Credit Suisse forecasts more than 8 million mortgages will go through foreclosure over the next four years. That’s roughly 16% of U.S ... . All things being equal, Credit Suisse estimates 1.8 million mortgages will have entered foreclosure ... interventions (such as the Hope for Homeowners FHA refinancing program) could help to reduce the march [more...]
Date: 2008-12-22 11:00:24
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Good Bye to 2008 - A Look Back At a Crazy Year for the Economy
2008 is finally at an end, and as the economy totters forward, we can say we survived a tumultuous year. That is an understatement ... was near Chicago mortgage refinance imploding. As overseas market started to tank based on bad news ... . In hindsight, the fan was just starting to spin last year. It was this year that the bad decisions [more...]
Date: 2009-01-01 02:08:08
Q&A with the Banker Panel at the National Auctioneers Association
Here are my notes from yesterday’s Mortgage Industry Panel from the National Auctioneers Association’s Convention in Denver ... National Bank; Residential Mortgage Lending Ken West VP Commercial Lending Mountain Plains Farm Credit ... loan right now. A: (Wes) Underwriting guidelines will continue to get tighter. We have a few [more...]
Date: 2008-12-02 08:00:57
Real Estate Food for Thought
I have no idea who this commenter (Tamquam Leo Rugiens, a Christian/Catholic reference of some sort) ... have left their fingerprints on the housing bubble and the credit collapse. Whereas it is important ... to safely guide them through the process wound up taking bad advice. And, in the case of mortgage [more...]
Date: 2008-10-10 14:10:18
The Questionable Aspects of The Housing Bailout Bill - H.R. 3221
By Xin Lu In my last article I wrote about the one aspect of the $300 billion dollar housing bailout that I thought made sense, ... loan despite bad credit and past financial mistakes. This is encouraging for those truly trying ... of the mortgagor's current FICO or other credit scores, or any delinquency or default by the mortgagor under [more...]
Date: 2008-07-24 23:05:15
Have You Looked At Rates Lately?
Many lenders were quoting under 5% this last week. Many experts believe it is heading to 4%. Why would that be happening? ... amount of good events. The crises was caused by one bad loan funded at a time. Good events ... on a conventional loan. It did on an FHA insured loan. The experts I follow don’t believe rates will stay down. Act [more...]
Date: 2008-12-15 09:05:02
The Housing Bill, Will it help?
I've had at least 20 emails asking about the Housing Bill. I was going to ignore them but they keep coming ... an unspecified line of credit and to buy their stock, if necessary, to prop up the mortgage companies. The two ... backed by loan guarantees from the Federal Housing Administration. The original lenders would [more...]
Date: 2008-08-04 00:20:00
Success Tips for Mortgage 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 ... ineligible for FHA loans are now eligible thanks to the temporarily expanded loan limi [more...]
Date: 2008-09-18 19:21:37
Kling: written remarks
Earlier I commented on both Arnold Kling's Fantasy Testimony on the US financial problems and later on his posting More Fantasy Testimony ... . You can choose whether to pay them only for accepting loans or to also pay them for reviewing and rejecting loan applications where appropriate. They originate loans in your local community. The loan terms are [more...]
Date: 2008-10-15 00:13:00
No Federal Bailouts!
Many people are insisting that the government has to bail out AIG because, in the current situation, if the government didn’t step in, ... economy? That would be bad. Or do we want to indenture our nation’s future to other powers whose ... to encourage overspending. It was a government-subsidized Ponzi scheme, with the FHA, FannieMae [more...]
Date: 2008-09-23 07:06:39
Lending Woes: A Deeper Consumer Analysis
This may seem like an odd analogy, but I remember this story about my Mom when she was having her 7th baby ... for the Subprime Crisis. Subprime loans did not come into being in late 2003. 2003 is the year more people ... You can’t get a good loan, but we can find you a BAD loan, if that’s what you want.” Most people said [more...]
Date: 2008-12-29 21:19:46
Did Racism Help Cause the Mortgage Crisis? The Rise of Sandy Weill and Citigroup
Photo: United for a Fair Economy The State of the Dream Sandy Weill’s story tells how racially-biased predatory lending lies at the center of the ... in his chips and set about looking for his own business. In 1986 he settled on a Baltimore loan company named Commercial Credit that specialized in predatory lending. The tale of how Weill would use [more...]
Date: 2008-12-11 16:53:16
Mortgage Market Week in Review
Well, here we are on Friday again. Are you getting motion sickness from all of the news and rumors that are flying back and forth? ... about today: The Bailout/Rescue Plan, some very weak economic reports, the credit markets ... . But that’s not all. The credit markets have taken a major hit in the last week. What’ [more...]
