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Canadian Homeowners Take Out HELOCs To Fund Subprime Purchases

Authored by Steve Saretsky via VanCityCondoGuide.com, The HELOC (Home Equity Line of Credit) has been a blessing and a curse for Canadian households. While it has helped spur house prices and simultaneously provided consumers the ability to tap into their new found equity, it has also crippled many Canadian households into a debt trap that seems […]


Homebuilder Optimism Soars To Highest Since 1999… There’s Just One Thing

And so it appears that America’s homebuilders – cock-a-hoop over tax reform (which caps the mortgage interest deduction?) – aren’t concerned about affordability, about rising rates, and stagnant incomes. In fact they have not been this optimistic since December 1999. There’s just one thing… as University of Michigan consumer confidence data shows, for the ‘average […]


Here Is The Full Text Of The Final Republican Tax Bill

Update: in addition to the previously leaked highlights (see below), Republicans on Friday evening released the final version of their legislation to slash tax rates for corporations and individuals. The 1,097 page document, containing the bill and an explanatory statement, was crafted by the House-Senate conference committee. The bill is expected to come up for […]


How “Ghost Collateral” And “Yin-Yang” Property Deals Will Collapse China’s Credit Bubble

One lesson from the 2007-08 crisis was that the vast majority of financial market participants, never mind the general public, were unfamiliar with subprime mortgages until the crisis was underway. Even now, we doubt many have much understanding of repo, the divergence between LIBOR and Fed Funds from 9 August 2007 and Eurodollar liquidity. In […]


Moody’s Warns U.S. Office Real Estate At “Cyclical Tipping Point” That Will Devastate CMBS Market

We’ve frequently written about the growing supply problem in the major commercial real estate markets across the country (for example: NYC Commercial Real Estate Sales Plunge Over 50% As Owners Lever Up In The Absence Of Buyers).  Now it seems that Moody’s is also growing somewhat concerned that growing supply, combined with waning demand and […]


Signs Of The Top? Chinese Demand For 10x Levered Structured Products Surges In US… Again

In the run up to the ‘great recession’ of 2008/2009, it was unsuspecting European and Asian buyers that supplied the marginal capital required to turn America’s plain vanilla, fed-induced housing bubble into a turbo-charged, global financial time bomb by indiscriminately scooping up highly-levered structured mortgage products with absolutely no idea what was behind those products. […]


This Michigan Bank Just Brought Back The Zero-Down Mortgage; They’ll Even Cover Your Closing Costs

A small savings bank in Michigan, Flagstar Bank, has come up with a genius, innovative new mortgage product that they believe is going to be great for their investors and low-income housing buyers: the “zero-down mortgage.”  What’s better, Flagstar is even offering to pay the closing costs of their low-income future mortgage debtors.  Here’s more […]


Kevin Brady: “House Will Not Accept Total Elimination Of SALT Deduction”

Three days after the Senate Finance Committee shocked many of their colleagues in the House this week by unveiling a tax reform proposal that featured more than a few notable deviations from the House plan, Ways and Means Chairman Kevin Brady told Chris Wallace on “Fox News Sunday” that he would not accept the total […]


Hedge Fund Homebuyers In The Hamptons Already Have A Plan To Game Trump’s Mortgage Cap

One of the key changes in the House GOP tax bill was to implement a cap on home interest deductions to the first $500,000 worth of mortgage debt and eliminate  interest deductions from second homes.  Of course, given active opposition from some very powerful realtor and homebuilder lobbying groups, it’s unclear whether the changes will […]


Senate GOP Unveils Tax Proposal: Delays Corporate Rate Cut, 7 Tax Brackets, Repeals SALT Deduction

Confirming the leaks that occurred in the last hours, Senate Republicans just released their proposal for the tax bill and it is notably different from the House bill. Here are the most notable highlights (more details below): 20% permanent corporate tax cut delayed by 1 year Complies with the $1.5 trillion cost (will cost $1.44 […]


Senate GOP Unveils Tax Proposal: Here Are The Main Highlights

Confirming the leaks that occurred in the last hours, Senate Republicans just released their proposal for the tax bill and it is notably different from the House bill. Here are the most notable highlights (more details below): 20% permanent corporate tax cut delayed by 1 year Complies with the $1.5 trillion cost (will cost $1.44 […]


Foreclosed $51 Million “Billionaire’s Row” Penthouse Sells At A 30% Discount

Kola Aluko’s posh penthouse apartment in One57, one of Manhattan’s most expensive luxury towers, has finally sold after months of delays in what New York realtors agree is the most expensive residential foreclosure in city history. The sale price – a paltry $36 million – suggests that the stress seen in the ultra-high-end real estate […]


The Republican Tax Plan Will Crush These Housing Markets

For the past few weeks, Chuck Schumer and Nancy Pelosi have screamed to anyone who would listen that the GOP tax plan is nothing more than a tax break for millionaires and an attack on middle class working families.  But, as the Wall Street Journal points out this morning, America’s millionaire, billionaire, private jet owners […]


Trump Is About To Crush Home Prices In Counties That Voted For Hillary: Here’s Why

As discussed last Friday, several notable surprises in the proposed GOP tax bill involved real estate, and would have an explicit – and adverse – impact on not only proprietors’ tax bills, but also on future real estate values if the republican tax bill is passed. And, as the following analysis by Barclays suggests, they […]


Watch Live: Republicans Explain How This Is The Greatest, Most Awesome Tax Cut Plan Ever In History

Having 'oversold' Trump's tax reform plan to the market and the public, it appears the former is disappointed (for now) in the talking points that have been released so far. As discussed previously, the bill keeps a top rate of 39.6% for the highest-earners and doubles the standard deduction for middle class families. It expands […]