Subprime fallout continues in 2012

It was the summer of 2007. We waited for mortgage lending to explode (or implode). If you recall, Bear Sterns had problems that shocked everyone, HSBC announced the first subprime mortgage losses, and Lehman Brothers said Lehman was not associated or affiliated with subprime borrowers. Bear Sterns is gone, Lehman had egg on their face, …

Saxon Mortgage parent Morgan Stanley gives 150 Pct raise

Saxon Mortgage parent Morgan Stanley has seen fit to give the company chairman a 150 percent pay raise. Meanwhile Saxon Mortgage can’t even endorse and return my insurance check in a timely manner. Here is why they think Mack is worth the money: NEW YORK, May 28 (Reuters) – Morgan Stanley (MS.N) Chairman John Mack, …

Homeowner takes Saxon Mortgage complaint to congress

SA in Texas said: “I’ve been trying to get thru the loan modification process for over 1 yr. Last year in March I was told I qualified for an internal program. The terms sounded too good to be true…they were…I never received the loan documents. Then was told that the Saxon Mortgage modification department was …

Economic crisis still looms as winter looms nearby

This is the quote of the week at Mortgage Blues: “”People have been celebrating that we’re through the financial crisis, but the underlying issues are all still there,” said Dean Baker, co-director of the Center for Economic and Policy Research. “We’ve lost trillions of dollars in housing wealth, and consumption’s going to be weak. It’s …

More of America sold to China as distressed assets

China Investment Corp, a $200 billion sovereign fund, is set to spend $2 billion buying U.S. distressed assets from property to infrastructure via three funds, including one managed by Goldman Sachs, sources briefed on the plan said on Tuesday. CIC’s latest swoop on U.S. assets comes after the state-owned investment vehicle lined up to invest …