Archive for March, 2008
Countrywide Sees Pay-Option Loan Risk
Countrywide Sees Pay-Option Loan Risk
Can I get a great big, “Ya Think?” to that one?
They are finally getting around to saying, “You know, maybe if we don’t ask someone what they make, and loan them 100% of the value of their home, and give them the ability to pay less than the interest, it’s going to come back and haunt us……?
Hmmmm, maybe Countrywide deserves what it’s getting……
Fannie Mae, Freddie Mac Reach Landmark Agreement on Appraisal Practices | Housing Wire
Fannie Mae, Freddie Mac Reach Landmark Agreement on Appraisal Practices Housing Wire
If you believe what Fed Governor Poole said last week about Fannie and Freddie being in trouble, then this is a good thing. Hopefully this will reduce the amount of inflated appraisals that are out there.
It’s also going to make being a mortgage broker a significantly harder thing to do because, my understanding, is that a mortgage broker can’t order an appraisal. So, from my understanding, it’s going to be harder to flip a deal from one bank to another.
Go to www.blownmortgage.com and read the post that Morgan did about the broker business (Dead Man Walking). This is another nail in that coffin……
Bank failures expected to rise, but that’s not worst problem - Mar. 3, 2008
Ouch. I guess you could say that this problem is getting worse, not getting better.
Using the baseball analogy, I used to say that we were in the 3rd or 4th inning of a baseball game. Now, I’d say that we’re maybe in the 3rd or 4th inning, but our star player struck out, injured his wrist and is out for the game and, after striking out, 5 of our players got ejected from the game for fighting.
It ain’t a pretty picture.
Bank failures expected to rise, but that’s not worst problem - Mar. 3, 2008
Bank failures expected to rise, but that’s not worst problem - Mar. 3, 2008
Ouch. I guess you could say that this problem is getting worse, not getting better.
Using the baseball analogy, I used to say that we were in the 3rd or 4th inning of a baseball game. Now, I’d say that we’re maybe in the 3rd or 4th inning, but our star player struck out, injured his wrist and is out for the game and, after striking out, 5 of our players got ejected from the game for fighting.
It ain’t a pretty picture.
Bank failures expected to rise, but that’s not worst problem - Mar. 3, 2008
Bank failures expected to rise, but that’s not worst problem - Mar. 3, 2008
Ouch. I guess you could say that this problem is getting worse, not getting better.
Using the baseball analogy, I used to say that we were in the 3rd or 4th inning of a baseball game. Now, I’d say that we’re maybe in the 3rd or 4th inning, but our star player struck out, injured his wrist and is out for the game and, after striking out, 5 of our players got ejected from the game for fighting.
It ain’t a pretty picture.
Bank failures expected to rise, but that’s not worst problem - Mar. 3, 2008
HP-856: Remarks by Secretary Henry M. Paulson, Jr.U.S. Housing and Mortgage Market Updatebefore the National Association of Business Economists
Let’s just that it appears that the Treasury Secretary isn’t interested in bailing out the mortgage world……
Should You Walk Away? - Educate Yourself On Your Rights If You Face Foreclosure. Our Website Can Help You.
This is getting more and more press. What do you do if you are struggling with making your payments and the value of your house is dropping?
The fact that many people are taking the “easy” way out and walking away is a troubling indication of the lack of morals and ethics in this country.
What do you think?
HUD proposes changes to mortgage rules | Reuters
Reuters has an article about changes that HUD is proposing. A couple of thoughts:
1. Would those changes help people understand what they are doing with a mortgage better - maybe.
2. Would it be good for them to disclose to customers what a mortgage broker is making - yes it would.
Would any of this have stopped the mortgage meltdown that’s going on right now? Not a chance.
It’s like putting a band aid on when surgery is needed…..
HUD proposes changes to mortgage rules Reuters
Bankruptcy Court Asked to Sanction Countrywide - New York Times
The troubles continue for Countrywide.
A couple of thoughts about this:
1. It reinforces that it’s important to know who you are dealing with when you get a mortgage.
2. It reinforces that it’s important to keep your own records and make sure they are accurate on payments made etc.
The troubles in the mortgage world are far from over…….
Bankruptcy Court Asked to Sanction Countrywide - New York Times