Wall Street Bailout, Miami Beach Real Estate

Scott Pelley reports on the mortgage crisis that's far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession.

Lehman Brother's Bancruptcy, Miami Real Estate

Miami Real Estate Developers Impacted by Lehman Bankruptcy

Lehman Brothers filed for the largest bankruptcy in history Monday, dwarfing WorldCom Inc.’s insolvency in 2002 and Drexel Burnham Lambert’s failure in 1990.

South Florida was greatly impacted when Lehman Brothers, a lender most large real estate developers would turn to for high-end projects, filed for bankruptcy protection.

The Lehman Brothers bankruptcy has left behind billions in debt, including millions in Miami. Lehman bankrolled some of South Florida's biggest real estate projects such as Miami Beach’s Canyon Ranch resort, the Riande Hotel chain, the Donald Trump condo tower under way in Hollywood and the Related Group’s Icon Brikell on Biscayne Bay. City and county governments also invested heavily in Lehman.

Full Article...Miami Real Estate Developers, Lehman Brothers

Florida Foreclosures, Miami Beach Real Estate

78,000 Florida Foreclosures, Miami Beach Real Estate

According to an industry report released Friday, with more than 78,000 new homes in jeopardy of being repossessed by lenders, the number of Florida home loans entering foreclosure continued to rise at a quick rate in the second quarter.

The Mortgage Bankers Association survey, which tracks only first mortgages, painted a dark cloud over Florida's housing market after a more than half-decade of overbuilding and heavy speculation.

Full Article..... 78,000 Florida Foreclosures!

Home Mortgages, Miami Beach Real Estate

Home Mortgage Plan Set by FDIC for IndyMac Borrowers

Under a new plan from federal regulators thousands of troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages, which seized the bank last month after it became the largest regulated thrift to fail.
The Federal Deposit Insurance Corporation said Wednesday, most IndyMac borrowers who are seriously delinquent or in default on their mortgages and can document their situation will be able to switch into loans capped at an interest rate around 6.5%. Unchanged from the previous two weeks, the average U.S. rate on 30-year, fixed-rate mortgages was at 6.52% last week.

Full Article...Home Mortagages, Miami Beach Real Estate

Florida Tourism, Miami Beach Real Estate

South Florida Tourism Up By 30% This Year

One Miami hotel wholesaler that books rooms in South Florida for French travel agencies says he has seen business climb 30% this year as a feeble U.S. dollar gives Europeans more spending power overseas.
According to people in the industry this is the best summer; one of the best summers South Florida has seen in a long time. This good fortune is due to the flood of foreign tourists scooping up bargains at the region's hotels in Miami.

Full Article...South Florida Tourism, Miami Beach Real Estate

Miami Homes, Miami Beach Real Estate

Miami Homes, Homeowners May be Rescued by Bush’s Signature

Mortgage relief for 400,000 struggling homeowners was approved by congress on Saturday as part of an election-year housing plan that also aims to calm jumpy financial markets and boost the slumped economy. Despite reservations, President Bush said he would sign it promptly.

The measure is regarded as the most significant housing legislation in decades. It will allow homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing their homes.

For troubled mortgage companies Fannie Mae and Freddie Mac it means a temporary financial lifeline and tightens controls over the two government-sponsored businesses.

Full Article...Miami Homes, Miami Beach Real Estate

MIami Homes, Florida Foreclosure

Foreclosure Rates are Flooding South Florida, Miami Homes

In June, 6,292 homes went into foreclosure in Broward and 5,289 Miami homes were foreclosed on in Miami-Dade.

As the mortgage crisis, made worse by tougher economic times, continued to claim overextended borrowers in the region, South Florida's ailing housing market was flooded with foreclosures in June.

Meanwhile, even as the bill faced new problem in the House, the U.S. Senate voted Thursday to advance a mortgage rescue to help hundreds of thousands of stressed homeowners.

The Senate passed the measure by a vote of 84-12, putting the election-year aid package on track for approval by the end of the week.

Florida, #1 in Mortgage Fraud!

Florida #1 in Mortgage Fraud, Florida Foreclosures Rise

Two years running Florida has led the nation in mortgage fraud in 2007.

The Mortgage Bankers Association is urging Congress to set aside $31.25 million over the next five years so that they may hire more FBI investigators and prosecutors so they can investigate the number of cases of suspected mortgage fraud in relation to South Florida real estate.

According to a 2006 report released this week by a Virginia based Mortgage Asset Research Institute; Florida replaced Georgia for the number 1 spot for mortgage fraud. The group tracks loan fraud and ranks the top 10 states where lenders either have found, or suspect, problematic loans. Florida ranked fourth in last year's report.

Full article...Florida Mortages, South Florida Real Estate