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Archive for July, 2009

Mortgage Brokers Must Disclose Secret Fees, Says Judge

Mortgage Brokers Must Disclose Secret Fees, Says Judge

Figuring out how much you pay for a mortgage is like trying to determine the real cost of a new car, a lot of what you pay is hidden and unclear. Now James Robertson, a federal district judge based in Washington, DC, has decided that mortgage brokers will have to disclose their secret fees under […]

Posted in: Mortgages
Foreclosures: Metro Home Losses Up Nearly 15 Percent

Foreclosures: Metro Home Losses Up Nearly 15 Percent

Big cities in the sun belt from Florida to California lead the nation in foreclosures, according to the latest statistics released by RealtyTrac.com, the leading online marketplace for foreclosure properties. The company’s Midyear 2009 Metropolitan Foreclosure Market Report shows that “cities in California, Florida, Nevada and Arizona continued to document the nation Technorati Tags: California, […]

Posted in: News
Capitol Hill Mortgages No Big Deal

Capitol Hill Mortgages No Big Deal

According to various reports the Senate Ethics Committee has spent several hours lately speaking with a former Countrywide official. The issue is cushy mortgages and discounted mortgage rates for Senators Chris Dodd (D-Conn.) and Kent Conrad (D-N.D.), but curiously not a mention of any Republicans. This is news? The senators, of course, argue that they […]

Posted in: News
Can You Avoid Foreclosure With A “Second Look”?

Can You Avoid Foreclosure With A “Second Look”?

We usually think of foreclosures as battles between lenders and borrowers, but in many cases there is actually a third party in the process, mortgage insurance companies. Mortgage insurance companies have a big stake in bad times because when insured borrowers fail it’s the MI companies that can face big claims. The good news is […]

Posted in: Foreclosures
When Did The Mortgage Meltdown Begin?

When Did The Mortgage Meltdown Begin?

It’s official. We now have a starting date for the mortgage meltdown. It was February 27, 2007, almost two-and-a-half years ago. It was on that date that Freddie Mac said it would no longer purchase subprime mortgages and high-risk mortgage-backed securities. Who says? The Federal Reserve Bank of St. Louis. It has come up with […]

Posted in: News
Luxury Homes Wilt On The Market

Luxury Homes Wilt On The Market

Luxury homes — those mansions on the hill — are not selling like hotcakes. In fact, such homes are being re-priced with newer and lower values The Institute for Luxury Home Marketing says that of 40,252 luxury properties available during the past week, the typical price was $1,156,708 and the cost per square foot averaged […]

Posted in: News
Home Prices Up — Can This Be Real?

Home Prices Up — Can This Be Real?

Bet you haven’t heard this in awhile — U.S. home prices rose. They rose for the month of April by .9 percent nationwide according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). Let’s not go crazy here, the index is 10.7 percent below its April 2007 peak. That said, in an environment […]

Posted in: Library
Appraisal Worries Really About The Future

Appraisal Worries Really About The Future

Tim writes and points to a number of problems he sees with the Home Valuation Code of Conduct (HVCC). Fair enough. Let’s look at what he offers: >>>Instead of a majority of valuation assignments going to appraisal managment companies we now have virtually ALL assignments being controlled by these joint venture arrangments. Notice how the […]

Posted in: Mortgages
Are Toxic Loans Coming Back?

Are Toxic Loans Coming Back?

Our good friends at Realty Times report that some in the mortgage industry believe that no-doc loans and other forms of toxic finance “may soon be making a comeback” and that “some people can’t wait for the no-doc loans.” Really? I have no doubt that some people would be elated by the return of liar […]

Posted in: Toxic Loans
Saudi Family Takes Genie To Court

Saudi Family Takes Genie To Court

I’m not sure how this is going to work out, but a family is Saudi Arabia is taking a genie to court, alleging that the spook engaged in theft and harassment, according to CNN. It’s just a guess, but I suspect that it will be terribly difficult to serve a subpoena…. I know of no […]

Posted in: Sellers