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foreclosure: Bear Stearns: is that bail-out, or "plunger protection" working the market as a whole ? - 03/17/08 06:19 AM
A forced marriage by the FED FED must stop the chain reaction before it happens or almost every major finanical institute would face a severe counter party risk based write down(much more uglier than sub-prime). cheap load(arranged friday) to BSC is useless too as no one would think that is enough and the run would continue and BSC would be forced to file chapter 11. So they need some big guys to boost the confidence, i.e. JPM. JPM doesn't really want it or else what would be the difference between 1.28B(that is more likely to be approved quickly by the share … (8 comments)
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foreclosure: who would reign the sub prime market, is it the big financial institution - 04/09/07 12:56 AM
We have lost a big sub prime lenders like Century, Ownit-It, owned and managed by the best in the
mortgage industry. Is the congress trying to tie up a secret merge by a big financial institution like
Goldman Sachs, Merril Lynch, Bear Stearns, Citi Group to bail-out this company, and buy them up.
These investors are losing a big chunk of profit, and the global players would want to make sure that
they don't loose any equity at all. We have over loaded "clutter" of foreclosure making the lenders
bleed profusely, and losing their oxygen in this tight market.
The … (0 comments)
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foreclosure: sub prime stock's are up >? - 03/16/07 05:45 PM
With the meltdown at an all time high, stock like Accredited, Fremont, and New Century has been up over
50% percent for the past two days. Courtesy of Credit Suisse literrally bailing them out of debt, they have
bought their notes in a big discount, bringing their stocks 100% within the space of 2 days. Added the rumour
Goldman Sachs might buy them. Adding all the sub prime stocks boosting their stocks in the double digit. The
FED's might help to bring the interest down, by the virtue of default rising. The whole economy being affected
by the tight purchasing power of consumer. … (0 comments)
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foreclosure: roller coaster mortgage >? news about mortgage's - 03/16/07 05:31 PM
In local news today, Merrill Lynch is purchasing First Republic Bank for $55 per share. First Republic shares are up 41% this morning.
Mandalay Mortgage, a top-30-ranked subprime wholesale originator, announced that is closing its doors tomorrow and will stop funding loans. I guess that this leaves more room for the remaining lenders in that segment
Wells Fargo led the pack in retail originations last year with roughly $160 billion for 2006. They were followed by Countrywide, BofA, WAMU, and Chase in the top 5. Also on the list were Golden West, Quicken, USAA, and First Magnus (#20 with roughly $11 billion for the … (0 comments)
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foreclosure: big boys in the block to save the sub prime crunch lenders - 03/16/07 05:21 PM
Rumors have sprung up that Goldman Sachs is interested in buying Accredited, which helped their stock price yesterday.
National City said that it wrote off $11 million stemming from subprime home loans, expects to write off more, and may boost reserves by $50 million because an insurer is rejecting mortgage-related claims.
IndyMac Bancorp Inc., who is the ninth biggest U.S. mortgage lender with $90 billion in fundings last year and who has seen its stock drop 36% this year, said its exposure to subprime mortgages is small. The company stated that most of its loans were prime loans to borrowers with … (0 comments)
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foreclosure: even builders are in foreclosure - 03/12/07 05:42 AM
Pulte tries foreclosure strategy to save development !
