Insider Mortgage Advice Blog

Very Funny Fred Thompson Video

Mortgage Insider Media LLC — Thu, 04 Dec 2008 18:28:10 -0600

There is a very funny Fred Thompson video I posted on my mortgage website today where he sarcastically pondificates the economy and the "bailout mentality" spreading to all sectors of the economy.

It's truly funny...and it's spot on in the underlying message as well. Anyway...I can write about it or you can just go watch it for yourself..

Bailout Mentality Folly Highlighted By Fred Thompson Video

Going International - Blog Translation Plugin Opens The Whole World

Mortgage Insider Media LLC — Wed, 26 Nov 2008 13:25:46 -0600

I just wrote a post on my real estate investing blog on this language plugin that instantly translates your Wordpress blog into 34 different languages....and get this...it's FREE!

I did a lot of research and even paid for a translator plugin only too find many take up too many resources slowing down your blog or the have really bad URL structure for SEO....so to find one that's free that thought of all of that is great...

Read my post at....

Investing International - Translator Plugin Helps

Fannie and Freddie Implement Ban on Foreclosures

Mortgage Insider Media LLC — Mon, 24 Nov 2008 15:34:58 -0600

Fannie Mae and Freddie Mac announced a temporary ban on foreclosure filings and evictions for the holiday season. I an not sure if this is ease concerns over what is typically an emotionally charged time of year ( ie. more suicides around this time of year) or are they really attempting to give servicers an opportunity to "catch up" with loan modification ( their stated objective)...

I rather doubt it's the latter...but you can read all about it at The Mortgage Insider Blog...

GSE Foreclosure Ban In Place Until January 2009

Redisclosure of Mortgage Terms - What Does the Law Say?

Mortgage Insider Media LLC — Mon, 24 Nov 2008 15:17:50 -0600

I had a question posted by a reader on my mortgage advice website about when is it appropriate to "redisclose" the loan terms. Obviously this is a real concern for real estate agents as well as consumers to know what the laws says on this issue since many clients get to the closing table only to discover the loan is not what they expected...the dreaded "Surprise Closing"!

Yikes! Talk about "egg on your face" if you are the agent and the lender was a company you referred!

So jump over and read...

When is a lender required by law to redisclose the loan?

You'll be shocked at what you learn!

Obama Names Treasury Secretary

Mortgage Insider Media LLC — Mon, 24 Nov 2008 15:09:07 -0600

I just wrote a post on my mortgage blog about Obama's pick for Treasury Secretary. Unlike the mainstream media, Mr. Timothy Geithner, the current president of the New York Fed Bank as the next Treasury Secretary does NOT float my boat.

Wall Street loves the choice as evidenced by the run up in the DJIA on Friday and today. However, in my opinion this one of the prima facia reasons to question Geithner's appointment. We already have a Treasury Secretary who favors Wall Street over Main Street in Hank Paulson. Mr. Paulson has mishandled the financial crisis in a unprecedented number of ways.

Read the post here...

Timothy Geithner Tapped To Be Treasury Secretary

The Bank That Survived When Others Failed

Mortgage Insider Media LLC — Tue, 28 Oct 2008 15:24:20 -0500

I just finished a review of Flagstar Bank on my mortgage advice website complete with contact information, complaints, and all the other accompanying data. You can read it here..

Flagstar Bank Review

However, this one is a little different in that I didn't have a ton of bad news. While other big name banks have pulled out of the wholesale lending business, Flagstar is holding fast. This really is good news when the likes of Wells Fargo and Washington Mutual couldn't make it work.

Don't get me wrong...I don't think consumers should ever go directly to banks for mortgages...they never get the best deals that way...but the review is worth reading...if you are either a consumer or real estate professional.

Flagstar Bank Review

Are You a Good Mortgage Shopper?

Mortgage Insider Media LLC — Mon, 27 Oct 2008 14:13:49 -0500

I really doubt if you are... even if you think you are. Even seasoned professional real estate agents usually make the same rookie mistakes when deciding what mortgage company to recommend.

If that is true, what chance do you have...the lowly consumer...of ever becoming a good mortgage shopper?

Read this and you are on your way...

