insider Furniture
This is how people delay foreclosure
My colleague Jan Norman writes the number of Orange County individuals and businesses that filed for bankruptcy court protection leaped 77.2% in June. A personal bankruptcy seems to delay a bank seizing someone’s home but not prevent it. Democrats have tried to give bankruptcy judges attorneys power to modify…
Bad assets potential threat to economy, small banks
The Congressional Oversight Panel, which has been reviewing government efforts to rescue banks, released a report today, warning that bad loans and related securities remain a potential risk to the economy and small banks. Here are the key paragraphs (bold added): If the economy worsens, especially if unemployment remains…
Mortgage rates rise on better-than-expected job numbers
Mortgage rates jumped today in Orange County after the Bureau of Labor Statistics said the nationwide unemployment rate dipped in July, surprising some market watchers. Jeff Altman, a partner in WestCal Mortgage Corp. in Orange, said banks are offering 5.62% today for a 30-year fixed-rate mortgage, up from 5.5%…
Foreclosure wave gathers momentum
There is no second foreclosure wave coming, says Sam Khater, senior economist, First American CoreLogic. “To say there is a second wave implies the (current) wave has receded,” Khater told me. “I don’t see that the wave has receded.” Khater shared his historical data of 90-day delinquency rates for…
Big FHA lender shuts down
Taylor, Bean and Whitaker Mortgage Corp., which has an office in Laguna Hills, closed its mortgage lending operations after the Federal Housing Administration barred it from making loans insured by the agency, reports Ocala.com, the Web site of the Star-Banner newspaper in Ocala, Florida, where Taylor is based. According…
Ditech.com parent may be ‘put out of its misery’
GMAC Inc., the auto lender, may cut its losses and need for capital by sending its mortgage unit Residential Capital, which controls Costa Mesa-based Ditech.com , into bankruptcy, according to Bloomberg , which quotes a report from CreditSights Inc. ResCap, which has lost at least $1 billion per quarter…


