The First-Time Home Buyer Tax Credit - Opportunity Lost - 08/29/08 04:38 PM
I just posted an article on my outside mortgage on the first time home buyer tax credit and how Congress got it wrong called...
First-Time Home Buyer Tax Credit Offers Little Housing Stimulus
I propose a different tax credit that would have really motivated buyers to step back into the market now....this really is a golden opportunity missed.  Buyers could have really seen the benifits of a larger credit and bought now rather than wait.  This in turn would have reduce inventories, slowed foreclosures, and benifited municipal tax rolls, etc.
 
 
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Hope Now Numbers Unreliable - 08/27/08 03:19 PM
I just finished an article on our mortgage blog about the Hope Now Alliance that Bush hailed as the savior of the foreclosure crisis since they trotted out their unbelievable "foreclosures prevented" number today...
The Hope Now Alliance is a glorified collection agency for the big lenders and servicers...opting for repayment plans for foreclosure victims other than permenant loan modifictions.
 
 
 
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Another Bank in Trouble - 08/27/08 11:55 AM
I just finished an article about National City Corp...a big regional bank and former big player in the wholesale mortgage market.  I personally never brokered loans to National City, but I know many who did.  They are now in some hot water with the OCC and their own shareholders who filed a lawsuit yesterday claiming securities violations.
 
I'm sure depositors are safe (those with less than a $100K on deposit) but I wouldn't bet my life on it.  Midday stock trading shows the shares are up...which is strange, but I'd keep my eye on this one.  It will be back in … (2 comments)

Lehman Brothers Maybe On Auction Block - 08/22/08 10:27 AM
I just finished a post on my mortgage website about a Korean Development Bank buying Lehman Brothers...the US's fourth largest securities firm.  This is a Korean government run bank that wants to privatize in a few years...it sounds fishy...
I'm sure Korea thinks they are stealing an "american institution" or some such nonsense...but like the Indians and the pox filling blankets...they'd better check to see what disease comes with owning Lehman Bros.
Does Korea Development Bank Aquisition Solve Lehman Brothers Subprime Woes?
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Question on McCain's Houses Draws Fire - 08/21/08 03:38 PM
I just finished an article on our mortgage website a gaff McCain made about how many houses he owns...you gotta read..
McCain Houses - Obama Calls Opponent Out of Touch
Not knowing the number of houses you own...or the appearance you are out of touch with economic issues will be the kiss of death in this or any election where the economy is paramount...click over and read my comparison on McCain's response to this question as analogous to Bush 1's response to the "price of milk" question back in the 1992 election...
 
 
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Mortgage Fraud Ring At It Again! - 08/20/08 05:48 PM
I just finished a post on a Texas mortgage fraud ring busted for the second time...called ...
Texas Attorney General Busts Mortgage Fraud Gang - Again!
Talk about nerve...these guys committed the same mortgage frauds while out on bail!
Sad but hilarious at the same time these 4 four brain trusts were so completely out to lunch they thought they could get away with it.
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Email Phishing Attack on Bank Customers - 08/20/08 03:15 PM
Another fraudster is out to get credit card information from unwary bank customers using a phishing attack in an email spam...my article on this is called..
Salin Bank - Email Steals Your Account Information
Phishing attacks are usually done with websites but this one is perpetrated using a voice messaging system...read all about it...and know even if you aren't a Salin Bank account holder...this attack will be copied using other bank names shortly....you've been warned!
 
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Monthly Unemployment Numbers Deceiving... - 08/17/08 01:59 PM
I just finished an article demonstrating how the media reports the bad news over all the news whenever the opportunity arises...called...
Monthly NC Unemployment Statistics Are Misleading
I show not only North Carolina numbers but compare it to many states...and I also noticed an interesting correlation between jobs and home values....interesting...so click the link below...
Maybe you'll come to see dropping home values as a symptom and not a cause...
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Banks Offering Big Incentives To Attract Depositors - 08/15/08 01:26 PM
I just finished an article on our mortgage website on the incentives banks are offering to attract new depositors called...
PNC Bank $100 New Customer Bonus May Spell Trouble
It's sounds good, but it begs the question, "Why do they need the capital?"....are they in trouble?
Click over and read...
Plus there are some caveats to get the bonus the banks are offering...so don't get too excited...
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Signs of Life For Luxury Home Builder - 08/13/08 10:40 AM
I just posted a new article on my mortage website called...
Toll Brothers Inc Report Offers Ray Of Hope
which discusses the new revenue report on the US largest luxury home builder Toll Brothers...it has a few surprises ....so click over and read...
I can't really recommend buying a new home in this market as I wrote in yesterday's post...
Kirkway Estates Exemplifies Dangers In Buying New Homes 
but at least this segment of the market is showing a few improvements...
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Percentage of Home Underwater Shocking - 08/12/08 02:01 PM
I just finished an article on my outside mortgage advice website on the new numbers of homes with negative equity out today...and it's pretty shocking...it's called..
Negative Equity Insures Downward Spiraling Logjam in Housing Prices
I cover the reasons for the negative equity and the impact it has on the market in general...I also included a short video clip for more details...so click over ...
and get the scoop on negative equity and home prices...
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New Home Builder Created Ghost Towns - 08/12/08 12:53 PM
I just finished an article on my mortgage blog about the dangers of buying new construction homes in this credit crunch market called...
Kirkway Estates Exemplifies Dangers In Buying New Homes
It demonstrates all the dangers using development outside Detroit called Kirkway Estates....click over and read this article if you are considering buy from a new home builder...you may change your mind!
Failing new home builders are going to be a problem until construction credit loosens...and that could be a very long time...
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Servicer of First Horizon Home Loans Rated One of the Weakest Banks in US - 08/11/08 12:10 PM
I just finished an article on First Tennessee Bank who handles servicing for First Horizon Home Loans called...
First Tennessee Bank Owned By First Horizon National Corporation Rated Weak
The article discusses some new research outlining the weakness of the nations biggest banks...and it's shocking.  Jump over and read about this banks troubles and what you as a depositor or shareholder should do about it.
This may or may not be another bank failure in the making...so don't say you weren't warned!
 
