Financial Crisis Monitor

A great article by Liz Weston tells home buyers what to look out for when buying a home. We recommend reading her entire article as it outlines the 8 biggests mistakes people make, such as:
Not fixing your credit
Not looking for first-time home buyers’ programs
Not getting pre-approved for a loan
Borrowing too much money
Not shopping around [...]

In an article from Scotland published on Sunday, July 29th, we see a great analysis of the mortgage crisis as it pertains to future loans, bank profits, and investment funds.
What is the potential magnitude of the losses? According to some back-of-the-envelope calculations flying round Wall Street last week, about half of the $1 trillion of [...]

We noticed a very informative page on the Settlement Scams web site that explains foreclosure avoidance scams that are popping up due to problems in the mortgage industry. It’s a pretty long article but we recommend it. According to the author one key part of foreclosure avoidance scams is making the homeowner think [...]

On July 25, 2007 US stocks slumped the most since March after Countrywide Financial Corporation, which accounts for almost a fifth of US mortgages, said second-quarter net income tumbled 33 per cent. Stocks fell further on July 26th and 27th. But what caught my eye is that Countrywide accounts for 20 percent of the [...]

KPMG was the auditing company for New Century Mortgage. Were the buy backs of unacceptable or defaulted mortgages so well hidden by New Century Mortgage that one of the most influential auditing companies in the world could not find the discrepancies? The Public Company Accounting Oversight Board is looking into the practice and [...]