Don’t Hang the Mortgage Brokers

Mortgage brokers are easy targets these days.  Everyone blames us for the mortgage mess. With the political season heating up all the major ( ... the subprime mortgage crisis. Sen. Barack Obama has introduced legislation targeting fraud ... News, an on-line chronicler of the real estate industry, said, “I find it odd that mortgage brokers [more...]

Date: 2007-08-13 11:00:51
Blog: Arizona Mortgage Guru ...

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Ouch! Where is the Money?

Leaf_1_2 The mortgage industry is tightening up. This is long over due but is adding a new twist to the real estate transaction ... effective on August 1, 2007: Toughening mortgage broker regulations A mortgage broker or lender ... provision prohibits "negative amortization loans," or mortgage loans in which the amount owed on the loan [more...]

Date: 2007-10-03 05:50:09
Blog: St. Paul Real Estate...

Why Should You Use a Mortgage Broker?

As a Manhattan real estate professional for the past 15 years, one of the most common questions I'm asked by my clients is " ... that specialize in every type of loan product. In addition, mortgage brokers work with non-bank lenders ... to us allows mortgage brokers to tailor a loan and product to each persons individual situation [more...]

Date: 2007-07-11 21:01:38
Blog: Manhattan Real Estate :...

Ladies and Gentlemen, I give you "Toni - The Mortgage Broker Hottie ;-)"

Hat-tip to housing-boom blog and an eagle-eyed HP'er for bringing us this gift.. And to Toni - The Mortgage Broker Hottie ;-) ... poser cities of Phoenix, Vegas, Miami and San Diego became epicenters of rampant mortgage fraud ... business. At what point did "mortgage broker" even become something society needed? Remember [more...]

Date: 2007-04-22 06:50:02
Blog: HousingPANIC: The Housi...

Someone tell me the difference between corrupt mortgage brokers and crack dealers

And then tell me the difference between cash-out refi overspending Desperate Homedebtor junkies and crack cocaine users... Mortgage brokers cashed in on U.S. housing bounty LOS ANGELES (Reuters) - Money may not grow ... . But mortgage broker DeAngelo didn't work for free. Each new loan carried up to $13,000 in fees, along [more...]

Date: 2007-05-17 08:31:46
Blog: HousingPANIC: The Housi...

Buying a Higher FICO Score?!?

I'm not easily blown away by anything I read these days ... and simple. Read the article. There's an example of a real estate agent / mortgage broker that did ... on this, particularly some of our Mortgage Broker / Banker readers out there. Updated: I'm no attorney. In *my* book this is fraudulent activity. Is it leg [more...]

Date: 2007-06-06 02:48:55
Blog: The Phoenix Real Estat...

Borrow Intelligently

When my hubby and I decided to sell our other apartment, we engaged the services of a broker ... from this site is the Mortgage Calculator which can get you the best mortgage rates in town to suit every ... out Mortgage Brokers online.  At PersonalHomeLoanMortgages.com, potential property owners are provided [more...]

Date: 2007-04-12 03:15:36
Blog: Giddy Tigers...

THE SUBPRIME BLAME GAME

The factor that I'm hoping will keep Congress from enacting a "Sarbanes Oxley of mortgage lending" is the fact that, in the current subprime mess, ... populations and institutions -- borrowers, mortgage brokers, appraisers, mortgage lenders, Wall Street ... in housing prices and mortgage lending. Looking back, the Fed's behavior does seem bizarre. It kept [more...]

Date: 2007-09-08 22:42:54
Blog: The Conspiracy to Keep ...

South Florida Mortgage Broker: What is the SHIP Program?

PALM BEACH GARDENS, Fla. --- Mortgage broker Matthew Blum, left, lives an insulated life in an idyllic community where ".. ... . In order to receive SHIP funds the First Mortgage can only be one point above published rates ... you get to come back to reality and see how the real world is." Matthew blogs at Mortgage Advice in South [more...]

Date: 2007-08-18 23:08:15
Blog: Florida Workforce Hous...

