mortgage issues: A Sign of Hope - Mortgages May Be Safe From Bankruptcy Judges - 05/09/09 10:24 PM
This is good news for the mortgage industry. The housing bill winding it's way through Congress is most likely not going to include a cramdown provision allowing bankruptcy judges to change mortgage terms.
This will give mortgage writers the confidence that the terms of the mortgage can be upheld and that … (0 comments)
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mortgage issues: The Road to Facism. Government Ownership of Private Property - 05/06/09 12:32 AM
I am from the government and am here to help.
Words that should make any American shudder. And the housing market may be wondering why we got sucked into another black hole of foreclosures and bankruptcies after the massive infusion of FHA loans into the economy.
1 in 8 Federal Housing … (3 comments)
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mortgage issues: Shutting Down ATMs - 02/05/08 09:56 PM
Countrywide Financial has halted withdrawals on some home equity lines of credit because owners have little or no equity left, reports the Los Angeles Times. In some cases the owners owe more than the home is worth based on Countrywide's computer modeling. Other lenders are taking similar actions. USAA Federal Savings … (7 comments)
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mortgage issues: New Century Bankruptcy - 02/05/08 09:51 PM
New Century Financial, the bankrupt Irvine-based subprime lender, filed a liquidation plan that fails to say how it will repay $35 billion claimed by creditors, the Associated Press reports.
Documents filed in U.S. bankruptcy court in Delaware on Saturday contained blanks where the company was supposed to say how much it would … (1 comments)
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mortgage issues: A Model For Fraud - 02/03/08 07:29 PM
As a follow-up to my letter, The Graphics of a Sub-Prime Mortgage, let's take a look at why the sub-prime mortgage process is filled with "opportunities" of failure. Following is an annotated version of the BBC graphic.
Anyone wondering why there was so much fraud happening need only look at the above … (1 comments)
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mortgage issues: The Graphics of a Sub-Prime Mortgage - 02/01/08 04:55 PM
I recently posted a letter, "Boss Hog Bail Outs!" justifying why we should bail out the sorry homeowner. However, as we get past this, we need to understand what happen so that the same mistakes don't happen again. The BBC has a good article called The US sub-prime crisis in graphics.
The … (5 comments)
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mortgage issues: Boss Hog Bail Outs! - 02/01/08 03:37 PM
It's a political year and I've been hearing a lot on Talk Radio regarding the "what to do about the real estate market." Many folks think it's a stupid idea to bail out some "idiot" homebuyers who stretched their budgets beyond anyone's wildest imagination.
But as I watch a parade of curious … (0 comments)
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mortgage issues: Ask and You Shall Receive - 01/15/08 10:15 PM
Thanks Greenspan. Your 2004 Fed speech helps me complete my series of today's reality check:
"American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. To the degree that households are driven by fears of payment shocks but are willing to manage their own interest … (0 comments)
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mortgage issues: Jingle Mail - 01/15/08 09:41 PM
"jingle mail" n. building or house keys sent by mail and unexpectedly received by a mortgage-issuer from someone who can no longer make mortgage payments and chooses to relinquish control of a property.
According to the Wall Street Journal:
"There's been a change in social attitudes toward default," Mr. [Bank of America CEO] … (3 comments)
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mortgage issues: Don't Hold Your Breathe! - 01/15/08 08:25 PM
If you are waiting for the Fed to save us, you might want to look elsewhere for your ray of sunshine. In his latest Financial Market Strategies report, Wells Fargo senior economist Eugenio J. Aleman indicates that people banking on a Fed rate cut to spur home sales are looking in … (6 comments)
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mortgage issues: The End of the Buyer's Market!!!! - 01/11/08 04:22 PM
It's not my intent to add fuel to the negative fire, but I am beginning to see the end of the Buyer's Market. Unfortunately, I think it's the beginning of a "Lender's Market." What do I mean by this?
Seller's Market = Sellers dictate price and terms (Woe to Buyer)
Buyer's Market … (8 comments)
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mortgage issues: Meet Your Refinance Savior - 01/03/08 08:21 PM
In a market when appraisal values make it hard to refinance, one option is still available.
FHA Streamline Refinance
Normally to refinance, you must qualify by providing all of your income, banking, credit, and liability information as well as an appraisal. With a FHA streamline refinance a property appraisal is not required. However, … (3 comments)
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mortgage issues: FHA 203K Streamline - Rehab Loan - 01/01/08 06:39 PM
You can borrow up to 110% of the sales price from $5,000 up to $35,000 extra to rehab your home.
Need 1 bid for work to be completed from a licensed contractor.
We do one appraisal with 2 values - as is and subject to completion. Completed value must be supported.
Two draws … (0 comments)
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mortgage issues: Fed Cuts - It's Only a Band-Aid - 12/11/07 04:00 PM
Many people believe that the government shouldn't get too involved in bailing out the mortgage loan industry. After all, they sort of brought it on themselves. Some want promises of further rate cuts or infusions of cash from the Fed. Increasing, more experts are pointing to alternative options to the way … (0 comments)
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mortgage issues: Who's benefiting from the Fed rate cut? - 12/11/07 03:39 PM
Good news, the FED cut the rate by one-quarter point to 4.25%. Bad news, the market responded by saying "Not Enough" and dropped by almost 300 points. While investors are a little moody about wanting more, consumers will see lower rates on auto loans, and even on credit cards. And it's … (2 comments)
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mortgage issues: Relief in Sight for Forecloures? - 12/07/07 04:14 PM
Last week the Mortgage Reform and Anti Predatory Lending Act of 2007 passed out of the House Financial Services Committee with the support of nine Republicans. It's far from perfect, but it represents a small step in the right direction. The mortgage industry is fighting it tooth and nail.
The bill, H.R. … (7 comments)
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