How do I become a good mortgage shopper?

Consumers Confused On Monthly Payment Increases on Fixed Rate Mortgages

Mortgage Insider Media LLC — Mon, 27 Oct 2008 14:08:15 -0500

I just finished answering a question by a reader of my mortgage blog on why her payment went up when she has a fixed rate mortgage...a little hint...it has to do with her taxes!!

Click over and read my rather succinct answer and the points you as a homeowner or real estate agent may want to be aware of...

Why is my payment increasing due to a shortfall in my tax escrow?

I'll be posting more of the Question and Answer section to my AR blog...just been a little too lazy...but not anymore..

Stay tuned...

National City Succumbs to Government Backed PNC Takeover

Mortgage Insider Media LLC — Fri, 24 Oct 2008 11:44:57 -0500

I just finished a post on my mortgage blog on the takeover of National City, a Cleveland based regional bank, by PNC...one of the mega-banks hand picked by Treasury Sectetary, Hank Paulson to get the first direct government assistance provided for in the $700 billion bailout.

Read, PNC Gobbles Up National City With Treasury Money

I predicted this would happen...a perversion of the original intent of the law...to unfreeze lending...has given way to unbridled greed using tax payer funds to takeover the competition instead.

Click over now...PNC Gobbles Up National City With Treasury Money

When Banks Compete, You Win...Yea, right!

Mortgage Insider Media LLC — Mon, 20 Oct 2008 13:08:24 -0500

I just finished a review post I've been meaning to write for a very long time now...on LendingTree...and their dubious claim of "When Banks Compete, You Win" they have been blanketing the airwaves with for years now.

This company has been spewing this ridiculous mantra from years now..so I thought for consumers and agents alike...the truth should be known.

Click over and read...

Lending Tree Mortgage Review

Servicing Company PHH Doesn't Get High Marks

Mortgage Insider Media LLC — Fri, 10 Oct 2008 08:02:18 -0500

I posted a review of PHH Mortgage Services (a major player in the subservicing world) on my mortgage website. These sub-servicers are companies that lenders outsource their payment, accounting, and foreclosure activities too.

How customers get treated in foreclosure and whether they can negotiate workouts, short sales, or loan modifications to avoid foreclosure are often more effected by the servicer than the lender.

So I decided to start reviewing them all...and it's ugly! Click over and read...

PHH Mortgage Services Review

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Two New Mortgage Servicer Reviews

Mortgage Insider Media LLC — Thu, 09 Oct 2008 22:30:04 -0500

I posted on my mortgage website two new mortgage servicing company reviews...one for HSBC Mortgage Services and one for Wilshire Credit Corp...called

HSBC Mortgage Services Review

Wilshire Credit Corporation Review

Neither of these two enormous companies has what anyone could remotely call a 'good' track record with consumers when it comes to servicing mortgage in an ethical manner. I posted all the contact information I could find, BBB reports, and links to all the customer complaints as well.

Good Luck

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Fed Rate Cut Announcements Not Helpful to Mortgage Shoppers

Mortgage Insider Media LLC — Wed, 08 Oct 2008 11:39:16 -0500

I just posted an mortgage article on the media reporting of Fed rate cuts and how the average mortgage consumer gets hoodwinked into thinking this automatically translates into mortgage rates dropping too...called

30 Year Mortgage Rates Not Tied To Fed Funds Rate

Consumers need to know the difference between a Fed Funds Rate and the 30 year mortgage rate...and the mechanisms that make them rise or drop...

It's not a technical article...easy to read and understand...and pivotal in this wacky market...

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Fed Emergency Rate Cut - What Does This Mean? - Video

Mortgage Insider Media LLC — Wed, 08 Oct 2008 09:27:24 -0500

I just posted an article on my mortgage website called,

Emergency Rate Cut - Fed Chairman Bernanke Lowers Rate Here and Abroad

wherein I discuss the "real" reason Bernanke is rounding up all the Central Bankers to effect a strategy that may or may not work to stem the massive sell-off in the US and European Stock Markets.

It's a little technical with graphs..but I think I do a pretty good job of explaining what's inside Bernanke's head...which after watching Fed Chairmen for 16 years...I think I'm learning...

