Shadow Inventory Dwarfs Loan Mods – CNBC, Diana Olick
California Controller: Overview of the Commercial Property Markets – Calculated Risk
Ambac Warns of Impending Bankruptcy – HousingWire
New Rules and More Lies Hide Cancerous Commercial Real Estate Loans – Mish
Merkel Says Worst Still Ahead in Germany – The New York Times
Goldman Sachs abandons kittens (we’re not making this up) – new deal 2.0
Home Buyer Tax Credit’s Impact: Mostly in Our Heads – The Wall Street Journal
“Affordability” – Housing’s Red Herring – Mark Hanson
There are still too many houses – CNN Money
About one in seven housing units was vacant in the third quarter, according to the Census Department. This year has registered the highest reading since the government began collecting such data in 1965.
How Banks View Loan Modifications – Mandelman
The cost of foreclosure to your bank is going to be 30% to 50%, or even more in the worst of instances. But that’s not the most important factor to your bank… this is all about your bank’s degree of certainty that if they modify your loan, you won’t be back in foreclosure anytime soon, and likely never. Your bank views a loan modification as pretty close to unthinkable in the first place, so it’s unquestionable that it’s a once in a lifetime thing in their eyes. You should be too embarrassed to even ask a bank to modify a loan a second time, according to your bank. It’s almost like… if that happens, you’ll probably want to change your name and move to another state. What a load of crap the banks have peddled our way all these years.
So, you see… it’s a range. In order to get your loan modified, you need to fall somewhere between “Definitely won’t default again if loan reasonably modified,” and “Will self-cure the mortgage before home is actually taken back by the bank”. Get it?
Ford Unveils New Car For Cash-Strapped Buyers: The 1993 Taurus
November 11, 2009
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