Posts Tagged ‘wfc’JPMorgan Tackles Troubled MortgagesThis post first appeared on Minyanville. The mortgage bailout parade marches on. Just days after rival Bank of America (BAC) announced plans to modify hundreds of thousands of mortgages, JPMorgan (JPM) released details of a homeowner rescue plan of its own on Friday afternoon. Following its takeover of both Bear Stearns and Washington Mutual, JPMorgan’s inventory of [...] Keepin’ It Real Estate: What’s My Mortgage Worth?This post first appeared on Minyanville. As the debate rages about whether or not we’re finally approaching a floor in home prices, let’s examine the value of another asset: The mortgage. When considering a home-buying transaction, buyers (and sellers) typically worry most about the value of the house. Lenders, on the other hand, are much [...] 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 [...] Fannie, Freddie Jump on GrenadeThis post first appeared on Minyanville. For anyone wondering where the billions of dollars in worthless mortgage-backed securities will wind up, look no further: The mirror. Fannie Mae (FNM) and Freddie Mac (FRE), the formerly quasi-public, now taxpayer-owned mortgage behemoths, are stealthily sopping up the worst of the structured mortgage debt Wall Street churned out [...] So, You Want to Fix the Housing Market?This post first appeared on Minyanville. Yesterday, I criticized Washington’s $700 billion financial bailout plan for missing the point. It fails to address the root of the problems facing the housing market and, by extension, the rest of the economy: Negative equity or a homeowner owing more on his house than it’s worth. On The [...] New Countrywide Suit Tries To Foreclose ForeclosuresThis post first appeared on Minyanville. When Bank of America (BAC) agreed to buy Countrywide, it didn’t just take on a mountain of questionably valued mortgage-related assets. It also took on huge legal liability. San Diego City Attorney Mike Aguirre, who has a penchant for punitive lawsuits that rarely result in much more than a [...] |