Up to 70 Percent of Defaults Linked to Misrepresentation in Mortgage Applications

Published Oct 09, 2007 Who is to blame for the wave of mortgage defaults weeping the country? Although some say predatory lenders are at fault, an examination of mortgage loans made in 2006 ... themselves on mortgage applications. Mortgage Fraud Facts A study of more than 3 million mortgage loans [more...]

Date: 2007-10-12 14:46:45
Blog: CRIMES AND CORRUPTION O...

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Large U.S. Mortgage Lenders Facing Serious and 'Unprecedented' Distress Last Updated: Aug 17, 2007 Fitch lowers CFC to BBB+; Wolfe (Fitch) ... and securities market “diminished significantly”Aug 13 American Home Mortgage filed for bankruptcy ... U.S. mortgage lender) filed 10-Q with the SEC: “unprecedented disruptions” in mortgage finance [more...]

Date: 2007-08-17 21:58:09
Blog: RGE Monitor...

Bill Cracks Down on Stated Income Loans

Lack of income documentation on securitized subprime mortgages would allow borrowers to rescind the loan and recover transaction costs under a ... national standard for mortgage originations that applies to all lenders and mortgage brokers ... a mortgage to avoid penalties. To qualify for the safe harbor, the loans must meet four basic standards [more...]

Date: 2007-10-23 17:14:41
Blog: All the latest mortgage...

Letter: Be wary of reverse mortgages

If the government is willing to insure and ensure any reverse mortgage loan with a financial mortgage lender will be paid off so that elderly, needy folks can remain in their homes, why do we need a third party in on the deal? Specifically, reverse mortgage firms that are not the financial backers. Those firms send you their pretty [more...]

Date: 2007-10-24 11:20:09
Blog: Reverse Mortgage Loan B...

Mortgage Reform Bill to Face Stiff Opposition

A recently introduced bill aimed at reforming the mortgage industry and is the subject of a House Financial Services Committee hearing today will likely face stiff opposition from mortgage lenders, Wall Street firms and other interest groups, Bankruptcy Law360 reported yesterday. H.R. 3915, the “Mortgage Reform and Anti-Predatory Lending Act [more...]

Date: 2007-10-24 15:58:33
Blog: Chapter 7 Bankruptcy Su...

Subprime Mortgage Loans--Posner's Comment

The subprime-mortgage imbroglio is just the latest chapter in an age-old concern with the charging of interest, especially to individuals ... money to tide them over till their next paycheck, and subprime mortgage loans sometimes at annual rates 4 or 5 percent higher than mortgage loans to borrowers who have good credit, were consequence [more...]

Date: 2007-06-25 03:27:12
Blog: The Becker-Posner Blog...

Mortgage Lender Lays Off Nearly 6,000

AP Friday August 17, 11:22 pm ET First Magnus Lays Off 99 Percent of Its Nearly 6,000 Workers, Closes More Than 300 Offices TUCSON, Ariz. (AP) ... in the mortgage industry, even though First Mangus was not engaged in selling "sub-prime" mortgages ... -- First Magnus Financial Corp., a national mortgage lender that is suspending operations, says [more...]

Date: 2007-08-18 18:09:12
Blog: CRIMES AND CORRUPTION O...

Mortgage crisis no surprise to 'Housing Bubble Blog' community

Mortgage crisis no surprise to 'Housing Bubble Blog' community An Arizona blogger built a robust virtual community, and a full-time job, detailing the breakdown in mortgage lending standards. Here's what he can teach other journalists ... . Lenders had abandoned traditional guidelines for mortgage lending, creating interest-only [more...]

Date: 2007-09-11 17:44:00
Blog: Online Journalism Revie...

Deceptive Mortgage Advertising: It’s a No Brainer

You’ve probably seen the television ads claiming that no cost mortgage refinancing is “a no brainer ... up your mortgage interest rate for a profit, many brokers invent fees when processing your loan ... is. Here is the truth you need to know about the no cost mortgage refinancing lie. refinancing [more...]

Date: 2007-10-24 00:35:36
Blog: Mortgage Refinance Info...

Governor appoints corrupt subprime mortgages lawyer commissioner of Nevada Mortgage Lending Division

Sep. 05, 2007 Copyright © Las Vegas Review-Journal Former lobbyist granted state job Buckley questions appointment to post By JOHN G ... errors, according to the Irvine, Calif.-based company. New Century originated $51.6 billion in mortgage ... over today as commissioner of the Nevada Mortgage Lending Division. Mendy Elliott, director [more...]

