NY City’s Tiniest Studio Apartment – NY Post – has slideshow – … Zaarath and Christopher Prokop — and their two cats — live in the smallest apartment in the city, a 175-square-foot “microstudio” in Morningside Heights that the couple bought three months ago for $150,000. At 14.9 feet long and 10 feet wide, it’s about as narrow as a subway car and as claustrophobic as a jail cell. … –
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JPMorgan CEO: Bank sees more mortgage losses – IEVA M. AUGSTUMS, AP Business Writer – …
JPMorgan could see losses on home equity loans reaching $1.4 billion over the next several quarters, compared with losses of $1.1 billion in the third quarter.
Prime mortgage losses may reach $600 million, up from $525 million in the third quarter, and subprime mortgage losses could grow from $422 million in the third quarter to $500 million in coming quarters, according to slides from the bank’s presentation.
Dimon added that the bank’s home lending portfolio may shrink 10 percent to 15 percent to about $240 billion in 2010, and $200 billion in 2011 if current trends continue. That decline would reduce 2010 net interest income in the portfolio by about $1 billion, the bank said. … – AP Yahoo
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Home values plummet $500 billion – By Les Christie – Residential real estate owners suffered through another down year, but losses were much lower than in 2008. – CNNMoney.com
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FHA Developing Method to Mathematically Determine Reverse Mortgage Eligibility – Reverse Mortgage Daily
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Chase Reports Interesting Mortgage Modification Statistics – by Daniel Indiviglio – … Why is Chase doing so much better modifying mortgages through its proprietary program than the Obama administration program or GSE programs? … – The Atlantic
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Long interesting article about Lew Ranieri and Selene – Lewie Ranieri wants to fix the mortgage mess – By Shawn Tully – The legendary financier behind mortgage-backed securities is trying to repair the damage – and make a bundle in the process. – … Selene’s mission is simple: to buy delinquent mortgages at a deep discount, work with homeowners to get them paying again, and resell the now stable loans for profit. To get homeowners to do their part, Ranieri is taking the radical step of substantially lowering their mortgage balances. … – CNN Money Fortune