Walk Away From Your Mortgage! – The New York Times
Such voluntary defaults are a new phenomenon. Time was, Americans would do anything to pay their mortgage — forgo a new car or a vacation, even put a younger family member to work. But the housing collapse left 10.7 million families owing more than their homes are worth. So some of them are making a calculated decision to hang onto their money and let their homes go. Is this irresponsible?
Personal Bankruptcy Filings Rising Fast – The Wall Street Journal
And more people are filing for Chapter 7 bankruptcy, which liquidates assets to pay off some debts and absolves the filers of others. That is significant because a 2005 overhaul of federal bankruptcy laws aimed to encourage Chapter 13 filings, which force consumers to sign onto debt-repayment plans in exchange for keeping certain assets.
More Worries about end of Fed MBS Purchase Program – Calculated Risk
2009′s Annual Home Price Decline Smallest in Three Years – DS News
The company says it’s the smallest annual decline since the housing crisis set in three years ago, offering hope that the worst really is behind us.
Keeping America’s Edge – National Affairs
Beyond our short-term worries, and behind many of today’s political debates, lurks the deeper challenge of coming to terms with America’s place in the global economic order…
Capitalist Fools – Megan McArdle
Commercial real estate is dominated by financial professionals, not hustlers looking for a quick flip. So why is the market about to melt down?
Oakland’s City Walk stuck in lending freeze – The Oakland Tribune
Why? It looks as if the credit crunch continues to haunt the real estate markets.
“The availability of construction loans in excess of $20 million remains scarce,” Middleton said.
Geithner Must Go – Henry Blodget
The latest revelations about the New York Fed’s actions in the AIG bailout make one thing clear: Treasury Secretary Tim Geithner must go.
Housing Market in 2010: The Idiocy Continues – Seeking Alpha
I went to see an open house yesterday (Sunday), where a 4300 square foot house was up for sale for $975,000. The appraisal was a cool mil, and the owners generously took $25,000 off the asking price. Of course, the poor owners bought the house, with a stunning view of Reno, for 1.2 million dollars!
Consumers Are Moving Their Money to Credit Unions – HuffPo
For consumers, the move makes perfect sense. Credit unions are not-for-profit cooperatives, and they’re owned by their members. They offer the same products and services banks do, but unlike banks, credit unions exist only to serve their members — not to generate profits for outside investors.
Principal Cuts on Lender Menus as Foreclosures Rise – Bloomberg
Banks may be forced to resort to a remedy they’ve been trying to avoid — principal reductions — as another wave of foreclosures looms and payments on risky loans rise…
Fully Played Out? – Michael Panzner
After a miserable year, 2010 has to be better, right?
Time To Indict Geithner For Securities Fraud – Mish
The web of known parties guilty of fraud, coercion, or securities manipulation keeps getting bigger. Please consider N.Y. Fed Told A.I.G. Not to Disclose Swap Details.
Geithner’s In The Soup – Matt Taibbi
Between owning the individual mandate on health care and allowing the Republicans to seize the moral high ground on the bailouts, the Democrats have just set themselves up to lose a good decade’s worth of elections.
Don’t Believe The Headlines. Lennar Did Not Show A Q4 Profit – HousingDoom
The Joys of Home Ownership – Kid Dynamite
I am learning on the fly just how expensive owning a home is, because I just bought one…
Broader U-6 Unemployment Rate Increases to 17.3% in December – The Wall Street Journal
(It’s interesting that more and more places are giving credit to the U6 alternative measure for unemployment)
