Housing Doom

I had some financial problems. When Can I Buy A House?

twist — Fri, 03 Feb 2012 20:07:52 +0000

Poor L gets all kinds of real estate related spam, but he graciously sorts through it and sends the more interesting stuff. I did think that the following chart on “When Can I Buy A House”, sent out by an Arizona mortgage broker, might be interesting to some of our readers: If you go to the webpage, there’s info on how long after Chapter 13 as well. Of course, if you aren’t buying a house because you are still waiting for that job to come through (and...

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Foreign Cenbank Holdings to February 1, 2012

John M. — Fri, 03 Feb 2012 19:11:34 +0000

Oh dear, somebody tell Oda’s people to break out the crank-o-sign machine. Looks like we’re going to need a few more back-dated permissions, and it’s not just Kenney running amok this time. Wowsers, hadn’t been following the antics of the Thirteenth District / FRBO (you can say that again ) for a while, but yesterday the amero gap closed to just -4 bips. And you thought Keystone was dead, Igor: bwahaha! Fed’s own MBS holdings grew a meaningless $0.388 billion while...

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Crack of Doom: Last Tuesday?

John M. — Mon, 30 Jan 2012 07:01:30 +0000

Anonymous blogger Lexington wants tomorrow to be the last shot. Somewhere, Parker is starting to wonder why he even bothered. Related posts:Twist is off until Tuesday Chelsey B. Sullenberger III should sit really near Obama next Tuesday Crack of Doom: It's Dead, Jim Related posts:Twist is off until Tuesday Chelsey B. Sullenberger III should sit really near Obama next Tuesday Crack of Doom: It's Dead, Jim

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DEPART MEN ICE WASH

John M. — Sat, 28 Jan 2012 13:58:44 +0000

Sometimes the camera doesn’t lie (Onion-ready pic from the article, I’m so tempted to make it my desktop background): NYT (1/27 ’12): “New Fraud Investigation Group Issues Subpoenas to Financial Companies” Mr. Donovan said that a separate settlement being worked out between state attorneys general and mortgage servicing companies would not thwart the new group’s investigations, even if the settlement released companies from further law enforcement efforts related...

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Foreign Cenbank Holdings to January 25, 2012

John M. — Fri, 27 Jan 2012 20:17:40 +0000

News reader Peter Armstrong’s efforts this morning on CBC Radio 1 were most instructive. Someone important needs the GOP nomination process to come to a conclusion. Now. Well, the Fed’s own MBS holdings swung to a strong $11.810 billion reduction, but that might have simply been a few re-po’d chickens going back to roost at some banks that didn’t want to admit to owning the stuff during year-end reporting season Except for that it was a pretty dull week, with small...

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State Of The Union: Fannie and Freddie To Pick Up 2 to 3 Million Mortgages?

twist — Wed, 25 Jan 2012 16:26:23 +0000

I confess that I didn’t watch the State of the Union address last night. I don’t even like baloney in my sandwiches– I can’t take it in large quantities. I did however, read the summaries this morning, particularly the housing proposals. This is the one that stood out to me: Obama proposed that “every responsible homeowner” be able to refinance. The existing refinancing program (HARP) lets borrowers who are current on their mortgages refinance even if...

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Crack of Doom: Mayan Countdown

John M. — Mon, 23 Jan 2012 14:06:11 +0000

Here at Housing Doom blog we’re always on the lookout for really worst case scenarios, especially the ones where grownups, the MSM and recognized authorities all get together and say: “Why are we even bothering to debunk something that dumb?” Which is why we’ve got a soft spot in our heart (hearts for pet dragon Igor, head for yours truly) concerning the idea that a tidal wave is supposed to engulf Mt Everest at the next Winter solstice But on the other hand …...

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Foreign Cenbank Holdings to January 18, 2012

John M. — Fri, 20 Jan 2012 17:55:10 +0000

Following up on yesterday’s episode of the new reality TV show “Who Wants To Lead The World Through Years 5, 6, 7 and 8 Of The Present Long Depression” here is tomorrow’s skill testing question … Please Choose The Best Candidate: A) Pompous B) Wooden C) Fluffy D) Gone Igor thinks there’s a good chance “D” finishes better than fifth (sic), at least that’s how he’s voting At “the Fred”, America’s most solvent housing...

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New Decade — Tighter Standards?

