Jay Beckingham's (jayb) Blog

Mortgage and Lending - Bank of England Mortgage - 385907



When the market was active way back 3-5 years ago you could buy a house and get a 100% subprime loan and you were pretty safe. I mean you had 2 or 3 years to correct your credit, or if you got in too deep you could just sell the house for a profit. I mean you couldn't lose. Pretty cool huh?Well, ...
It appears that many of the loan officers in the mortgage world have been searching and waiting for the subprime replacement program. These brokers/lenders appear, to me, to be largely made up of those who entered the mortgage markets in the last 3-5 years. And they know that subprime programs ha...
Okay I was reading a blog about how Senate Banking Chairman Christopher Dodd was going to solve the subprime problems by legislating change through the FHA. It really scared me when he congratulated the Fed Chairman for lowering the discount rate, like that was going to solve the problem. So, I t...
It seems that many investors are already reacting like a rate cut is in the making, almost guaranteed. Frankly, I don't think so. But I could be wrong, but I don't think so. Why not, you may say?First and foremost it's not going to happen just because some in the financial markets might like it t...
Or at least Bank of America.Based on the activity of blogging and comments by Active Rainer's I would have to say a large percentage of the mortgage and real estate world is either very fond of, or very interested in CW. The naysayers, however, must be very disappointed in the attempts by the mor...
A LOT!"Buffett could buy parts of Countrywide"  CNNMoney.com  8/21/07"Billionaire investor Warren Buffett could buy parts of beleaguered mortgage lender Countrywide Financial Corp. some investors are speculating, according to the Wall Street Journal.Hmmmmmmm."Buffett has been increasing his stake...
Okay, the naysayers should be out in full force today. They'll say Countrywide's DEAD. See we told you, you better get ready to duck when the sun reaches the earth. You know it's falling out of the sky don't you? We've been telling you this for a month or more.Well, news as reported in the nation...
I looked in Webster's for a definition of "foreclosure" and it left me a little empty and puzzled. It just didn't do it for me. It lacked any emotion.Foreclosure;  take away the right to redeem (a mortgage)Usually when I see the word "foreclosure" in print it stirs up much more powerful emotions ...
We need to get this straight. I don't even care if it is TRUE! I want the national media to stop reporting good news. To me, it seems out of character for them and they are just out of practice. So I want them to STOP!  NOW! please.CNN reports;MORTGAGE DEMAND JUMPS, BANKERS SAY.Well what do you t...
I was working for a Boston based mortgage company somewhere around the early 80's, I believe, when we came out with one of the first, if not the first, discounted ARM's.  It was a 1 year ARM at 10.125%  with a 2% annual cap, but no lifetime cap. What do you think about that, there was no limit to...

Jay Beckingham

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