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August 25, 2009



Jesus Glen!


yikes glenn


Fannie and Freddie are trying a trial in FL where they are skipping the foreclosure process, no credit hit in exchange for people releasing the property.

Here is the hitch though. The homeowner can stay in the house for as long as it take them to sell it but...they are going to enter the homes in the MLS at the BPO but not as a short sale.

Can you say drop all legitimate real estate value another 20%...nice and oh yeah they won't have to report the foreclosures...

aye yi yi...


Trader Mortgage is right. Anyone looking at a loan transition matrix sees the pipe-line backing up. Also a large number of sales are distressed sales of one form or another if not outright foreclosure. And the jumbo market is still frozen. These stories of housing coming back are premature. Someday yes, but not now...

Liar Loan

"Like we have always said on this blog, "We'll smile about housing when either Ivy Zelman or www.housingdoom.com tells us it is time to smile." They are not smiling at Housing Doom."

They will never smile at housing doom. They have never even HINTED at the idea this or any other data point MAY be a sign of a turnaround. Instead, every bit of good news is either ignored or explained as a temporary thing on our way to a new even lower level of hell.

When the turnaround occurrrs, (either now or 10 years from now) housing doom will not call it. A 10, 15, or 20% move up will always be a dead cat bounce or a false bottom. By the time they call it, the bottom will be long gone, and they will have no one to blame for their willful blindness but themselves.


I think I compared it last week to shoveling the driveway in the middle of a blizzard.


As a trader of mortgage securities I could have told you that the pipeline is HUGE and in no way has it been paired down. Not only that, these loans have become more and more adversely selected.

John McLeod

We claim Santa Claus as our own, but I don't know about Glinda. On the other hand, the Governor of the Bank of Canada is an old Goldman Sachs type. Maybe he can send down some of the munchkins from from BMO or RBC.

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