CNBC: JP Morgan to Acquire WaMu's Deposits and Branches (Updated)

Boy, by the time this is all done, what won't JP Morgan own (well, besides Countrywide)? FDIC is winding up WaMu ... of home equity loans, option adjustable-rate mortgages, and subprime mortgages ... is besieged by a huge number of bad mortgage loans on its books. The exact details of the deal [more...]

Date: 2008-09-25 23:44:00

Blog posts (27) | Videos (5)
 

Mortgage Security Holder Stands-Up - Could Cost BofA $80 Billion

Mr Mortgage: In-Depth Look at Mortgage Rates - 5.5% Does Not Exist For Most -Best Mr Mortgage 1/24/08 IndyMac locks $1 billion in loans in a single ... of unsalable subprime, Pay Option and second mortgage loans. These three loan types make up 80 ... but this is not ‘new’ business necessarily. When you lock a loan that is your rate. By and large [more...]

Date: 2008-12-02 14:37:25

What Do You Mean 'We', White Man?

by hilzoy Robert Samuelson has an infuriating op-ed in today's Washington Post. It's called "Humbled By Our Ignorance": "It's the end of an era ... of "subprime" mortgages -- loans to weaker borrowers -- would be limited, because these loans represent only 12 percent of all home mortgages. (...) It was once believed that American consumers could [more...]

Date: 2008-12-30 05:35:54

Where Is The Safest Place To Save Or Invest Your Money?

Whether we want to acknowledge the grim reality or not, ... of bad mortgage debts and the loss of value in their subprime mortgage loans, major mortgage ... the credit crunch squeeze. With the recent bank safety scares hitting Wall Street and now Main Street, bank [more...]

Date: 2008-10-03 06:35:30

Mortgage Delinquencies Continue to Climb, Watch Out for Other Loans

It's beginning to get really ugly out there... unfortunately 13 months ago when we were told "this is just a subprime issue" ... of the iceberg - we have alt A mortgages, option ARMs, prime mortgages, credit card loans, auto loans, student loans, credit card debt. It's all coming down the pike. It appears the pike is coming right [more...]

Date: 2008-09-23 17:13:49

Miami Real Estate Speculator: “I Didn’t Ask Too Many Questions!”

A story on Miami real estate?  I knew what was coming.  At first, the reporting seemed okay ... can make waste. How did CBS make the already bad news about Jade on Brickell worse? 60 Minutes reporter ... and easy to get. Condo sales were not hooked to the mortgage market. Cheap mortgages and subprime loans [more...]

Date: 2008-12-16 00:14:20

Need + Ignorance = Profit

Need + Ignorance = Profit Posted November 24th, 2008 by Prometheus 6 in Economics There’s often nothing illegal about this booming and largely ... , late pays/bad credit okay.” It’ll cost you — in this case, 1 percent of your outstanding loan, half ... of the subprime mortgage industry has been hard on predatory brokers, too. They feasted for years [more...]

Date: 2008-11-24 11:22:45

Equities play catch up with credit

Good Evening: What started as trouble with subprime mortgage loans almost two years ago has now spread out and infected credits of all sorts, save the U.S. government. Perceptions about the credit-worthiness of Uncle Sam will take time ... credit markets. Whether this adjustment in the relative prices of credit and equity take place [more...]

Date: 2008-11-20 05:30:37

New foreclosures dip, but delinquencies rise

There are two arguably positive stats in a government report today: Foreclosure starts dipped 2.6% in the third quarter vs. the second quarter ... , in subprime loans going bad. This report seems to refute those conclusions. (On the other hand ... million first lien mortgage loans, or roughly 60 percent of all mortgages outstanding, from nine big [more...]

Date: 2008-12-23 01:07:30

DEMS SEEK TO BLAME BUSH FOR THEIR MISMANAGEMENT

Submitted by: Clark Havard Fannie, Freddie And Now, Hannie By INVESTOR’S BUSINESS DAILY | Posted Thursday, January 15, 2009  Subprime Crisis: ... % of all subprime loans. Now these chickens are coming home to roost. The mortgage giants, internal memos show ... The media have pounded President Bush for a wave of Hispanic home foreclosures [more...]

Date: 2009-01-16 19:40:15

The Challenge Is Prices Got Stupid

The Daily Astorian reports from Oregon. “An increasing number of homeowners in Clatsop County are falling behind on their mortgage payments and ... Joe Schulte, VP of Compass Community Bank in Seaside, said subprime loan programs were available ... as the loan criteria change each day. ‘Loan officers have to be ahead of the curve,’ he said. ‘There’ [more...]

Date: 2008-10-07 17:26:52

The loan money i$ out there…….

Qualifying for a mortgage is not nearly as easy these days as it was just a couple of years ago, before the subprime-loan-market collapse and the worldwide credit freeze. Still, mortgages ... and detail – good or bad – your borrowing record contains. A consumer whose credit score is a little [more...]

Date: 2009-01-15 17:02:23

Fed Research Sheds Light On Reluctance Of Subprime Lenders To Modify Loans

I came across a research paper published by the Boston Federal Reserve Bank where the researchers looked into among other things a mathematical ... in mountains of cash thawed a “frozen” credit market. So are we stuck with the alternative…do nothing ... the differences. Enter this new report… Subprime Mortgages, Foreclosures, and Urban Neighborhoods [more...]

