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Wednesday, February 13, 2008

Housing/Subprime Roundup — Feb. 13, 2008

Items of interest:

Project Lifeline

Wall Street Journal: Earlier Subprime Rescue Falters --

  • What's New: As the White House announces a program to help homeowners, initial figures suggest earlier efforts have done little to help most troubled borrowers.
  • Example: A hotline set up for homeowners suggests there will be loan workouts for fewer than 10,000 borrowers.
  • New Plan: Under 'Project Lifeline,' companies will alert homeowners by mail to actions that could lead to a 30-day halt in foreclosure proceedings.
Treas. Sec. Paulson / Press Release / treas.gov: New Private Sector Effort
Forbes: A Lifeline In The Mortgage Mess
Editorial / NY Times: Lifeline for Whom?
Fox Business: Bank of America Supports Project Lifeline
Project Lifeline -- Will it help?

If you are 90 or more days late on your mortgage this new “plan” is aimed at you. Typically a lender doesn’t even start the process before the loan is 90+ days delinquent.

6 large lenders are said to be on board. They will stall the foreclosure proceedings for 30 days and give you a chance to catch up, refinance, short sell or modify your loan.

Not sure about other states but here in California, the homeowner has the right to postpone the trustee sale. It’s not complicated, they just have to ask.

Did you know that? Do you think the homeowners know that?

What’s more, many times the Lender will grant them a postponement of 90 days!

Isn’t this better information that should be delivered to the homeowners instead?

Are you surprised? Ready for another bigger surprise?

The Homeowner can postpone up to three times. [...]
Blogging Stocks:
Is Saint Warren a reinsurance sinner? -- Warren Buffett, the most worshiped investor on the planet, is being accused of authorizing a sham reinsurance transaction to help American International Group cook its books. [...]

Bloomberg News
reports that a lawyer for Ronald Ferguson, former General Re CEO, accused Buffett of approving a sham reinsurance transaction to help AIG cook its books. [...]
related background:
TJN: Warren Buffett a Liar?
Leveraging Success & Failure

The Panelist:
How to Become the Vice President of the World Bank -- Ever wanted to know more about "Financial Engineering" and "Leverage"? The following story captures the essence of these disciplines:
A father to his son: "I want you to marry a girl of my choice."
Son: "I will choose my own bride!!!"
Father: "But the girl is Bill Gates's daughter."
Son: "Well, in that case...ok." [...]

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia