San Francisco real estate tips, trends and the local scoop: "Plug In" to SocketSite™
“Countrywide Financial Corp. Chief Executive Angelo Mozilo said Thursday the housing market is showing no signs of improvement and could lead the U.S. into a recession.” (Countrywide CEO: economic outlook…
“Capital One Financial Corp., a credit card and banking company, slashed its earnings forecast on Monday and said it plans to eliminate 1,900 jobs, following its decision to stop arranging…
“As we have previously discussed, secondary market demand for non-agency mortgage-backed securities has been disrupted in recent weeks,” said [Countrywide] President and Chief Operating Officer. “Along with reduced liquidity in…
“‘The loan was approved and locked in. People were ordering moving trucks, everyone was feeling euphoric.’ On Thursday, the couple buying the [$2.45 million] house learned that their lender was…
“Westbay Builders has purchased a 25,380-square-foot industrial property at 72 Townsend St. for $9.2 million and plans on developing a nine-story, 74-unit condo building on the site….The project is fully…
What had seemed like a contained problem, involving home loans to people with poor credit, has suddenly mushroomed into a rout that threatens to make life difficult for everyone who…
“At this time Wells Fargo…is no longer accepting Alt-A loans. Period. I also have CONFIRMATION that IndyMac is also tightening significantly: http://www.theimbreport.com. I have UNCONFIRMED reports that WaMu, BofA, and…
“[Michael] Schaeffer, a longtime California home builder who started using more-efficient methods before “eco-friendly” was a catchphrase, has started the Green Building Exchange in Redwood City, a kind of year-round…
“Wall Street suffered one of its worst losses of 2007 Thursday, leading a global stock market plunge as investors succumbed to months of worry about the mortgage and corporate lending…
“Countrywide Financial Corp. reported a 33% drop in second-quarter net income on Tuesday and signaled that problems in the subprime mortgage market have spread to the highest-quality home loans….Countrywide said…