Posted on June 6th, 2008 in Mr Mortgage - News Picks of the Day!
National City Under US Scrutiny –Wall St Journal . Another leading Home Equity Loan/Line lender is in trouble. This is not the kind of trouble you want to be in. Along with BofA, Chase, CITI, Countrywide, Wamu, Wells., Rescap and IndyMac, Nat City was in the top-10 for years running. One thing Nat City does not have is the balance sheet of most of their top competitors. By the way, that list is fairly close to their actual origination standings during 2006-2007, however, Nat City ran about 7th place.
US Household Wealth Tumbles – Bloomberg. Again, I am sure glad we are not in recession or this type of news would really suck. U.S. household wealth fell in the first quarter by the most in more than five years and borrowing slowed as home values and stock prices plunged and lenders restricted credit, Federal Reserve figures showed. Net worth for households decreased by $1.7 trillion from the previous three months, the second straight decline and the biggest since the third quarter of 2002, according to the Fed’s quarterly Flow of Funds report today. Real estate-related assets dropped by $328.9 billion, the most since records began in 1952.
Unemployment Rate Rockets to 5.5% and Payrolls Fall – Bloomberg. For a year, nobody could explain how jobs did not fall off a cliff. This was a lot of catching up in a single month. The U.S. lost jobs in May for a fifth month and the unemployment rate rose by the most in more than two decades, signaling that the world’s largest economy is stalling.
Holyfield in Foreclosure – AP. What do ya say about this…first the ear, now the house. This poor guy. HOW THE HELL DO YOU SPEND ALL THE DAMN MONEY? Come on Evander…or MC Evander I should say. Geez. “His $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is suing for unpaid child support, and a Utah consulting company has gone to court claiming the boxer failed to pay back more than a half million dollars for landscaping.”