John M. — Thu, 19 Jan 2012 17:15:20 +0000

Sometimes these guys are way too smart for their own good … Economist (1/19 ’12): “Perry exits” … You have to wonder why a man of such towering ignorance ever thought he had the right to aspire to the White House. Meanwhile, Igor credits WaPo with the most dangerous 51 seconds of MSM coverage yet in the present primary cycle. Plus 10 for [candidate's name redacted] if SC ever sees that one Related posts:CNBC Freudian Slip of the Decade Crack of Doom: The...

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Homeowner’s Loan Isn’t Modified, But Their Wallet Is Now Lighter

twist — Wed, 18 Jan 2012 07:01:43 +0000

Worried about losing your home to foreclosure? There are a number of companies out there that are willing to help you, or rather, help themselves to your money. [Thanks L!] If you want to try and modify your loan, pick up the phone and call your lender. You might be an amateur, but at least the price is right, and you can be confident that you have your best interests at heart. Related posts:And Now On a Lighter Note… Things Going From Bad To Worse For Zombie Homeowners Will Obama Force...

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Crack of Doom: What’s a Palmetto Anyway?

John M. — Mon, 16 Jan 2012 07:01:34 +0000

I’m not a US person, or at least not anymore, so Housing Doom’s pet dragon Igor had to clue me in about this plant that’s been in the news so much recently. It grows in South Carolina, and Igor also tells me that it’s there, over the next six days, that most of the juice of this year’s presidential election will be squeezed. Pollsters predict primary election or caucus outcomes by measuring the intentions of likely participants / voters, but this week’s...

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Foreign Cenbank Holdings to January 11, 2012

John M. — Sun, 15 Jan 2012 02:47:13 +0000

So Thursday the radio is carrying a promo for the new David Cronenberg film and today the library’s e-mail notification comes for Timothy Findey’s Pilgrim and I spend the afternoon reading the first few chapters. Oops! Just reviewed the comments under twist’s old post “Pheonix Realtors: Don’t Worry, Be Happy.” Weird, especially considering the date. I’ve learned to appreciate that these co-incidence clusters (aka synchronicity, which given the context...

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Canada? Boring?

John M. — Thu, 12 Jan 2012 23:48:13 +0000

A headline worthy of the Halifax Chronicle-Herald’s Bill Smith, circa 1975 … CBC News (1/12 ’12): “Same-sex divorce options explored by Harper government” The mind boggles. Meanwhile, the foreign central banks continue to steadily reduce their holdings of US obligations … more on this in due course Related posts:Canada Crisis: the Sovereigns do Lunch Ground Zero Canada: Ottawa to Detoxify Original World Seed-Crisis by Monday — OR ELSE 1933-style Power...

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Foreign Cenbank Holdings to January 4, 2012

John M. — Sat, 07 Jan 2012 13:20:09 +0000

The Fed’s own holdings of MBS were flat, rebounding up a small $0.444 billion while foreign central banks’ holdings of agencies fell by a similar amount. However the bleeding continued (at a reduced rate) with the treasuries number dropping at a more-than-$billion-a-day rate once again. Last week’s Reuters report1 was, as usual, based on the weekly update from the NY Fed’s H.4.1 table site,2 but they seem to be among the missing again this week. Here is Doom’s...

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Crack of Doom: Some Of Them Seem To Be Right Here Charles

John M. — Mon, 02 Jan 2012 21:50:49 +0000

Well, Igor, it’s been quite a while since we’ve tried one of these Monday posts, but for some reason I couldn’t let this opportunity slip by. Wikipedia has that my birthdate (and Charles Bernstein’s, go figure!) is within a few days of this guy’s (we’ll need lots of silly coincidences like this in future, it would seem): NYT (12/29 ’11): “Charles Krauthammer: Are we alone in the universe?” … As we inevitably find more and more...

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Happy New Year From HousingDoom

twist — Sun, 01 Jan 2012 07:01:21 +0000

To all of our friends here- If you are: Buying or selling a house Looking for the perfect rental Trying to negotiate a short sale Searching for a good investment property Trying to negotiate the best possible deal for your clients Working to keep sales up in a slow market Searching for good investments Or just trying to survive in a tough economy Here’s hoping that 2012 will bring you all the best. Related posts:Happy New Year From HousingDoom Happy Thanksgiving From HousingDoom Happy...

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windmill … : Foreign Cenbank Holdings to December 28, 2011

John M. — Sat, 31 Dec 2011 00:26:32 +0000

…gears, and just for fun consider this recent huff from the land of Cockney rhyming slang: Economist (12/28 ’11): Lexington — “Ron Paul’s big moment” … Even if he wins in quirky Iowa, Ron Paul will never be America’s president. But his coming this far tells you something about the mood of Republican voters. A substantial number like a man who wants to abolish the Federal Reserve, introduce a new currency to compete with the dollar, eliminate five departments...

