A Bird’s Eye View - Homes for Sale vs Population Where They’re Located
The Big Picture - Bailout Hearings
Deal Journal - Mean Street: Mr. Obama, Please Return to Planet Earth
Mortgage Insider - Treasury unveils details of future bank bailouts
Calculated Risk - Stress Test House Price Scenarios
Huffington Post - A Bailout Bill For The Rest Of Us
As you’ve seen on the site here at Blown Mortgage and plenty of other places as well across the blogosphere, the public is rather divided as to how much mortgage aid should be allocated and what such aid packages could mean for taxpayers. The rub here is that yes, consumers across the country are suffering. We’re all suffering by watching our brokerage accounts shrivel and our homes fall in value (if you have one!).
Housing Doom - Bernanke Doesn’t Get “Love Thy Neighbor”
The Big Picture - The New N Word: Nationalization
Dr. Housing Bubble - Home Prices Need to Fall 50 Percent from Peak Nationwide for a Market Bottom: Case Shiller Data and Predicting the Ultimate Bottom. 5 Charts Showing we are far from a Bottom in Housing.
Today’s Business Press - Bernanke: Another Year of Pain
Naked Capitalism - Some Slightly Good News: Feds Trying to Engage in More Serious Oversight of Citigroup
Mortgage Insider - Reaction: Obama gets it
Mortgage Daily - Chase Closes Warehouse Unit
Calculated Risk - KCET: The Trashout Squad
The Big Picture - Implode-o-Meter Rolls Out Campaign Against “FHA Subprime”
Mortgage Insider - U.S. doesn’t need to seize banks, Fed chief says
Huffington Post - The Hottest Recession-Proof Jobs
Financial Times - Bernanke calms nationalisation fears
Good Morning America, CNN and others have highlighted a new tactic that home owners facing foreclosure are using to stall the foreclosure process: asking the bank to produce the note. The basic idea is that the home owner facing foreclosure is entitled to a copy of the original note that they signed mortgaging their house. With the convoluted origination, securitization and servicing structures that sprung up during the boom this simple request is harder to fulfill than you might imagine.
Home owners are using this to buy months of additional time in their home by sending banks on the sometimes wild goose chases that can result in trying to fulfill their home owner’s request to produce the note.
A web site, Consumer Warning Network, provides the paperwork and know-how borrowers need to fire the “produce the note” salvo and slow down the foreclosure train.