Alright, call me crazy, but reading through the news this week I found these two stories "Optimistic view on subprime woes and the overall economy," and "Defaults hurting housing market, economy." Now if I saw these conflicting headlines in different months, I would understand, but I saw them both in a matter of minutes. What's the deal? Both stories were inspired by a speech that Federal Reserve chairman Ben Bernanke gave to a banking conference in Chicago - but both tell quite a different story (you can read the articles below).
So which is it? Is the subprime fallout a blip on the economy radar or a sinking ship that is slowly dragging the economy down. Most likely it falls somewhere in-between, but I honestly don't think anyone knows. My plan - with mixed messages and a overall lack of clarity in the industry - is to put my blinders on and forge ahead.
Have great and safe holiday weekend!
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BillSparksmanTheCoach |
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ChicagoTribune |
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WIStv |
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| State regulators are trying to revoke the license of a Matthews broker they say arranged deals his customers could --not-- afford.
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Newsday |
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| Two men who operated a real estate company in suburban Albany pleaded guilty Thursday to bank fraud and tax evasion, admitting they diverted almost $2 million from lenders.
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St. Petersburg Times |
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| Sure, it's fun to be No. 1. Florida crows about it every chance it gets. First in job growth. First in spring breakers. But first in fraud?
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| Industry News |
MSNBC
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| Subprime lending's deep freeze has sent a chill over the rest of the industry as layoffs spread to those who lend to the more creditworthy.
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TheSouthern |
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To hear Ben Bernanke talk about the housing slump, you might think the Federal Reserve is still in need of a one-arm economist.
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MiamiHerald |
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The chairman of the Federal Reserve presented an optimistic view on subprime woes and the overall economy, but hinted at tighter regulations to come.
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TheLedger |
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When lenders refuse to write loans on central city row houses, does that violate federal fair housing rules?
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MarketTrends |
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The subprime fallout has raised concerns that tighter underwriting standards -- and possibly tougher regulation overall -- might squeeze certain consumers, preventing some marginally-creditworthy individuals from getting funded.
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ColumbianTribune |
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H&R Block Inc. said yesterday its struggling lending subsidiary, Option One Corp., will eliminate 615 positions as it tries to deal with diminished business.
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Chron |
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One interesting side effect of the subprime meltdown: the old guard is making a comeback.
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CPNOnline |
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| The Pittsburgh-based financial services organization has signed a definitive agreement to acquire Calabasas Hills, Calif.'s ARCS Commercial, a company that, as evidenced by its origination of $2.1 billion last year, is a major player in the multi-family lending business.
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MarketWatch |
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| Impac Holdings Inc. shares fell 5.6% to $5.35 in Friday morning trade
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StPetersburgTimes |
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| Crushing house payments are sending Floridians to credit counselors in staggering numbers.
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| On Capitol Hill |
TheEnquirer |
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Springtime traditionally means new beginnings. Perhaps that's why it's also the most popular home-buying time of year. But this year, some dark clouds overshadowed the spring blooms.
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CentreDaily |
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One of the toughest questions facing Congress as it tries to address the meltdown in the subprime market, which caters to customers with poor credit, is deciding whether Wall Street is part of the problem or part of the solution.
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ClarionLedger |
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The House debated legislation Thursday that would tighten federal oversight of the two largest buyers and guarantors, Fannie Mae and Freddie Mac.
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