Editor’s Note: Housing prices will continue to decline until median income starts to flatten out. All signs indicate that we are in for another 10%-20% drop as conventionally measured. Remember that housing prices do NOT take into consideration selling expenses and concessions at closing. All things considered, housing prices should be at least 8% under […]

Tags: housing prices, median income, principal reduction, underwater
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Editor’s Note: Home sales will continue to drop, home prices will continue to drop, banks will continue to fail until principal reduction is recognized as the reality of the situation. More than 11 million homeowners are reportedly under water. The real number is closer to 20 million. see Modifications Pushing More Homes Underwater. Our economy cannot […]

Tags: bank failures, borrowers, FDIC, home sales, homeowners, investors, modifications, Sheila Bair, underwater, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |

Option ARMs Come Back into Center Stage: 350,000 Active Option ARMs with over 200,000 in California. 78 Percent of Option ARMs have yet to hit Recast Dates. Option ARMs are the gift that keeps on giving this holiday season.  As it turns out, these pesky toxic mortgages are still sitting waiting to hit recast periods.  […]

Tags: ALT-A, CALIFORNIA, HAMP, Inland Empire, Long beach, Los Angeles, Option, Option ARM, Phoenix, reset, shadow inventory, toxic mortgages, underwater
Posted in bubble, Corruption, Eviction, securities fraud |