Mar 2 2012

Hitting the credit card wall – Credit card debt contracts 17 percent as the grand American household deleveraging continues. Average household with credit card debt carries $16,000 at an average rate of 15% – Real broke housewives. Orange County California witnesses a 600 percent jump in bankruptcies.

Credit card debt has become a big financial albatross for many American families.  According to the Federal Reserve Survey on Consumer Finance over 176 million credit cardholders exist in the United States.  This is an amazing figure when you actually think about what a credit card is.  A credit card essentially allows you to spend […]

Mar 30 2010

Real Estate Still Overpriced in California in many Markets and Paying your Mortgage with Unemployment Benefits – Examining Housing Values through Employment and Local Market Trends. Los Angeles has a 4.4 Income to Home Price Ratio even after a 42 Percent Price Decline.

As housing prices have collapsed from their halcyon bubble peak, many are peering out into the foreclosure landscape that is the current U.S. real estate market and are wondering if prices now fall in line with economic fundamentals.  The problem in many areas across the U.S. isn’t so much with housing prices but actual employment […]

Jun 22 2009

California Foreclosure Prevention Act: Creating an Army of Lifetime Renters in California.

On June 15th California implemented another foreclosure moratorium.  The California Foreclosure Prevention Act (CFPA) was signed into law by Governor Schwarzenegger which adds another 90 days to the foreclosure process.  If you recall, a similar law was put into place in 2008 and turned out to be an utter failure.  So what do we do?  […]

Apr 28 2009

California Loan Modification Scams: Kicking the Financial Can Down the Road. SB 1137 and SBX2 7. Mortgage Cram-Downs Stripped from Rescue Bill. Loan Mods that make your Payment go up.

In another chess move to reward banks and fleece the American public, cram-down legislation was stripped out of the new rescue bill.  This is significant since this was one of the keystones in the new housing agenda.  Yet the banking oligarchy wasn’t pleased with this legislation and applied pressure via lobbying to get this piece […]

Feb 19 2009

Homeowner Affordability and Stability Plan: California and Florida you are Financially on Your Own.

I was cautious about the details in the new Homeowner Affordability and Stability Plan which was announced on Wednesday. It is going to use $75 billion from the additional $350 billion in TARP funds while accessing the $200 billion in backstops to Fannie Mae and Freddie Mac.  Yet one key point, and probably a reason […]

Jan 29 2009

Cram Downs: A Bad Bank and Cram Downs are Diametrically Opposed Ideas.

While the market is intrigued by the nearly $1 trillion fiscal stimulus plan, a mortgage cram down bill has already passed the House.  It is amazing that it has taken this long to even get this thing going if the true premise of the politicians and policy makers was to save homeowners from losing their […]


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