December 2008 - Blown Mortgage

December 2008

Bloomberg reports today on Fed findings that state that (OMG!) piggyback mortgages are making it harder for homeowners to modify the terms of their existing first mortgages. No sh&$ Sherlock. Really? This is newsbreaking stuff here. 2nd lien holders who purchased piggyback 2nd mortgages are in a terrible position, althought it may be in their [...]

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The changing face of the American middle-class

The current financial crisis affects everyone. No where, however, has the impact been more striking than on the middle-class. ?The gap between the 'haves' and the 'have-nots' is widening for families with children in the United States,? said Bruce Western, professor of sociology of the Multidisciplinary Program in Inequality and Social Policy at Harvard University. [...]

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Tax Tips for home buyers, owners and sellers

The Internal Revenue Service (IRS) does not have a reputation for being a good guy. In the current crisis, however, the IRS has been one of the few government agencies taking action that actually helps the individual taxpayer. They have provided guidance on the Mortgage Debt Forgiveness Act and expedited the process for removing or [...]

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2 years later housing prices still in a freefall

The Case-Shiller home price index was released for October today, and (surprise, surprise) home prices are down a record 18% from last year's levels. This drop marks the 27th straight monthly drop in home prices in the 20 major metro areas tracked by the study. Surely, it will only get worse with this dismal economy [...]

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Finally, we’re privatizing some risk

Good news reported by the New York Times. A consortium of private equity firms are close to finalizing a deal to buy IndyMac Bank from the FDIC for an undisclosed sum. The FDIC had to rewrite some rules to let the private equity firms put together the deal, but let's go ahead and help the [...]

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