A $25 billion foreclosure settlement reached between the government and the big banks has many wondering who will win and who will lose among the different parties involved.  Although the settlement is complicated and will take years to work out, the basic framework will please some and annoy others. Here are some basic questions and answers about the settlement, which according [...]

LPS Mortgage Monitor has come out with a comprehensive series of charts including the current level of foreclosures, delinquencies by year of origination, length of time homeowners have not made a payment in judicial states, states with largest drops in non-current mortgages and foreclosure rates in judicial vs non judicial states. The states with the biggest declines in non current [...]

The housing crisis is widely viewed as the biggest impediment to economic recovery.  Despite the expenditure of trillions of dollars in financial support from the Federal Reserve and other government agencies, housing prices continue to decline.  In addition, the wide ranging regulatory overhaul of banking and mortgage practices being implemented under the Dodd-Frank Act, is viewed [...]

While the Federal Reserve and other government agencies urge banks to lower credit standards and increase lending, one major mortgage lender is calling it quits due to onerous regulatory burdens that increase lending risks and reduce profits. MetLife, the country’s largest insurance company, is closing its $20 billion mortgage operations and firing 4,300 employees.  The mortgage [...]

Welcome to Banking Update, a roundup of articles and news from around the internet.  The Federal Reserve’s political moves threaten its independence, loan modification companies prey on vulnerable homeowners, the big banks refuse to disclose their risk on derivatives, consumers want to be bailed out for foolish financial decisions, loss of confidence in governments grow and [...]

Welcome to Banking Update, a roundup of articles and news from around the Internet.  Banks continue to be sued for selling defective mortgages, the Fed says a housing recovery is essential for economic recovery, Americans still believe owning a home is part of the “American dream”, banks are still engaged in risky behavior, savings rates are negative, European banks [...]

Welcome to Banking Update, a roundup of articles and news from around the Internet.  The government keeps trying new foreclosure programs despite the failure of previous ones, homeowners past due by more than 60 days are unlikely to recover, home prices continue to drop, mortgage fraud continues and almost half of all home purchases are for cash.  On to the links: Foreclosure [...]

Welcome to Banking Update, a roundup of articles and news from around the Internet.  Worries about the “bubble” in 30 year mortgages, the impact of Europe’s banking crisis on the U.S. and problems with small banks.  Also, worries about the safety of bank deposits, the root causes of depressions and how to live well on $21k a year.  On to the links. What impact [...]

Welcome to Banking Update, a roundup of articles and news from around the Internet.  The Fed’s low interest rate policy has killed savers but is it also killing the economy?  Also, the U.S. is heading for another credit downgrade, what capital levels do banks real need and housing prices drop again.  On to the links. We all know that ultra low interest rates have  resulted [...]

The Office of the Comptroller of the Currency (OCC) painted a gloomy picture for the housing markets with its release of the OCC Mortgage Metrics Report for the third quarter of 2011.  Mortgage delinquencies remain at high levels and foreclosures increased by double digits. The OCC report covers mortgages serviced by federal savings associations and large national banks which include [...]