Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-55904 Tue, 20 Jan 2015 13:51:30 GMT ‘Twas the Night Before Christmas -- 2014 (A Political & Social Year-in-Review) | Mandelman Matters iehi-feed-55860 Wed, 14 Jan 2015 15:56:53 GMT Homebuilders undergo Wall Street deconstruction iehi-feed-55836 Sat, 10 Jan 2015 03:25:51 GMT Chinese Real-Estate Default Rocks Junk Bonds iehi-feed-55824 Thu, 08 Jan 2015 18:39:07 GMT Bill Black: Mortgage Appraisal Fraud is Baaack... Because Bank Execs Profit From It iehi-feed-55821 Wed, 07 Jan 2015 16:23:19 GMT Obama Said to Announce Cut in FHA Mortgage Insurance Premiums iehi-feed-55820 Wed, 07 Jan 2015 16:21:41 GMT Apartment glut may tame rising rents iehi-feed-55776 Wed, 31 Dec 2014 17:34:36 GMT US Home Price Growth Slows for 11th Consecutive Month iehi-feed-55736 Wed, 24 Dec 2014 16:03:24 GMT The Housing Recovery Remains Cancelled Due To 6 Months Of Downward Revisions 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