Bailout is 2008 Word of the Year
Another year, another word of the year tied to the ongoing mortgage crisis. Merriam-Webster unveiled its word of the year for 2008, selecting the term… Read More »Bailout is 2008 Word of the Year
Downey Savings Shut Down by FDIC
Downey Savings was shut down late Friday by the FDIC on a busy day where two other banks were also seized. US Bank has agreed… Read More »Downey Savings Shut Down by FDIC
Hovnanian Wants Mortgage Rates Cut to Three Percent
One the leading U.S. homebuilders has called for the government to temporarily cut mortgage rates to make homeownership more affordable and stimulate sales. Ara Hovnanian,… Read More »Hovnanian Wants Mortgage Rates Cut to Three Percent
Subprime Wins Ninth Race at Aqueduct Park
The word “subprime” has undoubtedly been associated with massive losses over the past couple of years, but last Thursday, quite the opposite was true. It… Read More »Subprime Wins Ninth Race at Aqueduct Park
Bank of America Launches Modification Program to Satisfy Countrywide Lawsuits
So I guess there was a point to the many, many state Attorney General lawsuits filed against Countrywide Financial over the past year. Today, Bank… Read More »Bank of America Launches Modification Program to Satisfy Countrywide Lawsuits
Washington Mutual Shut Down by OTS
So much for the merger with Chase; instead the largest bank failure in U.S. history. Late Thursday evening, Washington Mutual was shut down by the… Read More »Washington Mutual Shut Down by OTS
Website Selling “I Hate Mortgage Brokers” T-Shirts
A website popped up today selling “I Hate Mortgage Brokers” t-shirts and other various products such as baseball hats and teddy bears to foreclosure victims… Read More »Website Selling “I Hate Mortgage Brokers” T-Shirts
In Pictures: Indymac Bank Run
Our street team headed down to Encino, CA today to take a look at what we thought would be a fairly busy day at bank… Read More »In Pictures: Indymac Bank Run
Introducing Indymac Federal Bank
Tomorrow morning, Indymac Federal Bank will open its doors, largely to panicked and upset customers inquiring about their mostly-insured deposits. On Friday, the FDIC announced… Read More »Introducing Indymac Federal Bank
Introducing Wachovia’s New Three-Pronged Option Arm
Wachovia announced today that it would no longer offer the negative amortization payment option on its popular and now infamous “Pick-a-Payment” loan program amid heightened… Read More »Introducing Wachovia’s New Three-Pronged Option Arm