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Soured Mortgages Fall for First Time in Four Years

06.05.10

(Updates with comments from analyst in 10th paragraph.)

By Jody Shenn

May 6 (Bloomberg) -- The amount of soured U.S. housing debt backing the securities that roiled the global financial system declined last month for the first time in at least almost four years, according to Amherst Securities Group LP.

Mortgages at least 60 days delinquent in so-called non- agency bonds without government-backed guarantees, or “re- performing” after reaching that status, fell 0.3 percent to $608.6 billion, according to a report e-mailed yesterday by the Austin, Texas-based securities firm.

The first decrease since at least June 2006 was caused by increased liquidations of properties after borrowers stopped paying and a further drop in new defaults to 1.3 percent, partly reflecting “seasonality” and the lowest reading since 2007, according to the firm. The report showed 36 percent of homeowners who have never fallen behind on such loans may owe more than their home’s value, suggesting bad debt may again increase.

Source: BusinessWeek

Bad Credit Equity Home Loan Texas - News

Obama to announce new jobs measures next week msnbc.com (blog) - Sep 03, 2010 table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHiXe-rhRiObOuKPM8zlt9dfgbvdQamp;url=http://firstread.msnbc.msn.com/_news/2010/09/03/5039774-obama-to-announce-new-jobs-measures-next-week-bObama to announce new jobs measures next week/b/abr /font size=-1bfont color=#6f6f6fmsnbc.com (blog)/font/b/fontbr /font size=-1That last part is especially close to bhome/b for me: do you have any idea how often something calamitous takes place down here in Pasadena and bTexas/b City? b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dOX5q5o8XLYnxhMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Bargains on Failed US Banks Are Over Wall Street Journal - Aug 30, 2010 table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEuqblrBbUo-7J7IkPGxX6QS2hWxAamp;url=http://online.wsj.com/article/SB10001424052748704323704575461681180655898.htmlbBargains on Failed US Banks Are Over/b/abr /font size=-1bfont color=#6f6f6fWall Street Journal/font/b/fontbr /font size=-1The willingness of potential buyers to take lower returns began once the FDIC in April said it would offer bidders fewer guarantees for bbad loans/b, b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dw7Sj3Hk-KWcwsMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Energy Future Holdings hit hard by lower gas prices after huge leveraged buyout Dallas Morning News - Aug 22, 2010 table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEouWdJkdpQI1DCoKtS1TNLv909bQamp;url=http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-debt3efh_22bus.ART.State.Edition1.3592a7d.htmlimg src=http://nt1.ggpht.com/news/tbn/zVM9A_IpUsRQPM/6.jpg alt= border=1 width=80 height=80 /br /font size=-2Dallas Morning News/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEouWdJkdpQI1DCoKtS1TNLv909bQamp;url=http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-debt3efh_22bus.ART.State.Edition1.3592a7d.htmlbEnergy Future Holdings hit hard by lower gas prices after huge leveraged buyout/b/abr /font size=-1bfont color=#6f6f6fDallas Morning News/font/b/fontbr /font size=-1Buyout barons Kohlberg Kravis Roberts amp; Co., TPG and the private bequity/b arm of Goldman Sachs Group might ultimately turn a profit, but at the moment, b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dg8e6VSNPkDKKbMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Finally, the housing meltdown makes sense msnbc.com - Aug 27, 2010 table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEAgglPLTo5EeNjf0E-Ly7--wfV5gamp;url=http://lifeinc.msnbc.msn.com/_news/2010/08/27/4985489-finally-the-housing-meltdown-makes-sensebFinally, the housing meltdown makes sense/b/abr /font size=-1bfont color=#6f6f6fmsnbc.com/font/b/fontbr /font size=-1Instead of banks making the bbad loans/b, it was the Savings and bLoan/b companies. Remember bHome/b Federal, Imperial Savings amp; bLoan/b, Silverado in Colorado that was b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dijdiz49hGnZ9bMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Collapse of a loan powerhouse Minneapolis Star Tribune - Sep 01, 2010 table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGS0GjRyk5_ZVpyFGVkeSvgxGscxgamp;url=http://www.startribune.com/investigators/101678533.html?elr%3DKArks:DCiUHc3E7_V_nDaycUiD3aPc:_Yyc:aUUbCollapse of a bloan/b powerhouse/b/abr /font size=-1bfont color=#6f6f6fMinneapolis Star Tribune/font/b/fontbr /font size=-1Not all of the Marshall organization#39;s bloans/b went bbad/b, of course. And few failed as spectacularly as Ocean Tower. Still, by the time bank regulators closed b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dHYj1uONLwkvJsMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table