All Posts Tagged With: "toxic"
Will The FHA Go Bankrupt?
A new study says the FHA is likely to need a $50 billion bailout and perhaps as much as $100 billion. But is the FHA really in trouble? And if so, why? The paper, written by Joseph Gyourko, a professor of real estate and finance at the Wharton School of Business at the University of [...]
16Nov2011 | Peter G. Miller | 3 comments | Continued
Can We Undo Botched Mortgage Foreclosures?
Lenders may be on the hook for billions in claims from borrowers who were improperly foreclosed. Several stories in the past few days raise the idea that huge numbers of foreclosures may have been incorrectly processed. This is not a minor glitch or “technicality,” it potentially involves vast armies of people who lost their homes [...]
23Sep2010 | Peter G. Miller | 0 comments | Continued
FHA “Short Refinance” — Is This The Way To Reduce Foreclosures?
Imagine that you have a mortgage and want to refinance to get a lower rate but the debt is greater than the value of the home. Imagine also that if you can refinance you can avoid foreclosure. The government is now trying to address this scenario, something which is common across the country, especially for [...]
9Aug2010 | Peter G. Miller | 2 comments | Continued
What Is A Mortgage Loan Worksheet?
Starting in 2010 the government introduced a new Good Faith Estimate form which required lenders to spell out loan costs in very precise and standardized language — information which lenders must honor at closing. The new form from HUD has raised a question among some lenders as to whether a pre-approval letter or a pre-qualification [...]
1Jul2010 | Peter G. Miller | 0 comments | Continued
Mortgage Modification or Refinance — What’s The Difference?
Is it better to modify a mortgage or to refinance? While both result in new loan terms, the two choices are very different. When you refinance a mortgage you replace an existing loan with a new one. There’s no need to negotiate with the old lender because his mortgage claim will be extinguished. However, borrowers [...]
25May2010 | Peter G. Miller | 0 comments | Continued
$624 Million Settlement Doesn’t Mean A Dime For Mortgage Borrowers
According to the State of New York it has now achieved a $624 million preliminary settlement from Countrywide Financial Corporation and its accounting firm, KPMG. The arrangement must be approved by a California judge, perhaps in September It is alleged that “Countrywide, one of the country Technorati Tags: borrower, Countrywide, KPMG, loan, mortgage, new york, [...]
20May2010 | Peter G. Miller | 0 comments | Continued
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 [...]
22Apr2010 | Peter G. Miller | 0 comments | Continued
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 [...]
20Jul2009 | Peter G. Miller | 0 comments | Continued
Mortgages, Foreclosures & The Disgrace of Journalism
It was long ago when I received a degree in journalism. I wanted to study journalism because it gave me an opportunity to travel and to meet interesting people. I have been a correspondent on Capitol Hill and at the White House, I have lived on an offshore drilling rig in pursuit of a story, [...]
14Mar2009 | Peter G. Miller | 0 comments | Continued
Why Have Piggyback Mortgages Disappeared?
We usually define a “conventional” mortgage as financing with 20 percent down. Since most people don’t happen to have 20 down much less 20 percent plus closing costs, there has always been a market for mortgages that somehow require fewer dollars up front. The way you get loans with less down is to find a [...]
20Sep2008 | Peter G. Miller | 0 comments | Continued
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