Real Estate Relationships: Do What you Say you Will Do

The long absence is finally over. After a grueling finals week and graduation, a two week vacation, a move to New York City, ... payment, my trusted mortgage broker recommended I partner with a local investor. He assured ... my mortgage broker ensured everyone would happen fairly quickly. Fairly quickly, turned into days [more...]

Date: 2007-06-18 15:14:23
Blog: BloodhoundBlog: Real e...

CountryWide Speaketh With A Forked Tongue

On the left prong is Mr Anthony, King Anthony M. He speaketh from his heart, he hateth the mortgage broker ... environment. As a former loan originator who once operated as a mortgage broker, I couldn’t believe ... for a political job. Oh, please no. Consumers please note, your broker may be like many [more...]

Date: 2007-09-18 09:09:10
Blog: RealEstateUndressed ...

Realtors Hold the Power to Clean Up Lending

Realtors Hold the Power to Clean Up Lending San Diego Home Blog is on my short list of daily reads ... and my advice to CAR about how to enact them: Prohibit mortgage brokers from acting as real estate agents ... . Establish a separate license for mortgage brokers and require an Agency/Fiduciary relationship [more...]

Date: 2007-09-24 20:01:44
Blog: America's Mortgage Brok...

Understanding The Credit Crunch

Monday, August 27, 2007 Everyone has heard about the problems in the credit markets today ... are a factor in estimating the bonds value. Mortgage backed bonds are created when banks and mortgage brokers pool large groups of mortgages and sell off smaller pieces to institutional [more...]

Date: 2007-08-27 21:20:10
Blog: CRIMES AND CORRUPTION O...

Jobs numbers give Fed cover story for rate cut

The U.S. lost 4,000 jobs in August, the Labor Department reported today -- the first time that's happened in four years. The U.S ... funds rate when it meets Sept. 18. The real estate, mortgage banking and housing industries ... from the credit crunch in mortgage lending. Mortgage broker and Inman News columnist Lou Barnes writes today [more...]

Date: 2007-09-07 18:36:32
Blog: Inman News Blog...

Why UBS's (UBS) pain exceeds Citigroup's (C)

Related Credit crisis strikes UBS, Citi, Credit Suisse --- "European banks like UBS were only marginally brighter than the poor U.S ... bank issue a mortgage and keep it on its books. What happens now is that a mortgage broker convinces ... . subprime mortgage borrowers because they actually fell for the line that packages of subprime [more...]

Date: 2007-10-01 16:41:03
Blog: CRIMES AND CORRUPTION O...

10 Mortgage Lessons From 12 Phone Calls

I made 12 phone calls today. 2.5 hours of talk time. Here’s what I learned: All mortgage companies cost the same-ish ... that you should always go with a direct lender? Nope. It just means that the mortgage company might ... appraisal Credit report Lender’s inpsection Mortgage insurance application Assumption Mortgage broker [more...]

Date: 2007-07-18 22:40:14
Blog: Free Money Tips at Bina...

Bad Credit Mortgages

Almost everyone dreams of owning a home. If you have financial problems, acquiring a mortgage may seem like an impossible task ... the right deal and rate that fits your financial circumstance. Disadvantages Only a mortgage broker can acquire a bad credit mortgage for you. As well, you will have to pay a much higher interest rate [more...]

Date: 2007-05-04 07:39:17
Blog: Mortgages - remortgage ...

Home Sweet Home

We have been living in our house for two months now. Well, I am on my second mortgage payment anyway. Our mortgage company was great ... they had a mortgage broker bond as required by state law. I think bonding makes sense. It helps to make sure that the company you are using follows the state laws and regulations. Companies, like mortgage [more...]

Date: 2007-10-02 14:49:08
Blog: Key West or Bust...

Warning: Read Everything Twice Before You Sign

Here’s a story about a coworker and the recent refinancing of her mortgage ... about refinancing their mortgage - if I remember correctly, a mortgage broker had contacted them, and not the other way around. Their plan was to refinance their existing mortgage and home equity loan [more...]

Date: 2007-10-03 12:02:22
Blog: Make Your Nut ...

