All Posts Tagged With: "subprime"
Morgan Stanley To Pay $102 Million For Mortgage Role In Massachusetts
Massachusetts Attorney General Martha Coakley has announced that Wall Street titan Morgan Stanley will pay $102 million to settle for its role in creating a market for subprime mortgages in the state. The settlement includes $58 million to roughly 1,000 homeowners.
Should Have Known
“This has become an all-too-familiar pattern in which the deceptive practices of Wall [...]
FHA To Borrowers: Gimme More!
The FHA has announced higher mortgage insurance premiums,stiffer downpayment standards for those with weak credit and more oversight for FHA-approved lenders.
What’s going on here? A few things:
First, FHA reserves are falling. The insurance program needs more money. What happens when insurance programs need cash? They raise premiums. In the case of the FHA they want [...]
Mortgage Surprise? What Mortgage Surprise?
The most used word in the world of mortgage financing during the past few weeks has been “surprise,” as in, “oh my, cover your eyes and turn away from those poor wretched loans.”
“The U.S. mortgage giant Freddie Mac said it would no longer buy those high-risk home mortgages that it deems to be [...]
9Nov2009 | Peter G. Miller | 0 comments | Continued
Mortgages: Do Away With Fannie Mae & Freddie Mac?
The news is filled with stories regarding efforts to dump Fannie Mae and Freddie Mac and replace them with, er, well, no one knows what.
Good luck, folks.
Fannie Mae and Freddie Mac are now being blamed for following the instructions they received from the federal government. For example, in 2000 the minority loan purchase goal for [...]
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 $324.
Just as [...]
Fannie Mae & Freddie Mac — How Are They Really Doing?
How well are Fannie Mae and Freddie Mac doing?
Better than most news reports might suggest.
Testifying before the House Financial Services Committee, the chief regulator of Fannie Mae and Freddie Mac, James Lockhart, testified that the two companies own or guarantee 56% of the single family mortgages in this country or $5.4 trillion.
Lockhart also said for [...]
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, [...]
23Sep2008 | Peter G. Miller | 0 comments | Continued
Toxic Loans Threaten Home Values
Stashed away amid the tons of paperwork generated each day in Washington — reading which no one argues is a threat to Shakespeare — is HUD’s 2007 Budget Summary, a document which ought to make a lot of people take notice.
“Congress recognizes that today’s high cost loans negatively impact consumers, communities, and the economy. [...]
Subprime Crisis: Serious or Not?
In the past few months there have likely been thousands of articles and blog comments regarding the subprime lending “crisis”. But are such worries overblown? Is there less of a crisis than we think or perhaps even no crisis at all?
Speaking at the National Press Club, John Robbins, Chairman of the Mortgage Bankers Association, told [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
Tough Lender Rules Meant To Limit Refinancing Options
Imagine driving along the highway. You run over some glass and a tire goes flat. It’s no problem because there’s a spare in the trunk.
For the past several years real estate buyers have had a financial spare tire, a back-up system that was always there if times got tough. But now that spare tire [...]
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