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Countrywide Financial Is Long Dead, But The “Ghost Of Subprime Past” Refuses To Die

twist — Fri, 30 Dec 2011 07:01:08 +0000

Bank in 2008, Bank of America purchased the ailing Countrywide Financial. This acquisition has turned out to be poisoned pill for BofA, in spite of former CEO Ken Lewis’ optimistic comment at the time of the purchase: “Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation’s premier lender to consumers,” Lewis said in a statement. MSNBC said at the time: It...

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Pending Home Sales Are Up– Assuming The NAR Can Count

twist — Thu, 29 Dec 2011 18:33:29 +0000

The National Association of Realtors (NAR) has released their pending home sales number, and indicates that pending sales are at an 19month high. Pending home sales measures how many homes the NAR will be closing in the near future. They did, however, admit earlier this month that they had “miscalculated” home sales for the past few years. It does make one wonder if they can count pendings any better than they can count sales. Chief economist for the NAR, Lawrence Yun, did...

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More Americans Turning In Their Mortgage For A Lease

twist — Wed, 28 Dec 2011 19:28:52 +0000

More Americans are trading in their mortgage for a lease. For some, the change is mandatory, as foreclosure or financial circumstances force them to sell or walk away. Others would like a mortgage, but just can’t seem to qualify. Then there’s the crowd that is finding the “dream of homeownership” just a little too risky for their taste. Whatever their reasons though, homeownership rates are dropping as rental rates rise: With U.S. unemployment at a lofty 8.6%, home...

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Foreign Cenbank Holdings to December 21, 2011

John M. — Wed, 28 Dec 2011 01:56:45 +0000

The Fed’s own holdings of MBS resumed its fall, dropping $6.352 billion after the extraordinary rise in the previous week. The December 8th Reuters report1 was, as usual, based on the weekly update from the NY Fed’s H.4.1 table site,2 however they are apparently either suppressing that particular information, or have gone fast asleep. Here is Doom’s updated CSV version3 of the agencies and treasuries foreign central bank holdings data set. Treasuries slumped a further $11.754...

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Repo 31? Foreign Cenbank Holdings to December 14, 2011

John M. — Mon, 19 Dec 2011 19:28:17 +0000

The Fed’s own holdings of MBS which have been consistently dropping, if at a decelerating rate, ever since they peaked in mid-July 2010 suddenly surged up $31.026 billion last week. If Doom is reading the tea leaves on this one correctly the anomaly suggests there are some counterparty institutions who really want to hide some of their exposure to agencies from the calendar year end reports … BL / BW (12/6 ’11): “Fed Uses ‘Dollar Rolls’ in Mortgage-Bond Program...

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Santa Should Have Registered With Air Traffic Control

twist — Sun, 18 Dec 2011 16:11:19 +0000

It’s a holiday weekend, so I don’t feel guilty indulging in a little off-topic humor. I was forwarded this photo by a friend: Apparently Santa should have registered with Air Traffic Control. Related posts:Santa Requests $25 Billion Bailout From Congress Dear Santa: Help! Phoenix Inventory: It's Looking Like a "List-a-thon" this Weekend Related posts:Santa Requests $25 Billion Bailout From Congress Dear Santa: Help! Phoenix Inventory: It's Looking Like a...

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Predatory Lending– “The Devil Made Me Do It”

twist — Fri, 16 Dec 2011 15:44:35 +0000

In the wake of “Occupy Wall Street” we are seeing another movement– Reoccupy Foreclosures. I wasn’t completely comfortable with this case though. One woman says she was targeted by predatory lenders to take out loans against her childhood home. She found herself in foreclosure. It doesn’t appear that she was forced, just temped. That raises the question, is “The devil made me do it,” a reasonable defense? (Thanks L!) Related posts:Attention Barney...

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As We Suspected, The NAR Can’t Count

twist — Wed, 14 Dec 2011 15:12:41 +0000

I had to take a break from vacation to post on this one. This story is too vindicating to pass up. As we always suspected, the National Association of Realtors has been releasing less than accurate data. (Hat tip to L and Mike C!) L has been warning us for years about the data from the National Association of Realtors. They have not released their methodology, so it was difficult to call them on it. After CoreLogic discovered from its own studies, however, that the NAR’s numbers could...

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