Mary Kane
A Possible Breakthrough on Bankruptcy Modification
Housing advocates have been pushing for years, without success, for changes in federal law to allow bankruptcy judges to modify mortgages. The idea was a non-starter during the Bush Administration, since lenders strongly opposed it. But American Banker (subscription required) reports today that lawmakers may have reached a comprise allowing the mortgage modifications in some [...]
Obama’s Economic Plan Not Bold Enough for WSJ
President-elect Obama’s big economic speech today details all the problems the economy faces, and he predicts dire consequences if the government doesn’t act now - and in a big way. If nothing is done, Obama warns, the recession could linger for years. It’s all part of his effort to drum up support for his massive [...]
More Empty Space at the Mall; Life Gets Harder for Bored Teens
The bursting of the retail bubble that we discussed on Monday continues, and at a faster pace than expected. Mall vacancies reached a 10-year high in the fourth quarter of last year, Bloomberg reports. Things are only expected to get worse, according to research firm Reis Inc.
From Bloomberg:
Regional mall vacancies rose to 7.1 percent last [...]
Is There a Citigroup Tax Credit Hidden in the Stimulus Plan?
Over at Beat the Press, economist Dean Baker raises an interesting question that deserves follow-up: Is there a hidden tax credit for Citigroup in the upcoming Obama administration’s proposed stimulus plan?
From Baker:
The media seem to have largely overlooked the Citigroup tax credit in their discussion of the latest items in President [-elect Barack] Obama’s stimulus [...]
Quick! Start Downloading iTunes Before Apple Changes its Mind
Hey, what’s up with Apple? First CEO Steve Jobs gives a non-update update on his health - a hormone imbalance? - and then the company announces today it’s going to lower the price of downloading iTunes and lift some of its restrictions on copying the songs, Bloomberg reports.
This is all happening at Macworld in San [...]
A Foreclosure’s Final Chapter
The house that former Manassas homeowner Julio Angulo lost in a foreclosure eviction chronicled by TWI is back on the market. Haymarket Realtor Keith Elliott Jr. said Angulo’s former home is listed for $84,900.
Think about that for a minute. Angulo bought the townhouse, in a working class subdivision in suburban Virginia, for $280,000 in 2005.
Now it’s [...]
The Paradox of Thrift
Has the economy scared you into cutting back on your spending, paying down your credit cards, getting your budget in order? Good for you, but bad for the country’s financial health, the Wall Street Journal points out today. Big-spending Americans have dramatically changed their habits, and economists expect the savings rate, which has dipped below [...]
Retailers to Wage Psychological Warfare
Talks of an Obama stimulus package didn’t prevent consumer confidence to plunge, leading to a devastating holiday shopping season for retailers. Sellers are about to fight to get buyers back.
Lenders on Foreclosures: Let’s Get This Over With
Instead of a national foreclosure moratorium - an idea that has the support of President-elect Barack Obama - homeowners in trouble should just accept foreclosures and move on, lending industry insiders say. Their comments come from Housing Wire, which cited an industry survey quoting lenders as saying a national moratorium would have dire consequence for [...]
Shattering a Subprime Myth: No, High-Rate Loans Didn’t Create Homeownership
One of the long-held beliefs about subprime mortgages is that they had a positive side, extending credit to non-traditional buyers and increasing minority homeownership rates. But in a new research paper (pdf), the Boston Federal Reserve takes a closer look at foreclosures in Massachusetts. In a remarkable finding, researchers say that widely-held assumption simply isn’t [...]
