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Archive for May, 2011

Citi Rolls Out Mortgage Relief Program for Disabled Veterans

Citi Rolls Out Mortgage Relief Program for Disabled Veterans

Disabled veterans with Citi-owned mortgages may be able to tap into a special relief program recently announced by the financial giant. The program cuts interest rates for eligible service members and waives late fees and other past due amounts. The 2.5 percent rate reduction covers a two-year window. Service members are required to provide documentation […]

Posted in: Mortgages
Are ARM mortgage interest rates about to rise?

Are ARM mortgage interest rates about to rise?

The Consumer Financial Protection Bureau has come out with a new approach to mortgage financing, good faith estimate forms (GFEs) that are supposed to be better than the form introduced by HUD in 2010. This is important stuff for three reasons: First, HUD estimates that the 2010 GFE saves borrowers $700 per loan. Second, when […]

Posted in: Mortgages
Memorial Day — 2011

Memorial Day — 2011

On this Memorial Day let’s take a moment to remember those who served in the Armed Forces in past years and those who serve today. For most Americans the history of a lifetime is marked by its wars and battles. Since the Second World War, US military personnel have been involved in major conflicts in […]

Posted in: News
Foreclosed Homes for Less Than $100,000

Foreclosed Homes for Less Than $100,000

The latest quarterly figures are in and it’s not great news on the real estate front: According to RealtyTrac, distressed real estate accounts for 28 percent of all existing home sales in the first quarter. No less important, the typical foreclosure discount was 27 percent lower than homes not in foreclosure. Combine falling home prices […]

Posted in: Foreclosures
Gingrich Offers Deficit Solution: Credit From Tiffany’s

Gingrich Offers Deficit Solution: Credit From Tiffany’s

Republican presidential hopeful Newt Gingrich says the solution to the nation’s credit problems is an account with Tiffany & Co. Speaking before the Society for the Encouragement of Multiple Marriages, Gingrich explained that “we are at a point in our Nation’s history where we must turn back to our corporate roots for salvation. We have […]

Posted in: News
Bin Laden Liked Animal Porn, Craved Miami Condo, Pork Rinds

Bin Laden Liked Animal Porn, Craved Miami Condo, Pork Rinds

That haul of secret computers, disks and videos from the Abbottabad compound of Osama Bin Laden has begun to yield substantial intelligence, according to highly-reliable sources in Washington. “When the full story gets out the public will be amazed,” said one official who cannot be identified. “We were shocked, just shocked, at what we found. […]

Posted in: News
Is it good not to pay your mortgage loan?

Is it good not to pay your mortgage loan?

Is it a good thing if you don’t pay your mortgage? The usual answer is a fat “no” after which comes a discussion of foreclosures, diving credit scores, ugly credit reports, deficiency judgments, loan denials and higher interest costs for mortgage loans and automobile financing. And yet there’s a strange and somewhat logical theory floating […]

Posted in: Mortgages
Is the government holding down mortgage interest rates?

Is the government holding down mortgage interest rates?

One way to re-start the housing sector and thus a big part of the American economy would be to assure that mortgage quotes were as low as possible. And given that banks today can borrow money at pretty close to zero, is the government now forcing down mortgage rates to 5 percent or less? The […]

Posted in: Mortgages
Tornado Relief Sought for VA Mortgage Loan Borrowers

Tornado Relief Sought for VA Mortgage Loan Borrowers

The VA is asking mortgage lenders and servicers to provide relief to military borrowers in areas affected by April’s devastating tornadoes. In a circular released earlier this month, the agency encourages servicers to waive late charges and halt credit reporting for veterans whose homes, families or livelihoods were impacted by the storms, which tore through […]

Posted in: Mortgages, News
Good To Be Rich, Millionaire Wealth To Double In Next Decade

Good To Be Rich, Millionaire Wealth To Double In Next Decade

Millionaires are going to do pretty well in the next decade. According to a report from the Deloitte Center for Financial Services, the total wealth of millionaire households in 25 major economies is likely to grow from $92 trillion in 2011 to $202 trillion in 2020. The fate of millionaires, of course, is a major […]

Posted in: News