[We clipped the graphic above - click for bigger - from Barry Ritholtz over at the Big Picture, who points out what a great piece of graphic-y information porn it is. We agree, and have added some highlights to make a point.] Over the past weeks, there has been almost wall to wall coverage of the mortgage meltdown, and it is without question the biggest financial story of 2007. So who can blame the average dude for coming to the conclusion that the entirety of the mortgage market is falling apart, or in some sort of barely contained chaos? But (as the graphic illustrates) let’s not forget that (more…)
In testimony before a U.S. House of Representatives committee, the Federal Trade Commission and the Office of the Comptroller of the Currency talked about mortgage discrimination. The two banking regulators testified about what they are doing about it. The FTC said it is conducting several fair lending investigations of mortgage lending companies. (more…)
Minneapolis-based Homeownership Preservation Foundation announced it received a $150,000 grant from Countrywide Financial. In Colorado, a local office of the U.S. Department of Housing and Urban Development will be offering a free meeting for borrowers who are facing foreclosure, according to the office’s Web site. Within the next couple of weeks, a New York state agency will be launching a $100 million refinance loan program to assist families who are facing a potential hardship due to an ARM that has already or will soon reset, an agency spokesman told MortgageDaily.com. (more…)
It’s been a rough week for the housing market. Homebuilder confidence
is in the gutter, existing home sales fell substantially and the bad news
emanating from the subprime debacle continues top headlines. Now we have
new home sales and builders reporting earnings.
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(more…)
