Long Beach Mortgage Report: Concern over future loan pricing due to Democratic moves

Long Beach, CA.  We are very concerned about this development for future mortgage pricing ... this is at a time when we expect a government agency to support the credit crisis, not curtail their lending. Why has this happened?  Apparently the agency faces a credit rating downgrade and must work through a half [more...]

Date: 2009-01-08 18:35:49

Blog posts (142) | Videos (174)
 

A Mortgage Fact Pack

From Freddie Mac. Lots of interesting stuff there, including a breakdown that says that over 15 percent of some of their riskiest loans are ... loans--there may be others on the hook to take credit losses before Freddie does. If I read ... investment-quality loans. Hmmm... Here is a comparable report from Fannie Mae. [more...]

Date: 2008-11-10 21:02:47

The auto bailout saga has just begun

1. Congress bails out Detroit to the tune of $17.4 billion.And "of course", if GM gets a loan, GMAC should access Federal funds via the U.S. commercial banking system. From Bloomberg:GMAC will transfer at least 25 percent of the mortgage ... event” in ResCap credit-default swaps, GMAC said. A succession event could erode the value of those [more...]

Date: 2008-12-27 13:51:00

Mortgage Interest Rate Drop Possible with Treasury Intervention

Treasury Secretary Henry Paulson is considering a new plan to reduce mortgage rates in another bid to revive the U.S ... for the lower rates. There are already a number of additions to rates due to credit score, loan ... is enormous. We saw the results of the investment of $600 Billion into the MBS market last week [more...]

Date: 2008-12-04 07:30:46

Barriers and Problems Refinancing a Home Mortgage in 2009

My quest to refinance my home mortgage continues. Rates are around 5.00% with no points for a 30 year fixed, last I checked ... based on LVT ratio, credit score, and loan type. For instance, take someone with a 95% LVT, good ... Fannie Mae and Freddie Mac underwriting guidelines must have an LTV ratio of 80% or less. Higher LTV [more...]

Date: 2009-01-14 11:00:51

Why Can’t I Get That Low Mortgage Rate Advertised?

There is a perfect storm in the mortgage market right now.  Those who do not need credit can obtain it while those that do need credit cannot obtain ... was submitted and the appraisal and credit report came back within two weeks and the loan went [more...]

Date: 2009-01-05 00:51:01

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 copyright © 2008 Ralph Brauer ... on a Baltimore loan company named Commercial Credit that specialized in predatory lending. The tale ... of color. Commercial already had a shady reputation when Weill moved in on it. In 1973 the FTC [more...]

Date: 2008-12-21 05:13:51

Mortgage Mania 19 - The Jumbo Strikes Back

Amid all the celebration and hullabaloo associated with the recent drop in conforming interest rates as a result of the Treasury Department taking ... be willing to buy those that are considered low risk (excellent credit score, low loan-to-value ratio [more...]

Date: 2008-09-09 19:08:17

Friday’s Rates on Thursday

Huh?  Since tomorrow is Independence Day, the bond markets will be closed…so I thought I would provide you with mortgage rates on today ... with a minimum credit score of 720, “full doc” purchase with a sales price of $500,000 and a loan ... .   We also had the Jobs Report released today which reported a loss of 62,000 jobs [more...]

Date: 2008-07-03 18:00:27

The Essentials of First Time Home Mortgage Loan Borrower

by Matthew Sanz Property ownership and buying a home for the first time can be an exciting yet mind-boggling experience ... ? 1. Good credit report: Your credit report will let lenders determine whether ... purchasing property? - Improve your credit report - Avoid [more...]

Date: 2008-12-26 09:13:23

Net Worth Update: January 2009 (+$6,469)

Finally a positive month! ... year for me financially. Other Loans: Nothing to report. Mortgage: More movement that last month ... falling on my normal pay day) padded this number some and also allowed me to pay off some credit card [more...]

Date: 2009-01-01 13:57:07

Friday’s Mortgage Interest Rate Update

The comparison of rates is based on when I last posted on (I skipped a week while our family was vacationing at Lake Roosevelt) ... is based on owner occupied with a minimum credit score of 720, “full doc” purchase with a sales ... %) improved 0.25% to rate.  :) FHA.  Pricing based on credit score of 620 or better and loan [more...]

Date: 2008-08-29 21:09:42

Rain City Friday Rate Update

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000.  This scenario [more...]

Date: 2008-12-12 21:18:32

Mortgage Rates for Friday Afternoon

Mortgage rates are up about 0.125% from what I posted this morning and up a bit more than that compared to last Friday’s post as  you’ll see by the ... rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” ...  0.325% to rate FHA.  Pricing based on credit score of 620 or better and loan amounts [more...]

