Subprime Defaults Are Just The Beginning

If you thought we were almost done with the collapse of the mortgage market, you are sadly mistaken. Last night 60 minutes did a piece about the looming wave of mortgage defaults, Alt-A and option ARMs. While, as Scott Wilson outlines below in his guest post on Your Mortgage or Your Life, 60 minutes did not do a fabulous job on this story, [more...]

Date: 2008-12-15 23:37:29

Blog posts (127) | Videos (125)
 

Things to Consider If You Can't Afford Your Payment

I read a lot of the info. you have on your web page ... thank you. I don't live in San Diego so I'm not looking for a home. What I am trying to decide is whether to sell or refinance. I live in DELETED. My mortgage payments are now approx. $2,400. I cannot afford to refinance into a fixed rate mortgage or interest only [more...]

Date: 2008-12-28 15:23:29

Pocket Profile: The Finance Buff

This week we spoke with The Finance Buff. His blog was named the Best Finance Blog for People Ready to Save or Invest by the CEO of Wesabe ... percentile! Credit Card Debt: None. Top percentile! What are your two favorite financial products? Why ... : Greater than 90% of Americans. Rent/mortgage: 34% of Americans pay more in rent. Credit Score: Don’ [more...]

Date: 2009-01-15 17:07:27

Personal Finance Money Tips Q&A #1

This is the first post of the regular questions and answers series. If you have any question, please try our forum ... . To me, I have bad experience with a local bank (not good to disclose here, just call it Bank A) - poor service and slow respond. I am refinancing the home loan to HSBC and Bank A keeps giving trouble [more...]

Date: 2009-01-08 23:00:50

Tough times for aussie mining sector as prices sink

First big commodity correction. They will surprise by staying strong even as the world slows ... has combined with the drying up of credit to force previously high-flying miners like Rio Tinto, OZ ... the global credit crisis has hit the industry. Rio is expected to have by far the biggest impact [more...]

Date: 2009-01-16 21:36:45

Shock & Awe! - NOI Gets Bombed

Noah and I have been talking ad nauseam about the imminent threats to the New York City land market, ... of the tentacles of the credit debacle going back quite a stretch. We opined over and over that job losses ... of the bad news, but sprinkled in with the positive sound bites are some honest comments [more...]

Date: 2009-01-09 00:25:02

ARM TWISTING NOT UNDERWRITING

I'm not surprised politicians are exasperated with the banks' apparent reluctance to lend money to consumers and businesses at “reasonable” rates ... for irresponsible lending in "bad times". As the UK economy expanded through the 90s and 00s, financing ... the green light to the banks to dish out money to bad credit risks; if all turns out OK, the bank [more...]

Date: 2009-01-14 22:23:00

WaMu’s New $1 million 5-year 1% Balloon Loan (mod) - $878 Per Month!

1/5/09 - EFFECTIVE IMMEDIATELY - Modified Loans are Ineligible For Fannie/Freddie Refi’s, while FHA MAY Be Eligible ... for conforming loan financing.” All Sorts of Consequences This has all sorts of consequences ... . In my experience, most mods result in one of more of their definitions of ‘restructured.’ A restructured loan [more...]

Date: 2009-01-12 17:52:15

Henry Paulsen as Mary Bailey

The disjointed and ad hoc reaction of the Bush administration to this mortgage crisis stands in ... that -- just as today -- credit was frozen for home lending institutions. It empowered the Federal Home Loan Bank ... not be saved by refinancing, if home owners had to wait for home values to rise. So, it [more...]

Date: 2008-11-30 05:27:22

Homeownership: Is a High Homeownership Rate Good Policy? No. Examining 3 Cycles of Homeownership Data over 100 years and Implications for the Economy.

The current housing crisis has left us with an opportunity to examine the driving issue behind a high homeownership rate ... of principal before a balloon payment was due when the loan matured or was refinanced.  Refinancing ... of thousands of banks and other lenders contributed to the difficulty of refinancing, as customer relationships [more...]

Date: 2009-01-08 08:06:45

One More Time: It Wasn't the CRA

James Kwak has had enough of people trying to blame the financial crisis on government attempts to help poor people through the Community ... this up. ... At its core, the argument is that the government forced lenders to make bad loans in one market, so they went and decided to make bad loans in other markets. Even conceding [more...]

Date: 2008-12-16 18:17:51

It’s time to refinance ~ but is your home worth enough to get that great low rate?

