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You better hope I don't come to the financial markets too. Financial markets suddenly seem oddly and seriously unsettled. Mortgage rates and treasuries yields are spiking while foreclosures and unemployment soars. Mortgage rates rise fast and hard, resulting in many mortgage applications in the pipeline getting blown out of the water. Treasury yields spike. [...] An ex-Countrywide honcho is buying mortgages for pennies on the dollar, then offering distressed homeowners greatly reduced monthly payments. Kurland’s new company, PennyMac (!), goes to a demolished bank or the FDIC and buys up delinquent mortgages at, say, 20 cents on the dollar. Kurland’s people then call the delinquent homeowner and say, “How [...] In the first half of this year, borrowers defaulted on modified mortgages at rates higher than almost every estimate. According to the Office of Comptroller of the Currency statistics released today, 36% of borrowers who had their loans modified in the first two quarters of 2008 re-defaulted after just 3 months. After six months, [...] Even among upper-income buyers, 54.4 percent of blacks and 48.9 percent of Hispanics used high-cost loans. By contrast, just 16.4 percent of higher-income white buyers received such loans. Were the mortgage agents overtly racist? No, probably not. But this does imply a systemic bias against people of color that resulted in them only being [...] |  | ||||
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