The McCain Mortgage Bailout: Recent History Repeating Itself?

I was stunned to hear John McCain propose a massive $300 billion bailout for distressed borrowers in which he indicated that the government would take over their loans and not only reduce their rates but even their loan amounts. I was stunned ... . Countrywide was holding onto a large portfolio of bad loans. Then, this bill was proposed. Finally, we [more...]

Date: 2008-10-08 17:51:40

Blog posts (364) | Videos (66)
 

Realtors Offer Plan To Congress To Spur Housing Market

Congress should return for a lame-duck legislative session following the November elections to approve a plan put forward by the National Association ... homebuyer tax credit and expanding it to all homebuyers, making higher mortgage loan limits permanent, pushing banks to extend credit to "Main Street," and prohibiting banks from entering into real [more...]

Date: 2008-10-16 18:25:00

Facing the Crisis: Deregulation, Investors, Housing

UPDATE OCTOBER 10! John Berlau declares today in his “The international mark-to-market contagion — sending global markets. . .  downward” that mark-to-market accounting rules have not yet been fixed: “Despite the credit ... and financial firms take a ‘loss’ in the capital they can lend even if a loan on their books [more...]

Date: 2008-10-10 01:06:11

Where was I in 2005? (by Russell Roberts)

Reader Tim Allen asks a very good question. I'm going to quote his entire email and then try to answer his question:I am a frequent visitor of your blog, Cafe Hayek. I saw your post about the new collection of essays about the financial meltdown. I feel compelled to write to you and Don although up to this point I have restrained myself [more...]

Date: 2008-11-17 18:01:06

Debt Rattle, July 19 2008: Less corn and more hell

Dorothea Lange North of Elma August 1939 "Western Washington, Grays Harbor County, north of Elma. Hand irrigation on small rented subsistence farm. Family have been on place for one year." Ilargi: I would not at all be surprised if by Christmas Britain will be declared an economic disaster area, and emergency legislation be adopted [more...]

Date: 2008-07-19 16:56:06

Is it smart to stop paying the mortgage?

For those investors who are always looking for loopholes or ways to “get over” the establishment, let me tell you: You can’t beat the system ... that happen? No. Simply put. Imagine if you default on your loan. Your credit rating will suffer ... problems. Another alternative: Refinance with an FHA mortgage. Third, review your current loan. By any [more...]

Date: 2009-01-14 03:14:12

The vast majority of people are not in trouble.

  Most of the consumers you talk with will not have a good handle - I am not sure anyone does yet - of the nature of the credit problem ... that a financial institution or Fannie/Freddie issued and now holds in their portfolio is reported as a bad ... they do not have enough asset value in the home to cover their loan.       *     Remember the [more...]

Date: 2008-09-30 12:45:59

Dave Ramsey, Common Sense Fix Rather Than Congressional Rescue

Financial counsellor and syndicated talk show host Dave Ramsey---where credit card debt goes to die---presents an alternative to the $700 billion ... all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan ... Ramsey's plan: "Years of bad decisions and stupid mistakes have created an economic nightmare [more...]

Date: 2008-10-01 13:11:41

FHA chatter; News from MERS, Wells, Flagstar; Home price index not as bad as feared

  As my grandfather used to say, “If you find yourself in a hole, the first thing to do is stop digging.”* Apparently the folks at Sunwest Bank , out of Tustin, CA, felt the same way. Clients received a letter saying, “I regret to inform you that as of October 2, 2009, Sunwest Bank will be suspending its mortgage banking operations. [more...]

Date: 2009-09-29 19:04:07

Freddie Mac and Fannie Mae in 5th grade terms

Economic Lessons from the 5th Grade-" “The Government's view of the economy could be summed up in a few short phrases: If it moves, tax it ... and has been discredited. The credit crisis was not the fault of capitalism but with anticapitalism ... them insuring the bad loans they were making. But how do you explain this so a fifth grader [more...]

