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Tag: banks

Will Borrowers Benefit From New Mortgage Application Form?

Will Borrowers Benefit From New Mortgage Application Form?

For the first time in 20 years borrowers will soon face a new mortgage application form, seven pages of questions, acknowledgments and declarations designed to make the lending process quicker and easier in the electronic era. Press here for your copy of the new mortgage application form. Is it really better? Will it result in […]

The Real Reason Mortgage Rates Keep Falling

The Real Reason Mortgage Rates Keep Falling

By now mortgage rates were supposed to moving higher but that hasn’t been the case. Instead, lenders are elated to unload cash at rates which are beginning to approach the record lows seen in 2012. The loser in all of this is the Federal Reserve. It raised rates in December and the nation’s banks instantly […]

Why Credit Scores Are So Common

Why Credit Scores Are So Common

Credit scores have become more common in the last few years and one reason is that requirements under new federal lending rules. It’s not so much that lenders are required to hand out credit scores, rather the requirements are sufficiently vague that lenders give out the scores without cost to mortgage applicants to avoid any question […]

Why Subprime Mortgages Are Back

Why Subprime Mortgages Are Back

Subprime mortgages – once the bad boys of real estate lending – are coming back. Figures from the Federal Reserve Bank of St. Louis show that between 2007 and the start of 2013 subprime mortgages fell off the radar for most banks but now they have begun to make a significant comeback. What happened to […]

Big Bank Derivative Bets Nearly Double In Six Years

Big Bank Derivative Bets Nearly Double In Six Years

America’s major banks now hold derivatives with a notational worth of $225 trillion — about a third of the world total. No kidding. Trillion. And that’s up from a mere $120 trillion six years ago. Rather than being weened off derivatives, America’s big banks are more deeply entrenched then ever. Hopefully Wall Street has it figured […]

America’s Big Banks, America’s Financial Vietnam

America’s Big Banks, America’s Financial Vietnam

Three years ago the most-powerful instutitions in America were the nation’s largest banks and brokerages, Wall Street for short. While millions of people were losing their homes, their jobs and their savings, the nation’s elite extracted a $700 billion line-of-credit from Uncle Sam. Now Wall Street is our financial Vietnam. It’s broken. The old cures […]

How To RAISE Social Security Benefits Now

How To RAISE Social Security Benefits Now

Social Security is much in the news with claims that it’s going bankrupt and cries that benefits must be cut. But that isn’t the case, in fact if everyone simply paid their fair share of the costs — if bosses paid as much of their income as their workers — benefits could be maintained or […]

Mortgage foreclosure rescue scams (finally) blocked by feds

Mortgage foreclosure rescue scams (finally) blocked by feds

New rules from the Federal Trade Commission will make it more difficult and costly for bogus loan modification and foreclosure rescue companies to operate nationwide. Unfortunately, the rules are weaker than the standards now used by several states. Under the Mortgage Assistance Relief Services rule, the FTC says that mortgage foreclosure rescue and loan modification […]

Foreclosures: Why The New York Times Is Wrong

Foreclosures: Why The New York Times Is Wrong

The latest stumble in the foreclosure mess — and probably not the last — has been the revelation that huge numbers of sworn affidavits have been improperly signed. This is not a one-time whoopsie of the type we all make. This is a large-scale practice in which tens of thousands of affidavits were improperly signed, […]

Should I Use Private Mortgage Lenders?

Should I Use Private Mortgage Lenders?

If you’ve been turned down for a home loan by a bank you might want to look at private mortgage lenders. This is a wide ranging group that may include some good financing sources — and not a few sharks. In basic terms the world of lending can be divided into two groups, regulated lenders […]