MyNN: Housing Intelligence

Housing Doom: Crack of Doom: Housing Going To The Dogs, I Mean Cats

Mon Sep 08 02:46:08 -0500 2008

It’s Monday, Fannie and Freddie have both been rebranded as "Feddie" and housing is going to the dogs, I mean cats: [Thanks M!]

Cats on a bank-owned roof: Bobcats claim foreclosed house

The foreclosure market is getting wild in Lake Elsinore: "Taking advantage of a slump in local real estate, a family of bobcats has moved into a foreclosed Lake Elsinore home, lolling about on fences and walls...

Housing Doom: Flipping Phoenix Foreclosures- A Case Study

Mon Sep 08 02:46:11 -0500 2008

In my ramblings around the web I ran across this "Phoenix Foreclosure Flip Case Study". The agent who posted it said:

This is a case study of some of the real estate investment opportunities in the Phoenix Metro Area. This home was purchased in Gilbert Arizona in foreclosure and was fixed up and flipped for a profit.

I was curious and decided to see if I could figure out what kind of pr...

Housing Wire: Rhetorical questions and circular logic on Fannie, Freddie

Sun Sep 07 22:26:06 -0500 2008

The WSJ’s Real-Time Economics blog posted copies of internal emails distributed to Freddie Mac employees by former CEO Richard Syron and new CEO David Moffett. Moffett’s best points: I can only imagine the pressure you have been under, and the frustrations you must have felt in recent weeks. This has been a difficult and draining period for [...]

Calculated Risk: Fannie and Freddie Press Conference Videos

Sun Sep 07 21:50:06 -0500 2008

In three parts (all about 10 minutes each). "Our economy and our markets will not recover until the bulk of this housing correction is behind us." Treasury Secretary Hank Paulson, Sept 7, 2008 (see part 2)

Matrix: [The Real Deal Magazine] Will Own Lincoln Center

Sun Sep 07 21:22:09 -0500 2008

The Real Deal magazine’s New Development Forum at Lincoln Center was sold out at the 3,000 capacity venue last year. For lack of a better description, it was fun.

So this year, I was more than happy to help spread the word (all 3 seconds worth). The ad is running hourly on CNBC on Time Warner Cable and on NY1.

Since Publisher Amir Korangy knows how to pack content into his magazine, there’s no doubt he’ll pack ‘em into Lincoln Center for another sell out. He lined up a group of interesting guests and with the housing and credit markets in turmoil, this event will prove especially informative.

To buy tickets

Calculated Risk: WSJ: WaMu Ousts CEO

Sun Sep 07 20:46:11 -0500 2008

From the WSJ: Washington Mutual Forces Out CEO [CEO Kerry] Killinger's departure after 18 years of running the nation's largest savings and loan is scheduled to be announced Monday morning before the market opens.

The Real Estate Bloggers: Bobcats Take Over California Foreclosure Home

Sun Sep 07 19:41:24 -0500 2008

You would think after seeing the reports that the housing market in California has gone to the dogs. But now we know that instead the cats have taken over. Bobcats that is.

A Tuscany Hills home in the foothills of Lake Elsinore that has been sitting vacant for the past 6 months have a new family of bobcats squatting. I bet the neighbors are thrilled.

Residents of the development got their first...

Calculated Risk: Fannie & Freddie Thoughts

Sun Sep 07 19:28:11 -0500 2008

When the Paulson Plan was announced in mid-July, my initial reaction was: It seems the plan is bad for equity holders, but good for debt holders ... and potentially bad for taxpayers ...Nothing has changed. Although the common shares will continue to trade, they are further behind with new senior preferred shares being issued to the Treasury. And even if the common is worth something again

The Housing Chronicles Blog: Scary Times

Sun Sep 07 21:23:18 -0500 2008

Just how bad is the Fannie/Freddie situation? Back in July, according to a CNN.com article, Ben Bernanke assured us that these two GSEs were just fine:

U.S. Federal Reserve Chairman Ben Bernanke told the U.S. Congress on Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."

The two mortgage giants are "adequately capitalized," Bernanke said. How...

Housing Wire: History: Fannie, Freddie Seized by Federal Government

Sun Sep 07 21:21:12 -0500 2008

September 7 will now be remembered as the day the U.S. government took over the mortgage market. What that means for financial markets going forward has never been less certain. This is no longer the worst mortgage crisis since the Great Depression; this is the worst mortgage crisis, period. It’s also the end of an era. [...]

The Real Estate Bloggers: Feds Seizes Control Of Fannie Mae and Freddie Mac

Sun Sep 07 14:50:28 -0500 2008

The Feds pulled the plug on Freddie Mac and Fannie Mae Sunday taking operational control out of the hands of managers and into the hands of the Federal Government.

The companies that were to big to fail have failed. Now the government will keep them going as a public concern.

“Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of the...

Calculated Risk: FDIC on Fannie Mae and Freddie Mac Plan

Sun Sep 07 18:14:07 -0500 2008

From the FDIC: The Federal Banking Agencies React to Takeover of Fannie Mae and Freddie Mac The federal banking agencies have been assessing the exposures of banks and thrifts to Fannie Mae and Freddie Mac. The agencies believe that, while many institutions hold common or preferred shares of these two government-sponsored enterprises, a limited number of smaller institutions have holdings that

Housing Doom: Freddie. Fannie. Foofa.

Sun Sep 07 13:32:10 -0500 2008

Twist handed this [1] over to me before she left for a brief appointment. Doom will be following this breaking story through the rest of the day.

STATEMENT OF FHFA DIRECTOR JAMES B. LOCKHART

Good Morning

Fannie Mae and Freddie Mac share the critical mission of providing stability and liquidity to the housing market. Between them, the Enterprises have $5.4 trillion of guaranteed mortgage-backed se...

Dr. Housing Bubble Blog: Housing Bread and Circus: Foreclosures, Employment, Bazookas, and the World’s Largest Mortgage Bailout.

Sun Sep 07 22:32:10 -0500 2008

Even though the first week of September started with a short week for the market, there were plenty of financial fireworks to go around. During the week the Mortgage Bankers Association reported that on mortgage loans on one-to-four unit residential properties that 6.41 percent of all outstanding loans in the second quarter were delinquent. This rate increase had support from California and Flor...

Calculated Risk: Statement by Paulson on Fannie and Freddie

Sun Sep 07 18:14:08 -0500 2008

From Treasury: Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers Conservatorship Preferred Stock Purchase Agreements Treasury has taken three additional steps to complement FHFA's decision to place both enterprises in conservatorship. First, Treasury and FHFA have established Preferred Stock Purchase