Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-61525 Fri, 20 Jan 2017 22:54:59 GMT Trump takes away FHA mortgage insurance premium cut not long after being sworn into office http://implode-explode.com/viewnews/2017-01-20_TrumptakesawayFHAmortgageinsurancepremiumcutnotlongafterbeingswo.html The move undid the quarter-point decrease in the FHA mortgage insurance premium that was announced earlier in the week by outgoing U.S. Department of Housing and Urban Development Secretary Julian Castro. For most borrowers, it would have been a reduction to 0.60 percent from 0.85 percent.

...

House Republicans objected to the reduction because it would have lowered the amount of funds FHA has available to cover mortgage defaults. House Financial Services Chairman Jeb Hensarling (R-Tex.) issued a statement earlier in the week saying, "the Obama administration's parting gift to hardworking taxpayers is to put them at greater risk for footing the bill for another bailout."

... "According to our estimates, roughly 750,000 to 850,000 home buyers will face higher costs, and 30,000 to 40,000 new home buyers will be left on the sidelines in 2017 without the cut," William E. Brown, National Association of Realtors president, said in a statement. "We're disappointed in the decision but will continue making the case to reinstate the cut in the months ahead."

From the perspective of FHA being a bankrupt/fraudulent insurance fund, this is a good thing. However, it's just going to get bailed out anyways (in some form), so this consists of the removal of a marginal amount of housing-finance accessibility for a significant number of people. I.e., it's probably the fiscally right thing to do, but it's pretty interesting how scrooge-like of a move this is for one of Trump's first official acts....

]]>
iehi-feed-61482 Sat, 14 Jan 2017 03:24:58 GMT Carson will "Examine" FHA Premium Cut http://implode-explode.com/viewnews/2017-01-13_CarsonwillExamineFHAPremiumCut.html iehi-feed-61277 Fri, 09 Dec 2016 18:20:43 GMT Homeowners Will Have To Fight To Keep Their Homes When HAMP Ends http://implode-explode.com/viewnews/2016-12-09_HomeownersWillHaveToFightToKeepTheirHomesWhenHAMPEnds.html iehi-feed-61238 Mon, 05 Dec 2016 22:18:22 GMT Trump nominates Carson to lead U.S. housing, urban policy http://implode-explode.com/viewnews/2016-12-05_TrumpnominatesCarsontoleadUShousingurbanpolicy.html If confirmed by the Senate, Carson will be enlisted to serve as Trump's unofficial envoy to African Americans and to lead the charge to repair what Trump has described as America's blighted and dangerous inner cities, a dystopian, racially charged image criticized as frequently at odds with reality. He will also lead Trump's efforts in an arena where Trump and members of his family have been accused of flouting the law in their own business ventures.

...

Carson does not have specific experience with the activities of HUD, which manages low-income housing assistance, facilitates financing for homeownership and administers fair-housing programs. But he has a documented position on fair-housing policies that has advocates nervous about what protections a Trump administration might dismantle -- particularly for racial desegregation.

Last year, then-candidate Carson forcefully criticized an Obama administration rule requiring cities and towns to publicly report racial bias in their housing patterns, saying it would "fundamentally change" communities by requiring affordable housing to be built in wealthier neighborhoods.

"These government-engineered attempts to legislate racial equality create consequences that often make matters worse," Carson wrote in the Washington Times. "There are reasonable ways to use housing policy to enhance the opportunities available to lower-income citizens, but based on the history of failed socialist experiments in this country, entrusting the government to get it right can prove downright dangerous."

]]>
iehi-feed-60921 Fri, 21 Oct 2016 20:34:25 GMT N.Y. Governor Cuomo Signs Bill to Fine Illegal Airbnb Hosts http://implode-explode.com/viewnews/2016-10-21_NYGovernorCuomoSignsBilltoFineIllegalAirbnbHosts.html iehi-feed-60325 Thu, 28 Jul 2016 16:27:05 GMT Homeownership Rate in the U.S. Tumbles to the Lowest Since 1965 http://implode-explode.com/viewnews/2016-07-28_HomeownershipRateintheUSTumblestotheLowestSince1965.html The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965, according to a Census Bureau report Thursday. It was the second straight quarterly decrease, down from 63.5 percent in the previous three months.

First-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings. Home prices rose 5.2 percent in May from a year earlier, according to the S&P CoreLogic Case-Shiller index of values in 20 cities released this week.

