This Old House
This Old House
Christmas and New Years are over, and with them went the foreclosure holiday. Banks are back at it, and as the robosigning confusion continues to unwind, they are bound to ramp repossessions up again.
Despite months of moratoriums and the drop in foreclosures that came with them, 2010 still saw more foreclosures Read More
Foreclosures have fallen to their lowest level since the near-apocalyptic collapse of the housing market two years ago, both nationwide and in New York. The worst must surely be over right?
The slowdown is neither the result of a stabilizing housing market — wouldn’t that be nice! — nor holiday cheer. No, the Read More
For all those underwater homeowners out there, there may not be enough money to buy presents this year, but at least the big banks won’t be evicting anyone during the holidays.
Well, the Christian holidays. Fannie Mae and Freddie Mac, the federally sponsored lenders, announced that they will hold off on foreclosures for Read More
The Stuy Town mystery continues!
CW Capital just released a statement saying it had reached a settlement with Pershing Square and Winthrop Realty to buy the firms’ mezzanine debt from the massive housing complex. While the rogue investors, led by Pershing’s Bill Ackman, were unable to foreclose on the property themselves and seize control, Read More
Every good crisis deserves a good villain, and every good villain deserves a good yacht.
As if the ongoing foreclosure fiasco wasn’t already scary enough, the top Wall Street Journal item right now is the news that Fannie Mae and Freddie Mac are reviewing the work of the enormous Florida law firm Read More
“The first thing that needs to happen, I think, is to get these people out of their homes,” a man wearing a bespoke blue-striped shirt, a Hermés tie patterned with elephants and Ferragamo loafers said recently. “Correct! I’ll explain,” the veteran member of a bank restructuring and advisory team said.
Amid evidence of sham documents Read More
Tales of The Recession
Today is rapidly turning into a banner day horrible economic headlines, as several historic superlatives cross the wires. Thank goodness the world’s greatest deliberative body stopped its petty squabbling long enough to intervene!
For starters, the Census Bureau said the percentage of Americans living in poverty rose to 14 percent in 2009 Read More
New York, superior to the nation as a whole in nearly all respects, can add one more category in which it dominates: The Great Recession hurts in the Empire City, but New Yorkers are far less scarred by our nation’s economic woes than the average American.
Thanks to real estate prices that have failed to fall apace Read More
The Wall Street Journal reports today that very important Wall Street people in very big American mansions are having very big foreclosure woes. “Houses with loans of $5 million or more will likely see a sharp rise in foreclosures this year,” says the paper. In February, for example, there were 352 houses in Read More
NYU study shows lenders are holding onto homes in city. Read More