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’Federal shadow housing inventory is getting bigger
A housing milestone, of sorts.
Federally-backed loans already make up a majority of the mortgages classified as ‘seriously delinquent’ in the US financial system. In other words, there are more soured loans held or backed by the US’s giant GSEs — Fannie Mae and Freddie Mac — plus the Federal Housing Administration (FHA),
Cembalest changes his mind on the subprime crisis
Here’s something you might have missed during last week’s (UK) holiday.
Michael Cembalest has made a retraction. JPMorgan’s private banking chief investment officer (and reportedly the only JPM-er who refused to do business with Ponzi-schemer Bernard Madoff,
The skeletons (or mortgage audits) in Deutsche Bank’s closet [updated]
One word to describe the narrative in the just-announced civil suit against Deutsche Bank’s mortgage unit: quaint. Though parts of it are still shocking.
The suit centres on alleged abuses of the US government’s mortgage insurance programme,
Trends in FHA-insured loan performance still not encouraging
The FHA is a little bit sensitive about any suggestions it might not be A-OK, but the steady trickle of less-than-reassuring news about the federal mortgage insurer difficult to ignore.
Consider the following assertions from the Cleveland Fed,
FHA says everything is A-OK – but defaults are running at 9%
In February, HousingWire reported on upbeat comments from an official at the Federal Housing Administration, a government agency which insures mortgages:
The 2009 books is solid,” said Margaret Burns,
‘The Federal Housing Administration is not in the long-run self supporting’
Hate to say we told you so, but the Federal Housing Administration (FHA) is in a spot of bother.
Bloomberg reported quite comprehensively on the dire state of the FHA’s mortgage reserves on Thursday (emphasis FT Alphaville’s):
FHA bailout watch, plunging cash reserves edition
Executives at the US Federal Housing Administration (FHA) continue to insist that the mortgage insurer is not in trouble. Available data suggest otherwise.
As the Washington Post reported on Tuesday,
Bailout watch, US Federal Housing Administration edition
We suspect this counts as Schadenfreude, but according to Edward Pinto, a former Fannie Mae executive, the Federal Housing Administration (FHA) may need a major cash infusion from the US government.
Consider,