Date: 2009-01-08 08:09:49

Handling the Economic Crisis

I started to write this as a comment on Mike Gerson’s response to this Transterrestrial Musings post on the stock market’s continued slide ... paper and overnight bank loans, and would let the companies with bad investments fail. Let me expand on that. All of these problems arise out of two fundamental issues. First, very, very bad loans [more...]

Date: 2008-10-10 03:38:25

It’s Your Money

It was, anyway. Remember when you had some? Dow plummets on opening, Wall Street rout drags everyone else down. Look on the bright side ... the credit markets more quickly via capital infusions from the Paulson facility. And unlike the Paulson ... that the Treasury could receive some kind of equity kicker in the refinance. Thus a homeowner [more...]

Date: 2008-10-10 13:45:35

8/14: Job opening in Florida, Fannie pushes out adverse market charge, UBOC up for sale?

There’s a mortgage-related job opening in Florida! Florida’s top mortgage industry regulator (Financial Regulation Commissioner Don Saxon) resigned due to allegations his agency let thousands of convicted criminals, including bank robbers and racketeers, work in the home loan business. In what may become a great quote, Saxon said, “ [more...]

Date: 2008-08-14 13:37:00

Courant Finally Dings Dodd

Sunday Connecticut’s paper of record, the Hartford Courant said what an overwhelming majority of voters already know - Sen ... to do that was when a loan officer informed him and his wife they were in the company’s VIP program. But Sen. Dodd didn’ ... transparency. How about the Senator coming clean with his credit score? That might buttress [more...]

Date: 2008-06-22 19:39:27

Overlooked Tidbits from the Biden/Palin Debate

There were a couple of things I saw in last night’s debate that were really interesting, and which weren’t covered much if at all today. ( ... . Let’s do what our parents told us before we probably even got that first credit card. Don’t live ... in Texas in 1998, when we had just had our second son, on an FHA 3% 30-year fixed mortgage. In 1995 [more...]

Date: 2008-10-04 02:41:44

Debt Rattle, July 10 2008: In broad daylight

Walker Evans Lily Fields Summer 1936 Lily Rogers Fields and two of her children in their Hale County, Alabama, ... . In that period, loan standards were lowering ever further, and nobody lifted a finger. At the same time ... as much as possible of the loan market, based on grossly overpriced properties, going, Washington, the Fed [more...]

Date: 2008-07-10 18:12:50

finally suitability test arrives at the mortgage industrys gatehow bad does it h

A younger person can afford to put a good portion of their portfolio in aggre ive high growth stocks with no earnings nonetheless lots of pro ects ... cases this loan product will almost guarantee rapid rate increases and mortgage failure down the road. When a loan officer is setting acro the desk from a borrower who fits perfectly [more...]

Date: 2008-06-23 21:42:42

Don’t Lock Today’s Buyers Out of Homeownership

It seems that down payment assistance programs (DPA) create a genuine divide among real estate professionals ... or VA loan as they were opposed to contributing the few hundred dollars in fees that those programs ... by corporate greed and bad business practices. Today’s buyers attempting to use DPA’s are a different set [more...]

Date: 2008-09-17 20:57:32

Meet a self-described “bank terrorist”

Revolting (h/t: Moonbattery): Bruce Marks, founder of the leftist Neighborhood Assistance Corp ... “easy lending.” Listen to NACA’s pitch: “Come to NACA, and regardless of how bad your credit ... , while increasing the number of mortgages it restructures by lowering interest rates and extending loan [more...]

Date: 2008-11-20 23:53:27

FHA Sends Letters Direct To Homeowners

On Thursday June 19, 2008 HUD issued a press release indicating that they were sending out letters to 675,000 “at risk” homeowners ... , many of these borrowers might well have qualified for an FHA loan in the first place. Given HUD’ ... this unacceptable foreclosure trend. Over the past few months, FHA has worked with mortgage loan [more...]

