Blowing the Lid Off the Mortgage Industry
From the monthly archives:
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The family is on the move. We’re moving this weekend and likely will be with out internet access or free time for the majority of the weekend. We’ll be back in full force after the weekend [...]
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In a Bloomberg article about the ongoing credit crunch yesterday the news firm reports that the one-month LIBOR is at its highest point since the Federal Reserve rate cut in September. First the story, and then why it matters to you on main street with an adjustable rate mortgage.
From Bloomberg:
The London interbank offered rate [...]
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For a mortgage advocacy website, this has to hit home, right??? One of the major issues I face as an originator is people who seem to want a salesman and not an advocate. I am convinced that this is one of the biggest problems facing the mortgage industry today, but unfortunately I don?t think this [...]
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So, how dare I insinuate a loan officer may be even a little bit responsible for putting his/her borrowers in a suicide loan? It was fascinating to get that firsr dose of impassioned hate mail, that.”What am I supposed to do, starve?” we’re asked. “A Realtor is just gonna send their business [...]
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Big hat tip to Keith at Housing Panic, if you’re not reading that every day you’re missing a major part of the story. This is hilarious. The fact that it was created by TheStreet.com is amazing. Enjoy.
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Here is Shawn’s first article – I’m publishing it for him since he emailed it to me but expect to hear more from him soon.
By Shawn E. Wolcott
I have been saying to my associates and co-workers in the mortgage industry for the last two years that higher rates are needed to save the [...]
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Hey gang,
I’d like to announce a few more contributors that are going to be sharing their thoughts with us here on Blown Mortgage. They are Ricardo, Shawn and Graeme. I’ll let them share their backgrounds with you and more, but I’m excited to have them contributing and know that they’ll continue to add value to [...]
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Go figure. From the way you would read it in the media these days the only problems on main street have to do with people with “those subprime mortgages.” It seems that the words mortgage and subprime have become inextricably linked together and, we’re told, that’s where the problem is. If I [...]
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Sorry folks, a busy day over here for yours truly. But lots of important news and notes to catch you up on. Enjoy the link love and check back soon for a more substantial post:
Calculated Risk covers Wells Fargo setting aside $1.4 billion in loan loss reserves for home equity loans.
Paul Jackson at [...]
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What Underwriting Guidelines Would Make a Difference?
Fannie and Freddie’s lack of a disposable income test is one reason why we find ourselves in the mess that we’re in. Their “conforming” stamp of approval means that so many lenders don’t truly have to bear the all consequences of their actions. So they don’t [...]
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