This Old House
Poor millennials! A new study has found that 79 percent of them believe that owning a home is part of the American dream, despite the fact that crippling student loan debt, a disappointing job market and one missed generational opportunity after another make such a dream out of reach for many of them.
In fact, millennials are lucky if they can even rent their own homes—a full 36 percent still live with their parents, according to a 2012 study by the Pew Research Group. (In 2005, only 21 percent of 25 to 34-year-olds lived in the parental home, according to the U.S. Census).
Want to experience the housing market crash in less than a minute? You’re in luck! The New York Fed has released an interactive map that displays foreclosures by county in the tri-state area between Jan. 2007 and Dec. 2011. (Warning: we do not recommend the map to anyone with an underwater mortgage or Read More
A coalition of union leaders, homeowners, elected officials, and others launched a statewide campaign today urging JP Morgan to change its mortgage policies. The campaign states that unless the firm modifies its practices to help homeowners avoid foreclosure, participants of the coalition will boycott the bank, and encourage others to do the same.
This Read More
Hedge-fund titan Phil Falcone has not run out of clever moves. The authorities found Mr. Falcone’s trick of borrowing money from the hedge fund he founded so creative, they just had to investigate to learn more. Then, the money manager found an extra-creative way for his fund to raise money. And the Read More
This Old House
One of the most important people in finance was overlooking Central Park from his Fifth Avenue apartment, enjoying the Bach that his twin teenage daughters were playing on violin and speaking to the young Fulbright scholars from Iraq and China he’d invited for a reception. “In everything I do, I always ask myself, ‘Am I Read More
Amid increased fervor surrounding what looks to by widespread errors in the foreclosure process, investors today are showing a marked lack of confidence in Bank of America, the nation’s largest bank by assets and, notably, the 2008 buyer of bumbling mortgage firm Countrywide.
As Fortune points out, shares of Bank of Read More
Each week, The Observer looks at commodities, stocks, currencies, and economic data points that are making big moves and setting new records. This week’s extreme action takes place everywhere from the trenches of the U.S. employment market to the pristine beaches where the Thai Bhat trades hands. For the most hard-core, eye-popping economic action this Read More
Giant bank Wells Fargo announced today that it’s paying $24 million “to eight states to enlist help in customer outreach, and to prevent or mitigate the impacts of foreclosures in these communities.” It’s doing this because the states in question — Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas and Washington — are Read More
Angelo Mozilo, the former head of Countrywide and perhaps the best-tanned CEO in our nation’s history, is now slated to stand trial on charges related to the now-defunct mortgage lender’s representation of its loan portfolio.
The Securities and Exchange Commission is charging Mozilo, along with ex-Countrywide CFO Eric Sieracki and former president David Sambol with Read More
In a series of forecasts that vary to an astounding degree, the Congressional Budget Office estimates that Fannie Mae and Freddie Mac could cost the government $53 billion over the next decade — or, the two mortgage entities could produce savings of as much as $44 billion.
Tasked by Congressman Barney Frank with Read More