Date: 2008-06-23 08:30:12

FHA Sends Letters Direct To Homeowners

On Thursday June 19, 2008 HUD issued a press release indicating that they were sending out letters to 675,000 “at risk” homeowners ... , many of these borrowers might well have qualified for an FHA loan in the first place. Given HUD’ ... this unacceptable foreclosure trend. Over the past few months, FHA has worked with mortgage loan [more...]

Date: 2008-06-23 08:30:12

FHA Sends Letters Direct To Homeowners

On Thursday June 19, 2008 HUD issued a press release indicating that they were sending out letters to 675,000 “at risk” homeowners ... , many of these borrowers might well have qualified for an FHA loan in the first place. Given HUD’ ... this unacceptable foreclosure trend. Over the past few months, FHA has worked with mortgage loan [more...]

Date: 2008-06-23 08:30:12

How To Save Your Home From Foreclosure

Recently, Passive Dad asked me about free creative ideas to help friends facing foreclosure ... if you qualify for FHA home loan. Cancel services that you don’t need without paying unreasonable penalty ... away knowing that it’s not worth the effort — i.e., too far upside down, bad mortgage term [more...]

Date: 2008-10-03 11:40:48

Granny get yer gun: Freddie and Fannie bailouts could put elderly at risk

"600 Words by Esther J. Cepeda" All over the land people are scraping to get by. Some are taking the bus so they don’t have to drive ... confidence in mortgage giants Freddie Mac and Fannie Mae – increases the FHA reverse mortgage loan limits ... mortgage crisis. Let’s recap: reverse mortgages are a special type of home loan that lets a homeowner [more...]

Date: 2008-07-30 03:33:25

SWIFT BOATING THE MORTGAGE CRISIS

There are both Donkey Clan and Elephant Clan partisans who try to make every problem that citizens face into something that is the fault of the other ... because they connived to loan mortgage money to unqualified home buyers is a prime example ... , lowering the loan standards for home buyers to qualify was done for political purposes. It was done [more...]

Date: 2008-10-12 23:32:00

GOVERNMENT PROGRAMS THAT KEEP US OFF OUR BACKS

suddenlysenior.com Saul Friedman Gray Matters October 4, 2008 Social Security had its 73rd birthday in August, ... on loans and investments gone bad. So far, there have been 14 bank failures. The FDIC, Bair said ... Administration (FHA) was founded in 1934 to revive the almost dead housing market by insuring [more...]

Date: 2008-10-06 21:57:16

Housing Future: How the American Public Will be the Proud Owner of Toxic Mortgages and Unwanted Housing. A 4 Step Program.

Hope everyone had a great 4th of July and took a break from the torrent of bad economic news coming at us like a flock of seagulls chasing a half ... reflects the deeper psychological rips that the credit market is causing. The news that ushered ... highlighted the continuing worries about the breadth and depth of the credit crunch.” Fannie Mae [more...]

Date: 2008-07-08 05:31:47

White House Philosophy Stoked Mortgage Bonfire

From The New York Times:“We can put light where there’s darkness, and hope where there’s despondency in this country ... , chairman of the Federal Reserve, laid out the latest terrifying news: The credit markets, gripped ... he so ardently championed. There are plenty of culprits, like lenders who peddled easy credit [more...]

Date: 2008-12-21 14:39:00

Views on the news 10/11/08

The root cause of the current credit crisis was Democrat interference with the free market in the name of diversity and social engineering to make mortgages available to people who could not afford them. The Federal Reserve, Fanny Mae, Freddie Mac, the Community Reinvestment Act, and FHA, among many others, all exist to interfere in a huge way [more...]

Date: 2008-10-12 20:08:59

Views on the news 10/11/08

The root cause of the current credit crisis was Democrat interference with the free market in the name of diversity and social engineering to make mortgages available to people who could not afford them. The Federal Reserve, Fanny Mae, Freddie Mac, the Community Reinvestment Act, and FHA, among many others, all exist to interfere in a huge way [more...]