So if you want to know the motives for this emergency rate cut...click over and read

Emergency Rate Cut - Fed Chairman Bernanke Lowers Rate Here and Abroad

Oh...I also tossed in a video clip...for those of you who like to watch rather than read...

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Wachovia Citigroup Deal Scrapped In Favor of New Wells Fargo Merger

Mortgage Insider Media LLC — Fri, 03 Oct 2008 08:51:49 -0500

Just announced that the previous government assisted Wachovia buyout by Citigroup will get shelved in favor of a non-government assisted merger between Wachovial and Wells Fargo.

So I guess we can say Wachovia didn't "fail" or get "bought out"...it's a merger...hey I'm looking for any good news here guys.

Anyway, I also posted a quick video clip for those who want details on stock price and movements...

Here's the link..

Wells Fargo Wachovia Deal Back On - Video

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Bailout Bill Gets Second Chance in House Monday (Video)

Mortgage Insider Media LLC — Thu, 02 Oct 2008 11:31:09 -0500

I just posted an article on my mortgage website on the Senate passing the bailout bill and now it will go back to the House who neglected to pass the measure this week...called

Senate Bailout Bill Passes - Goes To House Monday (Video)

I posted all the pork stuffed into the measure to bribe the House Republican's hoping to swing the 14 votes needed to pass the measure....and I've posted a short video clip as well.

Here's another post I wrote on th Senate bill...

US Senate Bailout Bill: Secretly Designed To Help Foreign Banks

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Need a Mortgage Question Answered?

Mortgage Insider Media LLC — Wed, 01 Oct 2008 14:26:58 -0500

I have an extensive mortgage Q & A Section on my mortgage website which I divided up into different categories ...you can visit each category to ask a question pertaining to that category...and then comeback to that page to find the link to the answer..,

Here's a sampling of what's in the Mortgage Questions Category:

Mortgage Questions and Answers

What will happen with my 5/1 ARM if I cannot refinance?

What happens to a consumer's mortgage if the holder of the mortgage goes under?

Are mortgage applications being denied at a higher rate?

Can you pay interest-only without rate penalty?

My real estate provider said a mortgage company cannot charge you a prepayment penalty if you take our a 30 year fixed loan. Is this true?

Are the rates that you quote on the Real Rates Daily podcast what a bank or mortgage company should be charging for a loan or are they entitled to add to that rate?

Is it possible to get a mortage loan in todays market with a fico score of 597?

Can I freeze my mortgage payments until I sell my home during a separation?

Can we "assume" a mortgage from a relative who can no longer afford payments on the house?

Is it typical to charge .25% discount on VA loans?

Can a mortgage lender hold funds in escrow without paying interest?

My refinance application is in underwriting now, am I obligated to close?

What recourse does a seller have against a buyer whose loan is not approved by the closing date?

What would happen if we stopped paying the 2nd mortgage?

My rental property rate goes variable in 2009 so should I just let the house go?

Is best to pay off ones mortgage before retiring?

Does adding a child to a mortgage become a lien on their Social Security number?

Which is better PMI or LPMI?

What are the average number of days to close a mortgage?

Is consolidating my first and second mortgage line of credit a good idea?

Clarify the costs on your How To Read Rate Sheets article

You can click over to read or Ask Your Own Mortgage Question...I answer them in about 24 hours.

Thanks!

Senate Banking Bailout Bill Loaded With Earmarks Gets a Vote Tonight

Mortgage Insider Media LLC — Wed, 01 Oct 2008 12:14:32 -0500

I just finished a post on the Senate's attempt at passing a banking bailout bill tonight. The same $700 billion price tag is in the Senate version...but a disturbing amount of pork got in there as well.

I also wrote on the secretive provision to bailout foreign banks too! Now I know why Paulson is pushing so hard...he wants to write huge checks to China, Japan, and every other foreign bank. This bailout has never been about us...or OUR banks...just about keeping our biggest creditors happy.

I knew something smelled fishy about this "hurry up" bill...

US Senate Bailout Bill: Secretly Designed To Help Foreign Banks

Call your US Senator and tell him to vote down this foreign bank bailout bill before the 9pm vote tonight.

