Hmmm....something I had not taken into consideration. Add in the upcoming HELOC resets and you have a lot of inventory on the market.
After the worst national housing crash in history, the picture of distress continues to improve, but now with one worrisome aberration. For the first time in more than two years, the number of repeat foreclosures took a U-turn and was higher in January compared to a year ago.
Repeat foreclosures are when a home has been in the foreclosure process once, was somehow saved by either a loan modification or payment program, but then goes back into foreclosure. This can happen when the borrower either can't or won't keep up with the new payments. New repeat foreclosures rose 11 percent in January from December and accounted for more than half of all new foreclosures, according to Black Knight Financial Services.
The problem is worst in states where a judge is required in the foreclosure process. These so-called "judicial" states have a far longer time horizon for processing foreclosures and therefore have huge backlogs of troubled loans in limbo.
$2.50/share in 9 weeks? You are so full of it.
And you want to compare a 9 week period with a 9 year period?
What happened to "I always make money"?
Looks like you just gave up four dividends.
More smoke and mirrors.
The home equity line of credit (HELOC) had been around for many years before it became a hugely popular financial product in the early 2000s. When the financial crisis happened in 2008, drastically lower home valuations put a stop to the HELOC boom, and today we see far fewer being issued by lending institutions. However, millions of homeowners still have this type of contract and will face major problems when their HELOCs reach a 10-year reset point in 2015-2016.
According to the OCC, in 2012 approximately $11 billion in HELOC loans reached reset point, with "reset" defined as the point where the borrowing period ended and the repayment period began. By 2014, that figure had grown to $29 billion. It will nearly double again to $53 billion in 2015 and could exceed $111 billion by 2018. Between 2014 and 2017, approximately 58% of all HELOC balances are due to start amortizing.
Maggie walks away leaving new CEO "holding the bag"
She is the Chairman of the Board for FTR.
The economy is boomin dammit!
Target's chief executive, Brian Cornell, said Tuesday the retailer will cut several thousand jobs within the next two years as part of a $2 billion cost-savings plan.
HOUSTON – Nabors Industries has cut 12 percent of its 29,000-employee workforce as oil producers continue to send U.S. land rigs to the sidelines, the drilling contractor’s CEO said Tuesday.
That includes a 10-percent cut from its sales staff and a 20-percent reduction in its U.S. drilling workforce, or about 3,480 jobs, Nabors CEO Anthony Petrello told investors said in a quarterly conference call, adding the firm is preparing for the possibility of a long-term downturn in oil prices.
How does one go about this?
Closing stores and reducing headcount....that's how!
CHICAGO (Reuters) - Best Buy Co Inc (BBY.N), the largest U.S. consumer electronics chain, said on Tuesday it will launch a new cost savings program in fiscal year 2016, beginning Feb. 1.
Chief Executive Officer Hubert Joly said the company
Additional evidence for my thesis.
Facing a budget deficit next year of nearly $8 million, the village of Matteson is considering sharp cuts in its public safety work force, with possible layoffs of 13 police officers and eight firefighters — about 40 percent of the police department and a third of the fire department.
Up to 5,000 being offered early retirement or face being laid off.
BOSTON —A top administration official says Gov. Charlie Baker plans to file legislation that would allow thousands of state employees to retire early, and if that doesn't work, the state may resort to layoffs.
Baker's budget chief Kristen Lepore tells The Boston Globe the administration projects that 4,500 will take advantage of the early retirement program if it is passed by the Legislature, which would save $178 million in the fiscal year that begins in July.
Baker has projected the state's budget gap at $768 million, and lawmakers have passed a plan to close it through a series of cuts and other moves. The Massachusetts Taxpayers Foundation, a watchdog group, pegs the shortfall as high as $1.5 billion.
Baker has until Wednesday to file his spending plan for the 2016 fiscal year.
(Bloomberg) -- Royal Bank of Scotland Group Plc plans to eliminate more than 1,000 jobs at its U.S. trading division as part of a global overhaul of the investment bank, Chief Financial Officer Ewen Stevenson said.
Stevenson told reporters on Thursday that the bank plans to cut more than half the jobs at the unit, employing about 2,000 people, with most of the operations in Stamford, Connecticut. The job losses are part of a wider plan for the investment bank to focus on 13 countries instead of 38.
“We will end up with a much smaller broker dealer in the U.S. than what we’ve currently got,” Stevenson, 48, said. “We’ve got a big headquarters in Stamford that’s probably bigger than we need, so we’ll look at that in due course.”
RBS Chief Executive Officer Ross McEwan, 57, is taking an ax to what was once one of the world’s biggest banks, stepping up cost cuts introduced under his predecessor Stephen Hester.
The restructuring will spark “significant” job cuts at the investment bank, McEwan said without elaborating because the lender plans to discuss the number of departures with employees first. The Corporate and Institutional Bank, housing most of the lender’s securities activities, currently employs between 16,000 and 18,000 staff, he added.
As part of the global retreat, RBS said on Thursday it sold $36.5 billion of North American loans to Japan’s Mizuho Financial Group Inc. for about $3 billion.