Date: 2008-10-12 20:08:59

Inside Wall Street: That Ticking Sound You Hear Out in the Mortgage Market is the FHA

The fundamentals of economic strife based on the disastrous collapse of the U.S. housing market will not get better any time soon ... labeled with the initials FHA. In the past few days alone, the Bernanke Bomb Squad - also known ... it poses. When FHA is Pronounced as “TNT” This latest threat we’re referring to, of course [more...]

Date: 2008-07-18 14:28:00

Ideas for Successful Loan Officers

by Direct Mortgage Government bailouts are just the latest in a series of stresses that have rocked the mortgage industry and our economy as a whole ... , has been the disappearance of loan programs and intense credit tightening. Credit tightening has been especially ... expanded loan limits and the FHA high-balance loans. Agency jumbos can also be good [more...]

Date: 2008-09-18 18:55:08

How To Avoid Foreclosure And The Wall Street Bailout

by Alfred Sant Last Friday the House approved the Seven Hundred billion Dollar Bailout that was rejected earlier in the week ... loan will have to be underwritten by an FHA lender on a case-by-case basis. That means the banks would ... to be as if you are applying for a new loan. You will have to meet all credit criteria to qualify, according [more...]

Date: 2008-10-07 13:28:29

No economic news, but Lots of investor updates

The rates are great – jump on in!  Remember that next-to-0% short term Treasury rates are helping many ARM loans reset to lower rates ... but not limited to processing a loan application, ordering appraisals and/or credit reports ... . How are we looking in terms of ARM re-sets for 2009? Well, not too bad! Check out the websites [more...]

Date: 2008-12-22 17:23:40

Blog Talk Postponed

I’m ticked - for the last hour I’ve been trying to get the talk radio format to work, with no luck. We’ll call it ‘technical difficulties’ on their end. We’ll schedule again soon! But I’m here at my post, ready to go, so I’ll take your question right here on the blog - leave a comment or email me at jim@jimklinge.com The first question: Q [more...]

Date: 2008-10-17 03:21:26

Mortgage Chatter for the last day of July: Covered bonds, Pres. Bush signed the bill - now what?

“People need good lies. There are too many bad ones.” So chimed in Kurt Vonnegut ... . of Colorado. Mercury’s lenders pulled their line of credit after Mercury failed to meet loan requirements ... if the mortgages go bad, the bank must step in to ensure that bond holders get their interest. Put another way [more...]

Date: 2008-07-31 12:19:55

Did Racism Help Cause the Mortgage Crisis? Part One

I am honored to present the work of Ralph Brauer. For some time I have marveled as I read his research and reflected upon his work. Today, this author of note shares with readers at BeThink. I welcome Ralph Brauer. May I invite you to peruse his prose. Please ponder; then share your thoughts. copyright © 2008 Ralph Brauer [more...]

Date: 2008-12-21 19:36:15

The End of Large-Bank Wholesale Lending - Time For the Mortgage Banker

The End of Large Bank Wholesale Lending - A Resurgence of Middle Market Mortgage Banking – Chase…a Leading Indicator This week Chase shut down ... t effectively manage its pipeline of locked and in-process loans. Of note, Credit Suisse recently shut down ... because NMN is subscription - sorry: “As the refinancing boom gathers steam selected residential [more...]

Date: 2009-01-16 18:23:12

Housing collapse continues

Housing collapse continues A first hand report has come in to my iceberg of someone who wants to buy a home, has a 20% downpayment, a good credit score, suitably large income, and... can't get a loan on the home he wants. It is, apparently, too far from the nearest fire hydrant and thus does not meet Fannie/Freddie or FHA [more...]

Date: 2008-11-10 05:10:33

Hope For Homeowners FHA Bailout a Flop

I have been preaching for a long time that with values down so much across the nation, as much as 70% in areas of the more populated ‘bubble states’, ... is in trouble and in great need of help. Unless something is done to re-underwrite every loan made ... . Even though the Hope Now loan category buckets [more...]

