Moving Day

I’m moving this blog to its own URL:  ClearingTitle (www.clearingtitle.com).  I’m also moving to the Blogger platform. 

For those who use Feedburner, I’ve already updated the feed.  If you use another tool to follow this blog, please update your feed to the new URL. 

I won’t be migrating the older posts from this blog – but I will leave this blog open for the next 60-90 days.

Thanks,

Dave

Look at Me!

I’m twittering - see the RSS to the right.

Walk Aways

Wachovia this AM – another lender talking about borrowers walking away from the mortgages, and acting surprised.

This is the housing industry’s fault.  We’ve told people that a house is more than a roof over your head, it’s an investment.  We loaned them money like it was a margin account – based on the asset value, not on ability to pay the loan.

Guess what – they are treating it just like an investment.  When you are underwater on an investment, you get out, take your lumps and move on.  We shouldn’t be surprised homeowners are doing the same.

More on Philadelphia Foreclosures

More on the Philadelphia Foreclosure Moratorium. The Philadelphia Business Journal (paid) is reporting that:

….[the] foreclosure steering committee that includes lawyers representing lenders and homeowners as well as social service agencies, said owner-occupied residential properties will not be sold at the May sheriff’s sale. But all other properties will proceed to a sale. The owner-occupied properties will be put on a special track intended to help borrowers with free legal advice and housing counseling.

A novel approach to avoid saving investors and speculators.  Should be interesting to see how it works.