Implode-Explode Heavy Industries news feed

Lowball Appraisals Spark Uproar

Fri, 03 Jul 2009 21:14:44 GMT

"Complaints about lowballed appraisals -- from builders, real estate agents, consumers and mortgage companies -- have erupted since May 1, when government-backed Fannie Mae and Freddie Mac put their new appraisal rules into effect nationwide. Critics charge that the new system fosters the use of appraisers willing to work for low fees -- sometimes 50 percent below previous standards -- and who are willing to conduct home appraisals far outside their typical areas of activity."

The Independence Rap: Because the children ARE our future.

Fri, 03 Jul 2009 21:07:09 GMT

"Tomorrow is Independence Day. And Independence Day is a uniquely American holiday. It commemorates the day on which our Founding Fathers, after more than a year in the Continental Congress debating the issue of independence from the British Crown, finally compromised, and one by one rose to take the quill pen in hand in order to append their signature to the document written by Thomas Jefferson, our Declaration of Independence."

Zero Down Is a Foreclosure Factor (Duh)

Fri, 03 Jul 2009 18:52:07 GMT

"There is a kind of weird OpEd in today’s WSJ by Stan Liebowitz. The professor makes the incredible discovery that zero down payments, 100% LTV financings tend to slide in great numbers into foreclosure"

Burn the Skunk. Immolate Mortgage Crisis.

Fri, 03 Jul 2009 18:48:18 GMT

"Obviously it’s a crazy idea, but isn’t it logical for a crazy problem to have an insane solution? Don’t’ get it? Refer to the novel “Catch 22”. Then get back to me."

What Madoff, Minkow and Ponzi now have in common

Fri, 03 Jul 2009 18:41:18 GMT

"It's not the first time Bernard L. Madoff has had his name in lights this year. But with his induction into the newly launched Con Artist Hall of Infamy, it may well be the first time that his exploits will serve a constructive purpose. "

Who Regulates Banks Best? Bozo or Barney

Fri, 03 Jul 2009 18:38:45 GMT

"Call me a clown Barney, but, in my opinion, a borrower has income which makes repayments likely. The amount of the income and the amount of the loan walked hand-in-hand together. Think of it like you and Liberace at the beach."

Why controlling housing budgets will be good news for councils

Fri, 03 Jul 2009 18:32:41 GMT

" Handling their own housing finance will give local authorities both a confidence boost and an opportunity to become bigger players in the housing market"

Housing finance reforms were nearly scrapped

Fri, 03 Jul 2009 18:31:10 GMT

'At one stage, despite all the effort that has gone into finding solutions, it looked as if reform would be put into the “too difficult” tray in Whitehall,’ he said.
‘Fortunately it has not and there now lies ahead the challenge of delivering what the minister calls a “radical dismantling” of the notorious system.’

Housing authority awarded funds

Fri, 03 Jul 2009 18:28:56 GMT

"The Concord Housing Authority could begin building a development at Parmenter Road by the fall, after receiving federal funding to help the project along."

State agency awards tax credits for housing for seniors, the homeless in Midtown Cleveland

Fri, 03 Jul 2009 18:26:27 GMT

" A state agency awarded more than $26 million in tax credits for affordable housing Thursday -- including awards that will support two controversial projects in Midtown Cleveland."

Rep. Mark Kirk on China's gold buying plans

Fri, 03 Jul 2009 18:24:21 GMT

"Here's the video to go along with yesterday's item about the Chinese wanting to exchange lots more U.S. dollars for gold. Skip directly to 3:20 to hear about their future buying plans."

Here Comes The Second Stimulus!

Fri, 03 Jul 2009 18:21:48 GMT

" Today's disappointing jobs number is certain to trigger a serious push for a second stimulus bill."

HCI Mortgage owner Richard Harsche Pleads Guilty

Fri, 03 Jul 2009 15:53:28 GMT

More than likely Lake Ariel, Pennsylvania-based Home Consultants Inc. (dba HCI Mortgage) is or will soon be out-of-business, perhaps in part due to a guilty plea from owner Richard Harsche. We've received a number of recent tips that point to a complete shutdown of the company and its network of retail and net branch offices...

Imploded: Founders Bank

Fri, 03 Jul 2009 12:48:21 GMT

Founders Bank, Worth, IL brought the Thursday night massacre to an end as it was the FDIC's seventh victim of the night and 51st of 2009. Read our full coverage here.

Imploded: Millennium State Bank of Texas

Fri, 03 Jul 2009 12:45:24 GMT

Millennium State Bank of Texas, Dallas, TX is the 51st FDIC victim of 2009 and the sixth of tonight. Read our full coverage here.

Imploded: First National Bank of Danville

Fri, 03 Jul 2009 12:41:44 GMT

First National Bank of Danville, Danville, IL became the 50th FDIC casualty of 2009 tonight. Read our full coverage here.

Imploded: Elizabeth State Bank

Fri, 03 Jul 2009 12:39:24 GMT

Elizabeth State Bank became the 49th bank to be shut down by the agency in 2009. Read our full coverage here.

Imploded: Rock River Bank

Fri, 03 Jul 2009 12:36:45 GMT

Rock River Bank, Oregon, Il became the 48th seized in 2009 as the FDIC pulled the plug on the struggling bank toiht. Read our full coverage here.

Imploded: First State Bank of Winchester

Fri, 03 Jul 2009 12:28:58 GMT

The first bank of Winchester, Winchester Ill became the 47th FDIC closure of 2009, as the agency pulled the plug on the struggling bank. Read our full coverage here.

Imploded: John Warner Bank

Fri, 03 Jul 2009 12:24:17 GMT

John Warner Bank, Clinton, IL kicked off a busy night for the FDIC as the agency made it the 46 bank closed in 2009. Read our full coverage here.