Date: 2007-09-06 20:02:53
Blog: CRIMES AND CORRUPTION O...

Capital One Closes Wholesale Mortgage Unit

Revises 2007 EPS guidance down by $2.15 per share;expects 2007 EPS of approximately $5 ... / -- Capital One Financial Corporation today announced that it will cease residential mortgage origination operations at its wholesale mortgage banking unit, GreenPoint Mortgage, effective immediately. Current [more...]

Date: 2007-08-21 14:52:16
Blog: CRIMES AND CORRUPTION O...

Mortgage Fees: What’s Legit and What Isn’t

If you’ve ever applied for a mortgage, you’re almost certainly familiar with a “Good Faith Estimate,” which gives you a rundown of costs associated with your mortgage. According to a recent sidebar in Money Magazine, the average costs associated with a $200,000 mortgage (excluding taxes, prepaid [more...]

Date: 2007-08-22 10:12:56
Blog: personal finance tips ...

Mortgage Advice

In the US today more households have mortgages than ever before ... your mortgage it is good advice to take a look at your state or local government website’s financial section ... . In fact the chance of you having or knowing someone who is paying off their mortgage is greater [more...]

Date: 2007-10-24 12:04:39
Blog: Adsense Business Wealth...

Fact or Fiction: Mortgage free in 1/2 the time?

merge sign While at football practice, one of the parents passed out a flier for their business ... : FREE ANALYSIS BE “MORTGAGE-FREE” IN LESS THAN HALF THE TIME PAY OFF YOUR 30 YR. MORTGAGE IN AS LITTLE AS 8-11 YEARS OR LESS ANY MORTGAGE CAN BE REDUCED (FIXED, ARM, INTEREST ONLY, ETC.) POTENTIALLY [more...]

Date: 2007-10-23 21:34:34
Blog: Gather Little By Little...

‘Marketplace’ Report: Mortgage Relief (NPR)

‘Marketplace’ Report: Mortgage Relief (NPR) No Comments Posted in Arizona Mortgage Info by on October 23rd, 2007 The nation’s biggest mortgage lender, Countrywide Financial, will modify or refinance $16 billion in loans to homeowners facing higher adjustable interest rates. Also, Capitol Hill may [more...]

Date: 2007-10-23 21:24:19
Blog: Arizona Refinance Mortg...

Bloody Toto in Mortgage Fraud Land

During the halcyon years of the housing bubble, mortgage fraud flourished like the green bay tree ... from mortgage frauds committed in Brooklyn and on Long Island: they were part of a series of frauds committed by overlapping groups of organized mortgage crooks based in New York and New Jersey. Numerous lending [more...]

Date: 2007-06-10 23:27:54
Blog: Blogger News Network ...

Defaults Rise in Next Level of Mortgages

April 10, 2007 Some of the problems afflicting mortgages sold to borrowers with weak, or subprime, ... as American Home Mortgage, a lender based in Melville, N.Y., said that it would earn less and pay ... the subprime mortgage market began deteriorating late last year, investors and analysts have kept [more...]

Date: 2007-04-10 18:11:08
Blog: CRIMES AND CORRUPTION O...

Beware of your mortgage broker

Most people get very excited when they are purchasing a home especially their first home ... changes to a higher one. A first mortgage and even second mortgage should not bury you. Like I said ... and the broker. When gettting a home mortgage try to separate business from pleasure [more...]

Date: 2007-10-23 15:54:14
Blog: Mortgage Lender 360 Bl...

Impac Mortgage Stops Alt-A Lending

Associated Press 08.07.07, 9:32 AM ET IRVINE, Calif. - Impac Mortgage Holdings Inc ... , which was almost wholly an alt-A lender, will continue to originate prime mortgages through wholesale ... growing concern about rising mortgage delinquencies and defaults. The problem began with subprime [more...]

Date: 2007-08-07 18:19:52
Blog: CRIMES AND CORRUPTION O...

Schwarzenegger’s Fiscal Discipline is Terminated by Subprime Mortgage Slump

Schwarzenegger’s Fiscal Discipline is Shattered by Subprime Mortgage Slump ... Residents Will Sell Notes to Help Pay Bill Until Tax Money Comes In; Looks to be Largest Short Term Loan Loss Since Schwarzenegger Took Office mortgage news, Mortgage Video, Subprime Implosion, Subprime [more...]