 
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Fannie Mae today reported a $2.3 Billion loss - 08/08/08 12:28 PM
I just posted a report on Fannie Mae's continued troubles called...
Fannie Mae Posts Larger Than Expected Loss
The conventional loan mortgage insurer is still hemmoraging money...click over and read all about it...
 After last weeks new law, we know they won't go under...but what is next?
Auto maker bail out?  City County and State government bail outs? Tax payer bail out?
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Another Bond Insurer Playing Games With Earnings - 08/08/08 11:34 AM
I just finished an article posted on my mortgage blog how MBIA posted a huge gain after using a new tax law  called...
MBIA Inc - Another Bond Insurer Posts Unexpected Gain
This is the second company with exposure to the subprime mortgage market to make things seem rosier than they are...click over and read..
"MBIA Inc - Another Bond Insurer Posts Unexpected Gain"
Bond insurers back CDOs a form of mortgage backed security that's underlying collateral is a pool of mortgages...in many cases subprime mortgages.  When the value of the collateral collapses the bond insurer is on the hook for … (0 comments)

Reverse Mortgage Changes - Media Gets It Wrong - 08/06/08 01:09 PM
I just finished a post on my mortgage about the new max loan limits and how the media is touting as a "gift" to the elderly...called
Reverse Mortgage Dangers - Making Grandma Homeless
Folks ...even industry folks...don't understand all the ramifications of the reverse morgage...so how is Grandma supposed to figure it out.  Plus the con men have been and now will resurge their efforts to laying their grubby mits on Grandma's equity...GREAT!
Read all about the scams they use and why raising the limit just gave the bad guys more incentive...
Call your Grandma and warn her of the dangers!  Tell … (1 comments)

Bond Insurers Still Can't Get Earnings Report Right - 08/06/08 10:31 AM
Ambac a big bond insurer responsible for giving mortgage backed securities the ratings they needed to be sold by Wall Street infecting the world with bad debt...one of the hidden players in the mortgage meltdown...today posted an earnings gain of $800 million...which seemed strange....until you look deeper...
The new post is called...Ambac Financial Group Inc Posts Deceiving Earnings Increase
It seems they used a special accounting rule to book a loss as "a gain" ...creating their glowing earnings number...read all about it...
 
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Fed Decision on Rates Lacks Vision - 08/05/08 03:23 PM
I just finished a post on FOMC decision to keep rates at 2% ...even in the light of high oil and commodity prices called...
Fed Decision To Hold Rates Steady Shows No Courage
Ignoring inflationary pressures today is like walking through a mine field instead of clearing it...click over and read
Dealing with tough choices doesn't seem to be this Governments strong suit...especially when it means taking some money out of the pockets of Wall Street...
What do you think?
 
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Triad Guaranty - Mortgage Insurer Ceasing New Business - 08/05/08 11:20 AM
I just finished a post on my mortgage blog about TGIC posting huge 2nd quarter losses called
TGIC - Triad Guaranty - Mortgage Insurer Down $198 Million
The company in light of these losses suspending writing new policies...so click over and read the article.
This doesn't bode well for the tax payer bail out of Fannie Mae and Freddie Mac...the housing crisis bill passed into law last week.
I think we got sold down the river with the quick passage of the one...
 
 
 
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IndyMac Makes It Official - Chapter 7 Filed - 08/04/08 03:02 PM
I just reported on IndyMac's bankruptcy filing and the real causes on my mortgage blog called
IndyMac Bancorp Bankruptcy Filed - Thanks Senator Shumer!
Nobody is sure whether IndyMac would have survived if they had been left to sort out their problems...but one thing is certain...
They were never given the chance!  Senator Shumer saw to that...click over a read just how this happened..
It looks like a corporate "hit" if you ask me...
 
 
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Banks Too Slow To Act - Credit Crisis Extended Indefinitely - 08/04/08 12:29 PM
I just finished a post on my outside morgage website on the slow action of the Wall Street firms and the banks which will extending the current credit crisis called...
Meredith Whitney Says Banks Not Facing Mortgage Meltdown Reality
Ms Whitney a Wall Street analyst makes the case ...a case I've been shouting about for months...
Click the link and learn how the banks could get this over quick or we could all die the death of a thousand cuts...
They got us in this mess and they should do the right thing and fall on their sword to get us out...
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Historic Landmark For Sale for $1! - 08/03/08 11:15 AM
The government is selling a lighthouse for a $1!  Read more on my morgage blog under...
Lighthouses For Sale - Government Dumping Connecticut Landmark for $1!
There's a catch...of course...there always is with the Government...read all about it.
Actually this is a rather sad commentary on the financial state of the Federal Government when they can't afford the upkeep on their own historical properties.
What do you think?
 
 
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Florida Regional Bank Shut Down Friday - 08/02/08 11:31 AM
The FDIC shut down a Florida regional bank on Friday turning it's assets over to SunTrust...the mega-bank out of Atlanta. Here's the link on my mortgage blog...
First Priority Bank Shut Down in Florida - Smells Fishy
You'll need to click over and read the article, but it seems to me...there is something a little more sinister going on here...
This bank wasn't that weak...as you'll see...so why is the FDIC gift-wrapping it and giving it to SunTrust?
 
 
Let me know your thoughts....
 
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TheMortgageInsider.net, Rob K. Blake

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