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A few weeks ago I touched on the progression of the subprime meltdown blame game. The ups and downs in the mortgage industry have everyone looking for someone to take the fall. Well, this week seems as though the mob is taking a break from the blame, and starting to focus on the possible economic effects of the meltdown. And there's no better time as the economic repercussions of the meltdown have come home to roost. Since day one there has been talk about how this fallout would effect the overall US economy. However, much of the focus was on lenders and investors who were faced with the loss of billions of dollars and entire business'. Essentially, we put all of our optimistic eggs in one big basket. The big guns would take a hit, but with lay-offs, cut-backs, mergers - and a little federal intervention (from it's two cash cows) - business would slowly start to trend back upward. Well, despite several hopeful blips on the radar over the past few months, the news this week could have us all circling our wagons. The industry took a blow from two different directions this week. First, Freddie Mac announces it's poor earnings have resulted in the company having to halve its dividend and planning to sell $6 billion of preferred stock to cover more anticipated losses. The second wave came from the economic report released by the U.S. Conference of Mayors. The report stated that the lending crisis will cost the national economy $166 billion and 524,000 potential jobs. And in addition, homeowners across the country will lose $1.2 trillion in property values in 2008. To add insult to injury, Citigroup plans to lay-off a possible 45,000 employees and Wells Fargo is bracing for another hit. Honestly, the only positive news item I saw this week was CountryWide stating that it sees little impact from Freddie, Fannie. So what next, does government come in to help? I think we've covered that angle, and there are no changes to date. I guess we'll have to hitch our wagons to the resolve of this great country we live in, and continue to try and spark the recovery of the industry we hold dear - one loan at a time. Keep working hard! AP Freddie Mac to Sell Stock, Cut Dividend Freddie Mac halved its dividend and unveiled plans to sell $6 billion of preferred stock to bolster the mortgage investor's finances in anticipation of more losses, the company said Tuesday. Full Story Reuters Countrywide sees little impact from Freddie, Fannie Concerns about the government-sponsored enterprises grew last week after Freddie Mac posted a larger-than-expected $2 billion quarterly loss and said it was looking for ways to bolster capital, including through a possible dividend cut. Full Story Reuters Mayors warn worst of mortgage crisis ahead An escalating mortgage crisis will push another 1.4 million U.S. homes into foreclosure and drive nationwide property values lower by 7 percent next year, according to a report released on Tuesday by a group representing city mayors. Full Story CNNMoney Sector Snap: Mortgage Banks Fall Shares of banks that have large mortgage-origination operations continued to take a beating in midday trading Monday amid continued worries in the declining mortgage and housing markets. Full Story BusinessWeek Luminent Mortgage gets default notice San Francisco-based mortgage investor Luminent Mortgage Capital Inc. said Tuesday it received a notice of default on its $90 million convertible senior notes, related to the company's delay in filing its quarterly report. Full Story FindAProperty Mortgage Brokers Could Do Better Says FSA In their latest review of mortgage brokers in the prime and sub-prime market, the FSA (Financial Services Authority) has found that there continues to be cause for concern in the industry. Full Story RockyMountainNews Mortgage market hangover could choke holiday sales Susan and John Harriman normally spend about $500 on holiday gifts - $100 on presents for each other, $50 on their 29-year-old niece then $25 on all of their other family members. But this season, the couple has a wrenching choice to make: celebrate Christmas or keep their home out of foreclosure. Full Story QuickenLoans Long-term mortgage rates hit 2005 lows The average interest rate on a 30-year U.S. mortgage with no upfront points fell to 6.0 percent on Monday, the first time since late 2005 that it’s been at that level. In addition, 15-year fixed rate mortgages can now be obtained at rates not seen since early 2006. Full Story BloggingStocks Dick Cheney's wisdom on the mortgage mess With people from all sides calling for increased government intervention in the wake of the subprime meltdown, we've found a surprisingly intelligent viewpoint coming from an unlikely source: Vice President Dick Cheney. Full Story OriginatorTimes Rate Probability: Sideways to Lower Last week, rates ended better than where they began thanks to the continued woes in the stock market and light volume surrounding the Thanksgiving holiday. This week is jam packed with economic releases to top off the month of November. So where will rates end up this week? Full Story Bloomberg Countrywide Falls as Schumer Seeks Probe of Advances Countrywide Financial Corp. fell more than 10 percent in New York Stock Exchange trading after U.S. Senator Charles Schumer urged the regulator of the Federal Home Loan Bank system to probe cash advances to the largest U.S. mortgage lender. Full Story ComputerWorld Fired Microsoft CIO re-emerges as operations chief at mortgage firm Former Microsoft Corp. CIO Stuart Scott, who was fired by the software vendor earlier this month for violating unspecified company policies, has landed a new job -- and a promotion -- at a Florida-based mortgage firm. Full Story TheWallStreetJournal 'Predatory' Politics The housing recession still hasn't hit bottom and a new Goldman Sachs report suggests falling home values could cause a broader economic slump. So right on cue, by a veto-proof vote of 291-127, the U.S. House earlier this month passed a bill that would reduce homeownership. That's not the stated intention of the "Mortgage Reform and Anti-Predatory Lending Act of 2007," but it is the probable result. Full Story DenverPost Groups hope to stem credit woes A House bill would empower trustees to rework loan terms, helping to keep subprime borrowers from losing their homes. Full Story VoiceOfSanDiego Mortgage Fraud Hits the Courts In one of the first local cases in a national crackdown on mortgage and real estate fraud, four people connected with a San Marcos realty office have pleaded guilty to charges that they went to great and illegal lengths to secure mortgages for financially unqualified consumers, thereby pocketing more than $1 million in fraudulent commissions. Full Story Log In to Your Account   |   DP website Copyright 2007 DoublePositive Group, Inc 1030 Hull Street, Suite 300  |  Baltimore, MD  21230 888-376-7484