Even buiders are foreclosing to save some money ! Oh my God, what the heck.. This is a complete
highway robberry, this folks are making billions & billions of dollar a yeat. I guess they won't mind
doing it, because some of folks in sub prime category are doing it too ! This is really an interesting news,
you have a fortune 150 filing a foreclosure, to save some money. But that is a smart move for the company,
to even make share holders happy, in this kind of … (1 comments)
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foreclosure: A big merge could save the ailling sub prime market - 03/05/07 12:35 AM
Subprime companies that specialize in B & C paper loans have suffered as housing prices stopped rising
and interest rates climbed from record lows. A credit crunch in the market for low-end mortgages has left
companies specializing in these subprime loans at the mercy of big banks like Merrill Lynch & Co. Goldman
Sachs and J.P. Morgan Chase. The merge could save the ailling sub prime market, if all the sub prime melt
down takes place a lot family would go in default after the expiration of their ARM's. The regulators in
Washington has to take a shot, and encourage all the big financial investment … (0 comments)
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foreclosure: what is a sub prime mortgage - 03/05/07 12:04 AM
Subprime mortgages are offered to home buyers who fail to meet the strictest lending standards. While these
loans remain a small part of the home lending industry, they've helped more people buy homes who previously
couldn't afford it, helping to fuel a surge in housing prices in 2004 and 2005. By cutting off access to
credit for these extra buyers, demand for homes may fall further, depressing prices and fueling a broader
slowdown in the U.S. housing market. If a client is not able to meet the A paper guidelinets, they are transfered
through sub prime guidelines. Lately all the sub prime … (0 comments)
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foreclosure: is it the demise of the sub prime lenders - 03/04/07 11:54 PM
Subprime mortgages are offered to home buyers who fail to meet the strictest lending standards. Lenders
specializing in such loans, like New Century, Country Wide, Indy Mac rely in part on big banks known as
warehouse lenders to finance their operations. These backers require that subprime lenders meet certain
minimum financial targets; otherwise, they have the right to end the business relationship.
All the ware house line of the lenders are in the RED mark. The tightening of the sub prime would
significantly slow the economy as a whole. A big portion of the investment of the vast majority … (0 comments)
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foreclosure: Nervousness: sub prime in real trouble - 03/04/07 11:46 PM
Federal bank regulators demanded tougher standards for subprime loans, saying they're worried that
borrowers of adjustable-rate mortgages may not understand the risks associated with them. Overall, many
market watchers are blaming the complacency that had seeped into markets over the past year, and especially
the U.S. market's uninterrupted run higher since last summer. We had the longest period of market gains
without as much as a 2% pull-back since the 1950s," said Spencer Clarke's Sheldon. "Now we're going through a
period where risk tolerance levels are adapting to a normalized environment."
Tightening credit conditions in the U.S. could worsen … (0 comments)
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foreclosure: is west coast in the grip of foreclosure, or sub prime melt down. - 02/26/07 05:22 AM
West Coast has been bearish with the foreclosure up for more than a decade. With the market crossing the
peak last year. Company like Ownit, Concorde, and 50 other consumer lender going out. Has made the Wall
Street worry of the state of real estate for the short term. Consumer spending going down, and purchasing
power at bay. Liquidation in the market has not been great. The economy's good start of the year would
worry more because of the housing market. The day to day swing, and fundamentals of real estate has been
shaky.
With major players such as HSBC and New Century taking financial … (1 comments)
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foreclosure: san jose foreclosure looming >? who to blame. - 02/26/07 03:43 AM
I have saved a lot of clients who are in the process of foreclosure, or has received NOD. They have been
remnants of the boom recently created by the short term low interest rate which the FED gifted to the people.
It has been incentive for me in helping them, but the thing which is really bothering me, some shark investors
have been acquiring property's through just buying tax sale propertys. It has given some people a buying in
nature never seen before. In depth here in San Jose, CA. Foreclosure has been up over 70% from last year.
It is now a time … (1 comments)
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foreclosure: California foreclosure looming ! ! ! ! ! Where are the investors . . . . smart investords - 02/24/07 02:44 PM
With California foreclosure looming out of hand, real investors has been stopped investing in market.
For the time being, but "smart investors" are still making their money. There is an saying "old` horse don't
die, but the retire for time being", california has stopped appreciating with the the way it has for the last 12
months. Foreclosure has been up, and the interest has been up for the past 18 quarters. Easy money is gone,
but smart and usefull investment is still here.
Just a thought ! ! ! !
