Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-58923 Sat, 06 Feb 2016 11:52:02 GMT California No Longer Foreclosure 'Kingpin'? Playing with the data... again. | Mandelman Matters In fact, a half a percent drop in the loosely defined non-current rate could just be a statistical anomaly since the data came from Black Knight Financial, which used to be LPS, and they're a company that tracks roughly 40 percent of all mortgages.  So, the half a percent drop in the non-current rate, if it didn't sound small enough already, might not even be there at all!...

if the number of underwater homes nationally in 2015 fell by almost a million from 2014, which is roughly a 20 percent decline, then shouldn't foreclosures in 2015 nationally have fallen by more than just one percent? I mean, if underwater homes are the major factor in foreclosures, then 20 percent fewer underwater homes should mean more than a one percent drop in foreclosures, right? Am I missing something here?

iehi-feed-58920 Fri, 05 Feb 2016 22:44:28 GMT HSBC Reaches $470 Million Accord Over Foreclosure Abuses iehi-feed-58914 Fri, 05 Feb 2016 15:46:14 GMT New York's New High-End Rentals Multiply Above As Homeless Youths Do Below A slew of high-end, high-profile rental buildings are poised to open across Manhattan and Brooklyn this year, adding more than 8,000 units at a pace not seen in years, and in the process, redefining what rental housing in the city can be... Prices, too, are lofty, with studios in some of the buildings renting for about $5,000 a month.

While any softness in the rental market -- new leasing activity has slowed in recent months, and vacancies are up -- could spell challenges going forward, most developers say they are undeterred.


"We have apartments with a lot of character to them," said Jonathan Drescher, a Durst senior vice president. And those apartments seem tailored to younger, unattached renters, as 85 percent are studios, starting at $2,770 a month, or one-bedrooms, starting at $3,880. In contrast, the median price of a studio in Manhattan in December was $2,562 a month, while that of a one-bedroom was $3,375, according to a market report from Douglas Elliman Real Estate.

... Traditionally, in New York, the dividing line between a robust and not-so-great market is a 2 percent vacancy rate. Since June of last year, the rate has been higher, with November's at 2.87 percent, the highest in nine years, Mr. Miller said. In December, the rate was 2.74 percent.

Meanwhile, the young homeless are multiplying and underserved...

They are sitting on the floor at the Port Authority Bus Terminal and charging their phones as if they were college students awaiting a bus home. They are huddled on the sidewalk, hanging out. They sleep on friends' couches and in strangers' beds. They stay with "Uncle A.C.E.," code for the long route of the A train, where they can spend hours unbothered and unnoticed.

Mostly, they just blend in, people in their late teens or early 20s, navigating a treacherous path into adulthood... groups serving young homeless people said recently that the efforts fell far short of the need. The problem, they said, is how "homeless" is defined.

Young people staying temporarily with friends and extended family are "technically homeless, but they are not sleeping under a bridge," said Douglas O'Dell, the executive director of the SCO Family of Services, a nonprofit focused on ending homelessness and helping low-income people and troubled young people.

Last year, the total number of sheltered and unsheltered homeless people in the city was 75,323, which included 1,706 people between ages 18 and 24. The actual number of young people is significantly higher, according to the service providers, who said the census mostly captured young people who received social services. The census takers were not allowed to enter private businesses, including many of the late-night spots where young people often create an ad hoc shelter by pretending to be customers.

Suggestion: fake your documents and bounce from luxury rental to luxury rental on a 2-months-free deals...

iehi-feed-58894 Wed, 03 Feb 2016 16:44:57 GMT Wells Fargo to pay $1.2 billion in FHA-related settlement iehi-feed-58893 Wed, 03 Feb 2016 13:53:27 GMT California Supreme Court Ruling is an Important Win for Homeowners | Mandelman Matters iehi-feed-58884 Tue, 02 Feb 2016 14:10:19 GMT Mortgage Forgiveness Debt Relief Act Extended Again... and Again... and Again | Mandelman Matters iehi-feed-58870 Sun, 31 Jan 2016 20:35:18 GMT The zero down mortgage is back and it starts in San Francisco with "Poppyloan" iehi-feed-58857 Fri, 29 Jan 2016 20:09:41 GMT Disabled Combat Veteran Sues Wells Fargo iehi-feed-58847 Fri, 29 Jan 2016 05:13:37 GMT Mortgages are still getting cheaper (MORE PROOF THE FED RATE "HIKE" WAS A FRAUD) paying banks more through reverse repos and interest on deposits, the exact opposite of what a classic rate rise entails...)]]> iehi-feed-58845 Fri, 29 Jan 2016 00:09:03 GMT 1st Circuit COA Affirms Conviction Of Mortgage Fraudster iehi-feed-58841 Thu, 28 Jan 2016 21:47:33 GMT Millennials continue to be priced out of the housing market iehi-feed-58839 Thu, 28 Jan 2016 15:56:22 GMT Pending home sales flat in December (EVEN WITH GOOD WEATHER) iehi-feed-58827 Wed, 27 Jan 2016 14:13:38 GMT Look at All The Famous Wall Street Shills Who Got (ARE STILL GETTING) The Housing Market Dead Wrong if Housing is so affordable then why do we have this data line showing, with the lowest interest rate curve post WWI, we still have the worst demand for existing homes on record.  And new homes are much more expensive.


Keep in mind that the affordability index used by nearly everyone is terribly flawed. It assumes all Americans have 20% down, starting debt to income ratio of 25% and no credit card revolving debt. Does that seem to you to be a realistic expectation for our average American? This is why we haven't seen Nirvana in new homes.

iehi-feed-58826 Wed, 27 Jan 2016 03:49:04 GMT Measuring the Real Costs of Credit Damage | Mandelman Matters iehi-feed-58822 Wed, 27 Jan 2016 02:40:32 GMT Cheap Detroit Homes And Straw Deals Don't Mix iehi-feed-58821 Tue, 26 Jan 2016 19:45:10 GMT Americans are trapped in a ‘cycle of financial insecurity' (Keeping homeownership rates low, renters distressed) iehi-feed-58816 Tue, 26 Jan 2016 17:25:05 GMT Home Prices in 20 U.S. Cities Climb by Most Since July 2014 (While Luxury Fizzles) The Surge in U.S. Mansion Prices Is Now Over. That article has a nice chart that shows gains in both the top 5% as well as bottom 95% slowing. The non-top-5% of the market really seems to be a low-mortgage-rates story more than anything else.]]> iehi-feed-58808 Mon, 25 Jan 2016 19:48:22 GMT US Sen.Nelson Asks For SIGTARP Investigation Into Florida Hardest Hit Fund iehi-feed-58807 Mon, 25 Jan 2016 17:47:10 GMT Hudson Valley Developer Admits To HUD Kickback Scheme iehi-feed-58806 Sun, 24 Jan 2016 21:10:07 GMT Florida Supreme Court Issues New Foreclosure Rules