Today's Fresh Blogs...

• Roubini on why this bubble will make the 90's look like a walk in the park

  Published: August 13, 2007, 2:30 am

  Tags: Wall Street, Economy, Credit Crunch, Ltcm, Mortgage Meltdown, Nouriel Roubini

  and protracted US and global credit crunch. The risks of a systemic crisis are rising: liquidity injections and lender of last resort bail out of insolvent borrowers - however necessary and unavoidable during a liquidity panic - will not work; they will only postpone and exacerbate the eventual and unavoidable insolvencies. As Aaron Krowne said

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• Black Swans and the Mortgage Morass

  Published: August 13, 2007, 2:10 am

  Tags: Random Thoughts, Black Swans, Credit Crunch, Mortgage Meltdown

  mortgage and now global credit markets unwind it becomes clear that the problems of corroborative evidence and the narrative fallacy have helped push our markets to the point of a violent and precipitous correction; one that is currently ongoing. Those that point to a small percentage of foreclosures or a small percentage of subprime loans

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• Mortgage Market Meltdown Update - 8/10/07

  Published: August 10, 2007, 8:43 pm

  Tags: Wall Street, Economy, Countrywide, Credit Crunch, Mortgage Market Crunch

  Mortgage Market Update Weekend Edition is here! What Angelo Mozilo thinks about the Fed’s move to add liquidity… Update: I’m an idiot for trying to run out the door and posting this at the same time. For the 70 people that saw the uncut version, I apologize - here it is in its correct format. Peace. Share At:

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• Freddie Mac steps in to the Alt-A void

  Published: August 14, 2007, 12:26 pm

  Tags: Mortgage News Insight, Alt, Credit Crunch, Freddie Mac, Gse, Impac, Indymac

  responsibly manage mortgage credit risk. “Specifically, Freddie Mac is providing 90-day forward commitment capability on a negotiated basis to experienced lenders with credit terms that will accommodate a majority of the fixed and adjustable rate Alt-A product, including many of the reduced documentation mortgages underwritten with

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• First Magnus - Done Funding?

  Published: August 16, 2007, 12:02 pm

  Tags: Mortgage News Insight, Credit Crunch, First Magnus, Mortgage Market Meltdown

  of the market and their creditors. It’s not them that decides to stop funding; its the banks lending them the credit that decide the risk isn’t worth it and cuts them off. With no credit none of these non-depository institutions can fund loans and … poof. Nothing has been posted to First Magnus’s web site as of

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• GreenPoint closed by Capital One, Thornburg Hammered

  Published: August 20, 2007, 7:55 pm

  Tags: Wall Street, Mortgage News Insight, Alt, Credit Crunch, Greenpoint, Jumbo Loans, Mortgage Market Meltdown, Thornburg Mortgage

  made loans to high credit borrowers (mainly) and still are unable to find buyers. Whether investors are over-reacting or not is a moot point. Until they come back to the table loans outside of conforming limits will be hard to come by and will be exceedingly expensive. Investors are like kids that grabbed a hot stove with the

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• First National Bank of Arizona Wholesale Operations Cease

  Published: August 21, 2007, 5:08 pm

  Tags: News, Financing, Mortgage, Closing, Credit Crunch, Economy, First National Bank Of Arizona, Fnba, Mortgage

  be accepted. Looks like the credit crunch on Wall Street is taking its toll even with the emergency move by the FOMC to lower the FFR by 500 basis points last week. While making money easier to access for banks, there is still the main issue of the drastic changes in underwriting guidelines by Wall Street MBS investors which translates into

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• IndyMac wades back in to the jumbo market

  Published: August 23, 2007, 11:43 pm

  Tags: Mortgage News Insight, Credit Crunch, High End Housing Market, Indymac, Jumbo Loans

  currently king during this credit crunch, why is IndyMac willing to tie up a large portion of its available cash in jumbo mortgages? Jumbo borrowers, even those with prime credit, are severely restricted as of late as the secondary market has lost all appetite for jumbo loans (loans above Fannie Mae and Freddie Mac loan limit of $417,000).

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• Credit Crunch 2.0?

  Published: August 31, 2007, 1:51 am

  Tags: Defaults, Mortgage, Credit Crunch, Credit Card

  Financial TimesDefaults on credit card bills in US risingUS consumers are defaulting on credit card payments at a significantly higher rate than last year, raising the prospect of problems in the stricken US subprime mortgage market spreading to other types of consumer debt.Credit card companies were forced to write off 4.58 per cent of

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• How we got in to this mess - a video

  Published: September 2, 2007, 3:09 am

  Tags: Real Estate Musings, Consumer Mortgage Tips, Credit Crunch, Housing Market, Mortgage Meltdown, Subprime Mortgage

  us in to this mortgage and credit mess. Not deep economic theory, not really anything deep - just a cursory look at the problems articulated by yours truly. View the video here. While this clip is geared for the Realtors out there, consumers will surely find the overview of the problem valuable. One note of disclosure. This presentation is

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• Question Du Jour: .25 or .5 - what are your rate cut predictions?

  Published: September 17, 2007, 2:59 pm

  Tags: Wall Street, Bernanke, Credit Crunch, Fed Funds Rate, Rate Cuts

  out problems in the credit markets. And I’m not alone. While most Wall Street firms are calling for at least a .25% reduction (wonder why with the CDO meltdown?) some cooler-headed folks question the help it will provide to the market: The odd man out is Scott Anderson, senior economist at Wells Fargo Economics.

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• From the Department of Credit Tightening

  Published: September 28, 2007, 6:35 pm

  Tags: Credit Crunch

  Some of you may remember that we (OK, I) picked on Chevy Chase Bank's rate sheet the other day. Bacon dreamz directs me to the cover memo on today's wholesale prices from CCB:

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• What's Really Wrong With Stated Income

  Published: September 29, 2007, 6:10 pm

  Tags: Mortgage, Regulatory, Credit Crunch

  I had pretty much decided that I had said all I have to say about stated income loans with this post, but now that, per Chevy Chase, IT'S BACK!, I'm going to say one more thing. Then I'm done. Apologists for stated income always bring us back to this so-called "classic" loan involving a self-employed borrower who "needs" a stated income loan

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• Ruh-Roh - UBS Writes Down $3.42 Billion Due to Credit Crunch

  Published: October 1, 2007, 3:13 am

  Tags: Wall Street, Mortgage News Insight, Credit Crunch, Mortgage Market Meltdown, Subprime Contagion, Subprime Mortgage, Ubs

  write down relating to credit woes, primarily in its fixed-income portfolio (see mortgage backed securities). This is the first quarterly loss for the financial giant in 9 years. And $3.42 billion ain’t a blip on the old radar screen, even if you are the world’s largest wealth manager. It sounds eerily similar to this

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• More Fun With Stated Income

  Published: October 2, 2007, 10:53 am

  Tags: Mortgage, Credit Crunch

  Forgive me. I slept until nearly 8:00 am today, and then my PC got abducted by aliens. I am a drive-by victim of this "anti-virus software" scam foisted on me by software developers who will not allow me to take enough risk. You know. Anyway, USA Today is always good for a laugh:David Brannan, 44, of Monroe, N.C., is co-founder of a software

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