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One in Four Borrowers Is Under Water
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According to First American CoreLogic, a real estate information company, 10.7 million households had negative equity in their homes. That is they were under water because they owed more on their mortgages than the properties are worth. The proportion is 23% or one in four homeowners. Mark Fleming CoreLogic's chief economist points out that having negative equity lowers labor mobility and in that way makes it harder to sell the house to look for jobs elsewhere. This is happening in Michigan and other states and is a discouraging sign for improving the job numbers. In this way the poor prospects in housing, banking bad loans in commercial real estate with tight bank lending, and the already high 10.2% umnemployment rate intersect to make 2010 pose significant risks for the economy.
Homeowners facing foreclosure and lack of any meaningful help.
09/29/2008
Lack of any meaningful help to homeowners facing foreclosure upto the Lehman Fannie crisis, and the failure to provide any significant help to homeowners in the $700 billion Sept 2008 bailout plan targeted mostly at freeing up the credit markets.
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Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
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Rescue Includes Steps to Help Borrowers Keep Homes
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Card Firms' Loss Tally: Billions of Dollars in Fees
Wall Street Journal 05/22/2009
Consumers Need a Credit Watchdog
BusinessWeek 07/15/2009
Failure to stem foreclosures under the Obama administration continues inaction under Bush administration.
08/24/2007
The failure of the Obama administration to break the cycle of foreclosures begetting falling house prices begetting more foreclosures, further weakening the banks and the economy, with strong action. It continues the missteps of the Bush period and may undo much of the good work in other areas such as stimulus, restructuring the auto industry and new priorities. Inaction here is coupled with inaction in relation to insolvent banks and is likely to prove costly.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
Negative equity and near zero down payments as the major causes of U.S. foreclosures and the housing crisis, more than subprime loans.
01/05/2009
Research showing that negative equity and zero down payments are the biggest cause for surge in U.S. foreclosures.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
New York Times 01/05/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
J.P. Morgan Loosens Terms for Jumbo Mortgages
Wall Street Journal 08/05/2015
New Evidence on the Foreclosure Crisis
Wall Street Journal 07/03/2009
One in Four Borrowers Is Under Water
Wall Street Journal 11/24/2009
Failure of Obama's plan for helping homeowners facing foreclosure in 2009-2010
06/12/2009
Failure of the Making homes Affordable plan announced by the Obama administration in early 2009. Only 2000 of 500,000 loan modification applications in progress in October under this program have become permanent according to a Congressional oversight panel.
Grouped Articles
New York Times 07/17/2011
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 05/19/2014
Wall Street Journal 07/29/2015
Rising U.S. Foreclosures take on crisis proportions deepening the economic downturn.
08/24/2007
Foreclosures in 2008 hit 16% up from 6% in 2007, and in an accelerating trend if unemployment hits new highs.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
Voices of caution about the economic recovery in the U.S. as underlying problems remain.
04/20/2008
Underlying problems in foreclosure rates, job losses, and toxic assets at banks remain unresolved, even as the stimulus spending plans and the Fed's putting money into the economy fast have helped restore some degree of confidence.
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New York Times 10/10/2010
The Wage That Meant Middle Class
New York Times 04/20/2008
A Trap in Obama’s Spending Plan
New York Times 12/21/2008
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
New York Times 02/13/2009
New York Times 03/06/2009
A new U.S. housing foreclosure crisis looming for 2010-2011.
10/01/2009
By conservative estimates according to NYT, 2.4 million homes will be lost to foreclosure in 2010. The faulty documentation poses a serious problem for banks, as they may be forced to buyback the mortgage securities sold improperly.
Grouped Articles
Wall Street Journal 12/31/2013
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Economist 10/01/2009
Economist 10/01/2009
U.S. Mortgage Delinquencies Reach a Record High
New York Times 11/20/2009
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