President Obama announced today that Richard Cordray, fomer Attorney General of Ohio to head the new Consumer Financial Protection Bureau, or CFPB. This appointment comes as many believe that the President caved to pressure, mainly from the financial sector not to appoint Dr. Elizabeth Warren to this position. Washington insiders believed no Republican would vote [...]
New Homes Sales Drop to Historic Lows
March 24, 2011 By Leave a Comment
It’s bad news again for the housing markets both nationally and locally. New home sales drop in February down 16.9% from January. It seems there is a downward trend in new home sales and locally this affects Napa home builders, Fairfield home builders, Vallejo home builders, Vacaville home builders, and even builders as far away [...]
New Housing Starts drop 22.5%
March 17, 2011 By Leave a Comment
New housing reports are bad news for the housing industry. Down 22.5% from January figures and the second lowest level since 1959. New housing permits also dropped by 8.2% for the same reporting period. This is well below the estimates and yet another sign of no relief in the housing sector. Adding to this is [...]
Obama Administration Pushes for more Aggressive Mortgage Modification Program.
March 16, 2011 By 2 Comments
The Obama administration is rumored to be pushing for an aggressive loan modification program according to the Huffington Post. The report cites the program as “Shock and Awe” with the goal being 3 million permanent loan modifications over 6 months. This is strange to me since the current Hamp program is such a catastrophic failure [...]
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