Wall Street Journal Online today:
U.S., Banks Near A Plan to Freeze Subprime Rates
WASHINGTON — The Bush administration and major financial institutions are close to agreeing on a plan that would temporarily freeze interest rates on certain troubled subprime home loans, according to people familiar with the negotiations.
An accord could reassure investors and strapped homeowners, [...]
Lies, damn lies, statistics and journalism department:
PD story Monday about Steelyard Commons Wal-Mart turning away thousands of applicants to hire 300:
Wal-Mart’s average hourly wage in Ohio is $10.40, for annual pre-tax earnings of $21,632. For someone making minimum wage, that’s a jump. Even if $10.40 is a little less than someone made in a previous [...]
At Foreclosing Cleveland.
In case you missed it, the PD reported Tuesday that National City’s CEO is eligible for up to $5.5 million in year-end bonuses, its CFO for up to $4 million, and its Executive VP in charge of branch operations for up to $2 million. These bonuses are “based on achieving return on assets [...]
Bill Call linked to this today in a post at the Lakewood Observer Observation Deck.
As he wrote, “Some of the best analysis and discussion of the sub prime lending problem comes from England.”
I understand perfectly now.
114 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office in the three days leading up to Thanksgiving (November 19 through November 21). The Recorder’s Office was closed Friday.
Here’s who filed five or more of them:
Department of HUD (18)
Bank of New York (15)
Deutsche Bank (12)
US Bank (12)
Wells Fargo (9)
Federal Home Loan Mortgage Corp [...]
Good story.
But one thing it doesn’t mention is how a grassroots community organization got an agreement with Countrywide that enables a counselor to propose loan workouts in regular weekly conference calls. Here’s how.
Here’s 4111 Archwood, a vacant foreclosed house four blocks down the street from me. (Click on it to get a closer look.)
The County Auditor’s database says the owner of this house is Deutsche Bank National Trust Company. It says Deutsche Bank NTC paid $50,000 for the house in a sheriff’s sale in [...]
190 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office in the past week (November 12 through November 16).
Here’s who filed five or more of them:
Deutsche Bank (27)
Wells Fargo (26)
US Bank (22)
Bank of New York (17)
Dept of HUD (14)
Federal National Mortgage Assn (9)
HSBC Bank (8)
Citibank (5)
Dept of Veterans Affairs (5)
(Previous week.)
The Daily Bellwether again:
A federal judge in Dayton says 26 of the 27 mortgage foreclosure cases pending before him lack proof the claims are valid. U.S. District Judge Thomas M. Rose said the same lawyer filed the 26 incomplete cases and is warning of sanctions that include dismissal for lack of good faith. Rose said [...]
Thanks to whoever sold pitched* the story to Gretchen Morgensen at the NYT, the PD has coverage this morning of Judge Boyko’s Deutsche Bank decision, which happened two weeks ago. So does the Beacon Journal.
Meanwhile, as far as I can tell, Cincinnati blogger Bill Sloat still owns the story of Judge O’Malley’s decision, which involved [...]