Date: 2007-10-24 20:49:19
Blog: All the latest mortgage...

Mortgage mess fallout may fall to middle class

By TEDDYE SNELL tsnell@tahlequahdailypress.com TAHLEQUAH DAILY PRESS— For people who don't have degrees in finance and banking, ... as understanding quantum physics. Some experts believe those involved in creating the "mortgage mess ... when, in reality, the core of the matter is greed. Matt Brassfield, owner of A&B Mortgage in Tahlequah [more...]

Date: 2007-09-26 18:17:55
Blog: CRIMES AND CORRUPTION O...

National Home Sales

Daily Real Estate News  |  October 24, 2007 Temporary problems in the mortgage market are easing and are expected to free some pent-up demand, ... that rely more on jumbo loans,” he says. “The good news is that mortgage availability has markedly ... economist, said the decline is understandable. “Mortgage problems were peaking back in August when many [more...]

Date: 2007-10-24 17:22:21
Blog: South of Market Real E...

House approves bill helping mortgage borrowers

Here you have it, folks. The plan is to re-fi borrowers out of unsustainable loans into what will effectively be government subprime loans ( ... in the mortgage market continues. About two million loans are expected to reset to higher rates ... , 2007 WASHINGTON (MarketWatch) -- Reaching out to hard-hit borrowers in the subprime-mortgage market [more...]

Date: 2007-09-19 12:36:11
Blog: CRIMES AND CORRUPTION O...

0% mortgage?

You hear all the time about people using taking unsecured debt and turning it into secured debt (by using home equity loans to pay off credit cards) ... world where nothing goes wrong? According to Dinkytown’s Mortgage Loan Calculator, if If I paid ... pay $21,028.43 in interest over the term of the loan and I’d be done with the mortgage in 6 years [more...]

Date: 2007-10-24 11:40:06
Blog: 0% mortgage? - Blunt Mo...

What Is a Reverse Mortgage?

If you are not getting any younger and you would like to experience the finer things in life, then a reverse mortgage may be able to help. A reverse mortgage allows you to take out a loan based upon the equity that is tied up in the home. Giving you either multiple payments or one lump sum; whatever suits you the best. (more…) [more...]

Date: 2007-09-28 19:25:51
Blog: Best CD (Certificate o...

More Nosebleed Dive for Mortgage Industry

As of today more homeowners fail to keep up on their adjustable-rate mortgages. Therefore more and more families are loosing their homes ... , accurate information to mortgage companies so that they can start with wisely approving loans ... . Despite some resolutions created both by the government and loan agencies, the foreclosure volume [more...]

Date: 2007-10-24 06:09:10
Blog: GIO’s WeBlog...

Breaking News: Existing Home Sales Fall by Largest Amount Ever!

Sales of existing homes plunged by a record amount in September as turmoil in mortgage markets added more problems to a housing industry in its ... and how these things can affect you. Advertisement: Payday Loans Online from the leader in online cash ... and mortgage markets in August as worries increased over rising mortgage foreclosures. Those worries [more...]

Date: 2007-10-24 13:36:12
Blog: Real Estate Investing F...

UK housing market ‘vulnerable’ to downturn (Financing News)

Financial Times - However, a decline in demand for buy-to-let mortgages – some 12 per cent of the total in the first half of 2007 – might lead to ... of pounds in extra interest by signing up for mortgage deals which end sooner than Also in Property ... now, many members of Congress have said the Bush administration needs to expand the ability of mortgage [more...]

Date: 2007-10-23 16:06:26
Blog: MoneyMakersOpportunity...

Fed Lazy Fare

I'm okay with the notion that monetary policy is directed at the capital markets and not a consumer protection agency ... for mortgages is not so different from credit cards. Yes, a mortgage is backed by an asset, but many loans ... , which is analogous to credit cards. The admonishment "caveate emptor" still applies. While a mortgage [more...]

Date: 2007-06-15 14:00:59
Blog: blogs | TPMCafe...

How Not To Fix The Subprime Mortgage Crisis, Part III

Liz Mair reports that Congress is now considering a new round of bankruptcy reform in response to the crisis that has developed in the subprime mortgage business. As with most of the government regulation that’s been suggested in this area ... to rewrite the terms of the mortgage loans as well as other changes to the law that would [more...]

Date: 2007-10-24 16:32:23
Blog: The Liberty Papers ...

