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Another quarter and another set of
reports from the folks over at the PMI Group. No one really thought
of those guys during this whole mess, did they? Well, those
investors that had their mortgage portfolios covered by PMI have
received hundreds of millions of dollars to help offset some of
their losses. A lot of money for sure, but not nearly as much as the
mortgage bond insurer, MBIA, who is reporting Q1 loses in the
billions of dollars.
Speaking of losses, it looks like the
government is going to get pretty upset pretty quick if it believes
that the private sector is going to dump a bunch of bad loans on the
FHA. President Bush recently threatened to veto an FHA modernization
bill for this exact reason. Now the agency and the Bush
administration are wrangling back and forth to figure out the exact
role that the FHA is going to play in this new world order. While we
all wait to see how that pans out, it nice to know that agency is in
good financial health to help pull us through.
As a side
note, I have a friend, Amy, who is now going through her own
mortgage related mess. She bought a home in Pennsylvania for a
little over $400k. It was a lot for her, but, between her and her
husband they could cover the mortgage payment. Plus, it was her
dream home, so she just couldn't pass it up. Well, fast forward 3
years and she has been laid off (She worked for Bear Stearns!) and
her 401k has completely tanked. The family is now 3 months behind on
mortgage payments. And, while they continue to keep up with their
daily expenses and paying their 'regular' bills, they have
completely given up on making payments on their mortgage. She called
me over the weekend to see if there was any way I could help her. I
am not sure yet what to do as I am still learning about her
situation, but if you have any suggestions, please give me a call.
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Forbes |
| Two former
owners of a defunct mortgage firm were charged on Thursday with
stealing $44 million from Fannie Mae and forging paperwork in loan
sales to Credit Suisse. Full Story |
WashingtonPost |
| The Federal
Housing Administration has a big new role to play in untangling the
mortgage mess, but even the agency itself does not know whether it
can or should handle some of the tasks it is being asked to perform.
Full Story |
LosAngelesTimes |
| The House on
Thursday passed the most sweeping government plan yet to shore up
the troubled housing market and help people struggling to pay their
mortgages, adopting legislation that would underwrite $300 billion
in new loans and keep an estimated 500,000 homeowners out of
foreclosure. Full Story |
Forbes |
| Quarterly
reports from mortgage insurer PMI Group and bond insurer MBIA were a
painful reminder of the reality of surging mortgage defaults and
delinquencies, and the ongoing rot in the credit markets. Full Story |
WallStreetJournal |
| IndyMac
Bancorp Inc., a lender that thrived during the housing boom by
offering home mortgages that often required little or no proof of
income, posted a $184.2 million loss for the first quarter and said
it is weighing moves to raise capital Full Story |
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