Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-55503 Fri, 21 Nov 2014 23:31:38 GMT Love Them or Loathe... Him? Ron Lieber on Reverse Mortgages - Mandelman Matters http://implode-explode.com/viewnews/2014-11-21_LoveThemorLoatheHimRonLieberonReverseMortgagesMandelmanMatters.html iehi-feed-55502 Fri, 21 Nov 2014 18:29:49 GMT De Blasio Hires Convicted Mortgage Scammer As NYC's Ebola Cleanup Czar http://implode-explode.com/viewnews/2014-11-21_DeBlasioHiresConvictedMortgageScammerAsNYCsEbolaCleanupCzar.html iehi-feed-55497 Fri, 21 Nov 2014 03:09:57 GMT $1 million-plus home sales up 16% (HOORAY!) http://implode-explode.com/viewnews/2014-11-20_1millionplushomesalesup16HOORAY.html iehi-feed-55457 Tue, 18 Nov 2014 00:33:31 GMT FHA is back "in the black" -- but not out of the woods (AH, QUAINT GUB'MINT ACCOUNTING!) http://implode-explode.com/viewnews/2014-11-17_FHAisbackintheblackbutnotoutofthewoodsAHQUAINTGUBMINTACCOUNTING.html By law, the FHA must maintain a cash cushion that equals 2 percent of all the loans backed by the agency. The $4.8 billion cushion announced Monday equals just 0.41 percent, the agency said in its report to Congress, citing figures from its most recent audit.

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One of the key reasons its reserves remain so low is because the agency is losing money on its reverse-mortgage program, which allows seniors to withdraw equity from their homes. Another reason is that the FHA is not generating as much business as the auditors expected last time they examined the agency's books. It backed $134 billion worth of new loans in the fiscal year ended Sept. 30, instead of the projected $191 billion.

We are amused that the defaults from FHA's shoddy underwriting in the mid-1990s through 2008 "free-for-all" era do not figure in the above blame accounting (this would include laundering-based, no-money-down "charitable downpayment assistance" loans, or SFDPAs).

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iehi-feed-55431 Fri, 14 Nov 2014 21:02:00 GMT Less than half of U.S. cities are affordable for people who earn a median income http://implode-explode.com/viewnews/2014-11-14_LessthanhalfofUScitiesareaffordableforpeoplewhoearnamedianincome.html iehi-feed-55425 Thu, 13 Nov 2014 20:50:02 GMT World's Richest Restaurateur: Imminent Crash In America's "Crazy" Real-Estate Market http://implode-explode.com/viewnews/2014-11-13_WorldsRichestRestaurateurImminentCrashInAmericasCrazyRealEstateM.html iehi-feed-55419 Thu, 13 Nov 2014 15:02:49 GMT Did Quicken Loans Contribute To The Problems Of Detroit? http://implode-explode.com/viewnews/2014-11-13_DidQuickenLoansContributeToTheProblemsOfDetroit.html iehi-feed-55401 Mon, 10 Nov 2014 17:04:49 GMT "Land mines" threaten housing recovery, could trigger surge in defaults | Mandelman Matters http://implode-explode.com/viewnews/2014-11-10_LandminesthreatenhousingrecoverycouldtriggersurgeindefaultsMande.html iehi-feed-55386 Sat, 08 Nov 2014 14:13:10 GMT The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare - Matt Taibbi http://implode-explode.com/viewnews/2014-11-08_The9BillionWitnessMeetJPMorganChasesWorstNightmareMattTaibbi.html [From a private lawsuit over the deal, ] in just the first year, the security suffered $51 million in losses, nearly 50 times what had been projected. It's hard to say how much of that was due to the GreenPoint loans. But this was just one security, one year, and the losses were in the tens of millions. And Chase did deal after deal with the same methodology. So did most of the other banks. It's theft on a scale that blows the mind.

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It soon became clear that the SEC wasn't so much investigating Chase's behavior as just checking boxes. Fleischmann received no follow-up phone calls, even though she told the investigator that she was willing to tell the SEC everything she knew about the systemic fraud at Chase. Instead, the SEC focused on a single transaction involving a mortgage company called WMC. "I kept trying to talk to them about GreenPoint," Fleischmann says, "but they just wanted to talk about that other deal."