… (0 comments)
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foreclosure: what the FBI is seeing in mortgage fraud - 01/24/07 12:55 AM
OK... mortgage fraud. The FBI's typical case involves so-called "fraud for profit," which happens when criminals
seek to make off with the funds from a loan. Criminals will buy a house, often using a stolen identity, from a
legitimate seller, then immediately put the house up for sale. Others in the crime ring will then pose as buyers
and work with a corrupt appraiser to assign an inflated value to the house. After finding a mortgage at the
inflated value, the buyers split the proceeds from the fraudulent mortgage with the sellers. The FBI found that in
54% of the cases … (2 comments)
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foreclosure: closed lenders - 01/12/07 05:58 AM
Sebring, Ownit, Mortgage Lending Network, Banco Popular. Secured Funding of California has closed its wholesale
division, 33% of their production. Based in Southern California, they posted a notice saying that, based on
"market conditions," it has "stopped funding new applications, and will have until the 12th of January
(tomorrow)" to fund out its pipeline. Secured is a retail and wholesale lender with over 1,000 employees that
originated over $1 billion in loans during 2006, with its specialty being second mortgages. And in another dent in
subprime origination, E-Loan's parent Banco Popular announced yesterday that it will cease originating this type
of … (1 comments)
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foreclosure: Secured Funding Shutters Wholesale Unit - 01/10/07 01:26 AM
Secured Funding of California has shuttered its wholesale division, which accounts for about one-third of its total
production. As MortgageWire neared its deadline, a company official declined to comment. It is the latest in what
is turning out to be a long line of nondepositories that have run into financial problems in a difficult market. On
its website, the Costa Mesa-based lender posted a notice saying that, based on "market conditions," it has
"stopped funding new applications, and will have until the 12th of January" to fund out its pipeline. Secured is a
retail and wholesale lender that originated $900 million … (0 comments)
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foreclosure: is foreclosre looming >>??? - 01/06/07 06:48 AM
According to Housing Tracker, Las Vegas Inventory has been steadily building for many months, and has now
surpassed the 20K mark-while prices have been declining slowly. I can attest to the fact the market is slowing
and Inventory is building, as there are 12 homes for sale on my street alone. Some of these homes have gone
through 3 separate realtors and are still sitting at reduced prices in a FSBO status.
With this said, I imagine foreclosures will become a significant issue in the future. Already, industry is reporting
that rates of foreclosure in LV have greater than doubled YoY:
"In … (0 comments)
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foreclosure: mortgage loom. foreclosure in the secondaty market - 01/04/07 05:58 AM
Another large subprime lender has ceased funding loans: Mortgage Lenders Network USA. Based in Connecticut,
with over 1,500 employees, the company is rumored to have run into trouble due to "pricing issues" and is the
third largest subprime lender to have negative press recently. It is certainly an interesting time to watch the
mortgage employment picture, as some companies continue to release employees into the job pool whereas
others continue to expand. (RMIC, for example, is looking for a representative for Northern California - let me
know if you'd like a contact person.)
… (0 comments)
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foreclosure: who cares if you miss a mortgage payment ? - 12/25/06 05:08 AM
What happens if you don't make your monthly mortgage payment? In some cases, the original lenders are
taking the biggest hits. In typical contracts, mortgage banks agree to buy mortgages back from Wall Street in
the case of a payment default within the first 90 days. H&R Block (owner of Option One Mortgage Corp.) set
aside $219 million for buybacks. Defaults forced Fremont General Corp to buy back more loans totaling $238
million in the 2nd quarter. But Wall Street is hurt as well. A few lenders have refused to buy back loans,
prompting arbitrations and lawsuits. EMC is suing MortgageIT over … (2 comments)
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foreclosure: ARM underwriting? - 12/25/06 05:04 AM
What is the current state of the adjustable rate market? Aurora just announced that on their "neg am" ARM
loans, the borrowers must qualify at the fully indexed rate as well as the maximum negatively amortized loan
amount. It is predicted that other lenders will follow. Too many lenders are seeing the public and regulatory
backlash as a result of borrowers having trouble making payments. A borrower who took out a typical 3/1 hybrid
ARM three years ago is likely watching that rate jump to about 7% now as those loans reset. The vast majority of
borrowers that accepted products that … (0 comments)
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raman kandola
San Jose,
CA
More about me…
kandola mortgage services
Address: 2166 the alameda, san jose, ca, 95126
Office Phone: (408) 561-7295
Cell Phone: (408) 561-9967
Email Me
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