Jul 5 2009
Underwater Mortgages: HUD Announces Eligibility for up to 125 Percent Loan to Value. Why This is Smoke and Mirrors Financial Theatre.
Only a few days ago HUD Secretary Shaun Donovan announced that mortgages with a 125 percent loan to value would now be eligible for the Home Affordable Refinance Program. I received a few e-mails from readers dismayed about this announcement since it would be troubling for the government to simply buy mortgages that are severely [...]
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? [...]
