9 Articles match "May","New York","Subprime"

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• New York Versus Freddie Mac: Round One
  
  New York Versus Freddie Mac: Round One By Peter G. Miller     It’s fight time in New York. On one side is newly-passed state legislation which sets tough standards for subprime and “high cost” loans and on the other is Freddie Mac, which says it won’t buy such loans in the state after September 1st, the day the new law goes into effect. This is a big deal because if New York lenders can’t sell mortgages to buyers such as Freddie Mac, they simply won’t make such loans. You can guess what happens
  www.realtytrac.com - Tuesday, February 3, 2009
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• Study Forecasts Rising Subprime Foreclosures
  
  A new study released yesterday by the Center for Responsible Lending projects that one out of five subprime mortgages originated in the past two years will end in foreclosure, costing homeowners as much as $164 billion. “This rate is nearly double the projected rate of subprime loans made in 2002, and it exceeds the worst foreclosure experience in the modern mortgage market, which occurred during the “Oil Patch” disaster of the 1980s. The study, which cites RealtyTrac numbers as one of its sources, looked at subprime foreclosure rates from 1998 through 2006 and closely
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Subprime Market Sinking Further Into the Abyss
  
  The latest developments in the subprime lending market should have the entire real estate industry up in arms (figuratively and literally). Now the problem has dug down to the very roots of the lending industry and is shaking loose some of the largest subprime lenders, who are now falling into the abyss. The latest victim of its own success is New Century Financial Inc. The problem has gone far beyond the $1 trillion worth of so-called “exotic” adjustable rate loans resetting in each of the next two years. Borrowers began feeling the effects of those resets during the second
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• The $3 Billion Foreclosure Payday
  
  You may not know who John Paulson is, but you soon will. During the last housing slump, Paulson was a foreclosure investor, buying two distressed properties; a New York apartment and a large home in the Hampton on Long Island. Meanwhile, Wall Street had started a new trading index to bet for or against subprime mortgages, called the ABX, which reflect the value of a pool of subprime mortgages made over a six month period. Last year, Paulson made $3 billion betting on foreclosures . That puts the Wall Street hedge-fund manager among the top 150 richest
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Hold Onto Your Hat and Hat Rack
  
  There’s a warm wind swirling around this country right now, and it may just blow the hat off of your head…and take along with it everything else you own as well. The New York Times recently reported in two related stories that in some instances, homeowners who have already lost their homes to foreclosure are now faced with suffering the greatest embarrassment of all — having their personal items auctioned off. This breeze that is gaining strength is yet the latest fallout from the foreclosure hurricane sweeping the nation. In the case of Newington, Conn.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Foreclosure "Megatrends"
  
  Here are some “megatrends” that may develop in the months ahead. For investors and homebuyers, these and other rapidly developing “megatrends” could signal opportunities. Vultures Circling Wall Street wizards profited handsomely from the subprime market they helped create; Wall Street gurus will profit from cleaning up the mess they spawned. In a presidential year, Uncle Sam and politicians nationwide are rushing to unveil new and bolder schemes to unravel the foreclosure crisis. Foreclosures are rising. Home prices are falling.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• You Too Can Predict the Future...Maybe
  
  Although he believes the $152 million economic stimulus package President Bush and Congress approved last month will help somewhat, Engle, a professor at New York University, is disappointed in the performance of the housing sector enough to blame it as the chief reason that a recession is likely. “What I’m hoping is that this sector of the economy doesn’t get legislated away. think subprime loans have made it possible for a lot of low-income households to buy a home for the first time. Time to dust off those Ouija boards and take out the tea leaves. The way things are
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• High-End Foreclosures Rising Among Top Tier Homes
  
  High-End Foreclosures Rising Among Top Tier Homes By Octavio Nuiry, RealtyTrac Staff Writer    Until now, the foreclosure crisis was confined to a narrow niche of middle-class urban communities and outer-rim new housing developments where first-time homeowners and real estate speculators benefited briefly from favorable financing. This is just the tip of the iceberg.” McCabe believes that delinquencies and defaults will rise not only among subprime borrowers, but among prime mortgages, Alt-A loans, teaser rate loans and low money-down
  www.realtytrac.com - Tuesday, February 3, 2009
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• No Mortgage Meltdown For These Banks
  
  Hudson has deposits of $49 billion, a network of 125 branches in New Jersey, New York and Connecticut and just 1,350 employees — a fraction of the workforce one would find with banks of similar size. As one example, Hermance says that of 50,000 New Jersey mortgages his bank bought back just two properties during a recent 12-month period. Hudson No Mortgage Meltdown For These Banks By Peter G. Miller     The news from Wall Street in recent weeks has not been good, especially in the world of mortgages.
  www.realtytrac.com - Tuesday, February 3, 2009
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