mortgage: Seizing Mortgages Through Eminent-Domain Power.
- 07/05/12 01:19 AM
Eminate-domain power is being considered by some California cities as a way to turn around the housing market. The Wall Street Journal writes about it today. At first glance, it might sound really good. It reduces the principle down to current home values and allows upside homeowners to get right side up again. That is deemed to be a public good which is being argued as a legitimate use of eminent-domain power. But look whose idea this was. "The eminent-domain gambit is the brainchild of San Francisco-based venture-capital firm Mortgage Resolution Partners, which has hired investment banks Evercore Partners and Westwood Capital to … (142 comments)
mortgage: 5% on a 30 Year Fixed Mortgage? Here's the Bailout You've Been Waiting for.
- 11/26/08 01:12 PM
I received an email alert from my preferred lender telling me that 30year fixed rate mortgages were down to 5%. I figured that it had to be a mistake. I called him this morning and told him I wanted to refinance if the rate was still available. I had a first mortgage at 5.75% and a home equity line that adjusted every month according to the prime rate. Right now the rate is low but I just don't have a good feeling about rates staying low. So I thought that now was a great time to save money and get everything combined … (5 comments)
mortgage: Countrywide's Latest Numbers Are Pretty Scary
- 07/24/07 12:52 PM
At the beginning of the year, the big scare was the subprime mortgage meltdown. But many people downplayed that and said it was just a small piece of the market. But Countrywide just came out with their most recent numbers and the numbers are looking pretty bad. Delinquencies for prime home-equity loans shot up dramatically from 1.77% to 4.56%. The reason isn't because of interest rate increases either. They attribute it to people losing their jobs. This seems strange since the stock market is making new highs. If business is really as good as the stock market might indicate, I would … (13 comments)
mortgage: How Should Your Mother Get the Best Mortgage Rate?
- 12/03/06 10:57 AM
I'm delighted to see that we have a lot of very experienced loan officers here at Active Rain. I am a full service Realtor and can appreciate that many mortgage brokers here provide full service and want to get paid accordingly. But I'm a simple guy who just wants to get a good deal without all the frills. I look at a mortgage as a commodity. I want to get it at the cheapest price. When I buy stocks, I use etrade. I don't want advice or friendship. I just want to buy a stock with the least amount of fees … (2 comments)
mortgage: No Closing Cost Loans, Deal or No Deal?
- 11/27/06 12:29 AM
The late Milton Friedman popularized the expression "There's no such thing as a free lunch". By listening to some very popular radio ads by an Atlanta mortgage company you would think that anyone who willingly pays closing costs for a mortgage is either an idoit or is being ripped off. This guy doesn't charge any closing costs. His mortgages are "free". That guy has to be making a lot of money to pay for all those radio ads. So where does he make money if he doesn't charge closing costs? Instead of charging closing costs to fund his company, he sells mortgages with … (1 comments)
Eminate-domain power is being considered by some California cities as a way to turn around the housing market. The Wall Street Journal writes about it today.
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