san jose mortgage meltdown: what does the GOVERNATOR wants ? - 02/18/08 08:56 PM
Here in California Gov. Arnold Schwarzenegger wants Congress to raise the Fannie Mae and Freddie Mac lending
limit from $417,000 to at least $625,000 as part of the economic stimulus package. State Assemblyman Ted
Lieu is pushing for a bill that requires mortgage lenders to tighten up already strict guidelines to make sure
homebuyers can afford their basic monthly bills before qualifying for a mortgage loan. This bill would also ban
certain designer mortgage loans such as the option arm mortgage. The option arm mortgage, also known as the
pay option arm, allows borrowers to pay less than the interest that … (1 comments)
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san jose mortgage meltdown: another one of them ... - 08/16/07 05:38 PM
Credit-Based Asset Servicing and Securitization LLC (C-BASS), a New York-based subprime loan company, said
it's in talks with investors to ensure it has sufficient funds. Mortgage insurers MGIC Investment Corp. and Radian
Group Inc. yesterday said their C-Bass joint venture may be worthless, requiring more than $1 billion in write
downs. Ouch. "The current severe state of disruption in the credit markets has caused C-Bass to be subject to an
unprecedented amount of margin calls from our lenders," C-Bass said today in a statement on Market Wire. C-
Bass buys mortgages with overdue payments, aiming to improve collection rates before selling packages … (0 comments)
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