Posts tagged as:

new york times

Loan Modifications a Bad Deal for Main Street?

by Moe Bedard

By Moe Bedard
Today’s New York Times ran an article about the downsides of the incentivized loan modification plans citing potential contractual violations between lenders, servicers and the investors that expect returns on their investments. With the government paying $1000.00 or more to banks that play ball, that is, provide loan modifications per government guidelines, I’m [...]

3 comments Read the full article →

Housing Lenders Fear Bigger Wave of Loan Defaults

by Moe Bedard

The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.

Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative [...]

0 comments Read the full article →

Judge Says Countrywide Officers Must Face Suit by Shareholders

by Moe Bedard

Directors and officers of Countrywide Financial, the beleaguered mortgage lender, must answer shareholder accusations of insider trading and an overall failure to monitor lending practices that led to the company’s collapse, a federal judge in California has ruled.

0 comments Read the full article →

Bank of America Is Firm on Countrywide Buyout

by Moe Bedard

Investing in distressed assets, of course, can be extremely profitable. But Mr. Lewis’s shareholders have a right to be nervous about the deal, analysts say. As the nation’s largest home lender, Countrywide stands at the center of the mortgage storm and is being buffeted not only by woeful financial results but also by intense scrutiny [...]

1 comment Read the full article →