Dec 28 2009

The New Mortgage Dynamics and the Anatomy of a Pay Option ARM Borrower. 850,000 Option ARMs Still Outstanding and 40 Percent in Distress. 4 Reasons to Walk Away from your Option ARM.

It is hard to believe that 13 percent of all mortgages are either in foreclosure or some other form of distress.  This can stem from a missed payment from an unexpected job loss or mounting pressure of servicing current debt.  To a large degree the allure of the option ARM product came from the ability […]

Dec 11 2009

California Notice of Defaults hit Record in 2009: Approximately 476,000 Notice of Defaults but Foreclosures Fell. HAMP Most Active in California. Approximately 5,900 Permanent HAMP Mods in California.

California is at the center of the foreclosure wave.  Of the 306,000 foreclosure filings in November 23 percent hit in California.  You cannot talk about housing distress without looking at the state of California.  The California housing market will be in a slump for many years and there are a variety of reasons why California […]

Dec 7 2009

The Option ARM Kingpins: Who Holds the Elusive Option ARMs? $189 Billion Securitized and Outstanding and big Three of Wells Fargo, JP Morgan, and Bank of America Playing with Time.

Trying to get a raw number on the elusive option ARM mortgage is like asking the top banks to air their dirty laundry.  We know banks still have billions of these loans on their books but trying to get an accurate figure is like trying to audit the Fed.  In September, Fitch released data showing […]