Date: 2009-01-16 21:28:17

Beneficial Finance - Mortgage Review

Beneficial Finance, does personal, auto, and mortgage lending as a retail subsidiary of mega-bank parent HSBC Group (NYSE: HBC) ... ) 466-8222 (630) 617-6569 Address: 961 N Weigel Ave, Elmhurst, IL 60126-1058 Beneficial Finance ... of Beneficial Finance should be avoided. They are big pushers of credit cards, home equity loans [more...]

Date: 2009-01-14 22:05:31

MortgageNewsClips: Today’s Must Read, Jumbos and CBs, Should Not Be, Net Worth, CRA Idiocy, Chicago Hi-Rise, Reworked at IndyMac, 4 Loan Limit, Caroline Baum, Buy or Sell?, Ira has 5

Today’s Must Read - The Future Of Residential Mortgages - Maybe - … The premise I’m starting with is that we really don’t ... - SMALL community banks have been among the few reliable sources for home loans in the last year ... with that Credit Default Swap?; Oil Does a Strange Contango Dance; The Tragedy of Bernie Madoff [more...]

Date: 2008-12-16 00:26:17

The State Of Imagination

We are waiting in the wings for our bailout money, my wife and I ... get a 20 year loan yielding the same $2500 a month mortgage payment while knocking 7 years off ... anxiously. Herself reassured him on that score. We, our government jobs and our strong credit [more...]

Date: 2009-01-13 05:00:00

Good Time To Ask About Refinancing Your Mortgage: I Might Save $50,000!

With the rate drop yesterday, mortgage rates are at amazing lows. People in the office are bragging about locking in 4 ... . (Especially if you have a good credit score and a loan-to-value ratio below 90%.) My favorite source [more...]

Date: 2008-12-18 11:53:02

Morning Commentary

Start with Markus K. Brunnermeier. While the overall mortgage losses are large on an absolute scale, ... or other loans as collateral...To ensure funding liquidity, the sponsoring bank grants a credit line ... vehicles, and then granting a credit line to that pool to ensure a AAA-rating, allowed banks to reduce [more...]

Date: 2008-11-20 12:11:23

Last Mortgage Rate Update of 2008

Mortgage rates are essentially unchanged from what I posted here last week ... properties).  The conforming rate quote below is based on owner occupied with a mid-low credit score ... Fixed @ 1 Pt: 5.250% (APR 5.329%)  FHA.  Pricing based on credit score of 620 or better and loan [more...]

Date: 2008-12-26 19:22:20

FHA Update: The “It Girl” of Mortgage

This morning I’ve been trying to update articles I’ve written on FHA in an attempt to have the information be accurate during this day and age of ...  credit scores.   Home Buyers can still obtain a gift or loan from family members as long as it meets underwriting guidelines. Rental income credit when buying a new home and renting the existing [more...]

Date: 2008-10-18 17:09:29

How To Refinance Commercial Mortgages

Commercial mortgages are often taken by people when they need money in order to invest in some commercial venture ... to repay their outstanding loans, and thus be able to maintain a good credit. While giving serious ... for refinancing. Although commercial lenders do not prefer providing refinancing to people who have bad credit [more...]

Date: 2008-12-15 19:04:37

Jamie Dimon Shows How It Is Done (JPM)

JPMorgan Chase (NYSE: JPM) has just released earnings and Jamie Dimon is showing he is a better manager even than the most positive ... billion due to mortgage-related positions and leveraged lending exposures in the Investment Bank ... increased credit reserves by $1.3 billion to $15.3 billion, resulting in loan loss allowance [more...]

Date: 2008-10-15 11:11:59

Yes, Virginia, There IS a Santa Bernanke!

So, lenders are not apt to move as quickly or as far down on rates as purchasers of mortgages would like ... , defaults, judgments or employment gaps on your loan application. Of course, if you do, then it’s too late and you’re already screwed. One caveat: Many credit card companies have lowered credit limits [more...]

Date: 2008-12-25 06:26:36

Center For Responsible Lending Burning, Payday Loans Unscathed

The CRL is burning… With each passing day, payday loans become more popular with consumers in need of a temporary cash bump ... higher. Witness this recent story from the Credit Union Times‘ David Morrison. He reports in “Sandler Mortgage Lending Controversy ... [more...]

Date: 2009-01-16 22:12:37

Words from the Wise

Weekly review of everything financial – courtesy of Prieur du Plessis, writing at his international investment blog, ... . With credit markets still not thawing after the introduction of various central bank liquidity facilities ... (FRE) and the Federal Home Loan Banks, and also purchase up to $500 billion of mortgage paper [more...]

