Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-54472 Thu, 24 Jul 2014 15:41:54 GMT New home sales tumble 8.1% in June iehi-feed-54458 Wed, 23 Jul 2014 16:24:07 GMT Homeowners with loan mods now face rate increases iehi-feed-54449 Tue, 22 Jul 2014 14:40:12 GMT Existing-home sales rise 2.6% in June iehi-feed-54433 Mon, 21 Jul 2014 13:13:09 GMT The inflection point has arrived in Southern California real estate iehi-feed-54421 Sat, 19 Jul 2014 19:37:15 GMT David Trott's Dirty Business Secret He Doesn't Want You To Know iehi-feed-54398 Thu, 17 Jul 2014 15:19:58 GMT Bank of America takes $4 billion litigation hit; Settles With AIG iehi-feed-54394 Wed, 16 Jul 2014 19:21:54 GMT BofA Said to Reiterate $13 Billion Offer in U.S. Talks iehi-feed-54388 Wed, 16 Jul 2014 01:37:38 GMT JPMorgan pulls back from mortgage lending on foreclosure worries JPMorgan Chase & Co, the second-largest U.S. mortgage lender, is backing away from making home loans to less creditworthy borrowers after losing faith in its ability to recover much money from foreclosing on homes, even with government guarantees... "The cost to take a customer through the foreclosure process is just astronomical now," Kevin Watters, chief executive of JPMorgan Chase's residential mortgage banking business in New York, told Reuters in an interview.

If other lenders choose the same path as JPMorgan, it could become more difficult for people to secure financing to buy homes, even though government programs are intended to help credit flow to these borrowers, said Christopher Mayer, a professor of real estate finance at Columbia University.

iehi-feed-54374 Tue, 15 Jul 2014 13:14:05 GMT Pee-Wee Trott's Gilded Play House iehi-feed-54370 Mon, 14 Jul 2014 20:06:13 GMT CNBC Promotes Video Of Host Rick Santelli Having Nonsensical And Idiotic Rant iehi-feed-54369 Mon, 14 Jul 2014 18:41:29 GMT What Hardcore Pornography Can Teach Us About Asset Bubbles iehi-feed-54362 Mon, 14 Jul 2014 14:33:53 GMT Citi: Where A $7 Billion Fine Makes Your Shares Go Up 4% iehi-feed-54361 Mon, 14 Jul 2014 14:22:37 GMT Citi to pay $7 billion in Justice settlement iehi-feed-54359 Mon, 14 Jul 2014 13:33:04 GMT BofA's Skirting Of The National Mortgage Settlement Creates Nightmare For Couple iehi-feed-54344 Fri, 11 Jul 2014 20:27:19 GMT Realtors and FAA in Battle Over... Drones iehi-feed-54341 Fri, 11 Jul 2014 19:58:41 GMT Wells Fargo Earnings Miss on Mortgage Rate Rise, Ending 17-Quarter Run iehi-feed-54318 Wed, 09 Jul 2014 19:10:29 GMT China buys $22bn worth of US homes, leads global pack, As Foreigners Take 7% of US Market iehi-feed-54313 Wed, 09 Jul 2014 13:53:50 GMT Citigroup Nears $7 Billion Deal to Resolve Mortgage Probe - WSJ iehi-feed-54292 Mon, 07 Jul 2014 11:43:42 GMT MERS Loses Major Case in Pennsylvania Even though the court accepted the premise that notes could be transferred readily, which was one of the legs of the argument MERS advanced as to why it did not need to record mortgages, it rejected the notion that it meant mortgages weren't subject to the state recording law... As Georgetown law professor, Adam Levitin, said succinctly by e-mail, "MERS hasn't lost a case like this before." Damages are to be awarded in a jury trial. Note that this case did not decide the validity of mortgages in the MERS system, but you can be sure that borrower attorneys are planning to file a boatload of cases on the back of this decision.


This case is certain to be appealed. Not only is MERS facing a possibility of a very costly award, but this also increases the odds of suits in state where title does not pass to the borrower until the mortgage is paid off in full (aka "title theory states")

iehi-feed-54264 Thu, 03 Jul 2014 17:08:19 GMT London House Prices Surge the Most Since 1987