Date: 2008-10-29 22:01:01

Democrats Started Mortgage Mess

This from Jack Kemp (not the politician): Tim, as you can see, this article says it all started under the Clinton administration. Am I dreaming? Well, the liberal Village Voice sometimes gets it right. Jack While fashioning these final rules, Cuomo wrestled with the octopus-like reach of Fannie and Freddie, [more...]

Date: 2008-08-08 13:15:49

Fannie and Freddie to Announce Mass Loan Modification Program

re-default. This may also further erode investor confidence in residential mortgage backed securities, ... monies to put towards housing payments. Step 3) Start Improving Your Credit Rating This can take a long ... you pay your bills on time, that you have good credit.  Paying your bills on time only accounts for 30 [more...]

Date: 2008-11-11 19:02:07

Housing Stimulus Bill Explained

This week, the Senate passed a housing bill a little over a week ago (the House joined last Wednesday) ... from their current state to an FHA insured loan. It’s help but it’s not a get out of jail free card, you’ll see ... who erroneously got themselves into bad loans, it doesn’t help the people who intelligently [more...]

Date: 2008-07-29 01:42:09

Denouncing Speculation Here, Promoting Speculation There

File this entry under, “it must not be the act, it must be the market” that matters.   Two distinct stories in the Wall St ... say the programs will burden the government agency, and taxpayers, with bad loans. The FHA, which ... the private subprime loan market in allowing buyers to get into homes with little to no money down [more...]

Date: 2008-06-24 12:05:07

What Sort of Loan Can I Get? (October 2008)

Having had two separate very qualified buyers ask me if they could get a loan in the last two days was kind of an eye opener to all of the hype out there about how difficult it is to get a loan currently. Things have swung just as far ... it significantly harder to qualify for a loan than they really should. This won't be permanent [more...]

Date: 2008-10-23 13:44:13

Helping to Explain the Bailout Issue

   Helping to Explain the Bailout Issue to Jittery Clients/Consumers Most of the consumers you talk with will not have a good handle - I am not sure anyone does yet - of the nature of the credit problem. In this short article, I hope to give ... /Freddie issued and now holds in their portfolio is reported as a bad investment because the value [more...]

Date: 2008-10-03 13:49:54

More DAP tidbits, Wells & FAMC changes, Mortgage prices steady

Agents enjoy talking about the great the loans are that are being originated now, and “Why wouldn’t investors want to buy them? ... documents have different dates, all must be must be dated prior to October 1, 2008. Any loan, credit ... in September, stated that except for FHA Non Credit Qualifying Streamline Refinances and VA IRRRLs [more...]

Date: 2008-08-26 16:06:07

Credit Crisis Timeline

This is lifted from American Thinker, and by the way to the editor if you'd prefer I not take so much of the text leave comment or email me, ... to my article Why banks aren't the bad guysThe Growing Government Hand1933-1938President Franklin ... backed by the Federal government.1970President Nixon chartered Freddie Mac, the Federal Home Loan [more...]

Date: 2009-01-02 12:09:00

"The Fiscal Hawks Are Squawking"

Thirty-one House Republicans sent a letter to Paulson and Federal Reserve Chairman Ben Bernanke, asking them to stop using federal funds to save private firms."These massive federal bailouts have exposed taxpayers to literally tens of billions of dollars of new risk," they wrote.Among the letter's signers were Reps [more...]

Date: 2008-09-20 01:42:00

TGIF!

Katy Perry kissed a girl and she liked it!The Bank of America bailout bill to be signed on Saturday ... , with the cash going to BAC or whoever, and then get into an FHA loan backed by .... the taxpayers. Right ... problems."Oil down again. Of course, who gets the credit for that? Decreased demand? Threats [more...]

Date: 2008-07-25 18:06:43

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