Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-55679 Wed, 17 Dec 2014 14:26:27 GMT The MSM Misleads Again: Housing Starts Didn't ‘Weaken' A Tad In November, They Plunged iehi-feed-55640 Fri, 12 Dec 2014 15:25:07 GMT Why Millennials are stuck living at home with parents iehi-feed-55626 Thu, 11 Dec 2014 02:25:40 GMT Did Blackstone Just Call The Top In Commercial Real Estate? iehi-feed-55625 Thu, 11 Dec 2014 02:17:32 GMT Anne Stevenson-Yang: Why Xi Jinping's Troubles, and China's, Could Get Worse Mobius Says China's Bull Market Is Just Getting Started...]]> iehi-feed-55623 Wed, 10 Dec 2014 18:39:55 GMT New York Skyscraper Is China Buyers' Latest Property Deal iehi-feed-55612 Mon, 08 Dec 2014 19:58:05 GMT Fannie, Freddie Cut Down Payments for Some Homebuyers to 3% iehi-feed-55597 Sat, 06 Dec 2014 17:23:01 GMT Bill Moyers: The Long, Dark Shadow That Plutocracy Casts on American Society iehi-feed-55521 Tue, 25 Nov 2014 14:47:09 GMT Exclusive: China ready to cut rates again on fears of deflation iehi-feed-55497 Fri, 21 Nov 2014 03:09:57 GMT $1 million-plus home sales up 16% (HOORAY!) iehi-feed-55479 Wed, 19 Nov 2014 17:23:44 GMT U.S. housing starts fall 2.8% in October iehi-feed-55457 Tue, 18 Nov 2014 00:33:31 GMT FHA is back "in the black" -- but not out of the woods (AH, QUAINT GUB'MINT ACCOUNTING!) By law, the FHA must maintain a cash cushion that equals 2 percent of all the loans backed by the agency. The $4.8 billion cushion announced Monday equals just 0.41 percent, the agency said in its report to Congress, citing figures from its most recent audit.


One of the key reasons its reserves remain so low is because the agency is losing money on its reverse-mortgage program, which allows seniors to withdraw equity from their homes. Another reason is that the FHA is not generating as much business as the auditors expected last time they examined the agency's books. It backed $134 billion worth of new loans in the fiscal year ended Sept. 30, instead of the projected $191 billion.

We are amused that the defaults from FHA's shoddy underwriting in the mid-1990s through 2008 "free-for-all" era do not figure in the above blame accounting (this would include laundering-based, no-money-down "charitable downpayment assistance" loans, or SFDPAs).

iehi-feed-55431 Fri, 14 Nov 2014 21:02:00 GMT Less than half of U.S. cities are affordable for people who earn a median income iehi-feed-55425 Thu, 13 Nov 2014 20:50:02 GMT World's Richest Restaurateur: Imminent Crash In America's "Crazy" Real-Estate Market iehi-feed-55394 Sun, 09 Nov 2014 13:07:46 GMT Buyer Finds 3 Year Old Corpse Of Previous Owner In New Home iehi-feed-55355 Tue, 04 Nov 2014 20:36:12 GMT Home-price growth slows to two-year low iehi-feed-55352 Tue, 04 Nov 2014 16:35:06 GMT Why Housing Is Dead: First-Time Buyers Collapse To 27-Year Lows iehi-feed-55306 Wed, 29 Oct 2014 15:22:43 GMT Mortgage Purchase Applications Plunge To 19-Year Lows iehi-feed-55294 Tue, 28 Oct 2014 19:50:40 GMT It Shouldn't Hurt This Much to Get a Mortgage - Barry Ritholtz iehi-feed-55292 Tue, 28 Oct 2014 19:49:11 GMT Home Prices in U.S. Show Slower Year-to-Year Increase in August iehi-feed-55288 Sat, 25 Oct 2014 14:08:01 GMT One-Fifth of Detroit's Population Could Lose Their Homes