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Implode-Explode Heavy Industries news feed

Tracking the many faces of the global credit implosion.


Fannie Mae Employee Indicted For Accepting Bribes

Fri, 23 Feb 2018 20:28:12 GMT

Former Fannie Mae Employee Charged With Accepting Bribes and Approving Below-Market Sale of Foreclosed Homes

Congressman Introduces Bill That Would Indemnify His Former Foreclosure Mill

Mon, 25 Sep 2017 17:41:38 GMT

Congressman David Trott Introduces Bill That Would Indemnify His Former Firm from Liabilities Under The Dodd-Frank Act And The FDCPA

Emprise Bank Has Entire Arab-American Family Arrested

Wed, 13 Sep 2017 17:04:05 GMT

Emprise Bank Has Entire Arab-American Family Arrested After Father Attempts Deposit Check From Home Sale

Student Loan Debt Relief: SCAM ALERT

Wed, 13 Sep 2017 15:07:21 GMT

Fraudulent Student Loan Debt Relief Companies Are Preying On The Most Vulnerable Student Borrowers

Yes, A Reverse Mortgage Can Be Foreclosed On!

Tue, 12 Sep 2017 20:34:22 GMT

A Reverse Mortgage Can Subject You To Foreclosure If You Don't Follow The Rules

Former Michigan Foreclosure King David Trott Quitting Congress

Tue, 12 Sep 2017 15:43:31 GMT

Former Michigan Foreclosure King David Trott Announces Retirement From Congress

Carrington Mortgage To Throw Korean War Hero To The Street

Tue, 20 Jun 2017 15:21:14 GMT

Korean War Hero Faces Being Homeless Thanks To Carrington Mortgage And Being Scammed By A Michigan Lawyer 

Americans Are Pouring Money Into Their Homes Like It's the 1990s

Tue, 06 Jun 2017 16:53:52 GMT

``Americans' spending on residential construction projects -- from the pouring of foundations to home improvement -- just hammered out its strongest three-month period since 1994.


Home sales continue to mount, albeit unevenly, and there are more one-family houses under construction now than at any time since mid-2008.


What's more, Americans are spending more on home improvements. While a report Thursday from the Commerce Department showed a 2.9 percent drop in April outlays for improvements from the prior month, such spending was still 32.3 percent higher than it was a year ago. That's the strongest advance since January 2000, as the chart below shows.


"The current strength of the remodeling market can be attributed primarily to economics -- low mortgage rates, strong existing-home sales, the bull stock market run, good job gains, and now more recently, wage gains," Mark Boud, chief economist at the provider of real estate research, said in a statement.

Yeah... this doesn't look peakey at all....

Trump takes away FHA mortgage insurance premium cut not long after being sworn into office

Fri, 20 Jan 2017 22:54:59 GMT

The move undid the quarter-point decrease in the FHA mortgage insurance premium that was announced earlier in the week by outgoing U.S. Department of Housing and Urban Development Secretary Julian Castro. For most borrowers, it would have been a reduction to 0.60 percent from 0.85 percent.


House Republicans objected to the reduction because it would have lowered the amount of funds FHA has available to cover mortgage defaults. House Financial Services Chairman Jeb Hensarling (R-Tex.) issued a statement earlier in the week saying, "the Obama administration's parting gift to hardworking taxpayers is to put them at greater risk for footing the bill for another bailout."

... "According to our estimates, roughly 750,000 to 850,000 home buyers will face higher costs, and 30,000 to 40,000 new home buyers will be left on the sidelines in 2017 without the cut," William E. Brown, National Association of Realtors president, said in a statement. "We're disappointed in the decision but will continue making the case to reinstate the cut in the months ahead."

From the perspective of FHA being a bankrupt/fraudulent insurance fund, this is a good thing. However, it's just going to get bailed out anyways (in some form), so this consists of the removal of a marginal amount of housing-finance accessibility for a significant number of people. I.e., it's probably the fiscally right thing to do, but it's pretty interesting how scrooge-like of a move this is for one of Trump's first official acts....

Carson will "Examine" FHA Premium Cut

Sat, 14 Jan 2017 03:24:58 GMT

``The surprise reduction in FHA annual premiums announced last week by the current Secretary of Housing and Urban Development (HUD) may not survive long into the new administration.  Ben Carson, M.D. President-elect Donald Trump's pick to head HUD, said at his confirmation hearing on Thursday that he would consider reversing the cut, which current Secretary Julian Castro said would save the average FHA borrower around $500 per year.  "Certainly, if confirmed, I am going to work with the FHA administrator and other financial experts to really examine that policy," Carson said.'' -- Had HUD been a bit more dedicated in going up against downpayment money launderers and other shady FHA operators, they might have clawed back sufficient billions to not have to raise premiums on new borrowers...