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iehi-feed-55356 Tue, 04 Nov 2014 20:38:16 GMT Could Fallout From The NYDFS Investigation Bankrupt OCWEN? http://implode-explode.com/viewnews/2014-11-04_CouldFalloutFromTheNYDFSInvestigationBankruptOCWEN.html iehi-feed-55355 Tue, 04 Nov 2014 20:36:12 GMT Home-price growth slows to two-year low http://implode-explode.com/viewnews/2014-11-04_Homepricegrowthslowstotwoyearlow.html iehi-feed-55352 Tue, 04 Nov 2014 16:35:06 GMT Why Housing Is Dead: First-Time Buyers Collapse To 27-Year Lows http://implode-explode.com/viewnews/2014-11-04_WhyHousingIsDeadFirstTimeBuyersCollapseTo27YearLows.html iehi-feed-55347 Tue, 04 Nov 2014 12:54:16 GMT Share of First-Time Home Buyers Hits 27-Year Low http://implode-explode.com/viewnews/2014-11-04_ShareofFirstTimeHomeBuyersHits27YearLow.html The headwinds facing young buyers are well known: higher student debt, rising rents and a weaker job market have made it harder for would-be buyers to save for a down payment and qualify for a mortgage, particularly in a lending environment where banks are much less willing to overlook credit blemishes or spotty incomes. ]]> iehi-feed-55346 Tue, 04 Nov 2014 03:14:35 GMT Despite Crimes, JPMorgan Gets Sweet Exclusive Deal Running Fed's $1.7T MBS Portfolio http://implode-explode.com/viewnews/2014-11-03_DespiteCrimesJPMorganGetsSweetExclusiveDealRunningFeds17TMBSPort.html iehi-feed-55317 Thu, 30 Oct 2014 18:55:35 GMT NYDFS Says OCWEN Began Back Dating Docs In 2010 http://implode-explode.com/viewnews/2014-10-30_NYDFSSaysOCWENBeganBackDatingDocsIn2010.html iehi-feed-55306 Wed, 29 Oct 2014 15:22:43 GMT Mortgage Purchase Applications Plunge To 19-Year Lows http://implode-explode.com/viewnews/2014-10-29_MortgagePurchaseApplicationsPlungeTo19YearLows.html iehi-feed-55296 Tue, 28 Oct 2014 20:52:35 GMT Are Deutsche Bank & OCWEN Trying To Steal The Home Of A Military Veteran With Cancer? http://implode-explode.com/viewnews/2014-10-28_AreDeutscheBankOCWENTryingToStealTheHomeOfAMilitaryVeteranWithCa.html iehi-feed-55294 Tue, 28 Oct 2014 19:50:40 GMT It Shouldn't Hurt This Much to Get a Mortgage - Barry Ritholtz http://implode-explode.com/viewnews/2014-10-28_ItShouldntHurtThisMuchtoGetaMortgageBarryRitholtz.html iehi-feed-55292 Tue, 28 Oct 2014 19:49:11 GMT Home Prices in U.S. Show Slower Year-to-Year Increase in August http://implode-explode.com/viewnews/2014-10-28_HomePricesinUSShowSlowerYeartoYearIncreaseinAugust.html iehi-feed-55286 Fri, 24 Oct 2014 20:01:02 GMT No Picket Fence: Younger Adults Opting to Rent http://implode-explode.com/viewnews/2014-10-24_NoPicketFenceYoungerAdultsOptingtoRent.html "They're not going to go from living with their parents to buying a home," said Mark Zandi, chief economist at Moody's Analytics, speaking at a housing conference in Washington. "They're going to rent an apartment."

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While construction of single-family homes is only halfway back to its prerecession levels, construction of multifamily units -- which include both condos and rentals -- is at its highest level in 25 years. Apartment construction is exceeding its prerecession peaks in some markets, including Austin, Tex.; the Washington metropolitan area; and San Jose, Calif., according to a recent report from the Joint Center for Housing Studies at Harvard.''

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