Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-57116 Fri, 03 Jul 2015 04:06:21 GMT Credit Manipulator Sentenced to Prison for Mail Fraud http://implode-explode.com/viewnews/2015-07-03_CreditManipulatorSentencedtoPrisonforMailFraud.html iehi-feed-57090 Tue, 30 Jun 2015 13:31:53 GMT U.S. Pending Home Sales at Highest Level in Nine Years http://implode-explode.com/viewnews/2015-06-30_USPendingHomeSalesatHighestLevelinNineYears.html NAR reported a sharp pickup in existing home sales following a dip in April. Sales of existing homes soared 5.1% in May to a seasonally adjusted rate of 5.35 million, the highest level since November 2009, a time when government incentives in the wake of the recession boosted the real-estate market. This year's sales have exceeded last year's for eight straight months and stand at 9.2% above last year..

But existing home sales, which account for about 90% of the market, are still well below their prerecession peak, when they routinely exceeded 6 million and even topped 7 million for part of 2005.

This may be a blow-off peak before the Fed-induced liquidity bubble pops...

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iehi-feed-57070 Sat, 27 Jun 2015 15:05:30 GMT JPMorgan Chase Quits 5 1/2 Year Foreclosure Battle 90 Minutes Before Trial To Avoid Castration By The Court http://implode-explode.com/viewnews/2015-06-27_JPMorganChaseQuits512YearForeclosureBattle90MinutesBeforeTrialTo.html iehi-feed-57057 Thu, 25 Jun 2015 19:56:58 GMT U.S. Supreme Court Upholds Fair Housing Act http://implode-explode.com/viewnews/2015-06-25_USSupremeCourtUpholdsFairHousingAct.html iehi-feed-57056 Thu, 25 Jun 2015 18:38:24 GMT Regulators: Wells Fargo, Chase, U.S. Bank still fail mortgage service tests http://implode-explode.com/viewnews/2015-06-25_RegulatorsWellsFargoChaseUSBankstillfailmortgageservicetests.html iehi-feed-57055 Thu, 25 Jun 2015 18:24:55 GMT Florida Attorney Indicted for Bank Fraud and Money Laundering http://implode-explode.com/viewnews/2015-06-25_FloridaAttorneyIndictedforBankFraudandMoneyLaundering.html iehi-feed-57037 Wed, 24 Jun 2015 14:59:06 GMT Hillary wants prosperity, Fonda joins Greenpeace, Yellen Says Crisis "Set to Fade," and other annoying nonsense | Mandelman Matters http://implode-explode.com/viewnews/2015-06-24_HillarywantsprosperityFondajoinsGreenpeaceYellenSaysCrisisSettoF.html iehi-feed-57033 Tue, 23 Jun 2015 18:31:23 GMT Home Sales Surge as Prices Pick Up (HIGH-END OF MARKET BREAKS OUT THE CHAMPAGNE!!) http://implode-explode.com/viewnews/2015-06-23_HomeSalesSurgeasPricesPickUpHIGHENDOFMARKETBREAKSOUTTHECHAMPAGNE.html iehi-feed-57017 Sat, 20 Jun 2015 17:34:01 GMT Quicken Loans Busted For Deceptive Practices Again! http://implode-explode.com/viewnews/2015-06-20_QuickenLoansBustedForDeceptivePracticesAgain.html iehi-feed-57013 Sat, 20 Jun 2015 14:08:27 GMT Mandelman's Best Home Buying Advice for 2015 and Beyond http://implode-explode.com/viewnews/2015-06-20_MandelmansBestHomeBuyingAdvicefor2015andBeyond.html iehi-feed-56999 Thu, 18 Jun 2015 14:26:08 GMT OCC Clamps Down on 6 Banks for Noncompliance with 2011 Consent Orders | Mandelman Matters http://implode-explode.com/viewnews/2015-06-18_OCCClampsDownon6BanksforNoncompliancewith2011ConsentOrdersMandel.html iehi-feed-56998 Thu, 18 Jun 2015 14:21:22 GMT More Consumers Confused by Role of CFPB than Reverse Mortgage Ads | Mandelman Matters http://implode-explode.com/viewnews/2015-06-18_MoreConsumersConfusedbyRoleofCFPBthanReverseMortgageAdsMandelman.html iehi-feed-56989 Wed, 17 Jun 2015 12:24:58 GMT Many low-income Americans can't even afford to rent http://implode-explode.com/viewnews/2015-06-17_ManylowincomeAmericanscantevenaffordtorent.html There were only 28 adequate and available to rent homes for every 100 extremely low-income renters in 2013, down from 37 in 2000, according to the Urban Institute, a nonprofit and nonpartisan organization that focuses on social and economic policy. "This gap between supply and demand leaves 72% of the country's poorest families burdened by the high cost of housing," it found. Extremely low-income renters are households with incomes at or below 30% of the median income in that region.

