bubble: FHASecure: The Solution to Foreclosure?
- 08/31/07 10:33 AM
President Bush today announced FHASecure, a new FHA refinance program designed to help trouble homeowners keep their homes. The new program should provide an option for at least some of those people headed into foreclosure due to interest rate resets and skyrocketing mortgage payments. Who will benefit? Hard to say just yet, but here are five criteria listed on the HUD cite: To qualify for FHASecure, eligible homeowners must meet the following five criteria: A history of on-time mortgage payments before the borrower’s teaser rates expired and loans resetInterest rates must have or will reset between June 2005 and December 2009;Three … (2 comments)
bubble: “Check Your Appraisal”
- 08/24/07 03:19 PM
….was the heading on yesterday’s email from Wells Fargo Wholesale. This is a heads-up to Realtors and home buyers… Fast Rewind In mid July, FannieMae issued Announcement 07–11, entitled Collateral Valuation Practices and Declining Markets. Here are several key points from the memo: FannieMae’s Desktop Underwriter (DU) Version 5.7 released July 22, will now generate a message when it thinks that a property is located in a declining market.The appraiser must also indicate when the property is in a declining market.The lender is responsible for ensuring the accuracy of the appraiser’s work.Any pressure by the lender on an appraiser will cause … (37 comments)
bubble: More Lenders Falter
- 08/22/07 10:33 AM
Lehman Brothers announced today the closure of its sub-prime subsidiary BNC Mortgage. Lehman Brothers will continue to originate prime mortgages through its Aurora Loan Services platform but is discontinuing all sub-prime originations. More sad news from my rep at Accredited Mortgage yesterday afternoon: I’m sure you’ve all heard the news that we’ve ceased accepting new loan applications. As you can surely guess, this means I am no longer employed. I wanted to thank all of you for your business and wish you the best of luck in the future. My email account will be shut off shortly. If you’d like to stay in … (2 comments)
bubble: Wells Fargo Slashes More Subprime Jobs, Heads for the Exits
- 03/21/07 05:15 PM
This news hit yesterday in the Associated Press: Wells Fargo cuts 500 jobs in mortgage unit Tougher standards means bank will be handling fewer subprime loans Updated: 12:13 p.m. PT March 20, 2007 SAN FRANCISCO - Wells Fargo & Co. is eliminating more than 500 jobs in a division that makes home loans to high-risk borrowers, adding to the economic distress caused by the decaying subprime mortgage market. Most of the cutbacks, concentrated in South Carolina, Arizona and California, stem from Wells Fargo’s recent decision to make it more difficult for borrowers with blemished credit records to qualify for subprime mortgages. … (4 comments)
President Bush today announced FHASecure, a new FHA refinance program designed to help trouble homeowners keep their homes. The new program should provide an option for at least some of those people headed into foreclosure due to interest rate resets and skyrocketing mortgage payments. ;)
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