Date: 2009-01-17 16:45:16

Bailout Nation: "If we bail out Detroit, where do we stop?"

The unprecedented government takeover of Fannie Mae and Freddie Mac has ushered in a new era of government intervention in corporate ... is a bad credit risk -- the corporate equivalent of a subprime borrower looking for a huge mortgage ... billion in low-interest loans, the L.A. Times reports. There are also whispers on Wall Street [more...]

Date: 2008-09-11 00:30:25

For Strong Banks Mortgages Are Good Business - Example Navy Federal Credit Union

2008 saw a huge shakeout in the mortgage industry as those banks that profited off of subprime loans disappeared or merged with ... are making good loans highly profitable. The Navy Federal Credit Union just announced ... Federal’s 75-year history. “Navy Federal never engaged in sub-prime mortgage lending,” said Cutler [more...]

Date: 2009-01-06 14:44:19

Housing: Who Got Rich? Who’s to Blame?

Cross-posted by Maggie at Maggie’s Notebook Who do we blame for today’s housing crisis, subprime loans and the Fannie Mae and Freddie Mac debacle? ... mortgage may be an expensive method of financing a home” In otherwords, Greenspan (photo below) encouraged ... credit programs for immigrants…. With these advances in technology, lenders have taken [more...]

Date: 2008-09-17 19:51:39

Should Obama reappoint Bernanke in 2010?

have redefaulted within five to six months. And 58% of loans modified in the first quarter were delinquent within eight months ... it Good credit, bad mortgage … now what? 10% of home loans delinquent or in foreclosure O.C. in top ... . That was for loans one-month past due. Credit Suisse said about 15% of subprime loans modified [more...]

Date: 2008-12-09 11:00:47

BREAKING: Washington Mutual seized by feds, biggest bank failure in US history

WSJ:In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc ... after it got caught up in the booming part of the mortgage business that made loans to people with bad credit, known as subprime borrowers. Troubles spread to other parts of WaMu's home loan portfolio [more...]

Date: 2008-09-26 02:41:42

Home Ownership Is Not a Dirty Word

At Economist’s View, Mark Thoma brings up a subject no one seems to want to talk about anymore - helping people with modest incomes buy homes ... , caused the subprime mortgage meltdown. They contend government regulations forced lenders to make bad loans to low-income borrowers. Thoma quickly dismisses this. Instead, he raises an important [more...]

Date: 2008-10-24 13:19:55

The Past Is History

It’s Friday desk clearing time for this blogger. “Since she put her Norfolk rental home on the market four months ago, ... against their home equity through subprime loans will find it virtually impossible to refinance ... , now their loans are adjusted and they can’t make the payments,’ said Daniel Murphy, owner of Seaside Mortgage Co [more...]

Date: 2008-10-10 20:55:09

The Warning Signs Were There

Everyone knew that this was a possibility, but everyone - Democrats and Republicans - went along with the idea, ... those banks to extend home mortgages to individuals whose credit is generally not good enough ... more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings [more...]

Date: 2008-09-26 12:45:00

Shady subprime lenders creeping into Federal mortgage program

(Financial Week) The federal government is ill-equipped to stop the migration of predatory subprime lenders to the rapidly growing sector of U.S ... to process federal loans last year, he said. “I see bad actors moving over to FHA because money ... and Urban Development officials told lawmakers late Friday. One FHA lender in New York who was debarred [more...]

Date: 2009-01-09 03:56:32

Are greedy wolves making government-insured mortgages?

Now that subprime is a dirty word and Wall Street firms are no longer making securities backed by loans to people with low credit scores, brokers and bankers are filling the void with a little help from Uncle Sam. They are making loans ... FHA, which is meant to expand credit to folks of modest means? John Courson, president of industry [more...]

Date: 2009-01-15 11:00:45

GA Bad Credit Refinance With FHA

by Brenda Puckett You cannot turn on the news without seeing a new headline trumpeting the meltdown of the mortgage industry ... counties and $271,050 in rural Georgia counties. You may still be able to qualify for an FHA loan. FHA ... had starting rates in the low 5 percent range jumping up 8, 8.5 or 9! Subprime loan rates can be moving even [more...]

Date: 2008-07-20 09:31:03

Buying a home with creative financing

With home prices falling and problems in mortgage markets continuing, buyers and sellers both stand to benefit from creative financing ... broker, even with bad credit. Before the growth of the subprime loan market, there were swindlers ... ,” for home buyers who didn’t meet traditional qualifications because of credit, income or job [more...]

Date: 2008-12-21 14:31:04

All Buyer Assistance Programs Require Full Documentation of Income

Lots of people ask about first time buyer programs, government assistance, and other assistance. Mortgage Credit Certificate, municipal first time buyer programs, FHA, FHA Secure, even the VA ... that exists with subprime loans is not acceptable, as they are too subject to manipulation and padding [more...]

Date: 2008-09-02 13:43:03

Alt-A and ARM resets could trigger another crisis!!!

We are winding down out of subprime and going into Alt-A and ARM resets. We have government funding for homes in two ways. One, incentives with lower rates and tax credits, but, there is more. The GSE’s are allowing loans that are 105% and where the monthly debt to income is over 60%. These loans have high default rates and we will pay the price as unemployment stays high. quote Let’s look at a few facts: The Fed is literally the entire mortgage market. Yes, really. [more...]

Date: 2009-09-29 18:15:58

27 Results