Homeowners Will Have To Fight To Keep Their Homes When HAMP Ends

Fri, 09 Dec 2016 18:20:43 GMT

Homeowners better get have their loan modifications completed by December 31st or be prepared to fight their lenders. The HAMP program is coming to end.

Trump nominates Carson to lead U.S. housing, urban policy

Mon, 05 Dec 2016 22:18:22 GMT

If confirmed by the Senate, Carson will be enlisted to serve as Trump's unofficial envoy to African Americans and to lead the charge to repair what Trump has described as America's blighted and dangerous inner cities, a dystopian, racially charged image criticized as frequently at odds with reality. He will also lead Trump's efforts in an arena where Trump and members of his family have been accused of flouting the law in their own business ventures.


Carson does not have specific experience with the activities of HUD, which manages low-income housing assistance, facilitates financing for homeownership and administers fair-housing programs. But he has a documented position on fair-housing policies that has advocates nervous about what protections a Trump administration might dismantle -- particularly for racial desegregation.

Last year, then-candidate Carson forcefully criticized an Obama administration rule requiring cities and towns to publicly report racial bias in their housing patterns, saying it would "fundamentally change" communities by requiring affordable housing to be built in wealthier neighborhoods.

"These government-engineered attempts to legislate racial equality create consequences that often make matters worse," Carson wrote in the Washington Times. "There are reasonable ways to use housing policy to enhance the opportunities available to lower-income citizens, but based on the history of failed socialist experiments in this country, entrusting the government to get it right can prove downright dangerous."

N.Y. Governor Cuomo Signs Bill to Fine Illegal Airbnb Hosts

Fri, 21 Oct 2016 20:34:25 GMT

``The fines for those who advertise vacant apartments in a multi-unit building for 30 days or less could be as high as $7,500 for repeat offenders. Airbnb has acknowledged this rule is ignored by thousands of members. People are allowed to rent out a room in their house or apartment while they are also staying there, however.'' -- Guess strapped-out apartment owners should have instead gotten in on the 1990s/2000s housing bubble, taking advantage of the rampant downpayment fraud that proliferated under Cuomo's FHA...

Homeownership Rate in the U.S. Tumbles to the Lowest Since 1965

Thu, 28 Jul 2016 16:27:05 GMT

The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965, according to a Census Bureau report Thursday. It was the second straight quarterly decrease, down from 63.5 percent in the previous three months.

First-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings. Home prices rose 5.2 percent in May from a year earlier, according to the S&P CoreLogic Case-Shiller index of values in 20 cities released this week.

Behind The New Home Sales Data: A Darker Backdrop

Wed, 27 Jul 2016 18:19:34 GMT

Sales have nearly doubled from the June 2010 and June 2011 lows of 28,000 to this June's 54,000. But this is still down sharply from the June 2005 peak of 115,000 units. At the same time, it barely exceeds the low of 47,000 reached in June 1991 and 53,000 in June 1992 during that recession...

From the 2002 recession until this year, nominal median household income has risen by approximately 32%, using estimated 2% increases for 2015 and this year, which is consistent with the BLS data on nominal wage growth. However, the rate of sales per million people has declined by almost 22% over that period

Hudson Valley Developer Admits To HUD Kickback Scheme

Mon, 25 Jan 2016 17:47:10 GMT

Hudson Valley Developer Michael Barnett Pleads Guilty To Making False Statements On A HUD Loan And Participating In A Fraudulent Kickback Scheme

Foreclosure Rescue Scammer Gets 3 Years In Federal Prison

Thu, 17 Dec 2015 18:35:51 GMT

Tampa Area Foreclosure Rescue Scammer David W. Griffin Gets 3 Years In Federal Prison for Bankruptcy & Mail Fraud

False Claims Act Suit May Force Quicken Out of FHA

Fri, 04 Dec 2015 18:19:01 GMT

The DOJ's False Claims Act Suit Could Force Quicken Loans To Give Up FHA Which Accounts For 35% Of Their Business

FHA Loans Are Government Backed Sub-Prime Loans

Wed, 30 Sep 2015 14:44:41 GMT

FHA Loans Are Government Backed Sub-Prime Loans, So How Do They Work And How Do You Qualify?

Are FHA Loans "Government Backed" Subprime Loans?

Thu, 24 Sep 2015 22:16:38 GMT

FHA loans that were originally intended to give first-time buyers easy access to mortgages are being compared to the very loans that contributed to the housing crisis. Kevin Watters, CEO of Chase Mortgage Banking told CNBC, "FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5 percent down. That's subprime lending, and we're not in the subprime lending business."