President Bush Wants to Expand Mortgage Disclosures

Today’s Wall Street Journal featured an article about the Bush Administration’s plan to expand mortgage disclosures ($) ... of mortgage-broker fees and loan terms, such as whether the interest rate increases ... to do something three years ago but faced so much opposition from the mortgage industry that they shelved [more...]

Date: 2007-09-20 18:14:12
Blog: � AllFinancialMatters...

Home sweet home

We own the house we live in right now. We’ve been there eversince I was a kid ... who was referred by her officemate to a San Jose mortgage broker. They got a better deal ... for us. But did you know that mortgage brokers are better consulted in matters [more...]

Date: 2007-06-24 17:16:51
Blog: Sasha says…...

How to Spot Hidden Markup When Refinancing Your Mortgage

If you’re in the process of shopping for a new loan to refinance your existing mortgage, ... online or in person the quote you receive should come from a wholesale mortgage lender that broker ... with represents a wholesale mortgage lender and not a bank, you’ll need to get them to show you the Yield [more...]

Date: 2007-07-26 21:19:25
Blog: Mortgage Refinance Info...

Banker, Broker, Consumer Lender or Credit Union? Part 3

This is part three in a four part series in which I outline advantages and disadvantages of different types of lending institutions. Part one covered banks, part two covered mortgage brokers and correspondent lenders. Today’ ... mortgage lending with a vengeance when the subprime market opened up and money came raining down [more...]

Date: 2007-07-16 20:31:39
Blog: Rain City Guide | A Se...

Wednesday afternoon linkage - US homes sales, UK mortgage brokers, students, Nestoria

In the US, home sales hit a five-year low CNN Mortgage brokers prepare for 40% drop in business CityWire ... Buy-to-let in student towns - rip off the kids Telegraph Ace property search site seeks beta testers Nestoria The Rat and Mouse - because Londoners think about property every three seconds [more...]

Date: 2007-09-26 16:51:01
Blog: theRatandMouse - London...

Financial Risk With Innovative Investments - Buyer Beware

For many years, the majority of financial risk for lending money was owned by banks and the government. Loans to businesses and individuals were made by banks, and it was in their best interest to find ... evident in the sub prime mortgage crisis. It appears that mortgage brokers are now "investment bankers [more...]

Date: 2007-09-29 16:59:25
Blog: My Wealth Builder...

Are you looking to buy a home?

My readership stats tell me that over 70% of my visitors come from the US and Canada, ... the big commercial mortgage place, refuse to even speak to you. So if you are interested in Buying ... Mortgage Brokers company that is offering zero down mortgages in Canada. MyCanadaMortgage.com [more...]

Date: 2007-04-15 05:31:16
Blog: of travels and travails...

Is This Mortgage Crisis a Blip...or Something Worse?

I've stumbled across a number of different articles in the past week each philosophizing about the causes of the subprime mortgage fallout ... will return to normal. USA Today for instance blames mortgage brokers. They're right, to a certain ... , who chairs the Mortgage Bankers Association, said in a May speech. The L.A. Times blames lenders [more...]

Date: 2007-09-04 16:59:01
Blog: Salt Lake Real Estate B...

Islamists Caught Cashing in on Subprime Mortgage Fraud?

Michelle Malkin has connected some highly interesting dots out in Stockton, CA: ... in the scheme. Among those questioned or investigated by the FBI are a mortgage broker, loan officer ... Varifrank highlights a mortgage fraud story with national security implications: What began [more...]

Date: 2007-08-17 20:14:33
Blog: The Discerning Texan...

The Phoenix Real Estate Market: 3 Locals Opine on the Tube

Here's a video from KPNX TV's "Sunday Square Off". Three local folks discuss the Phoenix real estate market ... in the mainstream media; Stan Lund, a Phoenix mortgage broker and President of the Arizona Association of Mortgage ... of my knowledge of him before this. In my humble opinion, he came across way too commercial and full [more...]

Date: 2007-08-20 20:20:22
Blog: The Phoenix Real Estat...

Aren’t buyers somewhat to blame for the housing bubble, too?

