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Sep

26
2008

Stuck in port

By , Friday, September 26, 2008.

"The Mortgage Leader Cruise is being rescheduled due to current market conditions. Please look for an announcement in January regarding the date, new ship and exciting enhancements!"

Even back in April, before the SHTF, this seemed a bit of a stretch...

But hey, if the bailout goes through, who's to say there won't be a new ship and exciting enhancements?  more...

Bailout incites 'grassroots rage'

By Lou Barnes, Friday, September 26, 2008.

Mortgage rates are unchanged, about 6.125 percent, just one aspect of completely frozen credit markets, hostage to a political moment without parallel.

The real economy is tipping over: New claims for unemployment insurance last week jumped to 493,000 from the 450,000 range. Orders for durable goods in August plunged 4.5 percent, double the forecast decline, and sales of new homes free-fell 11 percent.  more...

Alternative plan derails bailout

By Inman News, Friday, September 26, 2008.

President Bush is reportedly personally lobbying Republicans who have staged a revolt against the administration's plan to borrow $700 billion to buy up toxic assets from banks and financial institutions, and said publicly today that "we got a big problem" that requires prompt action by Congress.

House Republican leader Rep. John Boehner of Ohio is demanding "serious consideration" of an alternative plan in the which banks and other investors holding frozen mortgage assets would pay the Treasury Department to insure them.  more...

Rise of the mega lenders

By Inman News, Friday, September 26, 2008.

JP Morgan Chase's acquisition of failed Washington Mutual Bank will create a leviathan in mortgage lending, second in originations only to the juggernaut created by Bank of America's acquisition of Countrywide Financial Corp.

JP Morgan said its acquisition of WaMu will allow it to to grow in major markets like California, Florida and Washington state, and create a company with 5,400 branches in 23 states.  more...

Home-price declines hit London

By Inman News, Friday, September 26, 2008.

A BBC News report today revealed home prices in London fell 3.2 percent in August, the first monthly drop since the government-run Land Registry began publishing its figures in 2000.

Prices sank in England and Wales by 1.9 percent last month, with the average property now costing 174,493 pounds, or approximately $321,495, which is some 8,320 pounds less than a year ago.  more...

Weekly News Briefs Roundup

By Inman News, Friday, September 26, 2008.

Weekly News Briefs Roundup
For the week of Sept. 22-26, 2008

Editor's note: The following is a collection of news briefs that were published by Inman News from Monday, Sept. 22, to Friday, Sept. 26.  more...

The long and short of bailout impacts

By Inman News, Friday, September 26, 2008.

Editor's note: The following is a collection of real estate professionals' responses to a real estate-related question.

QUESTION: What do you foresee as the positive short-term and long-term impacts of the proposed federal bailout plan on the housing market? Negatives?

Dan Melson, Realtor and Loan Officer
Clarion Mortgage Capital
Clarity Real Estate Network
San Diego, Calif.  more...

Last Day for Early Bird Pricing Today

By , Friday, September 26, 2008.

Prices on Connect Registration go up next week, so if you register today you'll save yourself some dough.

We've been really busy putting together a great program for Connect and we have some really exciting news to announce next week, as we're starting to line up some fantastic speakers for all of you too.   more...

'Swift' economic recovery post-election?

By Inman News, Friday, September 26, 2008.

Editor's note: The following is a reader comment on the Sept. 19 Inman News column, "Mark this day: The worst is over."  more...