A recent Bankrate.com survey asked “What type of home loan do you have?” The study produced some alarming results:
34% of respondents said they didn’t know
57% said they had a fixed rate
6% said they had an adjustable rate mortgage (ARM)
3% said their loan was interest only
0% said they had an option ARM(negative amortization loan)
Back in April Congressmen Robert Andrews (D-NJ) and Ron Lewis (R-KY) introduced a bill to the House of Representatives called The Mortgage Cancellation Act of 2007 which called for the elimination of IRS tax penalties on “debt relief income” as it relates to the sale of your home. This is a substantial change to [...]
Our semi-regular podcast series was recognized by Inman News today in a post/how-to podcast guide by past show-guest Joel Burslem on the Inman News blog. It is an honor to be acknowledged for the hard work that goes in to these podcasts.
If you haven’t taken a chance to listen to them I highly recommend [...]
As I’ve mentioned before, I live in Ladera Ranch, CA a nice community-known unfortunately as the home of Laurie Waring, a Real Housewife of Orange County-feeling the price crunch of the housing meltdown.
We hear a lot of numbers and statistics about price drops and foreclosures but I thought I’d share with you how the whole [...]
I can’t imagine they’re making anyone else too much money right now either. Calculated Risk updates us on a bunch of asset backed securities made up of subprime 2nd mortgages originated by Countrywide Home Loans and it ain’t pretty. From the Fitch report:
The impact of the slowdown in the housing market has been [...]
Um, duh? Capital One announced today a plan to layoff 2,000 workers in an attempt to slash $700 million in expenses from its operating budget over the next two years. Capital One said that pressure from the mortgage market was hurting its consumer credit business:
In recent months, Capital One has said the “challenging” [...]
Hey, I didn’t say it. Check the latest from PIMCO and Managing Director Bill Gross in his commentary titled “Looking for Contagion in all the Wrong Places.” Gross points to the recent Bear Stearns hedge fund soap opera as the canary in the coal mine for future troubles fueled by the subprime loan [...]
Welcome to the new Blown Mortgage web site. We’re excited to have you here and we’re excited to be moved over to WordPress. We hope that this change will provide you with more tools, features and functionality that will make your experience with Blown Mortgage even better.
There are a few changes – we’ve [...]
Lawrence Yun, the National Association of Realtors head Economist had some interesting comments that were highlighted by our friends over at Housing Doom. Yun in an article titled “The Wrong Correction” blames the bloggers and mainstream media for over-hyping the housing market collapse and subsequent consumer inaction due to “unfounded” concerns.
Consumers are hearing a [...]
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