...

Between 2000 and 2013, the number of extreme low-income renter households soared 38% from 8.2 million to 11.3 million as the Great Recession pushed more families toward the lower end of the income bracket, the report found. Among the 100 largest counties, five of the 10 counties with the smallest affordability gap are in Massachusetts. Only one--San Francisco--is outside the Northeast. "The geography of poverty is changing and federal housing policy has not kept up," Poethig says, because the cost of living is so high in these areas.

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iehi-feed-56987 Tue, 16 Jun 2015 20:59:19 GMT Foreign investors pose threat to residential real estate http://implode-explode.com/viewnews/2015-06-16_Foreigninvestorsposethreattoresidentialrealestate.html iehi-feed-56984 Tue, 16 Jun 2015 20:52:08 GMT Discover to close mortgage origination business, cut 460 jobs (BEATING EXIT AFTER 3 YEARS!!) http://implode-explode.com/viewnews/2015-06-16_Discovertoclosemortgageoriginationbusinesscut460jobsBEATINGEXITA.html iehi-feed-56976 Mon, 15 Jun 2015 20:09:49 GMT What Congress "Learned" From TARP is Causing the Foreclosure Crisis to Continue | Mandelman Matters http://implode-explode.com/viewnews/2015-06-15_WhatCongressLearnedFromTARPisCausingtheForeclosureCrisistoContin.html Congress, as they say, has absolutely no appetite for publicly being asked to pass anything that helps homeowners who aren't able to make their mortgage payments.  It's very much like TARP... a large percentage of constituents won't agree... and they won't like it one bit.  And that means potentially losing the next election, which is an entirely unacceptable risk to those in Congress.

The editorial board has to differ with Mr. Andelman's requisite assumption that TARP was "necessary". The fundamental "need" is not the same when you are comparing making an (ultimately symbolic) show of shoring-up the banks with investing in the middle class by shoring up the soundness of its main asset (the home). The latter is obviously where we really needed to invest to recover in the long term (and have not); the banks bounced back quickly enough when it became clear they had infinite support from the financial authorities (most enduringly, the Fed, not TARP). But the overall point stands: TARP was a pain point for Congress, because of harsh constituent opinion against, and they don't want to have a vote like that again.

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iehi-feed-56971 Mon, 15 Jun 2015 17:56:01 GMT U.S. home builder sentiment rises in June: NAHB http://implode-explode.com/viewnews/2015-06-15_UShomebuildersentimentrisesinJuneNAHB.html iehi-feed-56954 Sat, 13 Jun 2015 21:30:29 GMT FHA Finally Deals With Spousal Issues In Reverse Mortgages http://implode-explode.com/viewnews/2015-06-13_FHAFinallyDealsWithSpousalIssuesInReverseMortgages.html iehi-feed-56943 Fri, 12 Jun 2015 13:31:07 GMT Underwater Homeowners Down To a Third of Peak, But Remaining "Stuck" At Low End http://implode-explode.com/viewnews/2015-06-12_UnderwaterHomeownersDownToaThirdofPeakButRemainingStuckAtLowEnd.html iehi-feed-56925 Wed, 10 Jun 2015 20:25:51 GMT Foreclosures are UP and Back in the Headlines Again | Mandelman Matters http://implode-explode.com/viewnews/2015-06-10_ForeclosuresareUPandBackintheHeadlinesAgainMandelmanMatters.html