Short sales, Bailouts, Mortgage Reductions…there are all kinds of programs being talked about, ... .  You have a credit score over 800?  Awesome…we’ll give you a loan for up to 100% of the value of your home ... .  But I have a question.  What about the homeowner who has never missed a payment, has a great credit score [more...]

Date: 2009-01-17 04:16:58

Many Americans Shut Out By Credit Reporting Agencies And Banks

Many Americans Shut Out By... Heidi Rockwell 10 hours ago The United States government is bailing out the banks with a 700 billion dollar package that American citizens will have to pay for while they are unable to get credit extended to refinance the bad loans the predatory banks gave them. Adjustable rate and interest only loans being [more...]

Date: 2008-12-08 02:43:44

Still a Girl

On Wednesday I accompanied Sue to her third and final ultrasound. It looks like number two is still going to be a girl ... like we’ll be traveling to a different hospital too. Now we wait. Sue and I are all ready. The car seat is in the car, the crib is setup and the baby bottling stuff is back in the kitchen. We’re [more...]

Date: 2009-01-17 03:54:30

Frank’s Foreclosure Fiasco

As we all deal with unemployment, 401k’s turned into 201k’s, falling home prices, tighter lending standards and the new vernacular of loan modifications, cramdowns, defaults, delinquencies and “under water mortgages”, the statistics just keep coming in month after month.  Most [more...]

Date: 2009-01-16 04:40:56

“We can put light where there’s darkness, and hope where there’s despondency in this country ... S. Bernanke, chairman of the Federal Reserve, laid out the latest terrifying news: The credit markets ... easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains [more...]

Date: 2008-12-21 16:01:46

Making Sense of Mortgages

Making Sense of Mortgages Posted by Dark Spider at January 17, 2009 Understanding mortgages is no easy task ... ?s market there is a loan for every type of situation. Short term, long term, good credit, bad credit, no matter. Just about anyone can find financing for their mortgage needs today. Keep in mind [more...]

Date: 2009-01-17 12:08:38

Impact of Credit Crisis on the Energy Industry - Where Are We Now?

I recently looked through news articles to see which energy sectors were being affected by the credit crisis ... related problems. One is reduced access to credit, making new borrowing difficult for nearly every ... of the reason for this price decline is the lack of availability of credit—many of the less credit [more...]

Date: 2008-11-30 13:00:54

The Consequences Of Devil-May-Care Lending

The Des Moines Register reports from Iowa. “Deb Baker believes she’s one of about 31, ... her ability to refinance her unaffordable loan or to sell her home. ‘You hate to lose what you put ... a fair number’ of the inflated appraisals that accompanied the subprime-loan boom now causing [more...]

Date: 2008-12-08 15:54:59

Is there a credit crisis in CEE?

We launched a new FSClub for Central & Eastern Europe on Wednesday. The first meeting was a discussion based around the theme: "Is there are crisis in CEE?" with four esteemed panellists, namely: Dr.Friedhelm Boshcert, CEO, Volksbank International  (furthest left) Josip Protega, President of the Management Board, Hrvatska postbanska banka ( [more...]

Date: 2009-01-16 09:18:15

Break Out the Thunderbird

Apparently the worldwide economy is so damn shitty that the Russians can’t even sell their vodka. TRAGEDY. With retailers struggling to find credit and ordinary Russians being forced to change ... alike attribute the main reason for the collapse in the market to the evaporation of credit, with many [more...]

Date: 2008-11-24 23:37:57

Des Moines Iowa Real Estate Market Recap - Week of January 5th, 2008

What’s The Real Estate Market Doing? Do you ever wonder how our real estate market is here in Des Moines? ... t know about you, but I think buying or selling a home is a pretty big deal. As a blogger and mortgage ... things are at. Do YOU Need Help? As a mortgage professional, I cannot sell real estate.  I can however [more...]

Date: 2009-01-14 16:42:53

The Endgame

The Endgame by John Mauldin January 17, 2009 • Employment Numbers Are Worse Than Posted • Aye, Captain, I’m Giving Her All I’ve Got! • Problem #1: Deflation • Problem #2: Pushing on a String • The Muddle Through Middle • Conversations With John Deflation? Stimulus? Deleveraging? Recession? A soft depression? A return to a bull market? [more...]

Date: 2009-01-18 02:04:12

January 10 2009: Hornswoggled Absquatulation

Russell Lee Tobaccy Candy 1940 Pool hall, Shasta County, California Ilargi: The revolving doors between Washington and Wall Street are swinging like never before. Lawrence Summers and Robert Rubin are the finance powerhouses in the upcoming Obama administration. They were in the exact same place 10 years ago [more...]

