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Archive for September, 2008

Who Should Loan Officers Represent?
By September 28, 2008 0 Comments Read More →

Who Should Loan Officers Represent?

For all the talk of foreclosures and failing lenders, the bottom line is this: The mortgage lending system is both sound and hugely successful. Despite the headlines, most borrowers are making payments. Even among subprime borrowers — the borrowers most in the news — 81 percent are making their monthly loan payments as of mid-2008. […]

Posted in: Mortgages
Housing Data Reports: Is The Price Really Right?
By September 26, 2008 0 Comments Read More →

Housing Data Reports: Is The Price Really Right?

“If you want to invest in real estate,” says Jim Saccacio, Chairman and CEO at RealtyTrac.com, the leading online foreclosure marketplace, “then information is king. You want as much information as possible and you want something else: Information that’s relevant to the local area where you have an interest in real estate.” Probably the best-known […]

Posted in: Investing
The Changing Politics of Foreclosure
By September 26, 2008 0 Comments Read More →

The Changing Politics of Foreclosure

Linda A. Watters has spent the past few years busily suing the Wachovia National Bank. Her beef? The bank’s mortgage subsidiary was once a lender regulated by the state of Michigan, a state where Watters was the commissioner of insurance and financial services. However, in 2003 Wachovia said its mortgage subsidiary would make loans under […]

Posted in: Foreclosures
Should We Bring Back Ozzie & Harriet Loans?
By September 26, 2008 0 Comments Read More →

Should We Bring Back Ozzie & Harriet Loans?

It was in 2005 that Bill Dallas — then president and CEO of Ownit Mortgage Solutions, at the time on one of the 15 largest subprime mortgage lenders in the country — said “underwriting guidelines developed in the 1950s don’t address the needs of today’s homebuyers and brokers. Loans that met the needs of Ozzie […]

Posted in: Toxic Loans
How To Budget & Save In Hard Times
By September 26, 2008 0 Comments Read More →

How To Budget & Save In Hard Times

Go to any mall and you can see merchants offering discounts, mark-downs and promotions to get those customers through the door. If the malls in my area are any measure, retailing strategies pay off with arena-like crowds and lots of big spending. Given such enthusiastic consumption it seems almost unfair to mention the other side […]

Posted in: Library
Should We Have A Foreclosure Moratorium?
By September 24, 2008 0 Comments Read More →

Should We Have A Foreclosure Moratorium?

With the rapid increase in foreclosures nationwide, it follows that there would be a call for a foreclosure moratorium. Now such a call has come from several of the nation’s leading civil rights organizations, organizations asking for a ban on foreclosures for the next six months. Subprime loans are tailored to meet the needs of […]

Posted in: Foreclosures
Are Foreclosures Only A Subprime Problem?
By September 23, 2008 0 Comments Read More →

Are Foreclosures Only A Subprime Problem?

Most of the recent foreclosure news has concerned subprime loans, but could the same problems impact other parts of the mortgage marketplace? “If late payments and foreclosures are rising for well-qualified borrowers, then you can expect interest rates to climb and mortgage standards to harden for everyone,” says Jim Saccacio, Chairman and CEO at RealtyTrac.com, […]

Posted in: Library
Will You Become A Foreclosure Statistic?
By September 22, 2008 0 Comments Read More →

Will You Become A Foreclosure Statistic?

You have to figure that most owners who lose their homes in a foreclosure never thought it would happen to them. It always happens to someone else — you know, the people who get sick, laid off, have an accident, that sort of thing. So you might think: Foreclosure. That will never happen to me. […]

Posted in: Foreclosures
It’s Time To Raise Loan Disclosure Standards
By September 22, 2008 0 Comments Read More →

It’s Time To Raise Loan Disclosure Standards

It’s usually argued that full and fair disclosure is one of the best forms of consumer protection, but when it comes to mortgage loans there’s often much that borrowers don’t know — especially with today’s newer loan formats. Now a study by the Government Accountability Office says new standards of consumer education should be required […]

Posted in: Library
Don’t Get Caught By Changing Foreclosure Rules
By September 22, 2008 0 Comments Read More →

Don’t Get Caught By Changing Foreclosure Rules

If you follow the news these days you can find a growing number of stories concerning “foreclosure rescue specialists.” State attorney generals, legislators and community groups will tell that such folks are hardly candidates for sainthood, that foreclosure rescue specialists are instead engaged in home-stealing scams powered by fraud and deception. But while states are […]

Posted in: Foreclosures