Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-55710 Mon, 22 Dec 2014 00:10:33 GMT Pandemonimium Breaks Out As Treasury Releases New TILA Guidebook http://implode-explode.com/viewnews/2014-12-21_PandemonimiumBreaksOutAsTreasuryReleasesNewTILAGuidebook.html iehi-feed-55680 Wed, 17 Dec 2014 22:14:34 GMT Convicted Mortgage Fraud Kingpin Attempts Shawshank Style Prison Break http://implode-explode.com/viewnews/2014-12-17_ConvictedMortgageFraudKingpinAttemptsShawshankStylePrisonBreak.html iehi-feed-55679 Wed, 17 Dec 2014 14:26:27 GMT The MSM Misleads Again: Housing Starts Didn't ‘Weaken' A Tad In November, They Plunged http://implode-explode.com/viewnews/2014-12-17_TheMSMMisleadsAgainHousingStartsDidntWeakenATadInNovemberTheyPlu.html iehi-feed-55640 Fri, 12 Dec 2014 15:25:07 GMT Why Millennials are stuck living at home with parents http://implode-explode.com/viewnews/2014-12-12_WhyMillennialsarestucklivingathomewithparents.html iehi-feed-55631 Thu, 11 Dec 2014 15:41:48 GMT Detroit emerges from nation's largest municipal bankruptcy http://implode-explode.com/viewnews/2014-12-11_Detroitemergesfromnationslargestmunicipalbankruptcy.html iehi-feed-55612 Mon, 08 Dec 2014 19:58:05 GMT Fannie, Freddie Cut Down Payments for Some Homebuyers to 3% http://implode-explode.com/viewnews/2014-12-08_FannieFreddieCutDownPaymentsforSomeHomebuyersto3.html iehi-feed-55585 Thu, 04 Dec 2014 21:02:12 GMT US fast food worker protests expand to 190 cities http://implode-explode.com/viewnews/2014-12-04_USfastfoodworkerprotestsexpandto190cities.html iehi-feed-55551 Sun, 30 Nov 2014 14:40:14 GMT This FHA Foreclosure Defense Strategy Stops Lenders In Their Tracks http://implode-explode.com/viewnews/2014-11-30_ThisFHAForeclosureDefenseStrategyStopsLendersInTheirTracks.html iehi-feed-55550 Sun, 30 Nov 2014 14:37:22 GMT A Record 62K Detroit Properties Owing $326M In Taxes Going To Auction In 2015 http://implode-explode.com/viewnews/2014-11-30_ARecord62KDetroitPropertiesOwing326MInTaxesGoingToAuctionIn2015.html iehi-feed-55549 Sun, 30 Nov 2014 14:35:32 GMT Detroit's Squatter Pandemic Is Chasing Away Millions In RE Investment http://implode-explode.com/viewnews/2014-11-30_DetroitsSquatterPandemicIsChasingAwayMillionsInREInvestment.html 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-55440 Sat, 15 Nov 2014 19:37:48 GMT Dean Baker: Retirement Savings Depleted http://implode-explode.com/viewnews/2014-11-15_DeanBakerRetirementSavingsDepleted.html 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-55424 Thu, 13 Nov 2014 20:45:47 GMT Banks Quietly Refusing to Cancel Debts Discharged in Bankruptcies http://implode-explode.com/viewnews/2014-11-13_BanksQuietlyRefusingtoCancelDebtsDischargedinBankruptcies.html The problem, state and federal officials suspect, is that some of the nation's biggest banks ignore bankruptcy court discharges, which render the debts void. Paying no heed to the courts, the banks keep the debts alive on credit reports, essentially forcing borrowers to make payments on bills that they do not legally owe.

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Now lawyers with the United States Trustee Program, an arm of the Justice Department, are investigating JPMorgan Chase, Bank of America, Citigroup and Synchrony Financial, formerly known as GE Capital Retail Finance, suspecting the banks of violating federal bankruptcy law by ignoring the discharge injunction, say people briefed on the investigations.

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many borrowers end up paying, given that they have so much at stake -- the tarnished credit reports showing they still owe a debt can cost them a new loan, housing or a job. The Vogts, a couple in Denver, for example, paid JPMorgan $2,582 on a debt that was discharged in bankruptcy because they needed a clean credit report to get a mortgage.

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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-55416 Wed, 12 Nov 2014 23:24:24 GMT What the Economy Has Done to the Family http://implode-explode.com/viewnews/2014-11-12_WhattheEconomyHasDonetotheFamily.html