Date: 2009-01-10 16:28:00

Lost In A Sea Of Stark, Empty Houses And Vacant Lots

It’s Friday desk clearing time for this blogger. “Record numbers of Sonoma County homeowners are seeing property taxes fall, ... have been a little hard to swallow.’” “Bob DeKeulenaere says junk cars in his neighbor’s yard prevented [more...]

Date: 2009-01-02 17:57:28

Loans Not Funded

I got a question about "what does it mean if my loan is not funded after right of rescission?" It likely means your loan provider lied to you, probably from day one. Once you have signed ... insurance. Every once in a while, a good loan officer will get a subordination moved to prior to funding [more...]

Date: 2008-12-26 14:57:46

Clip Job: Sing a Song, Sing It Loud...

Clip Job: Sing a Song, Sing It Loud... by Tony Ortega (6:00AM 11/28) Blogsgiving: How the Locals Gave Thanks by Roy Edroso (9:56PM 11/27) ... at November 26th, 2008 6:02am If you don't want more bad news, then don't read about Henry Paulson's latest ... , Paulson plans for the government to soak up a lot of bad consumer debt. But his emphasis so far [more...]

Date: 2008-11-28 15:41:38

?Loans to Stop Foreclosure

Can you get new loans to stop foreclosure? Chances are good that there are some options for you out there ... . Even if you have bad credit, you may qualify for this loan. The key here is equity ... foreclosure range widely, but here are some to take into consideration. Refinancing Your Current [more...]

Date: 2009-01-12 06:17:02

Mortgage rates slide under 5%

Rates on 30-year fixed-rate loans fell across the country for the week ended Thursday to an average of 4 ... Altman, a partner with WestCal Mortgage Corp. in Orange, said homebuyers with good credit and a 20% down ... .96%, the lowest in at least 38 years, says mortgage giant Freddie Mac. It began tracking rates [more...]

Date: 2009-01-15 22:02:07

GMAC's Bad Medicine: Rates Were Never the Problem

More good news for GMAC (GKM). Now that GMAC is more like a bank, the Treasury gave them $6 billion dollars in TARP money ... for cars, credit cards, homes, or business loans) were never really the problem. When rates were ... . GMAC said that it would use these monies immediately to introduce 0% loans, and loosen lending [more...]

Date: 2008-12-31 12:52:18

Factory Orders Tumble, Retail Sales Fall, Foreclosure Sales Triple

The string of bad news continues as factory orders plunge, retail sales fall, home prices sink and foreclosure sales soar ... down as credit is more difficult to get,” said Douglas Smith, chief economist for the Americas ... U.S. Retail Sales Fell 0.8% in Week After ChristmasThe string of bad news on the retail front continues [more...]

Date: 2009-01-06 20:25:00

Guarantee Mortgage For Bad Credit

Guarantee Mortgage For Bad Credit Published by Real Estate: Mortgage Refinance Articles from EzineArticles ... and Information Buying a new home or refinancing is an exciting thing, but when you need a mortgage for bad credit things can be a little more complicated. It doesn't mean you can't secure a loan [more...]

Date: 2009-01-16 15:37:07

5 Tips to Finding a Credit Card for Someone with Bad Credit

A person with a bad credit has a tough time getting his mortgage approved, a car purchase done or a college education funded. In fact many a time, you are not able to get credit or loan extended to you if you have a low credit rating. Even if you are able to procure a loan or a mortgage, you will get the same approved [more...]

Date: 2009-01-16 04:03:22

Having A Bad Time?

If you have a bad credit rating, it will be most difficult for you to get any credit accommodation when you need money ... you and it sends warning signals to lenders. So what do you do?You can try Bad Credit Loan Mortgage, the company gives the service that their name says - bad credit loan mortgage mortgages [more...]

Date: 2008-12-18 11:47:00

The sad facts of Metro Detroit refinancing

It is the hardest thing in the world right now to tell people they can't refinance.  They can get a Michigan mortgage.  The word NO  or I can't do it  are hard words to say.  I feel bad for these people ... on their homes They have good credit They have paid their bills and mortgages on time They have jobs [more...]

Date: 2009-01-16 13:16:35

Trepidation About Quantitative Easing, Version 2.0

The Fed made official its move to quantitative easing today, and said it will take no prisoners until it has lowered rates and credit spreads further ... Securities Loan Facility to facilitate the extension of credit to households and small businesses [more...]

