mortgage meltdown: Foreclosure Phoneathons Popping Up Nationwide To Combat Mortgage Meltdown
- 06/04/08 10:01 AM
The foreclosure epidemic continues to sweep across the United States in a rapid fashion as prices on homes are being forced downward 9.72% as a national average. Fannie Mae offices in Virginia opened a foreclosure call center today, and by 10am, they received over 270 calls. Kexington KY, Denver, CO, Phoenix, AZ, and countless other cities are getting proactively involved in educating these distressed homeowners about their options so they can keep their homes out of foreclosure, or at least delay the foreclosure, so they can get back on their feet. Bank owned REO's (Real Estate Owned) are currently at 660,000 … (0 comments)
mortgage meltdown: Mortgage Meltdown Has Banks and One Major Home Builder Looking For Answers
- 06/03/08 04:52 AM
It is no surprise that the banking sector is feeling the pinch right now, amidst a massive nationwide credit crunch, among thousands of new monthly foreclosures and credit card defaults. Standard and Poor recently has downgraded the entire banking sector because of their massive writedowns against credit losses for mortgages and mortgage backed securities. Banks have current credit losses of $165 billion, with about $140 billion raised in new capital, which is still 12% less then their writedowns. This has a dilution effect on shareholders as these stocks are losing up to 50% per share, in an economic downturn. Lehman Brothers … (0 comments)
mortgage meltdown: FHA Bill Passes Senate Vote 19-2
- 05/21/08 06:33 AM
An answer to the foreclosure epidemic made some serious headway on Tuesday, as the Senate banking committee voted 19-2 in favor of the FHA bailout program which is proposed to lend $300 billion dollars from the FHA over the next five years, mainly for people that are underwater on their mortgage. President Bush and the White House have said they were going to veto this bill last month, mainly because of the cost this will be for taxpayers. The modified bill has some changes however, which Bush might be in favor for, and many people are speculating the White House will … (2 comments)
mortgage meltdown: FHA Bailout Program Voted On Today By Senate Banking Committee
- 05/15/08 04:40 AM
Today the Senate Housing Committee will be voting on a final version of the FHA Bailout program that will prevent 500,000 foreclosures, and fund over $300 Billion in new loans over the next five years. The plan is designed to help homeowners who are upside down on their mortgage, allowing them to refinance into an FHA loan at 85% LTV. That was the original plan last week, so there might be some modifications to the new final version. This plan was vetoed last week by the white house, and was not even read. Was not even looked at. It was vetoed … (1 comments)
mortgage meltdown: Foreclosure Epidemic Causing Homeowners To Burn Their Houses Down
- 05/13/08 01:10 AM
Foreclosures across the country are continuing to rise, as Congress is continuing to find ways to continue the mortgage meltdown. Thousands of foreclosures pop up every month across the United States, however there is even a far worse trend appearing to rear its ugly head. Just in the past few weeks, dozens of homes are being torched by their owners as an effort to either collect on the insurance money, or to be released from their debt obligation from their lender. Many of these torched homes are in foreclosure, and they are being burnt down, in some instances, the day before … (1 comments)
mortgage meltdown: Fannie Mae Chalks UP 3rd Quarterly Loss of 2.2 Billion...However Remains Optimistic
- 05/06/08 10:02 AM
Mortgage financing giant Fannie Mae posted its 3rd straight quarterly loss today of 2.2 billion dollars, mainly because of fair market value losses in residential housing across the United State. Fannie Mae also reduced its quarterly dividend by .25 cents, which will free up $390 million for the company annually. CEO Daniel Mudd states that his company is in the belly of a recession not seen since the great depression, and that he doesn't see a rebound in the housing market until 2010. As a mortgage broker, this does not come to any surprise to anyone working in our profession. Flashback 12 … (0 comments)
mortgage meltdown: Countrywide Home Loans Downgraded To "Junk" Credit Rating By Wall Street Analysts
- 05/05/08 06:32 AM
Countrywide home loans got downgraded on Friday to a credit rating of "junk" by wall street analysts. Bank of America recently agreed to buy into Countrywide stock, and help them reorganize debt not to exceed $25 billion. The reality however, is that Bank Of America will be holding the portfolio of Countrywides $95 billion basket of junk loans. Home equity lines of credit that are maxed out on loan to value, pay option arms, hybrid option arms, subprime 2 and 3 year adjustable rate mortgages, are what mainly makes up this worthless portfolio Many analysts are asking if the Bank Of America … (3 comments)
mortgage meltdown: Foreclosure Containment Postive With Proposed "Short Pay" FHA Loan
- 05/02/08 11:05 AM
On Thursday the House Committee approved a new method of handing the foreclosure crisis, entitled "short-pay" loans. This will enable the homeowner to negotiate a payoff with their current lender to accept less then what is owed. The government sponsering entity on this is the Federal Housing Adminstration (FHA), and will approve lender financing on this product to 90% LTV. That will mean that the lender whom is getting less then what is owed, will need to negotiate with the new lender for that less amount. With this introduction of "short pay" loans, many might say why has this not been … (1 comments)
mortgage meltdown: Mortgage Interest Rates Slide Down As Loan Programs Become Harder To Qualify For
- 04/22/08 06:29 AM
Since late 2006, over 250 banks have went out of business due to the subprime meltdown, and inability to sell their wholesale mortgage notes to wall street investors. Add in defaults, foreclosures, and forebearances, and banks continue to feel the hurt, with having to service these mortgage notes. But a 30 year fix is at 5.5%. And it is, and it has been for the last few months, as market dips have allowed rates to drop to 3 year lows. Refinance activity applications have surged on the news, and everyone is back on the gravy train, to try to lock in … (0 comments)
The foreclosure epidemic continues to sweep across the United States in a rapid fashion as prices on homes are being forced downward 9.72% as a national average. Fannie Mae offices in Virginia opened a foreclosure call center today, and by 10am, they received over 270 calls. Kexington KY, Denver, CO, Phoenix, AZ, and countless other cities are getting proactively involved in educating these distressed homeowners about their options so they can keep their homes out of foreclosure, or at least delay the foreclosure, so they can get back on their feet.
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