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subprime mortgages: How the Economic Stimulus Package Places the Burden upon the American People - 02/18/08 03:54 PM
Is the US economy in trouble? If it is how long will the crisis last? Will the elected representatives and traditional news media tell the American people the truth or hide the true facts? These are all the questions the American public wants answered and has the right to know.
Unfortunately, it is not being discussed openly and reported upon in the media in a transparent manner. The media conglomerates are parts of huge publicly traded companies whose sole purpose is to increase stock value for their shareholders. So if they start reporting on the true State of the American … (0 comments)
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subprime mortgages: How the Current US Economy Parallels Past Financial Crises - 02/18/08 03:39 PM
Is the US economy in trouble? If it is what can be the extent of the damage? What is unique about the subprime mortgage crisis? Will the elected representatives and traditional media tell the American people the truth or hide the true facts?
Recently, I found an interesting paper titled, Is the 2007 U.S. Sub-Prime Financial Crisis So Different? by Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University.
The authors draw parallels between the current US economic issues with five previous financial woes. These five past crises lasted longer than anyone had anticipated. The nations … (0 comments)
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subprime mortgages: What Are Subprime Mortgages? - 02/05/08 03:41 PM
By, Gaurav Bhola, MSM
Subprime mortgages are mortgage loans meant to help borrowers who are unable to qualify for traditional mortgages that require good to excellent credit histories. Due to the fact of higher risk of default inherent in subprime mortgage lending, subprime borrowers receive higher interest rates on their mortgage loans than their traditional counterparts. The subprime mortgage loan terms may also include additional regular fees, or up-front charges.
As defined by the U.S. Department of Treasury guidelines issued in 2001, subprime borrowers usually have weakened credit histories that are inclusive of payment delinquencies, problems such as charge-offs bankruptcies, and/or judgments. … (0 comments)
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subprime mortgages: Your Mortgage Lender Files for Bankruptcy, What Do You Do? - 11/15/07 08:55 AM
by Gaurav Bhola, MSM
The subprime mortgage market has been hit hard in the last few months due to high home loan defaults. In the boom real estate market mortgage lenders had been doling out mortgages to many unqualified borrowers and now it is coming back full circle. American Home Mortgage Investment Corp., the tenth largest mortgage lender in the U.S. finally succumbed to financial pressures caused by defaulting subprime mortgages and filed for Chapter 11 U.S. bankruptcy protection from creditors. Its creditors had stopped all financing to the corporation, thus was forced to stop making new home loans. Over 6000 employees … (0 comments)
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subprime mortgages: Mortgage Turmoil Hits High End Consumers - 11/14/07 04:55 PM
by Gaurav Bhola, MSM
In what is seen as defensive posturing, mortgage lenders have decided to increase the mortgage rates on jumbo loans. Jumbo loans are considered non-conforming loans as opposed to conforming loans. The conforming loan threshold is set by two of the largest secondary market lenders, Fannie Mae (FNMA) and Freddie Mac (FHLMC).
Single-Family Mortgage Conforming Loan limits effective January 1, 2007*:
PersonalHomeLoanMortgages.com
First mortgages
One-family loans: $417,000Two-family loans: $533,850Three-family loans: $645,300Four-family loans: $801,950 Note: One- to four- family mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of … (2 comments)
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subprime mortgages: Subprime Mortgages Injurious to Fannie Mae and Freddie Mac’s Health? - 10/03/07 10:34 AM
by Gaurav Bhola, MSM
The mortgage industry is again in the throes of controversy, Freddie Mac and Fannie Mae, darlings of the mortgage markets may be facing financial discomfort in the future. So far, the two private-sector companies which are sponsored by the federal government have bought billions of dollars of subprime mortgage home loans this year.
However, they may not be resistant to the allergic sneeze of the housing market. Cumulatively the two companies own or guarantee 45% of all residential mortgages in the U.S. As big players they have assumed more risk by obtaining a substantial chunk of subprime … (1 comments)
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subprime mortgages: Mortgage Lenders and Mortgage Brokers Face Troubling Times - 09/28/07 03:50 PM
by Gaurav Bhola, MSM
The mortgage industry has been seeking to extricate itself from the quicksand it has been mired in since last year. However, it is in this year and in recent weeks that the mortgage industry, including mortgage lenders and mortgage brokers has been hardest hit. Huge companies like American Home Mortgage, Ameriquest Mortgages, and Countrywide Home Loans have faced the brunt; the first two have gone bankrupt. Thousands of mortgage lenders and mortgage brokers are out of a job.
As the anxious housing market looks for a safety net, so does the mortgage home loan market. The … (1 comments)
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Gaurav Bhola
Orlando,
FL
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