FORMER FANNIE MAE EXECUTIVE CALLS FOR 1930′S STYLE SOLUTIONS TO THE HOUSING CRISIS

from the NEW YORK TIMES:January 15, 2009Executive Calls ’30s Housing Solutions Superior By LYNNLEY BROWNINGA former Fannie Mae executive has deemed ... in the current housing crisis.The executive, Edward J. Pinto, who was Fannie’s chief credit officer ... confronting the incoming Obama administration. More than half of all loan modifications handled [more...]

Date: 2009-01-15 03:31:13

Blog posts (137) | Videos (12)
 

Should I save my money or send extra money toward a loan?

About a year ago, I bought a new car.  Not being too far out of college, ... our credit card debt, bought a house, and started saving regularly.  But after a few months of putting ... my credit wasn't well established and I was forced to finance with what I'd call an affordable [more...]

Date: 2008-06-10 12:05:31

Small business loans for women entrepreneurs

Women mostly have a notice which appropriation small commercial operation loans is a painful, difficult and extensive process. However, a law is utterly a contrary. A commercial operation woman will have to outlay more or reduction a same time and efforts as a office worker to get a loan.Loans have been accessible for women entrepreneurs in a accumulation of fields such as catering, consulting, beauty care, bed & breakfasts, print studios, house pet supplies, nod cards, etc.Things to Keep In Mind [more...]

Date: 2009-09-19 20:53:36

The FDIC Also Gums Up Housing Market

Writes Rick Fisk: Turns out that the FDIC has been offering “stop loss” guarantees on foreclosures, which has in turn prevented short sales from completing (screwing the home owner of course). What this means is that the FDIC, rather than “insuring” deposits, is covering the losses on bad loans. There is a terrific blog post about it here . That post even has a link to the actual stop loss agreements on the FDIC’s website. I haven’t seen any coverage on this in the mainstream. [more...]

Date: 2009-09-29 21:05:26

The Failure of the Bailout

The Bailout That's Failing The federal rescue may have saved the banking sector, but it hasn't fixed the housing market. Last October, the Federal Reserve, the Treasury Department, the Federal Deposit Insurance Corp., and Congress deployed every weapon in their arsenal, and invented some new ones, to stanch the financial panic: loans, subsidies, direct bailouts, free money, the TARP. In so doing, they exposed taxpayers to massive immediate and potential liabilities. [more...]

Date: 2009-09-28 05:41:00

9/15 Reports: House of Delegates Round-Up

These numbers represent the period from June 1st through July 30th. I’ve added a new stat point: total money raised this cycle, which evens out previous highs and lows and also puts campaigns that got a later start on the same page as those that got up and running earlier, as well as those who faced expensive primaries. Much, much more below the fold.     Total raised is taken from total receipts, which includes contributions, in-kind, and loans. [more...]

Date: 2009-09-16 02:25:37

When Banks Increase Profits In A Falling Market

While we have all seen the headlines about debt problems in the UK, falling house prices, etc, you would have thought that the banks would be struggling to make money.  Think again! The only real way in which banks can lose money, from their traditional banking operations, is by writing off bad debts.  You may find this a little curious because surely as interest rates fall, their profit from each loan, each mortgage  and other instruments will fall – not always. [more...]

Date: 2009-09-25 02:04:09

Find Helpful Information about Loan Modification

The most dreadful situation in the economy has caused a lot of appalling difficulties. People are unable to live as they were used to as there are a lot of financial troubles. Some have lost their jobs because of redundancy, others encountered troubles connected with unpredicted expenses. The mast dreadful is situation on the real estate market. Homeowners cannot afford to keep the houses they have been living for a long time. [more...]

Date: 2009-09-29 10:33:46

Mortgage And Loss Mitigation Information

By Randy Scott The plan will likely c home loan modifications, and discourage foreclosures, perhaps even having a positive impact on prices and foreclosure rates. According to the latest numbers, pricing on single-family homes in the top twenty metropolitan areas in February had dropped by at least 18 percent from the year before, but the rate of change has slowed showed some hope for the distressed housing market. [more...]

Date: 2009-09-27 23:03:27

Rule of Thumb For Reasonable Housing Costs?

In an earlier post on motivating myself to work harder, I had thrown out a piece of “common” financial advice: ... from a mortgage calculator. The “other debt” is the sum of your other recurring monthly liabilities - car loans, credit card balances, student loan payments. There are usually two lender ratios [more...]

