Posts Tagged ‘MODIFICATION’Government to Banks: We Recommend Throwing Good Money After BadBy ANDREW JEFFERY This post first appeared on Minyanville. Every month, it seems, Washington dreams up new and fantastic ways to funnel taxpayer money towards a growing list of undeserving recipients. Now, in the latest attempt to coerce banks into modifying delinquent mortgages en masse, the Treasury Department plans to offer cash incentives to lenders [...] Foreclosure By DesignBy ANDREW JEFFERY This post first appeared on Minyanville. Many months ago, long before bureaucrats dreamed up their massive, ill-conceived loan-modification programs, the free market found a solution to the mortgage mess. Specialists in handling distressed debt amassed tens of billions of dollars to buy up bad loans at steep discounts. The offending institutions who [...] Fed Jumps on Loan Modification BandwagonBy ANDREW JEFFERY This post first appeared on Minyanville. “If at first you don’t succeed, try, try again” – and you certainly can’t fault lawmakers for a lack of persistence in trying to stem the epidemic foreclosures plaguing America’s housing market. Sadly, they insist on trying the same failed strategies over and over again. For [...] Keepin’ It Real Estate: Homebuilders Facing ExtinctionBy ANDREW JEFFERY For as bad as things are in the housing market, it’s remarkable that none of the country’s big homebuilders have gone bust. The industry’s resilience is a testament to how much money the firms raked in during the boom. Just ask guys in charge. The Wall Street Journal reports many homebuilder CEOs [...] Keepin’ It Real Estate: Do Loan Modifications Work?By ANDREW JEFFERY This post first appeared on Minyanville. With millions of homeowners falling behind on their monthly payments, one in 6 underwater, and countless more struggling to keep up, politicians and banks alike are jumping on the loan modification bandwagon. A modification – or “mod,” as it’s known in the industry — is simply the [...] Banks Beware: Here Come the LawsuitsThis post first appeared on Minyanville. Despite the Armageddon-esque financial turmoil of recent weeks, one thing about America hasn’t changed: If you really want someone to do something, sue them. They lined up in droves: Cities, counties and states sued the pants off Countrywide for its shady lending practices. California, Illinois and Florida all alleged [...] |