REwired

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Open commentary on everything impacting the U.S. housing economy. The opinions expressed here represent the author's alone.

Brokers in denial

We just had to share with BuzzPost regulars that we received an avalanche of negative response to an earlier story we ran covering a CRL study that allegedly found that brokered mortgages were more costly for subprime borrowers than those loans originated via direct channels. The responses were similar to the below, from a broker we'll not name:
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Viewpoint: Those Who Bury History Are Doomed to Repeat It

Ironies abound in the current mortgage mess/financial crisis. One of the most poignant, from my perspective – that’s one with over 20 years in MBS/ABS research -- is the fact that, by abandoning the Great Depression as the worst-case benchmark and shifting to models based on contemporary mortgage performance, the ratings companies helped create the current house price crash and credit squeezes that are routinely compared to the Great Depression.
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Does the Senate's housing bill encourage foreclosures?

An interesting take from the editorialists over at the Washington Post argues Monday that one of the little-noticed provisions in the Senate's most recent housing proposal may actually encourage foreclosures. We're referring, of course, to the $7,000 tax credit, payable over two years, to anyone who purchases a foreclosed home. The WaPo considers:
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Integrated Asset Services gets the US News treatment

Regular HW readers probably know I got my start in the default side of the mortgage industry -- and I usually cringe when I see how non-financial media handle interviews with industry experts. But Luke Mullins over at US News hits one out of the park today with none other than Integrated Asset Services' own Ryan Tomazin.
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What happens when bloggers overreact and rely on bad sources

I like Barry Ritholz at the Big Picture blog. I do. I think he's a bright guy. But he's proven time and time again that he can be out of his league when it comes to anything remotely resembling mortgage servicing. Doubly so when he bases his gotcha! moments on a flawed major media piece written by reporters that can't understand the difference between "dumping properties onto market" and a foreclosure sale.
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Copper thieving

Jason Szep at Reuters tackles an issue that anyone in property preservation knows all too well -- copper thieves. In places like Detroit and Cleveland, it's often the case that the copper in the home ends up being worth more than the house itself. And with the market for nonferrous metals at an all-time high, the industry faces an interesting problem: board up a house, and its essentially open season to be gutted and have its metal parts shipped off to China.
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The new UBS logo

A little April fool's day humor (H/T, Calculated Risk): Of course, we think the bombshell was their disclosure of Alt-A write-offs, but it's still pretty funny nonetheless.
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