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hard money loan: mortgage crisis: bad phase of the bottoming of the real estate - 02/26/08 01:16 AM
Correction Appended
An investigation into the mortgage crisis by New York State prosecutors is now focusing on whether Wall Street banks withheld crucial information about the risks posed by investments linked to subprime loans.
Reports commissioned by the banks raised red flags about high-risk loans known as exceptions, which failed to meet even the lax credit standards of subprime mortgage companies and the Wall Street firms. But the banks did not disclose the details of these reports to credit-rating agencies or investors.
The inquiry, which was opened last summer by New York's attorney general, Andrew M. Cuomo, centers on how the banks bundled billions … (0 comments)
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hard money loan: loan originators how much you made last year - 09/02/07 03:35 PM
How much did you make last year? (That was a rhetorical question.) The president of Countrywide earned $48
million, the president of Freddie Mac $15 million, WAMU $8 million, Indy Mac $4 million.
According to Goldman Sachs and Wells Fargo, jobless subprime mortgage lenders are looking for employment in
the booming market for loans to senior citizens. So far the mortgage industry has lost 15,000 employees, and
obviously some will enter the growing market for reverse mortgages. Some bankers worry the market's rapid
growth may make reverse mortgages vulnerable to fraud and increased litigation, which has plagued subprime
loans. "As you look … (3 comments)
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hard money loan: Facing Foreclosure in California?...Call for help - 08/26/07 07:12 PM
Facing Foreclosure in California?...Call for help Kandola Mortgage Services launched a Foreclosure Hotline this week. It's purpose is to assist people who are delinquent on the mortgages. Counselors will act as intermediaries between homeowners and lenders, to work out a game plan, help organize finances, avoid scams, reduce potential liability and possible sell or keep the home. If you are delinquent on your mortgage payments, please call for help. The number is 1-408-561-7295. Irony in action Foreclosures cost the taxpayer in the end A study done by the University of Colorado-Denver last year found on average one foreclosure costs the municipality … (0 comments)
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hard money loan: lender rumour/ lender crisis - 08/19/07 02:04 AM
Countrywide said that "disruptions in credit and secondary mortgage markets pose a risk to the company and could hurt its financial condition in the short-term". CW made the disclosure in a filing with the Securities and Exchange Commission, supplementing other "risk factors" the company had outlined in its annual report. Payments were at least 30 days late on about 20% of "nonprime" mortgages serviced by Countrywide as of June 30, up from 14% a year earlier. For all loans, delinquencies were 5%, up from 3.9%. WAMU's wholesale channel is either formally or informally classifying smaller originators as "priority" or "non-priority" accounts. There … (0 comments)
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hard money loan: meltdown lenders: higher standard guidelines - 08/19/07 02:00 AM
RFC changed their Jumbo A, Expanded Criteria, and Payment Option pricing adjustments.
WAMU ceased doing any low-doc transactions whatsoever with FICO's less than 680 and LTV's greater than 65%.
MortgageIT discontinued their No Ratio, No Doc, and SISA loans for several of their products.
Greenpoint stopped taking locks entirely on their Alt-A Fixed and ARM products.
Wells Fargo worsened their Jumbo prices by 1 point and capped them at 100.00 (0 points rebate).
Countrywide changed their guidelines and pricing adjustments for their Expanded and Jumbo product lines.
Deutsche Bank (who owns MortgageIT), closed their lock desk entirely.
Indymac closed their bulk (conduit) desk.
Taylor Bean and CSFB are no … (0 comments)
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hard money loan: arm to blow out ! foreclosure to come out .. every where. - 08/05/07 04:17 AM
Who were the big originators in the first quarter of 2007? Countrywide did $115 billion, Wells did $68 billion, and Citi was third with $55 billion. (So yes, Countrywide did almost as much as Wells and Citi combined for January through March.) Industry-wide the first quarter of 2007 was down about 6% from the fourth quarter of 2006 and down 4% from the first quarter of 2006.
Rates are up around the world, including here in the US. Both our 2-yr and 10-yr stand at 4.99%, and mortgage prices continues to worsen. The Fed apparently has no thought of lowering rates and … (0 comments)
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hard money loan: 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)
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hard money loan: 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)
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hard money loan: 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)
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hard money loan: 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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hard money loan: FAST foreclosure looming in Las Vegas, NV - 04/07/07 06:07 AM
A recent data came out that in Las vegas, NV over 240 houses are going to foreclosure everyday ! That is
really an alarming rate, especially for the city which has churned over 50% appreciation for the past 2 years. The
potential movement of the foreclosure is really preity alarming, and added the sever tightening of the money-
credit by the banks. The selling pressure is more than the buying pressure, bringing a strong potential fore-
closure movement. The simple supply and demand has got the house market price down.
Still real estate is still the stable investment for the old school, and … (3 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
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