Articles Filed Under: Industry Stuff

(753 posts)

The Federal Government Breaks Out Their (Big Enough?) Buckets

First IndyMac, and now Fannie Mae and Freddie Mac, it’s been a mad week of bailing and pre-bailing backstopping for the Federal government. And what normally would have been an insignificant $3 billion auction of securities by Freddie Mac this morning, instead becomes an oversized test of confidence for... Read More »

Alt-A Powerhouse IndyMac Takes A Step Closer To IndyDependance

As another plugged-in reader noted yesterday, IndyMac – second only to Countrywide in terms of indypendent U.S. mortgage lenders last year – has effectively stopped originating new home loans citing a “continued downward trend in home prices” (think losses and need to raise additional capital) and a lack of... Read More »

California Sues Countrywide (And Who Do You Think Might Pay?)

As Countrywide’s shareholder’s approved Bank of America’s takeover offer, California and Illinois filed suit against the mortgage lender for “luring borrowers into risky loans they couldn’t afford.” Countrywide and Chief Executive Officer Angelo Mozilo were named in the suits, filed today, claiming the lender’s tactics led thousands of borrowers... Read More »

JustQuotes: The Big (As In Jumbo) Difference Between Can And Are

“Three months after Fannie Mae and Freddie Mac won the freedom to step up home-loan purchases, the government-chartered mortgage-finance companies are doing what critics in the Federal Reserve and Congress had predicted. Instead of using powers granted by Congress to buy jumbo loans for the first time, Freddie Mac... Read More »

Operation Malicious Mortgage: Now In The Bay Area (But Yet To Act)

While “Operation Malicious Mortgage” has nabbed over 400 individuals over the past three months, none of the mortgage-fraud related arrests have occured in the Bay Area. Then again, it has only been a month since the U.S. attorney’s office established their Bay Area mortgage fraud task force. From Joseph... Read More »

The SocketSite Scoop: Wells Fargo To Offer Fractional TIC Financing?

Despite what some might sell, TICs financed with fractional (or “individual”) loans are not substantively the same as condominiums. While fractional financing does mitigate a large portion of the commingled financial risk associated with a TIC purchase, it doesn’t address our larger concern of liquidity in terms of access... Read More »

Homebuilder Confidence Falls: From The Fringes To San Francisco?

A plugged-in reader reports (and posits): I was on a conference call today with the National Association of Home Builders (NAHB) CEO Jerry Howard and Chief Economist David Seiders where they were presenting the June Housing Market Index (HMI). It was pretty bad. They were basically pleading with all... Read More »

Thornburg Reports “Modestly Increasing Delinquencies” And A Loss

Thornburg Mortgage reports “modestly increasing delinquencies” and a loss of $3.31 billion in the first quarter (“because of writedowns on securities linked to real estate”). It’s interesting to note as Thornburg specializes in jumbo adjustable rate mortgages for those with great credit (and assets). You know, fellow San Franciscans.... Read More »

Appraisal Agreement: Violating Federal Law Or Industry Interests?

“Fannie Mae and Freddie Mac’s agreement to restrict banks from using in-house appraisal companies may violate federal law, U.S. Comptroller of the Currency John C. Dugan said in a letter to the companies’ supervisor.” “The agreement and new appraisal code ‘violate or conflict with federal law in fundamental respects’... Read More »

Keller Williams HQ For Sale (1500 Franklin), Franchise To Follow Suit?

Keller Williams HQ For Sale (1500 Franklin), Franchise To Follow Suit?

The for sale signs have been hung on 1500 Franklin, home to Keller Williams Realty in San Francisco. And if our tipster is correct, the franchise (in San Francisco) is soon to follow suit (if it hasn’t already). Read More »