‘Fannie Mae, the largest source of money for U.S. home loans, may have its bank financial strength rating cut by Moody’s Investors Service because of a record $3.55 billion fourth-quarter loss.’
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Lee Adler and Aaron Krowne talk about the latest happenings in the financial arena, with a focus on the collapse of, local, state and especially US Government finances, and why the latest housing data is worse than the media is reflecting. Free preview will be posted shortly. Or, you could subscribe ! (cheap, $10/mo, no long term commitment).
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From our implosion entry today: It’s official. Merrill Lynch announced today that it would be shutting down First Franklin, Reuters reported today. An email tip we received just moments before the release said they would be “keeping open only a small servicing shop.” “The move could result in the elimination of 400 to 500 jobs”. No details were given as to a timeline for the winding down of operations. See also our long-running discussion thread on FF (you may want to jump to the end on this one!)
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‘The MBA’s seasonally-adjusted index, which tracks both purchase and refinance application activity, fell 19.2 percent for the week ended Feb. 22, to 665.1. One week earlier, the index stood at 822.8; in two weeks, the index has fallen 37.5 percent. The application index is calibrated to March 16, 1990; a reading of 665.1 means that application activity was roughly 6.6 times greater than when the index was first established.’
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‘The proposed change would mean that Fannie Mae would no longer authorize its lending partners to use appraisers employed by a wholly owned subsidiary and, while we have not seen the memo, apparently it contains reference to the eventual establishment of an appraisal clearinghouse which we assume would assign appraisers to a project.’
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‘Hanson took nearly an hour to rehash what he considers proof that Bartlett took his customers’ money to buy custom motorcycles and take gambling trips to Las Vegas. There were hundreds of businesses and homeowners in Pasco, Hernando and Citrus counties left hanging when Bartlett filed for Chapter 11 bankruptcy protection’
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“It’s part of our human DNA to connect and attach to places and people”
The current owner of Dawn Friedman’s childhood home recently painted the front door red. via Home News Tribune
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This is Ugly.Some might think Chris Farley also Ugly. But this is really UGLY!I’m working on a Short Sale Negotiation. I’m putting together the package now. The homeowner is a single woman, no job, 2 kids. She has two mortgages. The first being a POA. Does it really […]
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“Months of supply is now at its highest level since 1981, likely signaling a further pullback in housing starts from builders in the months ahead.”
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