RealityTrac, an independent company that tracks foreclosures in 100 different major cities, released its numbers today and the outlook doesn’t look good.
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The big issue right now in Congress is what will become the final outcome of a major bill to reform subprime lending and the rest of the mortgage industry.
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Sam Molinaro, Bear Stearns chief financial officer, expects to write down 1.2 billion dollars in assets linked to mortgages in the fourth quarter of this year, but expects the worst of the bank’s writedowns are over.
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Wall Street Journal reported today that Citigroup, JPMorgan Chase, and Bank of America, the three largest US banks with the backing of the US Treasury Department, have agreed on the structure of a 100 billion dollar super fund designed to help unblock the credit markets.
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The St. Paul Area Association of Realtors released a sales report today stating that the Twin Cities residential housing market showed signs of stabilization in October.
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Today Fannie Mae, the largest buyer of mortgages on the secondary market, reported losses of 1.39 billion dollars as the credit crisis delinquencies increased.
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The Ft Lauderdale, Florida based builder Levitt and Sons filed for bankruptcy today, becoming the nations largest builder to file for bankruptcy during the credit crunch.
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Federal Reserve chairman Ben Bernanke warned congress on Thursday that the central bank is keeping a close eye on the subprime mortgage crisis and the recent spike in oil prices.
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Home mortgage applications fell for the first time in five weeks as the recent jump in loan refinancing came to a halt.
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While the Federal Reserve just cut rates on the 31st investors are asking the Fed for more cuts ahead.
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