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Credit Crisis

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Here’s an Ad We Don’t See These Days

Monday, October 22nd, 2012

I was reading about Ray Lewis last night and one of the articles I read about him was in a PDF version of a magazine. Paging through the magazine, I came across an add for a mortgage broker who offered the following: WOW! This was from a magazine published in 2007. I know it was […]

Allan Sloan with Myths Regarding the Credit Crisis

Friday, July 13th, 2012

Overall, I think Allan Sloan does a nice job with this short piece on myths regarding the credit crisis. The myths: Myth No. 1: The government should have done nothing. Myth No. 2: The government bailed out shareholders. Myth No. 3: The Volcker Rule will save us. Myth No. 4: Taxpayers are off the hook […]

Robert Shiller: “Reviving Real Estate Requires Collective Action”

Monday, June 25th, 2012

Read this over the weekend: Reviving Real Estate Requires Collective Action What does he mean by “collective action”? Well, here’s one idea, which I find scary: ROBERT C. HOCKETT, a Cornell University law professor, has outlined another approach, which uses the principle of eminent domain, to solve this collective action problem. Eminent domain has been […]

A Trip to Magic Fairy Land for Some Homeowners

Tuesday, May 8th, 2012

This makes me ill: Bank of America Offers Principal Reductions to 200,000 Homeowners A select group of struggling mortgage borrowers are about to get an offer that sounds too good to be true. Executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reduction. …eligible borrowers could get […]

More on the Housing Settlement

Friday, February 10th, 2012

According to this morning’s WSJ, banks have reached an agreement over alleged foreclosure abuses (the WSJ’s wording). The settlement is for $25 billion. Details aren’t hammered out but in general, it will… • Provide $17 billion to borrowers at risk of foreclosure. • Offer reductions in loan principal and other assistance to qualifying homeowners. • […]


Wednesday, December 28th, 2011

One thing I have learned over the years is that every decision has consequences. If I choose to spend my entire savings on a new car and then the air conditioner breaks, I have to live with the consequence of spending all my savings on the new car and will have to figure out a […]

Four Million Foreclosures Are Subject to Review

Wednesday, November 2nd, 2011

About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders who are accused of moving too swiftly to seize their homes. The Office of the Comptroller of the Currency said […]

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