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!Reader Paul (big hat tip to him) pulled a key comment out of the B of A press release issued earlier this week that addressed Bank of America’s efforts to help homeowners keep their home. The comment, burried [...]
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Note to readers: I’m traveling today and tomorrow so the updates will be slow. Back in the saddle Saturday.
The Federal Reserve cut the key lending rate to 2% primarily due to concern over continuing woes in the housing and credit markets and the economy’s flirtation with recession, but hinted that they may be done [...]
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Subprime loan delinquencies have stabilized after their torrid run-up in late payments according to the latest remittance reports. This is obviously a positive sign for the housing market as fewer 60-day delinquencies mean fewer eventual 90-day delinquencies and NOD’s. While analysts caution against over-reaching in the importance of the improvement they do [...]
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Bank of America announced that it plans to work-out approximately $40 billion of loans in trouble at Countrywide as part of it’s acquisition of the failed mortgage lender. BofA estimates that the $40 billion will result in a little over a quarter-million homeowners keeping their homes instead of losing them to foreclosure.
From the Pacific [...]
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The rating agency downgraded $247 million in Countrywide subprime loan transactions as the transactions experienced 60-day delinquency rates of ranging from 7-40%. In the process the ratings agency affirmed the ratings of $2 billion of the subprime-based transactions. Here’s the breakdown – check out the delinquency numbers on these things!
CWABS 2003-BC3 60+ day [...]
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New figures out today show that home vacancies are at an all time of 18.6 million. Market Watch has the details:
Putting further downward pressure on home prices, the number of vacant homes in the United States increased by 1 million over the past year to a record 18.6 million, according to government data released Monday.
The [...]
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From a recent Wells Fargo email to brokers submitted to us from friendly Blown Mortgage commenter vicatibm:
If you have any Loan in our system that is floating and not locked, you may want to consider locking it today to protect your commission.
We are hearing of illiquidity in the secondary mortgage market, so there may be [...]
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A Blown Mortgage reader sent me a copy of a report published in 2004-2005 titled America?s Home Forecast: The Next Decade for Housing and Mortgage Finance (pdf) that portends the continued growth of the US housing market between 2004-2013 at an annualized rate of 5-6% depending on supply/demand issues. This report is a great [...]
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Want to know why stated income loans are called liar loans? Because people lie on stated income loans. Not just some people, some of the time and by some little exaggeration. It’s most of the people, most of the time by mostly large exaggerations. Take a look at this Slate article [...]
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Talk about scary. We all knew that LowerMyBills.com and LendingTree.com provided for a ‘less-than-ideal’ customer experience as consumers got battered by hundreds of calls from rabid mortgage folks; but this announcement is just plain scary. Employees caught stealing data including consumer social security numbers at Lending Tree.
The advent of ‘lead stealing’ from inside [...]
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