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	<title>Housing Doom</title>
	<link>http://housingdoom.com</link>
	<description>"He who defends everything defends nothing." - Frederick the Great</description>
	<lastBuildDate>Sat, 04 Jul 2009 07:01:44 +0000</lastBuildDate>
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	<item>
		<title>Jesse: The Japanese Stagnation &#8212; featuring Recourse Mortgages</title>
		<description><![CDATA[
Japanese mortgages are recourse loans, meaning the borrower is still liable even after foreclosure. Depending on the state, most banks in America offer nonrecourse loans, which are secured by collateral, usually the property itself. Once they foreclose, the borrower&#8217;s debts are gone. If you default on a recourse loan, you&#8217;re messed up three times: you [...]]]></description>
		<link>http://housingdoom.com/2009/07/04/jesse-the-japanese-stagnation-featuring-recourse-mortgages/</link>
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		<title>Foreign Cenbank Holdings of US Obligations Weekly Update &#8212; to 01 July 2009</title>
		<description><![CDATA[NEW YORK, June 29 (Reuters) - The New York Federal Reserve said on Monday it will buy agency coupon securities maturing from Jan. 2016 to July 2032 in an open market operation on Tuesday. [1]
America&#8217;s a great country.&#160; Unique too.&#160; Part of that exceptionalism is that it&#8217;s the only decent sized country on the planet [...]]]></description>
		<link>http://housingdoom.com/2009/07/03/foreign-cenbank-holdings-of-us-obligations-weekly-update-to-01-july-2009/</link>
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		<title>Maybe They Just Aren&#8217;t Interested</title>
		<description><![CDATA[Politicians have been promising to save the housing market and reduce foreclosures.&#160; A number of programs have been launched to great fanfare, but none have been a rousing success.&#160; Is it possible that there are still folks out there who live under a rock and haven&#8217;t heard about these programs?&#160; The Obama administration thinks so:&#160; [...]]]></description>
		<link>http://housingdoom.com/2009/06/30/maybe-they-just-arent-interested/</link>
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		<title>Crack of Doom: Twist Is On Vacation</title>
		<description><![CDATA[&#160;
It&#8217;s Monday, and I&#8217;m on vacation- sort of.&#160; I&#8217;m in New York helping some family move, and the new place is without internet until Friday.
If there&#8217;s anything that we should know, drop us a line or feel free to post a comment here.&#160; This is an open thread. In the meantime, I&#8217;ve got to figure [...]]]></description>
		<link>http://housingdoom.com/2009/06/29/crack-of-doom-twist-is-on-vacation/</link>
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		<title>What&#8217;s the real crisis here?</title>
		<description><![CDATA[Here&#8217;s a story from Maricopa, AZ.&#160; Maricopa is on the far fringes of the Phoenix metro area, and hard hit by the housing bust.&#160; One thing that struck me about this story was one of the comments made afterwards.&#160; This story is being told thousands of times across the nation- only the name and place [...]]]></description>
		<link>http://housingdoom.com/2009/06/28/whats-the-real-crisis-here/</link>
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		<title>Marcy&#8217;s Default Line: Plastic cn b Drastic Regret!</title>
		<description><![CDATA[Igor regrets to inform Doomers that the Versus Gang is Back  
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The above homepage link will provide better quality than the following embed for many viewers.
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		<link>http://housingdoom.com/2009/06/27/marcys-default-line-plastic-cn-b-drastic-regret/</link>
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		<title>Attention Barney Frank- Supporting Loose Lending Is Supporting Predatory Lending</title>
		<description><![CDATA[&#160;
Predatory lending, in my mind, is when a lender encourages a buyer to purchase a loan that they know puts a buyer at risk for default, in order to enrich either the seller or the lender.&#160; Representatives Barney Frank and Anthony Weiner would undoubtedly deny the charge, but they are promoting predatory lending in their [...]]]></description>
		<link>http://housingdoom.com/2009/06/26/loose-lending-is-predatory-lending-frank/</link>
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		<title>Foreign Cenbank Holdings of US Obligations   Weekly Update &#8212; to 24 June 2009</title>
		<description><![CDATA[&#8220;The Fed is reminding the hyperventilating bond market that it needs to relax,&#8221; said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. &#8220;Inflation will be low for some time because the economic weakness will be with us for a time. They are not about to start to thinking about [...]]]></description>
		<link>http://housingdoom.com/2009/06/26/foreign-cenbank-holdings-of-us-obligations-weekly-update-to-24-june-2009/</link>
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		<title>Parade Of Foreclosed Homes</title>
		<description><![CDATA[&#160;
Tucson: Five of last year&#8217;s Parade of Homes properties have gone back to the bank- and there were only seven of them: [Hat tip M.R.!]

Five custom homes featured in last year&#8217;s Parade of Homes have now gone  back to the Bank of Oklahoma after several months of negotiations. 


Their failure to sell reflects the [...]]]></description>
		<link>http://housingdoom.com/2009/06/26/parade-of-foreclosed-homes/</link>
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		<title>Phoenix: The Foreclosures Just Keep On Coming</title>
		<description><![CDATA[According to Forbes magazine, Phoenix is the second best metro area in the United States to buy a home.&#160; They used a formula based on sales activity to come to that conclusion.
One would think however, that a good housing market would be one with the least possible downside risk and the greatest upside potential.&#160; While [...]]]></description>
		<link>http://housingdoom.com/2009/06/24/phoenix-the-foreclosures-just-keep-on-coming/</link>
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		<title>Exporting Danish-style Recourse Mortgages</title>
		<description><![CDATA[Here&#8217;s thoughts on Danish-style mortgages that expand on what I wrote in note [7] to Saturday&#8217;s AEI Subprime Danish: (nearly) Complete Annotated Transcript.  I originally drafted a version of the following for some private correspondence, but on reflection thought I&#8217;d stretch a point on my &#34;retirement&#34; from active comment to share it with Doomers [...]]]></description>
		<link>http://housingdoom.com/2009/06/24/exporting-danish-style-recourse-mortgages/</link>
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		<title>Crack of Doom:  23 of couple&#8217;s 26 homes foreclosed on</title>
		<description><![CDATA[Wow, talk about rotten &#34;luck&#34;.&#160; A Phoenix area couple has had 23 homes foreclosed on, and the lender for 11 of them is under investigation: [Thanks L!]

