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Archive for April, 2010

Mortgages: The Hearing Washington Won’t Have

Mortgages: The Hearing Washington Won’t Have

Yesterday was the big showdown on Capitol Hill, Goldman Sachs versus the universe. The universe won. In testimony before the Senate Permanent Subcommittee on Investigations various officials from Goldman Sachs responded to an assortment of allegations and outrage regarding their part in the sale of mortgage-backed securities. In basic terms, the folks from Goldman explained […]

Posted in: News
How Can We Slash Mortgage Insurance Costs?

How Can We Slash Mortgage Insurance Costs?

Private mortgage insurance companies are the private-sector equivalent of the VA and FHA. Such insurance allows individuals to borrow with little down — but only if they pay a premium for such coverage. How It Works Some important points about private mortgage insurance (MI) include: MI companies are state regulated, not federally regulated. State regulation […]

Posted in: Mortgages
Mortgage Reform Now — 6 Ways To Fix What’s Broke

Mortgage Reform Now — 6 Ways To Fix What’s Broke

For all the talk of reform on Wall Street, a quicker and easier way to assure that big banks don’t fail and small borrowers don’t get screwed is to simply fix the mortgage origination system. Fixing the mortgage system is crucial if we’re to prevent another financial meltdown. If the mortgages are done right than […]

Posted in: Mortgages
SEC — No Help For Mortgage Borrowers

SEC — No Help For Mortgage Borrowers

The news is now filled with SEC accusations that Goldman Sachs defrauded investors who bought mortgage-backed securities, allegations Goldman Sachs strongly denies. But nowhere in the news do we hear of any effort to help the mortgage borrowers whose screwing made the financial meltdown possible. While the SEC is concerned about helping securities investors who […]

Posted in: Mortgages
When To Tell Your Mortgage Lender To Take A Hike

When To Tell Your Mortgage Lender To Take A Hike

If you’ve been getting strange calls from your mortgage lender demanding payment, don’t be so quick to reach for your checkbook — such calls could be nothing but efforts to get money before it’s due. Or they could be outright frauds, a form of identity theft. Let me explain: I have a mortgage which is […]

Posted in: Mortgages
April 15th: The Right Way To Figure Taxes

April 15th: The Right Way To Figure Taxes

With April 15 now upon us a question lingers: Isn’t there a better way to deal with this annual effort to find receipts, stubs and numbers that balance? My interest in taxes is both economic and genetic. My late father was a CPA for more than 60 years and at age 90 or thereabouts was […]

Posted in: News
Harris Poll: 27,000,000 Borrowers Think They’re Underwater

Harris Poll: 27,000,000 Borrowers Think They’re Underwater

A new study from the Harris Poll suggests the extent of the current financial crisis and mortgage meltdown: “Fully 24% of people with mortgages believe they owe more on their mortgages than their homes are worth,” says Harris. “One in nine homeowners (11%) with mortgages report having ‘a great deal of difficulty’ in paying off […]

Posted in: News
Mortgage Modifications Threatened by Higher Interest Rates

Mortgage Modifications Threatened by Higher Interest Rates

Mortgage interest rates have spiked during the past two weeks, so is there a need to worry? The news is unsettling because last August the Federal Reserve announced that it would stop purchasing mortgage-backed securities (MBS) in the open market on March 31, 2010. The thought of one less buyer in the marketplace — one […]

Posted in: Mortgages
VA Governor Declares May “Nazi History Month”

VA Governor Declares May “Nazi History Month”

Virginia Governor Bob McDonnell has declared that May will be “Nazi History Month” in his state. The Republican governor said May was the right month for such an event because it marked the end of hostilities in Europe. “It’s important to understand that there were acts of valor and bravery on both sides and that […]

Posted in: Library
The Mortgage Modification That Hurts Borrowers

The Mortgage Modification That Hurts Borrowers

Our lender has modified our mortgage. That sounds pretty good because mortgage modifications are in the news and some people very much need new rates and terms. But in this case, what’s happened is this: Out of the blue and without any other notice our lender has cut off our home equity line of credit […]

Posted in: Library