Posts tagged as:

subprime

Pritzker, Predatory Subprime Pioneer, Still On Obama Team

by Moe Bedard

& Aaron Krowne
Barack Obama:
“Part of the reason we got a current mortgage crisis has to do with the fact that people got suckered in to loans that they could not pay,” he told a crowd in Reading, Pa., last week. “There were a lot of predatory loans that were given out, a lot of teaser [...]

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HALT Task Force Publishes Progress Report on Subprime Mortgage Crisis

by Moe Bedard

NEW YORK, NY (05/11/2008; 1102)(readMedia)– Superintendent of Banks, Richard H. Neiman, today delivered a report to update Governor David A. Paterson on the progress made by the Governor’s Task Force to Halt Abusive Lending Transactions (HALT). The HALT Task Force is an interagency task force established in March 2007 to address the mortgage crisis and [...]

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Senator Chris Dodd proposes setting up a fund that would buy defaulting subprime mortgages and restructure loans for borrowers

by Moe Bedard

NEW YORK (CNNMoney.com) — A proposal to bail out subprime mortgage borrowers who are at risk of foreclosure was floated at a Senate Banking Committee hearing Thursday.
Senator Chris Dodd, the committee chair, said he is working to create a Home Ownership Preservation Corporation, which would purchase mortgage securities that are backed by at-risk, subprime loans [...]

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Statement by Secretary Henry M. Paulson, Jr. at Press Conference to Announce Framework to Help Preserve Communities by Preventing Foreclosure

by Moe Bedard

December 6, 2007
HP-716
Washington, DC – Good afternoon. Thank you, Secretary Jackson, Chairman Bair, Comptroller Dugan, Governor Kroszner, Director Lockhart, Director Reich and representatives from the American Securitization Forum, HOPE NOW, the Mortgage Bankers Association and the Housing Policy Council for your creativity and flexibility during these recent months. We have worked through an evolving process [...]

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No Hope Now for These Homeowners

by Moe Bedard

JacMac December 6th, 2007 at 7:56 pm  - “But for now, many homeowners will have to fight the battle with their lenders or servicers one call, one fax, one headache at a time and many, will succumb to the pressure and just give up out of frustration or run out of time and face the inevitable, [...]

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Will Homeowners Have Hope Now?

by Moe Bedard

Today is a great day for “some” homeowners across the country. Many will have Hope Now, but only ”some”, not “all” struggling homeowners will receive mortgage relief.
Our government has spoken and it appears that they are doing what they “can” to asist  borrowers in exploding adjustable rate mortgages. The plan is far from perfect, but it’s a [...]

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Option One Takes a Subprime Bullet to the Head

by Moe Bedard

Option One is the latest lender to implode, according to ML-Implode.com. Here is the letter to brokers from Option One indicating that they are not accepting any new loan originations.
From ML-Implode;
Fresh news from the Associated Press, and published everywhere is the headline, “Cerberus, H&R Block End Mortgage Deal.”
“Cerberus Capital Management LP and H&R Block Inc. said [...]

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Fitch: Underwriting & Fraud Significant Drivers of Subprime Defaults; New Originator Reviews

by Moe Bedard

Copyright:
Business Wire

Business Editors
NEW YORK–(BUSINESS WIRE)–November 28, 2007–Recent vintage residential mortgage-backed securities (RMBS), backed by pools of subprime mortgages continue to substantially under-perform initial expectations, which has resulted in significant ratings downgrades and heightened risk of losses to principal. Fitch’s analysis of subprime defaults suggests that lax underwriting and fraud may account for as much as [...]

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