Bank of America made headlines with its principal forgiveness program. The real news is that they are preparing to blast debtors out of their bunkers of entitlement.

When a program is badly flawed and not working, the rational thing to do is scrap it. Given that HAMP (Obama’s Home Affordable Mortgage Program), is a complete failure, someone thinking clearly would kill the program. Instead, president Obama, acting like the typical bureaucrat, wants to massively expand it. Please consider Obama May Prohibit Home-Loan [...]

The cry of “wave!” continues. You don’t have to wait long between news stories about shadow inventories and impending waves of foreclosures that are poised to devastate the housing market. In September, Bank of America predicted “a spike from now to the end of the year in foreclosures.” A spike that didn’t happen. Also in [...]

Given that pretty much every bank postponed foreclosure activity for the holidays, a decline in actual repossessions was expected. However, we were not expecting the dramatic drop in Notices of Default filed. From ForeclosureRadar: Banks cancel more foreclosures then they sell for first time Foreclosure activity dropped dramatically in December, especially when looked at on [...]

If you aren’t a regular reader of Ambrose Evans-Pritchard, you should be. He’s one of the best financial journalists around and has done a sensational job of exposing the Europe’s financial disasters to the rest of the world. Now, he’s turned his attention to the United States…and he’s pulling no punches. From the Telegraph America [...]