Date: 2008-10-03 18:14:05
Case for Abolishing the FHA and GSEs
In FHA Loses $4.6 Billion - Denies Insolvency I wrote that I would eliminate the FHA. This stirred up some debate from those supporting the program ... market including "stated" income loans: option ARMs, predatory lending, 100% financing, etc ... when you say the taxpayers support FHA. The people who get an FHA loan pay insurance that goes into the risk [more...]
Date: 2008-06-12 16:01:44
$300 Billion in Exotic Mortgages Now Available
FHA is now New Century, IndyMac, Wamu, Lehman and Countrywide all rolled up into one. The failed $300 Billion Hope For Homeowners (H4H) ... t qualify without exotic-type loan programs. FHA WILL NOW BE THE BIGGEST EXOTIC, HIGH LTV and HIGH ... . This is because it was a bad idea in the first place - only 100 applications have been submitted as of Oct [more...]
Date: 2008-11-20 21:54:50
An Open Letter to Borrowers and Lenders: Take Responsibility for Your Decisions by Alex Epstein
Throughout the housing crisis, we have heard demands from spokesmen for desperate homeowners, banks, ... the Federal Housing Administration (FHA). Through the Federal Reserve, it is continuing to inflate ... that has gone bad. And just as you had every right to any gains that might have ensued—so you must bear [more...]
Date: 2008-06-05 23:01:18
Mortgage Banks Are Your Friend
by Mary Bush When you are ready to buy a home, especially if you have never purchased a home before, you will have a lot of questions ... a mortgage bank your best friend. Many people who have bad credit or credit challenges such as foreclosure ... for the right type of loans, such as FHA loans, which will be more forgiving of past credit problems [more...]
Date: 2009-01-07 11:25:08
Carnival of Everything Finance: # 21
Welcome to the September 3, 2008 edition of Carnival of Everything Finance.We had over 100 really good articles submitted for this edition. Unfortunately I could not include all of them.I hope you enjoy reading these articles. Investing The Stock Teacher presents Ouch- CROX Just Taught Me A Lesson posted at Stock Investment, saying, " [more...]
Date: 2008-09-15 12:28:00
Avoiding Foreclosure on your House
Foreclosures are a scary thing. Without a house, it’s hard to imagine how you’re going to provide for your family ... about anyone ripping you off or giving you bad advice. What’s going to happen after all of this? The first thing that will happen is that they will work with the mortgage company to refinance your loan [more...]
Date: 2008-12-01 17:28:15
Atlanta Real Estate Recovery
Post 2 of 3 in the Atlanta Real Estate Recovery series (energy, housing, credit). Roger Tutterow Ph.D ... inventory of homes which causes a longer time on market. However, this news is not all bad either ... college grads were some of the same one’s who had school loans, credit cards, new cars, and a huge [more...]
Date: 2008-12-10 12:30:41
The Next Phase, Buy Gold Today, Greenspan and Gross Forecasts, Nasty Jobs Report, and More!
by Addison Wiggin & Ian Mathias The next phase of the credit crunch… The 5 surfs the sea change in this week’s market madness Greenspan and ... scene goes from bad to worse… details of today’s nasty jobs report A historical reason to buy gold ... . Welcome to a whole new phase of the credit crisis. You might call it — deflation. U.S. [more...]
Date: 2008-09-05 18:03:51
Ginnie Mae has how many employees? Wells cuts IO for 30-yr, Chase raises fees
Election Day at last! It seems that this “election” has been going on for years, and I, for one, ... . Maybe they’ll focus on FHA loans (the new subprime, with the taxpayer absorbing defaults ... has 68. (As in “sixty-eight”.) Questions are arising about how they are going to monitor issuance of FHA [more...]
Date: 2008-11-04 17:08:35
lenders get aggressive to help borrowers that are at default status on their mor
If the borrower has committed to staying in the appositety and fighting in term of the difficult period of pending foreclosure many lenders and ... that is adjusting way up and forbearance wont do the job. Rather, in many cases, a whole new loan product ... lenders in this past year, work out the loan or eat huge lo es. If someone is in the home and [more...]
Date: 2008-06-17 15:26:26
WSJ: "Housing Push for Hispanics Spawns Wave of Foreclosures"
From the Wall Street Journal:"Housing Push for Hispanics Spawns Wave of Foreclosures"By SUSAN SCHMIDT and MAURICE TAMMANCalifornia Rep ... with loans that often didn't require down payments, solid credit ratings or documentation of employment ... all congressional districts in percentage of home loans not tailored for prime borrowers. The caucus [more...]