Date: 2008-12-17 10:28:49

Refinance Fees You Need to Avoid

If you are in the process of shopping for a home loan there are a number of Refinance Fees you need to avoid if you don’t want to ... paying too much for your next mortgage loan. Refinance Fees When refinancing your home mortgage loan ... an eye out for when refinancing. At the top of this list is the so called “rate lock fee.” Lenders [more...]

Date: 2009-01-11 20:49:27

Dummy to Dave: A Question I Wish You Had Asked

Dear Dave, In the first hour of your January 12 show, Dan called and asked you if his mother should either refinance her house or take out a Prosper (peer to peer lending) loan in order to get a lower interest rate on her 20,000 dollars of credit card [more...]

Date: 2009-01-15 22:11:21

Circuit City to close 567 remaining US stores

Circuit City became the largest retailer to fall victim to the expanding financial crisis Friday, announcing it will shut down its remaining 567 U.S ... had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer [more...]

Date: 2009-01-16 18:12:54

Mortgage For Bad Credit Secret

Mortgage For Bad Credit Secret Published by Real Estate: Mortgage Refinance Articles from EzineArticles ... and Information With the credit crunch, getting a mortgage for bad credit can be a difficult ... to determine if you get approve for your loan and at what rates, it's actually quite simple to qualify [more...]

Date: 2009-01-16 15:37:07

Pay Me My Money Down

Pay Me My Money Down—Bruce Springsteen In a healthy real estate market, people only take on as much debt as they can afford, ... your loan. This method of building wealth, the only one that really works, has been much maligned over [more...]

Date: 2009-01-08 20:30:56

Two Weeks ’til Creating Change!

Two Weeks ’til Creating Change! Posted by Dustin in January 14th 2009 The National Conference on LGBT Equality, Creating Change is almost here! ... No Credit Car Loan Yard Sales Structured Settlements Bad Credit Car Loans Bad Credit Car Loans ... , No on 8, parents of color, Prop 8, workshop Refinance Car Loan Cash Loan New Car Loans [more...]

Date: 2009-01-14 20:53:38

Refis

On the eve of the closing for my refinancing, I notice this from the W$J: ... their monthly mortgage payments on account of the fact that they have bad credit. Wouldn't ... can't meet the credit hurdles and won't get approved. My friend and mortgage broker told [more...]

Date: 2009-01-15 16:42:15

Words from the (investment) wise 12.28.08

Investors spent the holiday-shortened Christmas week in an un-merry mood, digesting more gloomy economic data and taking stock of a tumultuous 2008 ... s exuberance), but also still be battling with the implications of the credit crisis for the global economy [more...]

Date: 2008-12-28 12:31:33

Single Ma’s 2008 Spending: The Devil’s in the Details

In yesterday’s post, Where Did My Money Go in 2008, I shared a summary breakdown of how I spent a net income of $90,303 ... to refinance for a lower fixed rate - despite having excellent credit and decent income.  To make matters [more...]

Date: 2009-01-08 15:00:14

Getting a Mortgage For Bad Credit

Getting a Mortgage For Bad Credit Published by Real Estate: Mortgage Refinance Articles from EzineArticles ... and Information Ever since the credit crunch and mortgage meltdown, it has been increasingly harder to get a mortgage for bad credit. In the past, just about anyone could walk into a bank [more...]

Date: 2009-01-16 15:37:07

Top up loans

Are you wondering if you have the qualifications of a top up loan? Well top up loan is a unique loan that is for people that have a mortgage payment ... for your house and add the total cost to your mortgage loan. If you have bad credit then you are not going ... . Top up loans are loans that assists you with the cash you need to repair your house or help [more...]

Date: 2009-01-12 20:03:34

Financial Forecast for 2009, Considering Resource Limitations

In this post, I consider some major issues contributing to our current financial problems, before making a financial forecast for 2009. These are 1 ... from the bottom: Layer 1. Household Debt (Mortgages, auto loans, credit card debt, student loans [more...]

Date: 2009-01-06 15:10:32

Paquin Predicts Sales Bottom for 2009

From the Stockton Record:Question: It's been the slowest year yet for home builders. When do you anticipate that the market will hit bottom?Answer [ ... , the stabilizing of the overall economy and the easing of credit markets - a swing of the pendulum back [more...]

Date: 2008-12-09 02:10:00

Using Eminent Domain To Acquire Mortgages Would Be Reckless And Dangerous

Just when I think that the bailout plans couldn’t get any wackier, ... is and has been the loan servicer and that servicer’s responsibility to its investors. So many loans ... the fair market value would be about 30-50 percent of the current loan value. NCRC argues, “ [more...]

Date: 2009-01-15 21:52:30

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