US Capitol Switchboard: 202-224-3121

Sovereign Bank Dodges A Bullet

Mortgage Insider Media LLC — Tue, 30 Sep 2008 12:06:37 -0500

I just posted an article on the 70% stock drop yesterday on a regional bank called Sovereign Bank...and the remarkable recovery today.

The post is here...

Sovereign Bank Stock Bounces Back

Maybe we don't need a massive government program to save the banking industry afterall...and the longer it goes without a Paulson bill passing and with no "death and destruction" the more we'll know it was a scam in the first place.

Newt Gingrich Says We Don't Need A Banking Bailout!

Mortgage Insider Media LLC — Tue, 30 Sep 2008 11:32:39 -0500

I just posted an article on "mark-to-market" accounting which everyone from Newt Gingrich to Steve Forbes is saying was the real underlying cause of the current banking and credit crisis...called

Mark To Market Defined As The Cause of Banking Crisis

It's an intersting theory and I'l take any suggestions to freeing up the credit markets short of giving the Treasury Secretary $700 Billion! Click the link above to get a quick tutorial on mark-to market accounting.

Bye for now!

Rescue Plan Will Pass Today - Why Do We Need It?

Mortgage Insider Media LLC — Mon, 29 Sep 2008 12:43:15 -0500

I just posted an article on the Paulson bailout plan - now called the Emergency Economic Stabilization Act of 2008 with a link to download the bill from my server since the government server is down right now...plus a link to the CBO review of the plan...you can read and download everything at...

New $700 Billion Bailout: Emergency Economic Stabilization Act of 2008

With only a few minutes on voting left...it's neck and neck...who knows if it will pass on the first vote?

Citigroup Buys Wachovia - Saves Another Bank Failure

Mortgage Insider Media LLC — Mon, 29 Sep 2008 08:44:53 -0500

I just posted the report from the FDIC on Citigroups bid to buy Wachovia Bank, a banking conglomerate so big at one time it was ranked fourth largest in the country...read the post here..

Wachovia Bank Failure Thwarted On Citigroup Buyout News

This coming on the heels of last week's news of Washington Mutual's buyout by JP Mortgage Chase...which you can read more about here.. FDIC WaMu Takeover & JP Morgan Chase Buyout Premature ...is making me more and more paranoid.

Are we all going to wake up one day and have 3 or 4 choices for banks and mortgages?

God I hope not...

Sacrificing Home Equity For Monthly Cash-flow - Bad Idea!

Mortgage Insider Media LLC — Thu, 25 Sep 2008 17:30:04 -0500

I just finished a post called...

Debt Consolidation Mortgage Pitfalls

where I extol the sad propensity for consumers to get hoodwinked by mortgage advertisers who pitch short term solutions to the detriment of longer term best interests.

I also posted a mortgage company review of CitiMortgage complete with customer complaints and contact information...called..

CitiMortgage Review

Bush Address Tonight Is More Like The Boy Who Cried Wolf!

Mortgage Insider Media LLC — Wed, 24 Sep 2008 21:47:45 -0500

I just finished watching the Presidents address on the financial "crisis" ...the systemic juggernaut of a tsunami of destruction headed our way ...in just a matter of days...if we don't do something right now...blah blah blah..

This sound so much like the rhetoric leading up the Iraq War...and more recently the take over of Fannie Mae and Freddie Mac...gotta get that legislation passed so Paulson can stem the infection of the GSE's and save us all....yea right.

To see more click over to my post called ...

Bush Speech: Creating A Phantom Crisis To Dupe Congress - Again!

Wow ...these guys never quit...

Senator Dodd Is Grand Standing Again!

Mortgage Insider Media LLC — Tue, 23 Sep 2008 12:29:13 -0500

I just finished an article on the ridiculous behavior of the Senate Banking Committee today, with it's Chairman, Senator Dodd leading the way. Bernanke and Paulson attended a hearing in front of the Committee to discuss getting another multi-billion dollar bailout.

You can read all about it in my post called...

Senate Banking Committee Balks At Bailout

They don't really "balk"...it's more like a head fake...