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Archive for August 6th, 2007

There is No There There, Sub-Prime Mortgage Crisis Continues »

The August 6, 2007 issue of Barron’s has an excellent article on an insurer of the sub-prime mortgage market and its CDOs, (collateralized debt obligations).
ACA Capital Holdings is on the line for 61 billion dollars of guaranteed commercial debt, up from 14.6 billion in 2005.
The company’s shareholder net worth is 326 million dollars.
Bear Stearns, of [...]

Another Real Estate Nightmare: Builder as Lender »

Businessweek.com has a story today about another factor contributing to higher foreclosure rates: the large builder as mortgage lender. As homebuilders have become large publicly-traded companies, they have access to larger pools of cash, and have used that cash to provide financing to induce people to buy their homes. Since Wall Street can [...]

Sub-Prime Mortgage Crisis Continues - Another Brick in the Wall, Part ??? »

American Home Mortgage Corp. of New York filed for Chapter 11 Bankruptcy relief in Delaware today deepening the housing market depression. The Wall Street Journal has amassed a list of the collapsed companies who have either filed for bankruptcy, gone out of business or have been acquired by other companies. In [...]

Bankruptcy for Elder Americans »

Yet another report on the increasing percentage of elderly Americans filing bankruptcy here.
Large uninsured medical costs are frequently given as a reason for Chapter 7 filings among people over age 55.
I see other factors.
Often, helping children, and grandchildren, who frequently have been affected by substance abuse issues.  That is, daughter marries alcoholic, not enough [...]

How Long Can I Wait To File Bankruptcy And Still Save My Home From Foreclosure »

Bankruptcy courts defer jurisdiction over real estate redemption to state law. In Illinois, the Mortgage Foreclosure Act found at 735 ILCS 5/ et seq recognizes a statutory right of redemption until the expiration of the later of 3 months after the date of judgment of foreclosure; or 7 months from the date of service of [...]

Do I Have To Pay Property Inspection Fees: Massachusetts Bankruptcy Judge Boroff Slams Door On Junk Fees »

Massachusetts debtors no longer pay real estate property inspection fees to Ameriquest, says Chief Judge Henry J. Boroff. In a ruling announced from the bench in the case of In re Cindy Darlene Waring, 06-40604, Judge Boroff said Ameriquest would no longer seek reimbursement of such fees. Judge Boroff made this [...]