Read a little. Learn a lot. • Tightly-written news, views and stuff • Follow us on TwitterBe a Facebook FanTumble us!

09 Feb 2012 11:12

tags

Biz: Federal government, states agree to settle with mortgage industry

  • $26 billion “historic” settlement with the mortgage industry
  • $17B of that settlement is expected to help out more than 1 million homeowners — breaking that dow, that’s an average of $17,000 each
  • 50 states could sign on as part of the settlement, making it the largest multistate settlement since the big tobacco deal in 1998
  • $2,000 the amount some homeowners who already lost their homes to foreclosure could get as part of the long-planned settlement source
  • » But is all this enough? While some will say the settlement doesn’t go far enough in addressing the concerns homeowners have dealt with in the years since the housing bubble burst, officials suggest it could provide $40 billion in mortgage relief by reducing loan principals, which would make the dollars go further. Problem is, it’s estimated that homeowners collectively owe $700 billion more on their homes than they’re actually worth. So while the dollar number sounds high, it may only be a drop in the bucket comparatively.

06 Nov 2010 00:01

tags

Biz: Fannie Mae’s losses like a depressing slow-motion car crash

  • $3.5billion lost in the most recent quarter; that’s great!
  • 13 number of quarterly losses the government-owned mortgage finance firm has had in a row
  • $19.8B the amount of money it lost in the same ultra-depressing quarter about a year ago
  • $89B the amount of money the government has poured into Fannie Mae during the recession source
  • » Oh yeah, they need more help. We can’t imagine how much fun it is to work at Fannie Mae right now. The company, after all the loans they’ve already gotten from the government, needs another $2.5 billion from the U.S. Treasury. And their buddy Freddie Mac had an even bigger loss last quarter, with $4.1 billion falling in their depressing money pit.

20 Jul 2009 10:42

tags

Biz: Sketchy subprime mortgagers try to screw already-screwed people

  • pre-burst Companies offer subprime mortgages that allow tons of people to get homes that they can’t afford. The companies make out like bandits, but when the housing bubble bursts, those homeowners are screwed. This is pretty evil.
  • post-burst Not afraid to kick already-lowered people or stick the knife further into their backs, the people behind the subprime mortgage companies start new loan-fixing companies, then fail to follow through on promised loan fixes. This is beyond evil. source