Wells Fargo: $865 Billion in Loans. Time to Really Examine the Wells Fargo $3 Billion First Quarter Expected Bounce. $57 billion in Pick-a-Pay Loans Still Waiting.
It was rather stunning to see the market react so positively to a bank that has received $25 billion in taxpayer money turn a profit of $3 billion in the first quarter, which also included the FASB mark to market rule adjustment. What many people have seemed to forget in the last few weeks is […]
Homeowner Affordability and Stability Plan: California and Florida you are Financially on Your Own.
I was cautious about the details in the new Homeowner Affordability and Stability Plan which was announced on Wednesday. It is going to use $75 billion from the additional $350 billion in TARP funds while accessing the $200 billion in backstops to Fannie Mae and Freddie Mac. Yet one key point, and probably a reason […]
The Scariest Graph Ever: Home Mortgage Debt and Consumer Credit.
As the housing market continues its crash and burn path, it is sometimes difficult to put into words the incredible amount of mortgage debt floating around in the market. Since the 90s, mortgage debt has exploded and has followed a celestial trajectory to the moon. Mortgage debt has grown since 1997 for over a decade […]
Housing Crisis? How About Buying a House You Can Afford!
Much has been argued about the housing and subprime crisis. It would seem from all the media exposure that the housing collapse came on the heels of some unexpected event. It was not unexpected and many people saw this coming. I’ve learned many things from observing the current market forces at work and that is […]