Date: 2008-12-01 06:14:28

Slumping Auto Sales Hurt Auto Loans

Perhaps the one market to see the heaviest damages besides the mortgage industry is the automotive industry ... of the tremendous surge of gas prices and shrinking lines of credit, people have all but abandoned ... have been hit very hard and are scrambling to try and push larger vehicles off their lots. The credit [more...]

Date: 2009-01-16 17:47:05

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

Just Tricks…No Treats for Friday’s Rates

Mortgage rates continue to trend upwards like mummies crawling out of their graves.  (Sorry…bad reach. Booooo).  October has been terrible for rates! ... and FHA jumbo loans.    We’ll end next week with the goulish Jobs Report.  Most traders should ... credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount [more...]

Date: 2008-10-31 19:48:17

New Year’s Resolution - Get Out Of Debt

I thought I’d share a little story with you on New Year’s Resolutions ... is to finally get out of credit card debt”. I wasn’t sure we were going to be able to accomplish it, since ... been able to pay off our car loan. It’s a good feeling to know that our only debt is our mortgage [more...]

Date: 2009-01-16 20:10:12

Rising Default Risk In Pro-Forma Commercial Loans

The bond market is reeling from rising default risk in Pro-Forma Commercial Mortgages ... to Standard & Poor’s. In southern California, the owner of the Promenade Shops at Dos Lagos missed two ... Federal Credit Union in New York. “They were underwritten with outlandish expectations on rents [more...]

Date: 2008-11-21 03:34:00

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 [more...]

Date: 2008-11-07 16:48:53

Rates on a Rocky Ride

It’s been tough on mortgage backed securities this week ... properties).  The conforming rate quote below is based on owner occupied with a minimum credit score of 720, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 [more...]

Date: 2008-07-18 16:12:47

Friday’s Rates following the Rescue/Bail Out

There have been so many factors that typically influence the direction of mortgage rates over this past week, it’s amazing.  Just this morning we had another dismal Jobs Report with a greater loss than expected ... credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount [more...]

Date: 2008-10-03 21:29:05

Mortgage Interest Rates Hit New Lows

Mortgage interest rates are sitting at about the lowest they have ever been. The averaged 30-year fixed rate loan is hovering at about 4.97% and the average 15-year loan is sitting at just 4.25% as of the week of September 25 th , 2009. These banner rates will be available to consumers with good credit scores, have significant home equity, and know how to shop around for the best deal. If you meet this criterion, it’s an absolutely great time to refinance your loan. [more...]

Date: 2009-09-30 17:45:59

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

Three Ways to Know When the Credit Crisis Hits Bottom

There is a growing body of data that suggests banks have recognized only a fraction of the overall potential losses - approximately $50 billion to ... t include the additional losses from secondary-prime mortgage loans, auto loans, credit card balances, student loans and the other credit-related flotsam and jetsam floating around in the debt markets [more...]

Date: 2008-12-08 13:42:23

Paulson pulling more tricks to bolster US economy

The administration and the Federal Reserve rolled out two new programs Tuesday that would provide up to $800 billion in an effort to get more loans flowing in such critical areas as mortgage lending, credit cards, auto loans and small business loans. Credit markets liked the new efforts, but private economists said the new moves were [more...]

Date: 2008-11-26 12:10:51

Saving yourself form debt

When it comes to taking care of your finances, nothing more than ever ruins your financial position than having a large amount of debt which is ... you a black eye with the credit bureau and any applications for new loans or credit cards would probably ... on paying your bills from credit cards, loans and mortgages without realizing that you are barely [more...]

Date: 2008-12-28 01:21:40

Firm Cries Foul on Credit Reporting, Mortgage Loans

Nearly one in two borrowers is plagued by medical collection accounts that are lowering their credit scores and limiting their ability to get a ... mortgage, said mortgage and credit expert Rodney Anderson, of Rodney Anderson Lending Services, in a press release Monday. When the Federal Reserve announced its plan to invest up to $600 billion in ... [more...]

Date: 2008-12-08 16:04:24

Confusing Consumption With Investment

People are now waking up to the fact that what that real estate investment guru was pitching at the seminar wasn’t necessarily an "investment": ... of resources.Card credit credit score Credit repair forum Providian credit card application Va home mortgage loan rate Purchase prepaid credit card Christian consolidation counselor debt Experian [more...]

Date: 2008-06-24 14:10:35

Bad Credit Doesn’t Have To Mean No Loan Help

Everyone faces unavoidable financial problems at some time and find that they are in an impossible situation and unable to meet their obligations ... rate for a home mortgage loan will depend upon your credit rating. If the credit score is 600 ... , but that is not necessarily true. There are two types of bad credit personal loans, secured and unsecured. [more...]

Date: 2009-01-16 09:36:37

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