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Pirate-Bartender-Z... (2)

Pick a number, any number.

'What's a home worth?' 'There are problems in appraisal land that transcend weak housing markets and debt-ridden borrowers, and that are causing home buyers and would-be refinancers to miss out on low rates and dream houses. "There's been a pendulum swing in appraisals comparable to the one we've seen in mortgage credit, from foolishly lax to overly restrictive," said Walt Molony of the National Association of Realtors. He reported that as recently as October, one in 10 member agents said they'd had a contract canceled as a result of a low appraisal, 13 percent said they'd had a contract delayed, and 16 percent said they'd had a contract negotiated to a lower sales price as a result of a low appraisal.'' [more inside]
posted by VikingSword on Dec 14, 2010 - 90 comments

Multiply this by HOW MANY mortgages out there?

Dan Ekstrom is a guy who is in the right place at the right time. His profession? He performs securitization audits (Reverse Engineering and Failure Analysis) for a company called DTC-Systems. The typical audit includes numerous diagrams... The following flow chart reverse engineers the mortgage on the Ekstrom family residence. It took Dan over one year to take it this far and it clearly demonstrates what happens when there are too many lawyers being manufactured.
posted by Pirate-Bartender-Zombie-Monkey on Nov 16, 2010 - 46 comments

Why yes, the wording & paperwork matter. A lot.

Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles--and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.
posted by Pirate-Bartender-Zombie-Monkey on Aug 20, 2010 - 54 comments

Those markets? Well, it seems they work like they are supposed to ...

Are funds calling a bottom to the US housing market? Even as house price declines are beginning to slow, home sales may have stablised and resales look healthy, big money - $5B here, $3B there, over there $2B and lots and lots of smaller amounts - is being deployed to take housing assets off banks balance sheets.

Meanwhile, Fannie Mae and Freddie Mac are actually booking the biggest profits on new mortgages since 1998. It ain't over 'til it's over, but in the markets you take what you can get.
posted by Mutant on Aug 28, 2008 - 39 comments

Rent Vs. Buy Myths That Ruined the Housing Market

Rent Vs. Buy Myths That Ruined the Housing Market
posted by Afroblanco on Mar 21, 2008 - 107 comments

You see this watch? It has so many diamonds in it, the hands can't move...

The Secret Agent - whilst talk has gone on for many a year about things like 'bubbles' and 'bursting' on the topic of real estate, never before has it been seriously considered that regular offer-withholding, mortgage-falsifying, and price-gouging to the tune of £50,000 by real estate agents might be affecting the housing market altogether. I challenge metafilter to make the links, and see who's first on that merry conspiracy theory bandwagon. And why is it that people who work with selling or developing buildings are just, well, evil?
posted by jrengreen on Mar 22, 2006 - 65 comments

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