Date: 2009-01-05 04:10:00
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
The Lost Decade: How the U.S. Financial Crisis Resembles Japan’s Ten Years of Misery - And How to Play it
If you think the “Lost Decade” Japan endured during the 1990s was deep and painful, stick around: ... were ignited by laughably loose credit policies, smoldered under a lack of oversight from government regulators, market analysts or such private-sector sentinels as credit-rating agencies, and were [more...]
Date: 2008-07-17 14:49:31
Chicago, IL Area - FHA is the New Conventional
Last year, when the Sub Prime market was imploding, there was a lot of talk about how FHA, a Government backed loan, ... over the slack. But FHA isn’t now and never has been a loan of last resort - which sub prime ... and know where the money to close is coming from. FHA will take on borrowers with lower credit scores [more...]
Date: 2008-06-06 02:56:39
Mr Mortgage: Mortgage Modifications Part 2 - Being Forward Thinking
First of all, Happy Independence Day. Despite the horrible, bloody, puss-oozing blemish the Investment Banks have left on our nation’s pride, ... off a bank to get a loan. The majority of the help emails I get are from everyone other than the scumbags. The majority are responsible people who simply bought at the wrong time using a loan [more...]
Date: 2008-07-04 15:17:43
MortgageNewsClips: Spreadsheet Resource, Realtors Beware, Credit Cards, Lou Ranieri, Securitization Primer, Popular Sells, Asymmetric Risk, Damage Report, Disparity, NY Mortgages, Freddie Automates, 3 more News Clips
RESOURCE: has list of sites offering free spreadsheets - Spreadsheets: Free to Learn - No-cost tutorials, instruction, ... Ross - Inman News ———— BusinessWeek_logo Credit-Card Rage - Debt-strapped consumers vent ... -old concept of securitization a bad name, IMF Economist Andreas Jobst writes. Securitization [more...]
Date: 2008-09-02 10:37:39
Speculators, Politicians, and Financial Disasters
John Steele Gordon November 2008 Fueled by easy credit, the real-estate market had been rising swiftly for some years. Members of Congress were determined to assure the continuation of that easy credit. Suddenly ... . Much of this easy-credit-induced speculation had been caused, as it happens, by President Andrew [more...]
Date: 2008-11-04 08:47:27
Topics In First Time Mortgages Explained
Topics In First Time Mortgages Explained Posted By Chris Channing on @ 11:30 pm by Chris Channing When it comes time to buy a house or vehicle, ... locations. Having a bad credit score often hinders many from even attempting to obtain a mortgage loan. This shouldn’t be a deciding factor, since many lenders these days expect most to have a less [more...]
Date: 2008-10-21 04:30:38
How Credit Score Affects Mortgage Application
As everyone knows, your credit rating is one of the most important numbers that you have - it affects your ability not only to get a mortgage, ... , the lender can access your credit report - a report that is compiled by information supplied by the three ... but a car loan, credit card, or store credit, as well the interest rate you are given. A good [more...]
Date: 2008-11-21 12:03:36
Freakanomics? I think not!
Today, I bring you a very valuable mortgage/economy lesson. Hey.. you.. yeah YOU.. get back here! ... industry has been in the toilet since the big “Sub-Prime (bad credit) bubble” burst a while back ... . And we haven’t closed a SINGLE LOAN this month. Ummm.. yeah, that’s pretty bad, right? Well, take [more...]
Date: 2008-08-20 20:34:53
Mid-Year Housing Bubble Predictions
I’ll forward this thread through the 4th of July. Here are some predictions from the end of 2007 ... . This includes Canada, Mexico, UK, Spain, and others. The rest of the world is still in ‘it’s different here’ ... This will cause the world-wide credit crunch to be more severe, as borrowers in other parts of the world start [more...]
Date: 2008-07-02 11:04:11
Homeowners Protection Act of 1998
last submission. They claim on the website that it may take 1-2 days to respond. Obviously, they’re late ... . And that would have gone onto a credit card, I’d think… And the term “chargeback” really makes it sound like a credit card transaction or something. My checking account is just that — a checking [more...]
Date: 2008-09-05 09:29:24
Economy: Foreclosures Will Continue Even With New President
The hopefulness that comes with a new president taking office can’t erase the subprime lending disaster and will not resuscitate homes values ... , lenders would have to be willing to take a substantial loss by reducing the amount owed on the loan ... on the property and trying to resell it. The FHA piece of the Dodd plan would cost close to $1 [more...]
