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-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 iehi-feed-55412 Wed, 12 Nov 2014 16:09:17 GMT The Fed Won: America's 0.1% Are Now Wealthier Than The Bottom 90% http://implode-explode.com/viewnews/2014-11-12_TheFedWonAmericas01AreNowWealthierThanTheBottom90.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-55394 Sun, 09 Nov 2014 13:07:46 GMT Buyer Finds 3 Year Old Corpse Of Previous Owner In New Home http://implode-explode.com/viewnews/2014-11-09_BuyerFinds3YearOldCorpseOfPreviousOwnerInNewHome.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-55369 Thu, 06 Nov 2014 15:19:42 GMT Screwing Our Vets Is an American Tradition | Richard Zombeck http://implode-explode.com/viewnews/2014-11-06_ScrewingOurVetsIsanAmericanTraditionRichardZombeck.html ``Fourth Quarter's management company, Burgwyn Residential Management Services, LLC are now the subject of a HUD complaint filed by Mitchell and 10 other disabled vets with the help of Lacefield and Coleman, LLC.

According to The Denver Post, Fourth Quarter Apartments receives a 20-year subsidy of $201,600 annually from a local non-profit. Additionally, according to a March 2014 Denver City Council meeting agenda, they could be receiving an additional $584,457 every year from the city of Denver.

Earlier this month, the tenants of Fourth Quarter Apartments, with the help of Lacefield and Coleman Fair Housing Advocates, LLC, a firm that helps homeowners and tenants with Fair Housing and Fair Lending complaints, filed multiple complaints with HUD against the property management company, Burgwyn Residential Management Services, LLC and property manager Jill Montgomery.''

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iehi-feed-55366 Thu, 06 Nov 2014 00:56:28 GMT Blight developer drops bid for 6,000 properties, says Detroit wanted control http://implode-explode.com/viewnews/2014-11-05_Blightdeveloperdropsbidfor6000propertiessaysDetroitwantedcontrol.html 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. ]]>