Jul 16 2012

Refinancing debt into prosperity – most mortgage activity for refinances with applications up 97 percent from last year and car sales are down by over 50 percent from 2001.

Shuffling papers around on your desk does not mean you are being productive but might give the appearance of activity.  Refinancing debt in countries in an insolvent position may feel good for the moment, but ultimately the position is unsustainable.  You buy yourself a window of opportunity.  With the Federal Reserve pushing mortgage rates to […]

Aug 20 2009

Home Equity Loans: $674 Billion in Total Loans. When The Household ATM Goes Out of Order. First, Second, Third, Fourth, and Even Fifth Mortgages.

Home equity was once seen as a cushion for a rainy day.  People built up home equity as a means of paying off their home loan and saw it as a source of security.  The days of the mortgage burning parties were all but lost in this housing bubble.  The roots of the housing bubble […]

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 […]

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 […]

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