Mortgage meltdown contagion

A grim forecast has economists more pessimistic over how far the collapse will spread to the rest of the economy. By Les Christie, CNNMoney ... " in the mortgage market were forcing it to cut way back on the number of loans it was securitizing ... , the mortgage meltdown spread to the financial markets with ebola-like speed, sparking fears [more...]

Date: 2007-08-10 18:26:47
Blog: CRIMES AND CORRUPTION O...

Large U.S. Mortgage Lenders Facing Serious and 'Unprecedented' Distress Last Updated: Aug 09, 2007 Countrywide (largest U.S. mortgage lender) filed 10-Q with the SEC: “unprecedented disruptions” in mortgage finance to hurt earnings and ability to lend WaMu (largest U.S. savings and loan): liquidity in the market for less-than-prime home [more...]

Date: 2007-08-10 03:42:19
Blog: RGE Monitor...

China raises mortgage interest

0928mortgage.jpg On Friday, the People’s Bank of China raised mortgage interest rate and hiked minimum down payment needed for purchasing ... Commission, the PBoC said It is clear that the rapid rise in real estate prices is due to irrational ... immediately, mortgage rate for both commercial and investment residential properties (non-primary [more...]

Date: 2007-09-28 09:44:42
Blog: Shanghaiist...

Business News Update

Business News Update Posted by Jayson Javitz Published: Oct 5, 07 10:45 AM Labor Markets The national labor markets rebounded in September ... generic prescription drugs. Mortgage Laws The U.S. House spent a lot of time this week on mortgages ... forgiveness of mortgage debt. That's good. Unfortunately the same bill offsets the costs of that tax [more...]

Date: 2007-10-05 13:25:08
Blog: Wizbang...

Dead Man Walking-Wholesale Lending is Marching Towards Extinction

Published at October 15, 2007 There has been a whisper in the mortgage-lending winds, subtle at first, but growing louder everyday: ... mortgage originator playbooks. Second, employees are being moved around. The good ones that is. Good ... wholesale lending by mortgage brokers is on its death bed. It hasn’t been proclaimed, in fact [more...]

Date: 2007-10-16 17:08:19
Blog: CRIMES AND CORRUPTION O...

Large U.S. Mortgage Lenders Facing Serious and 'Unprecedented' Distress Last Updated: Aug 16, 2007 Fitch lowers CFC to BBB+; Wolfe (Fitch) ... diminished significantly” American Home Mortgage filed for bankruptcy on Monday Analysis ... Bloomberg): Countrywide (largest U.S. mortgage lender) filed 10-Q with the SEC: “unprecedented [more...]

Date: 2007-08-16 17:53:13
Blog: RGE Monitor...

National Association of Mortgage Brokers Seeks Compromise on YSP

The National Association of Mortgage Brokers is hoping to find some middle ground with House Democrats on a provision in a newly introduced ... premiums that are a broker’s main source of compensation. All direct mortgage lenders ... premium for certain types of loans. The NAMB agrees that incentive payments should be banned. “We want [more...]

Date: 2007-10-24 16:11:48
Blog: All the latest mortgage...

Goverment and Sub-Prime Mortgages

Minnesota Campaign Report's Joe Bodell has an excellent recap of the House Financial Service Committee's Thursday hearing on Predatory Lending, ... ." He went on to discuss the issue of the unregulated, non-FDIC mortgage market, saying that "if only regulated banks made mortgage loans, we might not have this problem -- this is largely a problem [more...]

Date: 2007-08-11 17:15:25
Blog: MyDD :: Direct Democrac...

*Countrywide rejiggers loans

Perhaps sensing some movement from Washington, the Calabasas-based mortgage lender said it would help its subprime borrowers who face huge bumps in ... mortgages. Qualifying borrowers will move into prime fixed-rate mortgages, or into home loans guaranteed by the government-sponsored housing agencies Fannie Mae and Freddie Mac. "We are determined [more...]

Date: 2007-10-23 17:21:11
Blog: LA Biz Observed: Busine...

House Pushing Mortgage Insurance Plan

"Looking to help homeowners avoid foreclosure, the Democratic-controlled House wants to insure mortgages and provide affordable housing grants well ... for low- and middle-income borrowers, to back refinanced loans for tens of thousands of borrowers ... to the mortgage-market tumult of the summer. The Senate last week passed spending legislation that [more...]

Date: 2007-09-18 18:26:30
Blog: CRIMES AND CORRUPTION O...

