damm .. i should shorted new century !! - 05/25/07 04:22 AM
New Century Financial, the largest U.S. subprime lender in bankruptcy, said on Thursday it probably inflated
2005 earnings because of accounting errors, a disclosure that might add fuel to federal criminal and regulatory
examinations into the company.
The errors concerned losses on repurchased loans, and how New Century valued other mortgage-related assets,
the company said in a U.S. Securities and Exchange Commission filing.  This is sub prime mess !
… (2 comments)

let us see the housing strenght tomorrow in the morning >? - 05/24/07 10:56 AM
 
Ahead of the weekend, April's New Home Sales data will be released later this morning. This report, along with
Friday's Existing Home Sales data, gives us a measurement of housing sector strength and future mortgage
credit demand. The bond market will close early tomorrow afternoon ahead of the Memorial Day holiday next
Monday. The stock markets will be open all day, but the early close in bond trading may put a little extra
pressure on bond prices as investors protect themselves over the long weekend. The markets will be closed next
Monday and will reopen Tuesday morning.
It can be a … (0 comments)

who is servicing your mortgage ? half of them >? - 05/15/07 03:09 PM
 
The answer is 5 companies: Wells Fargo ($1.38 trillion), Countrywide ($1.35 trillion), Citi ($.8 trillion), Chase
($.7 trillion), and WAMU ($.6 trillion). According to Mortgage Finance, there is now roughly $10 trillion of servicing
outstanding and these five account for almost $5 trillion. Therefore the typical originator, when asked by their
typical borrower, "Where will I end up sending my payment?" will be correct 50% of the time if they mention
these companies.
… (0 comments)

it might bring the rates down - 05/15/07 12:31 PM
Today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.15 percent with an average 0.5 point for the week ending May 10, 2007, down slightly from last week when it averaged 6.16 percent. Last year at this time, the 30-year FRM averaged 6.58 percent. The 15-year FRM this week averaged 5.87 percent with an average 0.5 point, unchanged from last week when it averaged 5.87 percent. A year ago, the 15-year FRM averaged 6.17 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.89 percent this week, with an average 0.6 point, … (1 comments)

what to expect with the conforming prices >? After tx. giving - 05/09/07 01:24 PM
 
Soon after Thanksgiving every year FNMA and FHLMC announce their conforming loan limits for the following
year. Usually it goes up, due to the price of home increasing. This year, however, the National Association of
Realtors believes that US home price declines this year are going to be steeper than earlier forecast because of
the drop in subprime mortgage lending and the adoption of stricter loan standards. They estimate that the 2007
median price for an existing home likely will drop 1% to $219,800 from 2006, and projects the median price for
new homes to fall for the first time since … (0 comments)

terms of hard money loans - 05/06/07 03:59 AM
 
    Here are terms of a HARD MONEY LOAN.
Interest rates vary between 8.50%* and 15.00%*, depending on the investor, borrower qualifications, loan amount and purpose, property type, location, lien position, term, prepay period (if any) and any applicable state law;  
Terms vary between 6 months and 20 years, mostly interest-only (some amortizing loans), depending on the investor, borrower qualifications, loan amount and purpose, property type, location, lien position, term, prepay period (if any) and any applicable state law;  
Points: 2 to 10 points charged, depending on the investor, loan amount and purpose, borrower qualifications, property type, location, lien position, term, prepay … (0 comments)

when do we use hard money loan - 05/06/07 03:56 AM
 
    HARD MONEY is really good if used wisely !
Purchase real estate - with a sufficient down payment (25% or more), you can secure a new 1st mortgage with a hard money loan. 
Refinance a loan - hard money loans to obtain cash from equity, pay off a balloon mortgage, refinance a delinquent loan to prevent a foreclosure, pay off a Chapter 13 bankruptcy, and others. You need at least 25% or more residual equity left in the property after the new loan, including points and fees, to qualify 
Add a 2nd or 3rd mortgage - hard money loans can be used as … (0 comments)

what is a hard money loan ? - 05/06/07 03:54 AM
Hard Money loans is an effective way of getting fast money with almost no documentation.
Hard money loans are collateral-based real estate loans made by private investors instead of banks. These loans
fill a need for funding when banks won't lend for any reason, there are credit problems, or there isn't time to
obtain conventional financing to secure a purchase or get cash from the equity in a property. These types of
loans are sometimes referred to by different names such as private money loans, private equity loans, or  
bridge loans.  Sometimes it is easier to get a hard money loans, than … (3 comments)

credit suisse suing the lenders - 05/03/07 03:20 PM
 
DLJ Mortgage Capital, a unit of Credit Suisse, is suing the two mortgage companies due to failure to repurchase
 loans. In two of its claims, DLJ Mortgage Capital is seeking to force Sunset Direct Lending and Infinity Home
Mortgages to buy back mortgage loans that ran into payment problems soon after DLJ bought the loans.
Citing contractual agreements that require loan repurchases after EPD's, DLJ is seeking almost $24 million
 from Sunset and $3 million from Infinity.
… (0 comments)

las vegas foreclosure problem ! - 05/03/07 03:16 PM
 
According to the Associated Press, in March, Nevada, one of the hottest centers of the real-estate boom, ranked
highest in the U.S. in the number of foreclosures. The state's foreclosure rate increased 220% from a year
earlier to one out of every 183 households, while the national rate increased 47% to one out of every 775
households, the AP says. Last year, the foreclosure process was begun on one out of every 30 homes in Clark
County (Las Vegas). Meanwhile, the number of foreclosure filings in Florida increased 54% in March 2006. "With
forecasts of a nationwide 1% home price decline … (0 comments)

option is still for sale - 05/03/07 01:48 AM
 
"H&R Block said in an SEC filing... that Option One failed during the quarter ending Jan. 31 to meet minimum
profit levels that lenders set in order to make what are known as warehouse loans to Option One. Block's CEO,
Mark Ernst, indicated in late February that he thought Option One would fetch at least its $1.3 billion book value
when a deal was struck. Securities analysts, notably... UBS AG Investment Research's Kelly Flynn, have
expressed increasing doubt about that prospect. Flynn estimated [recently] that the unit could sell for as little
as $400 million."
  They have missed the profit margin … (0 comments)

fannie mae is laying off. - 05/03/07 01:45 AM
 
Fannie Mae Plans to Lay off 'Several Hundred' Workers (Inman News, Apr. 3rd): "Mortgage repurchaser Fannie
Mae says it will lay off several hundred employees by the end of the year as a cost-cutting measure, confirming
a March 27 Washington Examiner report based on an internal company memo. company spokesman Brian Faith:
Fannie Mae is still working out the details of a plan to cut $200 million in operating expenses, but it will include  
the elimination of "several hundred" full-time positions... CEO Daniel Mudd: "Even as we continue to hire for
critical positions in areas such as finance, risk and internal audit, … (0 comments)

"The aim of life is no more to control the mind, but to develop it harmoniously; - 05/03/07 01:18 AM
 
   "The aim of life is no more to control the mind, but to develop it harmoniously; not to achieve salvation here
after, but to make the best use of it here below; and not to realise truth, beauty and good only in contemplation,
but also in the actual experience of daily life; social progress depends not upon the ennoblement of the few but on
the enrichment of democracy; universal brotherhood can be achieved only when there is an equality of
opportunity - of opportunity in the social, political and individual life."
     Any comment are really appreciated.
     I just saw … (0 comments)

 

raman kandola

San Jose, CA

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