Date: 2008-07-06 16:07:56
Take a Ride on the FHA Express!
By: Greg Lundgren Greg Lundgren is a Home Loan Expert with Quicken Loans and brings more than six years of mortgage experience to share with you on the Quizzle Blog. Greg specializes in FHA financing and enjoys helping people get into the right mortgage for their unique circumstances. The Federal Housing Administration (FHA) has been helping [more...]
Date: 2008-06-16 15:28:07
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
Is It Really a “Wall Street Bailout?”
The popular buzz phrase in the media - particularly the non-financial media - about the $700-plus billion dollar rescue plan is “Wall Street bailout ... to buy bad mortgage-related assets from the books of Wall Street firms. That may ease ... the country to transfer the risk of non-payment and make bad mortgage loans. No one was minding the store [more...]
Date: 2008-09-23 00:39:17
Det Rattle, June 10 2008: Credit tightening across the board
Stoneleigh: Sorry the Debt Rattle is very late today. I have had very limited internet access this morning due to technical problems. I will be adding material through the day. Credit crisis expands, hitting all kinds of consumer loans The credit crisis triggered by bad home loans is spreading to other areas, forcing banks [more...]
Date: 2008-06-10 18:20:24
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
Look A Little More Closely
On Saturday's NRVLiving Real Estate Show (which, coincidentally, we don't have an electronic copy of - argh) ... though, don't get too excited. It's not really a credit, but an interest-free loan for $7500 ... points include: Conforming loan limits have been raised to $625000. recently, the conforming loan lmit [more...]
Date: 2008-08-14 00:41:25
Standard Operating Proceedure In a Credit Crisis
Ever heard of the Nordic Banking Crisis of 1992? And, no, this isn't some lame economist joke ... , you know the story. In 1985, the government deregulated banks which caused a competitive frenzy for new loan growth. The increase in credit availability created a real estate bubble as more individuals began [more...]
Date: 2008-09-24 18:33:24
Mortgage Rates following a Dismal Jobs Report
This mornings Jobs Report was ugly. 240,000 non-farm jobs lost in October (higher than the expected 200,000) and unemployment at 6.5% ... with a sales price of $500,000 and a loan amount of $400,000. Rates are priced based on a low-mid credit score ... . Equally bad are the revisions to August and September's figures reflecting additional losses [more...]
Date: 2008-11-07 16:48:53
Real Estate Road Signs - “Buy A House for $500 Down”
I’m noticing an uptick in the number of roadside cardboard signs that have something to do with real estate lately ... , and then some. You can buy a house with only $500 down - use a standard FHA loan. Or use an AmeriDream loan ... in the ground with a stake. Surely it’s a function of the bad economy, the looming recession [more...]
Date: 2008-07-07 03:21:28
For Many, 20% Down Payment Is All That’s Left
This news has been a long time coming and is very damaging to the housing market ... ‘challenges’, the MINIMUM credit score required to do any loan (Fannie/Freddie included) over 80 ... ) and home equity loan credit limits dramatically in the past few months. In most cases, banks are dropping [more...]
Date: 2008-11-11 22:35:27
The Debt-to-Income Ratio: How Much House Can You Afford?
Housing is the largest expense in the budget of most families. But how much is too much to spend on shelter? ... of her grandfather’s home. The loan that made up the difference, with closing costs, broker’s fee, taxes ... my compassion. Ms. Natale (who has three children) took out a housing loan that left her just $100 [more...]
Date: 2008-11-11 13:00:08
Will Banks Lend Money For Bonita Springs Real Estate?
Down But Not Out, Credit Is Still Available Throughout Southwest Florida home sellers have been waiting it out ... loans. Is it still possible for buyers to get a loan in this market? Are banks still lending money ... giving a loan to anyone with a pulse and a pen in their hand this year is different for sure [more...]
Date: 2008-11-26 16:33:17
GA Mortgages: FHA Refinancing With Bad Credit
by Brenda Puckett One cannot watch television for 5 minutes or read the newspaper without seeing more news about the meltdown of the financial ... for an FHA loan. FHA loans allow you to refinance with higher ratios of debt in relationship to your total income. FHA loans allow you to get a mortgage even with credit problems as long [more...]
Date: 2008-06-26 09:34:30
Are You Open For Business?
Get out of your feed reader and comment on this post- we PROMISE that the ShamWow guy won\'t pop out when you do... Are The Lights On? ... no credit is better than bad credit Photo Editing WITHOUT ... t get a loan done. What does she say when she sees me? “No matter what I do, I can’t get a loan through.” [more...]
Date: 2008-12-09 00:40:03
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