Blowing the Lid Off the Mortgage Industry
From the monthly archives:
If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!This question was posed over at the Bloodhound Realty Blog ; seeking opinions from different parts of the country on whether or not now is a good time to buy a home. As a contributor there I chimed in [...]
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In a recent article, the New York Times urges "Homeowners, Call Your Bankers Before They Call You". The article outlines the ways in which home owners can protect themselves from huge swings in their mortgage payment – and avoid foreclosure. Many borrowers feel like there is nothing they can do, and are resigned to the [...]
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MarketWatch.com reports that Credit Suisse, one of the largest providers of credit to mortgage lenders and purchasers of mortgage backed securities, is suing three lenders in federal court for violation of loan repurchase agreements. Credit Suisse is suing Infinity Home Mortgage, NetBank, and Sunset Direct Lending demanding the repurchase of approximately $30 million in loans [...]
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Published in the OC Register’s mortgage blog is a copy of a letter from New Century co-founder Edward Gotschall to friends and family. Gotschall retired from New Century last year. It is authentic. Here is the full email:
Sent: Friday, March 16, 2007 12:51 AMSubject: Situation Update
Hello to All:
Many of you have expressed your concern and [...]
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An article in today’s OC Register which was the result of an ongoing dialogue I had with Matt Padilla from the paper talks about the little-known pain that New Century’s closing has inflicted on small lenders such as ourselves. It’s a pretty good article and covers some of the risks that correspondent lenders face in [...]
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An article written by Teresa Boardman (author of stpaulrealestateblog.com) on Larry Cragun’s mortgagesundressed.com highlights her reasons for choosing a bank to provide financing for her clients home purchases over mortgage brokers. She lists seven key areas where she feels banks outperform mortgage brokers in the origination and funding process. Larry, who favors mortgage brokers over [...]
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An employee at Opteum just informed me that the company has been put up for sale. There are apparently 3 bidders at the moment, some of which have been on premises inspecting the facility and operations.
I’ll have more as this develops.
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Apparently, America doesn’t know their mortgages at all. Dan Green, at the excellent blog The Mortgage Reports, highlights a recent Bankrate.com survey that shows 34% of Americans don’t know what type of mortgage they have. More alarmingly, is the amount of fixed-rate mortgage respondents. As Dan puts it:
It’s the 57% "Fixed Rate" figure that [...]
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Well the Twitter-a-thon is on the downslope in to Friday. It’s been quite an experience and I’ve been able to gain a lot of insight in to the concept of micro-blogging and how it can be a part of an effective marketing strategy. I’ll have a full write up next week. If you haven’t seen [...]
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On Tuesday, March 27th members of the Federal Reserve Board testified in front of Congress regarding the current crisis in the subprime market. Below I’ve excerpted and commented on the testimony of Sandra F. Braunstein, Director, Division of Consumer and Community Affairs. You can read her full testimony here.
Securitization has allowed many financial institutions to [...]
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