Larry Roberts real estate writing blog

Thursday, May 29, 2014

Loan Mod Default: HAMP loan modifications will become permanent housing subsidies

HAMP loans were bundled into mortgage-backed security pools purchased by the federal reserve with printed money, making foreclosure politically impossible. Borrowers were granted loan modifications either through HAMP or through a private program. Most borrowers don’t realize the loan...
HAMP loan modifications will become permanent housing subsidies

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Debt Default: Americans are increasingly foolish with debt

After 30 years of falling interest rates, Americans have become addicted to cheap credit and personal Ponzi schemes. People have learned they can take on large debts, consolidate them at lower and lower interest rates, and service that debt with a portion of their income. It’s a bit like...
Americans are increasingly foolish with debt

Real Estate Loan: Delinquent mortgage squatters: the legacy of the housing bubble

Strategic default is often the wisest course of action for a family to take. Lenders are hoping to escape disaster while borrowers and attorneys partner to leave their mark on lender’s balance sheets. In the future, the threat of strategic default should make lenders more reluctant to make...
Delinquent mortgage squatters: the legacy of the housing bubble

OCHN: Home sales are up for the top 1%, the bottom 99%, not so much

The housing recovery benefits the top 1% who have the cash and the credit to complete the sale. The other 99% continue to struggle.

The rich get richer, or so they say. It’s the rich who have the cash for a down payment and the good credit to qualify for a mortgage, so the one segment of...
Home sales are up for the top 1%, the bottom 99%, not so much

Wednesday, May 28, 2014

Debt Default: Think you want consumer debt? Think again...

Warning! Don’t read today’s post if you have a weak stomach or a strong affinity for consumer debt. This is your only warning. Hang on, Alice, as we bolt through the rabbit hole on an adventure to financial Wonderland. Come with me on a fantastic journey to the Great Lakes to s...
Think you want consumer debt? Think again...

Debt Default: Strategic mortgage default has become common and accepted

Attitudes toward strategic default are changing. Last December I flatly stated, Strategic mortgage default will become common and accepted in 2011. Many of those who chose not to strategically default make this choice because they believe making the payment is a moral obligation — an...
Strategic mortgage default has become common and accepted

Debt Default: Lenders ambush newly solvent borrowers seeking old bad debts

For people who purchased properties in California, a non-recourse state, and never refinanced, lenders cannot come after them seeking to recoup their losses on a foreclosure. For those who live in recourse states, or California loanowners who refinanced, the situation is quite different. Lenders...
Lenders ambush newly solvent borrowers seeking old bad debts

Housing Forecast: Accelerated default, what strategic default really is

People form strong attachments to their homes. Walking away is never a decision they take lightly. We can discuss the pros and cons and come up with our own beliefs and attitudes about it, but the turnover of our housing stock caused by the housing crash will be very painful for those who go...
Accelerated default, what strategic default really is

Real Estate Loan: The minimum down payment should be at least 10%

The Dodd-Frank financial reform law required bureaucrats to draft rules for qualified residential mortgages. Loans that conform to the standards defined can be sold into the secondary mortgage market without restriction. Loans that do not conform require the lender to retain 5% of the capital...
The minimum down payment should be at least 10%

Real Estate Loan: The resurection of dead mortgage programs

The financial innovations that lead to the 2008 financial crisis return with the prospect of inflating another painful housing bubble and crash. By Jacobim Mugatu, May 21, 2014 Proverbs 26: 11 As a dog returns to its own vomit, so fools repeat their folly It was inevitable. Cajoled by the real...
The resurection of dead mortgage programs

Mortgage Refinance: Delinquent jumbo mortgage loans pollute mortgage lender balance sheets

The good news in the mainstream media is that delinquency rates are down year-over-year. Of course, they ignore the fact that delinquencies have flatlined since the settlement agreement in February 2012 because that fact doesn’t fit with their optimism bias. The delinquency rate is a...
Delinquent jumbo mortgage loans pollute mortgage lender balance sheets

Housing Bubble: The economy of the 00s: a Ponzi scheme based on housing debt

The headline of today’s post is not news to anyone who reads this blog very often, but for many, including some academic economists, this basic understanding comes only after years of study of the aftermath. Perhaps I expect too much of academics. They are supposed to be very smart people,...
The economy of the 00s: a Ponzi scheme based on housing debt