This may come off as somewhat controversial, but, I'm a fiscal “frugal populist,” and I do believe (and have seen enough evidence) ... with a subprime mortgage they didn’t understand fully. Instead, they — A: Knew exactly what mortgage ... bubble derives from — a mortgage world treated by brokers just like a stock market. Read [more...]

Date: 2007-08-12 07:04:09
Blog: Watching Those We Chose...

Zopa And Conduits

You might have seen a lot of news in the broadsheets about problems with American sub-prime mortgages ... to default. Countrywide is America’s biggest mortgage broker. Right now, 20% of their sub-prime ... . In the last few years it was very easy to get a US mortgage despite a poor credit history. Many [more...]

Date: 2007-09-03 16:43:35
Blog: Zopa blog...

Before Choosing a Mortgage Broker, Get Answers

permalink | comments (2) Fixed-Rate Mortgages Remain Best Option I'll admit that I have used adjustable-rate mortgages in the past ... husband. I like to keep him on his toes. Ready to Read More Home Mortgage Articles? Click below: FICO ... . They always have and probably always will. Plus, when rates are low, it often makes sense to refinance [more...]

Date: 2007-04-11 06:00:23
Blog: Home Buying & Selling R...

Deceptive Radio Advertising in Mortgage Lending

Because of the enormous amount of deceptive direct mail, Internet, and email spam advertising currently taking place in mortgage lending, ... me there’s an ad running that says something like this: “If your mortgage broker charges any fees ... great harm to everyone in the mortgage industry. To say business is tough out there right [more...]

Date: 2007-09-24 18:04:46
Blog: Rain City Guide | A Se...

Cracking down on risky loans

From the Wall Street Journal: Congress Takes Up Mortgages One Proposal to Protect Homeowners May Chill Secondary Debt Market By JAMES R ... from vacation with a series of proposals that could reconfigure the mortgage market, suggesting lawmakers ... . Critics blame such practices for encouraging mortgage brokers and lenders to push unsophisticated [more...]

Date: 2007-09-06 10:14:32
Blog: New Jersey Real Estate ...

July 2007: Nobody asked me, but…

The subprime mortgage mess, elite “do as I say” social engineering, ... of this crisis: an easy credit boom (or bubble) with far too many mortgage brokers writing adjustable loans ... DO IRRATIONAL THINGS: the subprime mortgage mess. It has become a growing crisis, roiling financial [more...]

Date: 2007-08-02 23:53:31
Blog: Blogger News Network ...

July 2007: Nobody asked me, but…

The subprime mortgage mess, elite “do as I say” social engineering, ... (or bubble) with far too many mortgage brokers writing adjustable loans (ARMs) for unsuspecting ... : the subprime mortgage mess. It has become a growing crisis, roiling financial markets in America [more...]

Date: 2007-08-02 04:15:59
Blog: Neither Red nor Blue...

Is reducing The Required FHA Down Payment To 0 or 1.5% Critical?

 These two Senators are leading the charge. The answer to the title question, ... making the current terrific FHA program more readily available to consumers. How many mortgage brokers ... out the three year requirement. Many competent and credible mortgage companies have been started [more...]

Date: 2007-08-20 12:58:03
Blog: RealEstateUndressed ...

Sellers Too Broke To Sell

Here's a new one: Being too broke to sell by Chicago Tribune - 10/1/07 snip: Most anybody in the mortgage business will tell you that August was a month that will live ... sectors of the mortgage world. How bad was it? A survey of mortgage brokers suggests that one in three [more...]

Date: 2007-10-02 00:27:08
Blog: New York City Housing B...

COUNT YOUR MANY BLESSINGS

Can I just say how fortunate I feel to have not bought a house during the past few years of this real estate craze? ... will go up a gazillion percent in the next year, how we can just refinance our adjustable rate mortgage using the equity ... now. Wait." Since then I have had another mortgage broker give us the same advice. You know it's bad [more...]

Date: 2007-08-30 17:43:50
Blog: Tales of an Ordinary Ho...

Debunking Guttentag

Debunking Guttentag Jack Guttentag is a Professor Emeritus at the well-known Wharton School of Business at the University of Pennsylvania ... a mortgage broker about why the concept of equity optimization is unsuitable for most folks. This article ... . He is also known as "The Mortgage Professor" on the internet and the founder of the Upfront [more...]

