Archive for MichaelWhite

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Michael White is the CEO of The New Mortgage Company. He has seventeen years in real estate as lender, owner, and mortgage originator. He has purchased and sold more than 275 properties for his own account, made hundreds of real estate loans for his portfolio, and originated hundreds of mortgages as a broker.

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Predatory Deception Falsifies New York Times Editorial on Mortgage Brokers

You have called for yield spread to be outlawed in the same editorial where you described it as “totally justified”. You have argued against “high-priced” loans, but your policy would have the effect of requiring that all brokered loans be high-cost mortgages paid with points.

10Feb2010 | | 28 comments | Continued
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Default As A Patriotic Duty

The President of the Financial Crisis Stimulates Systemic Long-Term Unemployment. Consumer Advocates Attack Creation Of Affordable Housing. *** I read a mysterious statement the other day. “My data show that between 1890 and 1990 real home prices actually didn’t increase,” said Robert Shiller, in Newsweek (Dec 30, 2009), Why We’ll Always Have More Money Than […]

11Jan2010 | | 11 comments | Continued
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The New Year’s Guide of 10 Key Charts To See Before Buying A Home

Ten housing charts (Including Affordability, Inventory, Delinquent Mortgages, Rates and others) that should make you question if now is really a good time to buy a home.

2Jan2010 | | 1 comment | Continued
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The Numbers Still Say 30% Down 30% To Go

It’s very nice that values achieved a gain of .013% in October, but we still have a 30% fall ahead of us and, as you know, we have a 30% fall behind us. Better send in your mortgage payment.

30Dec2009 | | 1 comment | Continued
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Fed Treasury Choke On Kryptonite

The housing market remains oversupplied by 860,000 units when compared to a 10-year average inventory and the overhang represents a direct contradiction to the spirit of Tuesday’s headlines describing new data from the National Association of Realtors. Major media said that “Home Sales Exceed Forecasts” (Bloomberg) and “Sales Rise 7.4%” (Wall Street Journal) and “Sales […]

23Dec2009 | | 3 comments | Continued
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Four More Years To Fall

The exhaustive Freddie Mac price index predicts prices will continue to fall for the next four years as the index fell 2% nationwide in the 3rd quarter.

9Dec2009 | | 2 comments | Continued
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Losses and Zombie Debt in Residential Mortgages Surpass $5 Trillion

Mortgage debt of $5.6 trillion is a bubble legacy and the most obvious source of a renewal of the financial crisis.

25Nov2009 | | 1 comment | Continued
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Case-Shiller Still Predicts Massive 45% Fall From Today’s Values

The 10 major cities in the Standard & Poor’s/Case-Shiller home price index have risen 5% from their April low, but the index is still predicting a massive 45% fall from today’s values.

24Nov2009 | | 52 comments | Continued
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Single-Family Inventories Remain Oversupplied by 900,000 Units

Inventory of single-family homes fell 60,000 units in October. They remain oversupplied by 908,000 units when compared to the long-run average.

23Nov2009 | | 3 comments | Continued