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Monthly Archives: May 2007
U.S. foreclosure rate doubles in a year
The US housing market continues to fold as reported by Bloomberg this morning. http://www.newsday.com/business/ny-bzfore5203745may08,0,4007906.story?coll=ny-business-print Meanwhile in other parts of the world the bubble is still billowing, See London Housing Gap Sparks `Gazumping' Epidemic of Bidding Wars http://www.bloomberg.com/apps/newspid=email_en&refer=economy&sid=aqCYhxafUCWE Sure we all had … Continue reading
Pressure at Mortgage firms led to Mass Approval of Bad Loans
Human beings are nothing if not predictable. Especially when the greed of large commissions are motivating. A story today in the Washington Post highlights that the same old characteristics have been running rampant in the mortgage business of the past few … Continue reading
Who is to make wise those who are required to have wisdom?
The Federal Reserve Board, under fire from Congress for lax enforcement during the biggest mortgage boom in American history, will hold a public hearing on how it might use its authority to prevent abuses in the mortgage market. See Bloomberg … Continue reading
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