Date: 2007-09-24 22:43:50
Blog: America's Mortgage Brok...

Lead Gen Not Quite So Defensible

I just read this defense of lead gen via Yardley.ca and while I don't have a unified argument against it, I can try to poke some holes ... . If you are Ameriquest, the largest subprime lender (which announced yesterday that they were closing), you probably saw ... when you have nothing to sell. Mortgage brokers literally cannot find banks that will make [more...]

Date: 2007-09-01 18:19:18
Blog: Clickety Clack: Online ...

Faith No More

Faith No More The subprime mortgage broker most known for a faith-focused business model has moved on to the afterlife of ... is exiting the mortgage-loan origination business and not processing the current loans in its pipeline ... issued by a crack team of loan officers hired without any prior experience. The Wall Street Journal [more...]

Date: 2007-08-13 15:32:02
Blog: DealBreaker.com...

Hillary Wants Tougher Federal Regulations On Mortgage Industry

The U.S. senator from New York is proposing a package of measures that would impose new disclosure requirements on mortgage brokers and curb their ... and insurance costs for subprime loans, and ban prepayment penalties on all home mortgages. This latter ... , a consultant who used to work for government-sponsored mortgage lender Fannie Mae, said the mortg [more...]

Date: 2007-08-07 17:27:25
Blog: Hillary Clinton - The ...

Pre-approved

One step closer to home ownership. I have been officially pre-approved for a mortgage. By a big bank, not by one of those doofus mortgage brokers who lent subprime lenders money and then were surprised when they started defaulting on their loans. So now things can move forward [more...]

Date: 2007-09-28 02:38:23
Blog: Yourish.com...

Blame the quants!

People are always asking me to blog more often, well here you go, I searched for some info on ‘business model’ ... at the mortgage broker ( mainstreet) level. … ) Also, there is some question as to whether S&P ... the quants!, Information Processing What do you think of that? Creating Wealth How would you feel [more...]

Date: 2007-09-22 22:55:06
Blog: Sell Banners space...

The sub-prime trap

The sub-prime trap In the early 2000's, low interest rates and a boom real estate market lured lenders into taking all comers -- and home buyers ... . and Mrs. Montes say their mortgage broker assured them they would be able to refinance in a couple ... are at record highs and mortgage giants like Countrywide are on the brink of bankruptcy. The Wall Street [more...]

Date: 2007-08-17 12:55:36
Blog: World On the Web ...

Spin, Spin, Spin, I Get Tired Of The Mortgage Moguls Spin

I get emails from Countrywide who is trying to recover from another anti mortgage broker statement ... announced today that it was exiting wholesale mortgage as part of its move to return to “core businesses” [more...]

Date: 2007-09-20 09:31:16
Blog: RealEstateUndressed ...

Liar loans

We know about "liar loans," a pejorative for a mortgage one might take out for buying a house where the borrower doesn't have to supply proof of his stated income. But what happens if the liar is a mortgage broker? Al Ynigues, 65, said in an interview Wednesday that Carrington Capital Management refuses to modify his adjustable rate mortgage [more...]

Date: 2007-09-07 15:10:15
Blog: SCSUScholars...

Subprime Subpar

The Wall Street Journal carried a page-1 case study of a family with a subprime problem (subscription required). The whole thing is terribly sad ... for a $550,000 mortgage on a $90,000 income? Good freaking grief. Now, read that second paragraph again: "Mr ... say their mortgage broker assured them they would be able to refinance in a couple of years to [more...]

Date: 2007-08-17 12:48:17
Blog: View From a Height...

You Don't Need a "Local" Lender

You Don't Need a "Local" Lender Out of state lenders are not the pariah; inexperienced mortgage salespeople are.. Let me expand on that statement ... by saying that she needed a loan originator within "neck-wringing" distance. I read the overwrought ... properties in Hawaii or the USVI. I started my career as an Arizona mortgage broker. I blazed [more...]

Date: 2007-07-06 03:48:53
Blog: America's Mortgage Brok...

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