state of affairs across the pond, with news that the Global ABS 2009 conference held earlier this week at the Hilton London Metropole was distinctly party-free. A shame, since this annual meeting used to be more about the evening than the day seminars. Held last year in Cannes (also [...]

Realtor Raps FAP Short Sales

JACOB GAFFNEY — Wed, 03 Jun 2009 15:10:54 +0000

A San Diego real estate agent is taking on the “big banks” in a self-styled David and Goliath battle. Bob Hamzey, sure the banks are taking advantage of the Obama administration’s “Foreclosures Alternative Program,” (FAP) is asking for the submission of personal stories documenting alleged short sale abuse. After the collection process is finished, Hamzey will bundle [...]