Date: 2008-09-10 13:58:59

A Fox Guarding The Hen House

Paul Basken's article in today's Chronicle of Higher Education does a great job of laying out the conflicts of interest and perverse incentives in ... debt collection practices resulting in ballooning debt for some students. At the heart of the issue ... agencies are supposed to be independent entities that oversee the collection activities of loan [more...]

Date: 2008-10-23 15:50:13

Tech Stimuli

The tech industry is, naturally, pleased about today's proposed $825 billion stimulus package from House Democrats ... for broadband and wireless services in underserved areas to strengthen the economy and provide business ... grant program to encourage electric vehicle technologies. Renewable Energy Loan Guarantees [more...]

Date: 2009-01-16 04:13:31

HOUSING PUSH FOR HISPANICS SPAWNS WAVE OF FORECLOSURES

For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success ... loans, which carry high interest rates and are tailored to borrowers with low credit scores or few ... multiple cash jobs, but had no savings or established credit history to allow them to qualify [more...]

Date: 2009-01-06 13:19:54

Top Ten Things to Know if You’re Interested in a Reverse Mortgage

Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first ... that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan [more...]

Date: 2009-01-15 19:53:15

Dear House, I Want You. Love, Craig

Remember that house I told you about a while back when I regaled you with the story of my bottle of Tanqueray? Well to sum up, I couldn’t afford it. The mortgage guy told me that I had too much debt (student and car loans). He advised me to take almost my entire savings and pay off my car loan, which I did, and it was one of the hardest things [more...]

Date: 2009-01-15 17:02:52

?

Finding the Perfect House with Foreclosure Home Listings Many first time home buyers want to buy a home for less than market price, ... , so you can make an informed choice. If you are a veteran you may be able to get a VA loan with zero ... for you to afford the home, but the interest rate will be from 0.5 to 1.0 percent higher than a loan [more...]

Date: 2009-01-10 06:17:03

A Quick Look At Mortgage Refinance

by Ned Dagostino Mortgage refinance is an option most house owners look at from time to time. The big question they ask themselves is: Should I? ... to manage. You can refinance the mortgage and get a loan large enough to pay off all the small debts ... Well, that depends on the particulars of the case. Generally people go in for mortgage refinance [more...]

Date: 2009-01-16 04:05:52

The long exhausting slog towards Home Ownership (TM)! continues.

Dead cat house update. Sellers "offered" last week to "let" us have half of the $5k sitting in escrow. They "only want $2500 ... , but now that the banks are all refusing to fucking loan money, apparently even those of us with VA ... that that's the entire point of the VA loan program, and the government guarantees the goddamn loan in the first place [more...]

Date: 2008-12-08 00:58:00

FHA Mortgage Insurance Fund Down 40%

Mortgage Law Central reports today on FHA’s Oversight Capability.  The House Committee on Financial Services held a hearing to look into the recent Business Week story alleging that predatory lenders are alive and well originating FHA loans. The committee listened to testimony from HUD on the approval process for FHA lenders, [more...]

Date: 2009-01-14 22:30:06

Added benefits for jobless

House Democrats unveiled a $825 billion economic stimulus package today that includes money to maintain extended benefits for long-term jobless ... with the latest extension about to run out. The stimulus package does not include direct aid ... loan fund to ensure weekly benefits are paid. The state fund is financed through a tax paid [more...]

Date: 2009-01-15 21:18:59

Save My House

Save My House There is an attorney-based loss mitigation company with over 20-years of in-depth experience with foreclosure laws ... Amortization Is an 80/20 loan or short term fixed rate then becomes an adjustable rate, 2/28 or 3/27 ... , so they are in effect current Conversion of an ARM (2/28, 3/37, Negative Amortization) to a fixed loan [more...]

Date: 2009-01-15 13:55:19

MY SWAN’S SONG: Testimony Before the United States Senate on the State of Foreclosures & Loan Modifications

Just under one month ago, on July 26, 2009, Diane Thompson testified in front of the United States Senate Committee on Banking, Housing & Urban Affairs.  Her written testimony, which included 79 footnotes and 28 pages of exhibits, ran 55 pages in length and was titled: “Preserving Homeownership: Progress Needed to Prevent Foreclosures”. Ms. [more...]

Date: 2009-08-25 13:25:56

HUD Inspector General Warns Congress of Concerns About HECM Program

The Department of Housing and Urban Development’s assistant inspector general warned a Congressional committee on Jan ... .  The agency’s market share has grown to 12.55% of single-family home loans in fiscal 2008 from 4.12 ... are the comments made regarding the HECM program: Another area of concern is the growing Home Equity Conversion [more...]

