As a Realtor in Orange County, California, Gary Thomas lives at the epicenter of the last decade’s epic housing boom and bust that is only now beginning to release the economy from its withering grip.
There is evidently no idea bad enough and no failure severe enough to stop the government from trying it once again. In myopia remarkable even by abysmal government standards, the White House is pushing for policies that fueled the housing bubble, which burst a mere five years ago.
Lending to homebuyers in the U.S. remains little above the depressed levels hit during the recession because banks are wary about lending amid a slew of regulations coming out next year and proliferation of enforcement actions by state and federal regulators, a top mortgage banking official told The Washington Times.
While mortgage rates continue to stay down, I think it's appropriate for an update aimed at homeowners with loans insured by the Federal Housing Administration (FHA).
Friday's grim financial report from the Federal Housing Administration (FHA) -- it's insolvent to the tune of negative $31 billion -- is prompting fresh scrutiny of the government's role in housing, particularly the mayhem caused by federal backing of mortgages involving low down payments and low credit scores.
The Federal Reserve concluded Wednesday's Federal Open Market Committee meeting without making a decision to change anything. The Fed intends to continue buying long-term securities, mostly mortgages, in an effort to keep interest rates artificially low.
The election is all about the economy this year, but neither presidential candidate has talked much about two major problems that could make or break the economic recovery in the next presidential term: housing and its broken finance system, and the European debt crisis.
There are glimmers of hope in the housing market. Starts and prices are on the rise -- an upbeat signal the likes of which hasn't been seen in years.
The federal government has sued Wells Fargo Bank in New York, blaming the nation's largest originator of home mortgages for thousands of loan defaults over the past decade.