]]>
iehi-feed-60314 Wed, 27 Jul 2016 18:19:34 GMT Behind The New Home Sales Data: A Darker Backdrop http://implode-explode.com/viewnews/2016-07-27_BehindTheNewHomeSalesDataADarkerBackdrop.html Sales have nearly doubled from the June 2010 and June 2011 lows of 28,000 to this June's 54,000. But this is still down sharply from the June 2005 peak of 115,000 units. At the same time, it barely exceeds the low of 47,000 reached in June 1991 and 53,000 in June 1992 during that recession...

From the 2002 recession until this year, nominal median household income has risen by approximately 32%, using estimated 2% increases for 2015 and this year, which is consistent with the BLS data on nominal wage growth. However, the rate of sales per million people has declined by almost 22% over that period

]]>
iehi-feed-58807 Mon, 25 Jan 2016 17:47:10 GMT Hudson Valley Developer Admits To HUD Kickback Scheme http://implode-explode.com/viewnews/2016-01-25_HudsonValleyDeveloperAdmitsToHUDKickbackScheme.html iehi-feed-58485 Thu, 17 Dec 2015 18:35:51 GMT Foreclosure Rescue Scammer Gets 3 Years In Federal Prison http://implode-explode.com/viewnews/2015-12-17_ForeclosureRescueScammerGets3YearsInFederalPrison.html iehi-feed-58367 Fri, 04 Dec 2015 18:19:01 GMT False Claims Act Suit May Force Quicken Out of FHA http://implode-explode.com/viewnews/2015-12-04_FalseClaimsActSuitMayForceQuickenOutofFHA.html iehi-feed-57865 Wed, 30 Sep 2015 14:44:41 GMT FHA Loans Are Government Backed Sub-Prime Loans http://implode-explode.com/viewnews/2015-09-30_FHALoansAreGovernmentBackedSubPrimeLoans.html iehi-feed-57824 Thu, 24 Sep 2015 22:16:38 GMT Are FHA Loans "Government Backed" Subprime Loans? http://implode-explode.com/viewnews/2015-09-24_AreFHALoansGovernmentBackedSubprimeLoans.html iehi-feed-57592 Sat, 29 Aug 2015 18:21:07 GMT Not All Foreclosure Victories Have Fairy Tales Endings http://implode-explode.com/viewnews/2015-08-29_NotAllForeclosureVictoriesHaveFairyTalesEndings.html iehi-feed-57533 Sun, 23 Aug 2015 03:38:56 GMT Reverse Mortgage Broker Feels The Wrath Of Mass AG http://implode-explode.com/viewnews/2015-08-22_ReverseMortgageBrokerFeelsTheWrathOfMassAG.html iehi-feed-57482 Mon, 17 Aug 2015 15:58:03 GMT Judge Rules Reverse Mortgage Spouses have Borrower Rights http://implode-explode.com/viewnews/2015-08-17_JudgeRulesReverseMortgageSpouseshaveBorrowerRights.html iehi-feed-57434 Tue, 11 Aug 2015 15:05:51 GMT Foreclosure Fraud Fighter Robert "Jack" Wright Of MSFRAUD Passes Away. He Was 61 http://implode-explode.com/viewnews/2015-08-11_ForeclosureFraudFighterRobertJackWrightOfMSFRAUDPassesAwayHeWas6.html iehi-feed-57422 Sun, 09 Aug 2015 18:01:58 GMT Does US Bank Discriminate Against Black People? http://implode-explode.com/viewnews/2015-08-09_DoesUSBankDiscriminateAgainstBlackPeople.html iehi-feed-57364 Tue, 04 Aug 2015 00:33:34 GMT Wells Fargo Whistleblower Tells All http://implode-explode.com/viewnews/2015-08-03_WellsFargoWhistleblowerTellsAll.html iehi-feed-57356 Sun, 02 Aug 2015 19:07:54 GMT The 1991 Donald Trump Documentary He Tried To Suppress http://implode-explode.com/viewnews/2015-08-02_The1991DonaldTrumpDocumentaryHeTriedToSuppress.html iehi-feed-57277 Thu, 23 Jul 2015 02:13:02 GMT Massachusetts Mortgage Broker Convicted of Bank Fraud http://implode-explode.com/viewnews/2015-07-22_MassachusettsMortgageBrokerConvictedofBankFraud.html