Date: 2009-01-15 19:12:25

A Housing Market Detached From Reality

The Ukiah Daily Journal reports from California. “Worried consumers, ... , assets, credit and long-term job stability,’ as requirements for a home loan, said Ginny Richards ... a loan with no money down and no proof of income are over. If you’re buying, Richards advises, ‘ [more...]

Date: 2008-11-22 17:46:53

Mortgages: 2009 Advice

Mortgages: 2009 Advice Mortgages: 2009 Advice With all the doom and gloom over housing, ... . Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan ... and borrow now. During ordinary times, one loan is about as good as another because most lenders [more...]

Date: 2009-01-12 11:16:01

Mortgages: 2009 Advice

Mortgages: 2009 Advice Mortgages: 2009 Advice With all the doom and gloom over housing, ... . Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan ... and borrow now. During ordinary times, one loan is about as good as another because most lenders [more...]

Date: 2009-01-11 09:14:24

Help Available For Homeowners; Home Loan Modification Plans

by J. Ochs In the United States right now, foreclosure rates are higher than they’ve ever been. Homeowners are literally fleeing their homes and letting the banks deal with what they leave behind. Since banks are in the banking business and not the real estate business, they don’t really want the houses back [more...]

Date: 2008-12-30 16:22:00

Credit - Loan Approval, Part 1

When it comes to loan approval, lenders will use different criteria for different situations. Unsecured debt is riskier than secured debt in general since there’s no collateral involved in unsecured debt. You see, it’s all about “what happens if you default?” A house or auto is collateral [more...]

Date: 2009-01-15 06:21:33

Rep. Teague Named to Veterans' Affairs Committee

U.S. House Speaker Nancy Pelosi announced today that Congressman Harry Teague (D, NM-02) ... Affairs (VA), such as for health care, disability compensation, GI bill education and job training, home loan guarantees, life insurance policies, and a nationwide system of veterans' cemeteries [more...]

Date: 2009-01-14 17:19:32

The Pin That Pops the Housing Bubble?

(I published this originally June 18, 2006. Anyone want to tell me I didn't hit this nail on the head?) ... is the "Stated Income"loan, where the lender does not verify that the prospective borrower actually makes enough money to qualify for the loan, only that they have a source of income that could generate enough [more...]

Date: 2008-12-15 14:42:20

New HUD Data Shows Growth in Reverse Mortgage Activity

Despite turmoil in the broader mortgage market, data released in December by the Department of Housing and Urban Development shows that on a ... ), Baltimore (3,595), Phoenix (3,582), Orlando (3,556), Richmond, VA (3,493), Philadelphia (3,317) and Chicago (3,184) to round out the top 10. Post from: Reverse Mortgage Loan Blog New HUD Data Shows [more...]

Date: 2009-01-15 14:01:28

Debt Consolidation Loan For A Home Owner - 3 Things To Consider

If you want to consolidate your debt–and you own your own home–you’re in luck! ... is typically higher than your first mortgage, it’s usually still lower than the average credit card ... If you’re willing to use your house as collateral, you have a lot of low-cost options for debt [more...]

Date: 2008-12-26 05:47:45

Home Prices May Be Nearing Bottom, Bank Equities to Follow?

I remain optimistic that housing is nearing a bottom ... traffic. Add to the fall in prices, the recent sharp reduction in 15 and 30 year mortgage interest rates ... news about loan losses. In my judgment, most banks in the US have been trying to get out ahead [more...]

Date: 2009-01-14 07:24:00

FNMA, FHLBC, and the Housing Bubble

Justin Fox: Is McCain right about Fannie and Freddie? ... . But is it true? Fannie and Freddie were freakish hybrids, private when it suited them (such as on payday ... .... T he immovable objects of the conforming loan limits and the charter limitation of taking only loans [more...]

Date: 2008-09-23 19:26:03

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, ... condominium development and is seeking to collect nearly $19 million of unpaid loans connected [more...]

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

All Your Home Loans Are Belong To Us To Boost Liquidity

"The Federal Reserve Bank of New York started buying mortgage-backed securities today as part of a $500 billion program to support the U.S ... . housing market." ∙ New York Fed Begins Purchases of Agency Mortgage Debt Bloomberg ... [more...]

Date: 2009-01-05 15:05:08

Home sweet home builders?

Hopes that government intervention will bolster the housing market are giving a boost to home-builder stocks ... and other debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Now reports [more...]

Date: 2008-12-05 00:38:41

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