How To Destroy Your Credit With Bad Mortgage Loans

Quite recently, I wrote a couple of posts about the subprime lending debacle which were aptly entitled: The American Nightmare: ... With Mortgage Fraud And Subprime Borrowing One post also included this flow chart showing how ... market rout this past week. Just take a look at the number of mortgage defaults (impending foreclosures [more...]

Date: 2007-08-02 14:56:01
Blog: Money and Personal Fina...

President Says Reform FHA & Fannie Mae - Is there a Mortgage Bailout Coming?

Most investors and analysts have been predicting the Fed will lower interest rates next week in an effort to revive the mortgage and housing sectors ... to deal with the current mortgage crisis. And now, some investors are worried the Fed may not lower ... Congress, I really don't understand how reforming FHA will help subprime lenders and borrowers [more...]

Date: 2007-10-23 17:35:26
Blog: BlogArizona.com - An Ar...

Over the Volcano

Jon Carroll Tuesday, August 21, 2007 For a long time, I've had a lot of trouble understanding this sub-prime lender thing ... a mortgage do you want?" Borrower: "Uh, $200,000?" Lender: "Two hundred K? In this market ... the mortgage because it could sell it to another company that would use the full value of the mortgage [more...]

Date: 2007-08-22 20:01:46
Blog: CRIMES AND CORRUPTION O...

The Bush Subprime Bailout: Limited Surge or Taxpayer Quagmire?

Ick! The Ownership Society of crap mortgage lending that President Bush pushed so assiduously has gone and done an Iraq on the carpet ... (FHA) have contributed mightily. As have the secondary mortgage market giants, the Government ... mortgage fraudsters who became a white collar crime wave. They’re already running foreclosure rescue [more...]

Date: 2007-09-05 03:19:19
Blog: Blogger News Network ...

The coming mortgage delinquencies and resets

I took me a little while to understand this chart. Here’s what it says ... t get out. Implicit in the chart is a whole lot of pain. Mortgage resets More pain. Note the spike ... negative amortization and will be upside down when the reset comes. Was it not insane that mortgage [more...]

Date: 2007-10-23 17:24:17
Blog: Politics in the Zeros...

THE WRITING IS ON THE WALL

"When the low mortgage payments and home equity disappear, so too will the spending and jobs they engendered ... some of the most absurd mortgage funding products the world has ever seen. To anyone not dependent ... mortgage was a just as clear a sign of pending catastrophe as $200 for a share of Pets.com, or 5,000 Dutch [more...]

Date: 2007-08-31 17:33:52
Blog: CRIMES AND CORRUPTION O...

Bush: We Need More Corporate Tax Cuts (But Don’t Increase Money To Insure Poor Kids)

At a time when President George Bush is threatening to veto a bill enjoying widespread bipartisan support that would increase money to fund health ... s comments came as he tried to calm volatile stock and mortgage markets and reassure the country ... and Freddie Mac more freedom to buy mortgages and mortgage-backed securities. And he ruled out any [more...]

Date: 2007-08-09 13:10:02
Blog: The Moderate Voice » Do...

Merrill Lynch Sees Mortgage Woes Drive $2.31 Billion Loss in Third Quarter

That so-called kitchen sink — a term regularly used to describe a company taking its lumps in one quarter — just got a whole lot bigger ... across CDOs and U.S. subprime mortgages, significantly greater than the incremental $4.5 billion write ... executive officer. “We expect market conditions for subprime mortgage-related assets to continue [more...]

Date: 2007-10-24 12:03:45
Blog: Housing Wire ...

Mortgage Fraud Addicts of the Empire State

Poor mortgage fraud. It still doesn’t get the big eyeball. What does a white collar crime have to do to get real paparazzi action? ... cover subprime risk with high interest rates and servicing fees, and by uploading subprime loans ... or brain dead, into grist for the mortgage mill, more and more wacky loan products and derivative [more...]

Date: 2007-08-11 00:43:29
Blog: Blogger News Network ...

Wall Street Geniuses Blow Up the Lab

Related Bear Stearns Cuts Mortgage Jobs as Share Advance Signals Rescue KUDLOW AGITATES FOR WALL STREET MORTGAGE "WELFARE" --- Thursday, Aug ... scientists have blown up the lab again. The subprime mess that is cutting so wide a swath through ... a bunch of low-rated debt like subprime mortgages and then break the package into pieces, called [more...]

Date: 2007-08-17 15:38:46
Blog: CRIMES AND CORRUPTION O...

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