The analysts at Capital Economics are holding fast to their forecast that the downturn in the housing market is drawing to a close. As a result, they say housing should soon start to boost economic growth, but as housing now makes up only a small share of the economy, the sector is unlikely to add much more than 0.2 … Continue reading Housing Will Soon Help the Economy, but Not by Much
Month: January 2012
39% Fewer Foreclosure Starts in 2011
The number of foreclosure actions initiated in 2011 was down 38.7 percent compared to 2010, according to a new report from Lender Processing Services (LPS). The company also reported that delinquencies at the end of 2011 were down nearly 8 percent from the previous year and were 25 percent below their peak in January 2010. … Continue reading 39% Fewer Foreclosure Starts in 2011
Americans dipping into savings More Americans digging into their savings, skimping on college funds, adding more debt
As households struggle to keep up, people skimp on college funds, rely on credit cards. NEW YORK — More than four years after the United States fell into recession, many Americans have resorted to raiding their savings to get them through the stop-start economic recovery. In an ominous sign for America’s economic growth prospects, workers … Continue reading Americans dipping into savings More Americans digging into their savings, skimping on college funds, adding more debt
Additional Servicers May Join in AG Settlement
Additional Servicers May Join in AG Settlement The settlement negotiations between the state attorneys general and the top five servicers have dragged on for more than a year now throughout frequent reports that a settlement is “close.” Working out a deal that banks feel is fair and that attorneys general feel serves their states’ residents … Continue reading Additional Servicers May Join in AG Settlement
The Year In Review
The Year in Review The past year, 2011, was undoubtedly commendable in many respects that will become evident to historians someday…but for the rest of us, 2012 can’t arrive quickly enough. Here is a look back at the wreckage of 2011, including the return of the Federal estate tax, the death of reclusive heiress Huguette … Continue reading The Year In Review
Housing Crisis to End in 2012 as Banks Loosen Credit Standards
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one … Continue reading Housing Crisis to End in 2012 as Banks Loosen Credit Standards
Illinois AG sues S&P for alleged ratings fraud
Wednesday, January 25th, 2012, 3:42 pm Illinois Attorney General Lisa Madigan sued the parent company of Standard & Poor's Wednesday for allegedly assigning its highest ratings to the mortgage-backed securities issued in the run-up to the crisis. S&P is a subsidiary of McGraw-Hill Cos. (MHP: 47.42 +0.06%). The suit was filed in Cook County … Continue reading Illinois AG sues S&P for alleged ratings fraud
Obama Again Tries To Rehabilitate Housing Market With Newest Plan
The Huffington Post Alexander Eichler First Posted: 10/24/11 01:35 PM ET Updated: 10/24/11 07:17 PM ET President Obama and White House officials announced a major change to a national home-refinancing plan Monday, in an effort to stimulate the economy and rescue as many as one million homeowners from foreclosure. The proposal, an update to the … Continue reading Obama Again Tries To Rehabilitate Housing Market With Newest Plan
FHA trying to limit default risk
FHA Steps Up Lender Requirements to Limit Default Risk The Federal Housing Administration (FHA) on Friday announced new measures to strengthen standards for the lenders it works with – measures the agency says will help it better manage the risk that comes with insuring mortgages against default. The new regulations institute tighter requirements for lenders … Continue reading FHA trying to limit default risk
Settlement draft being reviewed by Attorney Generals: When will we hear the resolution!
State AGs Reviewing Settlement Draft After HUD Secretary Shaun Donovan announced last Wednesday that the state attorneys general settlement with the nation’s largest servicers is just weeks away – with a spokesperson for Iowa Attorney General Tom Miller’s office corroborating the claim – news today is a settlement draft is now in the hands of … Continue reading Settlement draft being reviewed by Attorney Generals: When will we hear the resolution!
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