housing crisis

HAMP is a scam

The Obama administration’s Home Affordable Modification Program has been touted as a savor of distressed homeowners across America. The problem is that the numbers show an entirely different story.

More than 650,994 loan revisions had been started through the Obama administration’s Home Affordable Modification Program as of last month, from about 487,081 as of September, according to the Treasury. None of the trial modifications through October had been converted to permanent repayment plans, the Treasury data showed.

None? NONE! Not a single one! WTF!
Five months and 651,000 trial modifications and not one single borrower can get a permanent break? We throw hundreds of billions of dollars at these TARP banks and they can't cut a single distressed homeowner some slack?

30% of homeowners would sell at the first sign of a rebound in housing

Normally I would just add this article to Joe's excellent post, but this point is so important that it deserves its own section.

Three out of four U.S. homeowners think the worst is over in the housing market.

And half of the homeowners in Southern states – including Texas – say home prices will stabilize in their areas in the next six months, according to a new survey by Zillow.com.
Almost a quarter of homeowners in the South said they think their properties will increase in value during the next six months.

Freddie Mac, Fannie Mae to Suspend Foreclosures Until January 9th

Merry Christmas!

This is a silver lining in a dark cloud, Freddie Mac and Fannie Mae are suspending all foreclosures until January 9th.

Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are suspending foreclosures beginning next week through Jan. 9.

Half of homeowners still in denial

You would think that the sheeple would have been able to buy a clue by now. It turns out that most of them are still traveling on the river Denial.

Almost half of U.S. homeowners think their homes are insulated from the broader national decline in prices, according to a survey by real-estate Web site Zillow.com.

Despite a financial crisis, market volatility and continued indications of declining home prices, 17% of homeowners told Zillow they think their own home's value stayed the same over the past year, while 32% said their home has appreciated in value. Zillow estimates that nearly three-quarters of homes have lost value in the past 12 months.

Just a Little FDIC News - 117 Banks in Big Trouble, Profits Plunge 86%

Today is all DNC, all of the time to the point one is about to get absolutely nauseated listening to these 24/7 Cable pundit talking heads rambling on like Charlie Brown's teacher ...

so it's a very good time to release some bad news right?

The FDIC reports:

117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter and the biggest tally since mid-2003.

of course hidden further IndyMac will cost more:

The Federal Deposit Insurance Corp said on Tuesday it now expects IndyMac's failure in July to cost its insurance fund $8.9 billion, compared with the previous expected range of $4 billion to $8 billion

Foreclosure Filings: 272,171 last month

WSJ reports.

Increased 8% in July, 55% in a year. But I think the raw number tells the best story.

How many American families (not investors, not foreign investments or 2nd properties, rentals, bank owned, speculators) are actually owned in the United States?

What's the real percentage of US families, your typical working family, losing their home?