May 2008 - Blown Mortgage

May 2008

Runaway gas and food prices are the most visible signs of inflation storming back in to the American economy. The specter of high inflation will certainly limit the Fed's ability to stave of recession with further rate cuts. As prices go up workers demand more money to keep up with the cost of living which [...]


LIBOR ‘lie’ remains for now

Adjustable Rate Mortgage-holders rejoice, LIBOR not being redefined ... for now.  Housing Wire covered earlier how changes to the LIBOR could radically impact home mortgage payments for folks with loans whose interest rates are tied to the index.  You can all breathe a sigh of relief for the meantime, until the BBA  gets around to [...]


Market Watch has the inevitable story of inflation now completely wiping out any gains that consumer's have seen in income.  Inevitable, why?  Because the interest rate cuts and massive influx of capital in to the system have set inflation loose.  Gas prices are increasing geometrically, food prices are up, and there was even a heart-rending [...]


Struggling home builder Standard Pacific got a big-time private equity bailout today by investors who will gobble up a bunch of equity in exchange for a nice cash infusion.  They've also been able to restructure about $13 billion worth of debt through MaitlinPatterson. We've seen this with the banks taking on huge amounts of cash [...]


Bloomberg reports that Countrywide's President Dave Sambol won't stay after the merger goes through.  Some head has to roll for the disastrous lending practices that have built up at Countrywide over the years.  I guess that's what you get for "protecting the house." Bloomberg on Sambol's exit at Countrywide: Countrywide Financial Corp. President David Sambol, [...]


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