Blowing the Lid Off the Mortgage Industry
From the monthly archives:
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We’re back with another edition. Same t-shirt, full-color. Work with me as I learn video editing! Today’s update - Fannie, Freddie and AIG losses and a potential major shift in underwriting guidelines as the GSE’s that [...]
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How does $11 billion roll off your lips? I find it a little sickening to try saying the words “lost $11 billion” and it’s not even my money. AIG reported today that not only did it find a way to lose $5.29 billion bucks this quarter; but it also reported a charge of [...]
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President Bush urged Congress to reject a new bill that would allow bankruptcy judges to modify the terms of home loans included in bankruptcy cases. From the Market Watch story on the bankruptcy bill to change mortgage terms:
President Bush urged Congress to reject a Senate bill that would change bankruptcy laws by allowing judges to [...]
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Week over week refinance applications are down 30.4% as mortgage interest rates continue to rise on fears of inflation. They are up slightly at 5% above 2007 levels. Rates are up almost a full 20 basis points (.18%). The slowdown in refinance applications makes sense in light of the recent wild swings of the mortgage [...]
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We’re bringing back the Mortgage Market Minute. In this video I talk Case-Shiller, Countrywide eliminating option arms on the wholesale side, and Wells Fargo whacking LTV’s in California.
Bear with us as we get back up to speed and stay tuned for more video from Blown Mortgage.
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Big hat tip to reader Don for sending this along. Wells Fargo has named nearly every California county a “Severely Distressed Market” which requires LTV reductions of 5% for any conforming loan over 75% LTV and also eliminates financing over 75% LTV for any non-conforming loan. The Wells Fargo Mortgage Express product (which [...]
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Hat tip to good friend of Blown Mortgage, Chris, for sending this along:
US Bank is eliminating its 100% financing product on the wholesale channel as of tomorrow.
No word on whether this is a regional or nation-wide change nor if it’s been eliminated from the retail channel.
Countrywide out of Option ARMs, 100% disappearing. We’re definitely [...]
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Countrywide appears to be eliminating the Option ARM, at least from the wholesale channel. Another sign of the tightening taking place at the beleaguered lender in an attempt to finalize the Bank of America purchase earlier this year. How do I know they are eliminating the Option ARM (known commonly as the neg am or [...]
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Sorry Countrywide correspondent sellers. No posh ski trip to Avon, Colorado this year. Countrywide canceled the excursion, replete with Kobe beef, caviar and a trip to Spago due to the recent mortgage crunch. Not that cash is so tight - just the negative PR around the event seemed to be a bit too much.
So why [...]
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Don’t be. Hat tip to Keith at Housing Panic. The FBI says that pursuing and prosecuting consumers who lied on their home loan applications by inflating their income to obtain a loan is at the bottom of a very long mortgage-related investigation list. So breathe a sigh of relief if you were one of the [...]
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