The Corruption Continues: Government won't prosecute Goldman Sachs in probe – USATODAY.com
Government won't prosecute Goldman Sachs in probe – USATODAY.com
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$430 Billion in CRE Losses?
by CalculatedRisk on 11/26/2009 05:55:00 PM From Jon Lansner at the O.C. Register: How banks may lose $430 billion more Banks are projected to lose $430 billion on commercial real estate loans in the next two to three years [said] Stan Mullin, an associate with California Real Estate Receiverships in Newport Beach ... Highlight’s of Mullin’s talk: •$1.4 trillion in commercial loans are coming due in the next five years. •That’s equal to the same amount that came due in the last 15 years. •Lenders could take massive losses on their real estate portfolios from 2010-2013. This is similar to the recent presentation by Dr. Randall Zisler, CEO of Zisler Capital Partners: A crisis of unprecedented proportions is approaching. Of the $3 trillion of outstanding mortgage debt, $1.4 trillion is scheduled to mature in four years. We estimate another $500 billion to $750 billion of unscheduled maturities (i.e., defaults). And from the WSJ in October: Comme...
MBA: Record 14.4 Percent of Mortgage Loans in Foreclosure or Delinquent in Q3
The MBA reports a record 14.4 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q3 2009. This is an increase from 13.2% in Q2 2009.
Orange County: Foreclosure Notices Hit Record High
by CalculatedRisk on 11/11/2009 08:47:00 AM Matt Padilla at the O.C. Register writes: Foreclosure notices hit record 8,800 Graph from O.C. Register. ForeclosureRadar.com reports that outstanding foreclosure auction notices in Orange County rose to 8,895 at the end of September, the highest in this housing downturn and probably the highest ever. September’s total was up 5% from August and 90% from a year ago. Padilla provides a second graph (see his article) of 90 day delinquencies, foreclosures and REOs. He writes: [The second] chart shows that the ratio of borrowers having missed at least three monthly payments is at nearly 7% and has risen every month for more than three years. It’s incredible that while so many mortgages are delinquent, banks are only holding 0.26% of first mortgages as REOs. Loans in the trial modification period are still considered delinquent, so that might explain some of the increase in 90+ day delinquencies. But that doesn't explain the ...