Clint Rogers, head of Mesa-based Clint Rogers Ministries, and Angela Faith Rogers are not accused of any wrongdoing in the complaint filed by the Arizona Department of Financial Institutions, [...]]]></description>
		<link>http://housingdoom.com/2009/06/22/crack-of-doom-23-of-couples-26-homes-foreclosed-on/</link>
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		<title>The Latest, Greatest [Dumb] Plan To Fix The Mortgage Market</title>
		<description><![CDATA[&#160;
President Obama&#8217;s got a new plan to fix the mortgage industry, and boy is this one hard hitting:

If  the Obama plan for simplifying the mortgage process is approved, here&#8217;s how it  might work:
The government would give its seal of approval to a  handful of mortgage types &#8212; a standard 30-year fixed-rate mortgage [...]]]></description>
		<link>http://housingdoom.com/2009/06/22/the-latest-greatest-dumb-plan-to-fix-the-mortgage-market/</link>
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		<title>Will FHA Loans Bring About Housing Bust Part II?</title>
		<description><![CDATA[Thank heavens they&#8217;ve put a stop to those risky, &#34;no-skin-in-the-game&#34; loans, or have they? [Thanks L!]

Think we&#8217;re beyond the days of people putting little-to-nothing down for home purchases only to later walk away? Think again &#8230; and the government is sponsoring it.
For those not familiar with FHA loans, they are loans issued by major banks [...]]]></description>
		<link>http://housingdoom.com/2009/06/21/will-fha-loans-bring-about-housing-bust-part-ii/</link>
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		<title>AEI Subprime Danish: (nearly) Complete Annotated Transcript</title>
		<description><![CDATA[[43:00] &#8230; If we&#8217;re going to offer this new advantage to the homeowner, and allow him to borrow at today&#8217;s current market rates, but only because the government&#8217;s going to guarantee it, we should have full recourse to every borrower. [1]
Housing Doom is pleased to present an almost [12] complete unauthorized annotated transcript for the [...]]]></description>
		<link>http://housingdoom.com/2009/06/20/aei-subprime-danish-complete-annotated-transcript/</link>
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		<title>Op-Ed Friday: Son of Subprime</title>
		<description><![CDATA[It&#8217;s Friday, and it looks like mortgage defaults could go from bad to worse:&#160; [Thanks L!]

WASHINGTON &#8212; Call it son of subprime. Experts warn that a new wave of mortgage foreclosures may be coming soon and could rival the default rates for subprime mortgages and slow efforts to find bottom in a prolonged national housing [...]]]></description>
		<link>http://housingdoom.com/2009/06/19/op-ed-friday-son-of-subprime/</link>
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		<title>Is This The Quintessential Housing Boom House, Or What?</title>
		<description><![CDATA[M sent me a listing awhile back, and I just have to share it.&#160; The home is located in Scottsdale, AZ. Here&#8217;s the picture: [MLS #4002657 for everyone with access.]


&#160;
Nice looking place, isn&#8217;t it? Here&#8217;s what it says in the remarks though about this property that is listed for $3 million:

Any Buyer wishing to make [...]]]></description>
		<link>http://housingdoom.com/2009/06/19/is-this-the-quintessential-housing-boom-home-or-what/</link>
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		<title>Foreign Cenbank Holdings of US Obligations Weekly Update &#8212; to 17   June 2009</title>
		<description><![CDATA[This week&#8217;s Reuters report [1] saw treasuries buying holding steady, but the sell-off of agencies gained momentum.  The report was, as usual, based on the weekly update from the NY Fed&#8217;s H.4.1 table site.[2]  Here is Doom&#8217;s updated CSV version of the agencies and treasuries foreign central bank holdings data set.[3]

This week&#8217;s healthy [...]]]></description>
		<link>http://housingdoom.com/2009/06/19/foreign-cenbank-holdings-of-us-obligations-weekly-update-to-17-june-2009/</link>
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		<title>New Appraisal Rules Make Selling Homes Tougher</title>
		<description><![CDATA[During the housing boom too many homes appraised based on &#34;What number do you need?&#34;&#160; Now it seems that the pendulum has swung back into more conservative territory:

New rules to safeguard the integrity of home appraisals are complicating the  deals they&#8217;re supposed to protect.
Real estate agents, mortgage brokers and buyers, as well as homeowners [...]]]></description>
		<link>http://housingdoom.com/2009/06/18/new-appraisal-rules-make-selling-homes-tougher/</link>
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		<title>Woman To Be Foreclosed On For Previous Owner&#8217;s Debt</title>
		<description><![CDATA[It&#8217;s tough enough when a homeowner can&#8217;t pay their debts and loses a home to foreclosure.&#160; It&#8217;s even more mind-boggling though when they are notified that it will happen for a previous owner&#8217;s debt:
&#160;
Embedded video from CNN Video
]]></description>
		<link>http://housingdoom.com/2009/06/17/woman-to-be-foreclosed-on-for-previous-owners-debt/</link>
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