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According to a post this morning on Blown Mortgage: [Great job on this one BM!]
In an amazing development Option One has eliminated the 2-year fixed subprime ARM loan from its lending portfolio. The 2/28 as it’s known in the industry was the staple of subprime refinance options during the recent run-up in housing.
This is, in part, the announcement from Option One: [Full text available on Blown Mortgage]
Thanks Implode-O-Meter for pointing out this YouTube. Doom hopes a Financial Media Awakeness Week follows shortly.
OK, it’s hot (even got over 20 degrees C in Halifax over the weekend!) and nobody, but nobody at Doom Castle wants to see anything else — CDOs, the world economic system, Playtex — melt down any time soon.
AEI’s March 28, 2007 Subprime Seminar - XI
This is an unofficial transcript of another dozen minutes of the Q&A session from AEI’s March 28th seminar on the Subprime Mortgage Crisis.[1] The present post completes Doom’s unofficial annotated transcript of the two hour long event. We will in due course be posting a Doom Page containing a complete unannotated version of the transcript, along with a brief summary post and overview of this important seminar.
The first questioner, Steve Votaw, appears to indeed be with Deloitte, while Fiesel Chor (spelling only approximate) self-identified as an independent consultant. Mr. Chor is the only participant we didn’t find at least something on by searching the internet, so if any Doom reader can point us to information about him or his consultancy it would be great.
Tom Zimmerman spoke to issues raised by both questioners, in the process shedding considerable light on the subprime sector, their methods and the motivations behind the present situation. Then Nouriel Roubini sort of banked off a concern of Chor’s to assert that we really, really need some sensible regulation in mortgage finance. Alex Pollock very briefly suggested this would not be enough to stop the next (inevitable?) cycle.
Homebuilders gathered last week in Orlando to attend the Southeast Builder’s Conference, where they listen to advice from some of real estate’s most influential people. This morning the Palm Beach Post is reporting one piece of advice from Ara Hovnanian, head of Hovnanian Homes, that was so novel, I just had to share:
"Raise prices," he said. "Buyers aren’t buying because they think you’re going to lower prices again. There’s interest but there’s fear. Raise prices 3-4 percent. And quit giving discounts.”
