Tuesday, August 07, 2007

Plenty Of Houses On The Balance Sheet.....

How severe the picture for some banks already is shows the Countrywide Foreclosures Blog from Dimitris. If this trend continues they should consider to become a REIT ...... :-)

Wie ernst die Lage inzwischen bei einigen Banken ist wird hier wunderbar von am Beispiel von Countrywide von meinem Bloggerkollegen Dimitris aufgezeigt. Wenn dieser Trend anhält sollten die ernsthaft in Überlegung zeiehn sich ein einen REIT umzuwandeln ......... :-)

Taken from the WSJ Housing Market WeakensAs Mortgage Industry Takes Cure

Moody's Economy.com has estimated that 2.5 million homeowners will default on their mortgage loans this year and next. Some will be able to keep their homes, through "loan modification" agreements that reduce payments or through various refinance packages offered by lenders and state rescue programs. But about 1.7 million of them will lose their homes to foreclosure, the research firm projects.
> Help is underway.....
In a speech scheduled for this morning in New Hampshire, Mrs. Clinton is to propose providing $2 billion in federal money to help “at risk” homeowners avoid foreclosures and to assist state and local governments build rental properties and other housing for families in need.
The U.S. housing boom over the past decade turned about five million renters into homeowners. But many of the loans that made that possible have proved unsustainable. Dr. Wheaton expects about two-thirds of those people to go back to renting.
Disclosure: Short KBW Mortgage Finance Index (including Countrywide)
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