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Chase Bank is changing rules on interest only mortages: ""INTEREST ONLY" PAYMENT OPTION: 1. For PURCHASE TRANSACTIONS: The Interest Only payment option will no longer be allowed for U.S. Bank Consumer Finance 1st liens when the LTV/CLTV exceeds 80% 2. For REFINANCE TRANSACTIONS...

<a href="http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20080801/NEWS01/80801031">Landlord crashes Hummer into tenants' home</a> This story's got it all! "A landlord who was apparently upset at his tenants because they were behind on their rent crashed his Hummer into their...

<a href="http://www.ft.com/cms/s/0/f52c86b4-6018-11dd-805e-000077b07658.html">http://www.ft.com/cms/s/0/f52c86b4-6018-11dd-805e-000077b07658.html</a> The banks receiving cease-and-desist orders in June were <strong>MetroPacific Bank in Irvine, California</strong>; Bank Haven in Haven...

First Priority Bank, Bradenton, FL * applause * Picture the FDIC as an airport with a small amount of runways and picture banks as large flying planes running around the airport waiting for their turn to land. That's pretty much what's going on here. <a...

I agree that a forum is not the best place to look for financial investment advice. Each investment is specific to one's personal belief, personality and risk tolerance and it takes a lot more time to fully explain an investment thesis than what is available in a single post on an internet...

A few days, the Merryl Lynch bank was able to sell off some of its toxic mortgage loans to another entity, Lone Star Funds. What is remarquable about the transaction is it's just about has shady as those subprime loans the banks were giving. How about if I sold you an asset: -...

<a href="http://news.yahoo.com/s/ap/20080731/ap_on_re_us/california_budget">Schwarzenegger orders cuts amid fiscal crisis </a> 22,000 federal jobs cut 200,000 jobs changed to receive minimal wage

Statistics on high net worth individuals seem to be not very reliable, and I would tend to dispute the OP's numbers. Here's another source that would put the average home value for 1 to 10 million net worth at 810,000$. I have this book "the millionaire mind" that also argues that...

Interesting data, really puts things in perspective. It took roughly thirteen years for prices to double from 150,000$ to 300,000$. But only four years after that to zip from 300,000$ to 600,000$.

Knowing the propensity for our local treasury to fool around with risky derivatives that "aren't supposed to go bad" but inevitably do whenever the "unthinkable" happens, how solvent do you think the county will be? They must have bought some of the worthless mortage-backed securities out...

Yes, thankfully the market came back to its senses. It felt like running in an asylum there for a while. Their CFO resigned, too.

IndyMac didn't fail just because of bad luck apparently. Here is what the prior chief appraiser at Indy Mac has to say about the work environment when he worked there from 2001 to 2002. That was BEFORE the bubble mind you, so one can only guess how f* up the place must have become in the bubble...

<a href="http://money.cnn.com/2008/07/23/news/economy/housing_bill/index.htm?cnn=yes">House OKs mortgage rescue </a> Details on the housing bills: "The bill allows Treasury over the next 18 months to <strong>offer Fannie and Freddie an unlimited line of credit and the authority to buy...

The rules are probably specific to the agreement and are buried somewhere in the 700 page manuscript...

I posted this also in the economics section, but this thread seems more active and I'm wondering what people think - sorry for the double posting: <a href="http://www.housingwire.com/2008/07/23/housing-bill-adds-second-lien-amendment-daps-to-be-eliminated/">Housing Bill Adds Second Lien...

<a href="http://www.housingwire.com/2008/07/23/housing-bill-adds-second-lien-amendment-daps-to-be-eliminated/">Housing Bill Adds Second Lien Amendment</a> "According to a published report, the nearly 700-page long Housing and Economic Recovery Act of 2008, HR 3221, saw a vital new amendment...

"Frank said lawmakers, defying a White House veto threat, decided to keep <strong>provisions for $3.9 billion to help local communities buy up foreclosed properties</strong>. The Bush administration opposed the idea because it said it would aid lenders who now owned the vacated properties, not...