Consumerist
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subprime meltdown
Massachusetts Mortgages To Become Safer, Fairer
Massachusetts Attorney General Martha Coakley last week unveiled aggressive regulations designed to curb the orgy of irresponsible lending that led to the subprime meltdown. The measures, among the strictest in the nation, enjoin lenders from profiteering or ignoring a prospective borrower's financial situation. More » -
subprime meltdown
FDIC Chair Suggests Fixing Rates To Solve Mortgage Crisis
Sheila C. Bair, the chair of the FDIC, suggests that lenders "restructure all 2/28 and 3/27 subprime hybrid loans for owner-occupied homes in cases where the borrower has been making timely payments but can't afford the reset payments. Convert these to fixed-rate loans at the starter rate." More » -
mortgages
Anatomy Of The Subprime Meltdown
The Wall Street Journal has an excellent article that explains the interdependency between subprime borrowers and wealthy, high-risk investors: More » -
subprime meltdown
WaMu's Net Income Down A Whopping 72%
The "housing correction" is turning out to be "more dramatic and more rapid" than Kerry Killenger, WaMu's chairman and chief executive had expected. More » -
subprime meltdown
Critics Say Countrywide Isn't Doing Enough To Help Foreclosed Homeowners
Countrywide is catching hell from consumer advocates who say they're not doing enough to help the homeowners they've foreclosed on. More » -
personal finance
Virgin Money USA Helps Americans Lend To Family & Friends
VirginMoneyUSA, which launches today, is a lending service designed to manage personal loans between friends and family, by taking care of documentation, repayment schedules, and reminders. At first glance, the service sounds like an intrusive middle-man; however, anyone who's ever been on either side of a personal loan knows how delicate the situation can be, so we can understand the appeal of putting some distance between the personal relationship and the fiscal one. More » -
subprime meltdown
Foreclosures Doubled In September
Last month saw twice as many foreclosures than last September, says RealtyTrac, the foreclosure tracking organization. More » -
ouch
Subprime Meltdown Kicks WaMu's @#$, Profits Down 75%
It must not be fun around WaMu headquarters today. Profits are down a whopping 75%. More » -
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subprime meltdown
Citibank Warns Of 60% Drop In Earnings Due To Subprime Meltdown
Citibank is warning investors to expect a 60% drop in earnings due to "dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment." More » -
devils advocate
5 Ways Credit Cards Can Make You Happy
The ways that credit cards can make you unhappy are legion. Fees, balances, crazy interest rates, universal default, the list goes on. But, even though we just saw Bank of America digging a pit in your backyard, and word has it the zoo is missing 3 tigers and a crocodile, there are a few ways that a credit card can make you happy. (Not all of these tips are unique to credit cards, so check to see which benefits your debit card has.) More » -
subprime meltdown
Worst Month For New Home Sales In 6 Years
Here's a cute but meaningless graphic from ABC News that illustrates a very important statistic: New home sales are down. Way down. 8.3% down. It's the worst month for new home sales in 6 years. More » -
no free lunch
Ohio Attorney General Sues Credit Card Marketers Over Ohio State "Free Burrito" Event
Ohio Attorney General, Mark Dunn, is suing Citibank-affiliated credit card marketers for violating Ohio's consumer protection laws during a "Free Burrito" event at Ohio State University. More » -
subprime meltdown
In Wake Of Fed Cuts, Mortgage Rates Rise Slightly
Bankrate has a really interesting article about the effect that the Fed's rate cuts are having on the mortgage industry. As constant readers of the site are already well aware, the subprime meltdown has lead to a crisis in the secondary mortgage market—investors are no longer interested in purchasing non-conforming loans. More » -
economy
Fed Cuts Rate by Half Percentage Point
The Fed cut interest rates by half a percentage point this afternoon, citing "tightening of credit conditions" that have the potential to "intensify the housing correction." More » -
subprime meltdown
Foreclosures Up 115% From Last Year
Foreclosures "zoomed" in August, up 115% from last year and 36% from July according to the newest numbers from RealtyTrac. This is the beginning of one of three remaining waves that will hit the market in the next year. This wave is expected to peak in October as 2 million 2/28 ARMs reset to market rates and an estimated 600,000 homeowners can no longer afford their payments. More » -
subprime meltdown
Greenspan "Didn't Really Get" That Subprime Lending Could Hurt The Economy
Former U.S. Federal Reserve chairman Alan Greenspan told 60 Minutes that he "didn't really get" that irresponsible subprime lending could be significant enough to hurt the economy, but he still defends the decision to keep interest rates low from 2001-2004. More » -
subprime meltdown
The Big, Big List Of Subprime Mortgage Layoffs And Closures
The Truth About Mortgage has been compiling a list of mortgage lending layoffs and closures since the end of February and the effect is staggering. The list, last updated today, now has over 250 entries. Anyone looking for a quick and easy way to freak out about the mortgage market need look no further than this list. More » -
subprime meltdown
Ameriquest Is Dead
Ameriquest, the lender the epitomized everything that was f*cked up about the subprime mortgage meltdown, is dead. More »
lending
New York, 4:05 AM
Mon Nov 23
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