The Bush administration reached an agreement with the mortgage industry on Wednesday on a plan to freeze interest rates for up to five years for a portion of the two million homeowners who bought houses in the last few years with subprime loans. >>
Subprime relief: Winners and losers
A consortium of lenders is considering a plan to reduce foreclosures by freezing low introductory interest rates on subprime mortgages. There would be winners and losers under such a policy.The winners would include those borrowers who qualify for rate relief, their neighbors, and state and local governments. The losers mainly would consist of peop >>
Proposed Subprime relief Plan Detail
The plan:Lenders will freeze low introductory rates on certain subprime mortgages for a number of years.Who's proposing it:The Bush administration and the mortgage industry, including the FDIC and many of the biggest lenders.Funding:President Bush has said no taxpayer money will be used for the plan. Instead, investors who bought mortgage-backed s >>
Mortgage Mess
The closest you've come to a subprime mortgage is what you've seen on the nightly news. So why is your portfolio taking a hit?What started with overzealous lenders and their bad loans later spread to other corners of the investment world. As a result, a wide swath of stocks and mutual funds experienced declines. "You really can't hide," laments >>
Did government in various forms force banks to make sub-prime loans?
"Now that the long predicted dubious mortgage crash has finally arrived, I keep remembering that going back to the early 1990s, the government has been twisting the arms of private lenders to get them to lend more mortgage money to minorities than the private firms believed was justified by colorblind principles of creditworthiness." >>
The Short Sale is the option
There are so many mortgage loans in default that some of the subprime lenders are closing: http://www.thefloridashortsales.com >>
Schwarzenegger Brokers Foreclosure Rescue Program
California Governor Arnold Schwarzenegger brokers a deal with four major mortgage lenders to help homeowners with subprime mortgages to avoid foreclosure. >>
How to understand Basics of sub prime Mortgage Crisis-Part I
With rising home foreclosures, the subprime mortgage financial crisis this year has become a global and US financial crisis. The sharp increase in foreclosures after the decline in housing values has caused major subprime mortgage lenders to file for bankruptcy or shut down their business. Subprime Lenders. They are lenders who lend to borrowers. >>
US sub-prime mortgage aid close
Mortgage lenders and regulators are close to finalising an aid plan for homeowners hit by the credit crunch, US Treasury Secretary Henry Paulson said. >>
White House: too soon to discuss subprime loan plan
WASHINGTON (Reuters) - The White House on Friday said it was ''premature'' to discuss possible new steps to address the mortgage crisis and declined to comment on reports that officials are working on a deal with lenders to freeze interest rates on... >>
The Real Mortgage Fraud
It's not the lenders. According to the Mortgage Bankers Association, less than 5 percent of subprime adjustable-rate mortgages are in the process of foreclosure. The vast majority of borrowers are making their payments, keeping their homes and asking no one for a bailout. It's the politicians trying to steal more from us to "fix" the "problem". >>
A Suitable Plan; Countrywide's Offer To Help Troubled Borrowers,
Countrywide Financial Corp., the largest U.S. mortgage lender, announced a new effort this week to contain the meltdown in the sub-prime market. The Calabasas-based company said it would refinance or modify up to 70,000 adjustable-rate loans -- less than 1% of the mortgages it services -- to aid borrowers whose interest rates will ratchet up by the >>
Avoiding Foreclosure: Freddie Mac Says Call Before You Miss
Freddie Mac is a quasi governmental company that buys mortgages from the banks and lenders who originates them. Their guidelines for loans that they will buy are called “conforming” loans. Occasionally, even the loans with much stricter guidelines go bad, but not nearly as often as the “sub-prime” loans that have caused all the trouble in the >>
First global injection of cash since 9/11. Everything is ok!
Central bankers took the action after interest-rate reductions in the U.S., U.K. and Canada failed to allay concerns that banks will reduce lending, sending the U.S. into recession and hobbling growth abroad. Borrowing costs have climbed as mounting losses on securities linked to subprime mortgages caused lenders to conserve cash. >>
Sub-prime Crime?
A news agency investigated some some-prime mortgage lenders--yeah, they were below average, for sure! One said "the house payment is the only thing...how low can you get it?" (not his actual words.) This blog is a fun video response. >>
12/29/07 – Another Missouri Based Mortgage Lender Closing
Missouri lenders have been hard hit by the sub-prime mortgage meltdown. Option One Mortgage and Nova Star closed up shop earlier in the year and now a new mortgage lender has closed their doors. >>
How to get best Mortgage Loan With A Bad Credit?
Non-conforming, sub-prime or bad credit mortgages are becoming common in today's mortgage environment and many of the mortgage lenders are now offering very competitive mortgage products to cater for this growing market. >>
Subprime Collapse: A Simple Guide
"Starting from a virtual standstill 10 years ago, subprime lenders became by far the fastest-growing segment of mortgage lending. They wrote US$540 billion in mortgages by 2004 and US$625 billion at their peak in 2006 - roughly one-quarter of all new mortgages." — John Pugsley. >>
Ohio to get aggressive with subprime mortgage lenders
Ohio's governor and attorney general said Thursday they would issue subpoenas and take other aggressive measures against subprime mortgage lenders. >>
Government to Bail Out Subprime Borrowers WSJ Reports
The WSJ is reporting this morning that the Feds and several large mortgage lenders are close to an agreement that will freeze the introductory rate on certain types of subprime loans. I've long predicted this would happen and to be honest, I'm disappointed. >>
The Sub-Prime Irony
Lots of people are losing their homes these days and everyone has a take on who’s at fault. Are home buyers feckless spendthrifts who took ill-advised dips into a shallow mortgage pool? Or, are Armani-suited lenders a bunch of loan sharks who prey on “the little guy”. >>
Study Finds Disparities in Mortgages by Race
Home buyers in predominantly black and Hispanic neighborhoods in New York City were more likely to get their mortgages last year from a subprime lender than home buyers in white neighborhoods with similar income levels, according to a new analysis of home loan data by researchers at New York University. >>
A Suitable Plan; Countrywide's Offer To Help Troubled Borrowers,
Countrywide Financial Corp., the largest U.S. mortgage lender, announced a new effort this week to contain the meltdown in the sub-prime market. The Calabasas-based company said it would refinance or modify up to 70,000 adjustable-rate loans -- less than 1% of the mortgages it services -- to aid borrowers whose interest rates will ratchet up by the >>
Mortgage Meltdown and the Top 25 Subprime Mortgage lenders
This is their state as of the first week of 2008! >>
Top 25 Subprime Mortgage Lenders - Where they are in 2008
As of today; the reds are shutdown and/or bankrupt, the blues are no longer operating independently. >>
Wachovia Corp., the fourth-biggest U.S. bank, said mortgage-related losses and reserves for bad loans total $1.7 billion so far this quarter, more than the lender reported for the previous three months. Wachovia set aside as much as $600 million to cover loan losses in the fourth quarter and said securities linked to subprime mortgages fell... >>
Sub-Prime mortgage failures lack of government regulation
Bankers and lenders will continue to offset the lack of credit worthiness of borrowers with higher interest rate charges, whether it is credit cards or sub-prime mortgages.Until our government enforces regulation of banking and lending, especially lowering of interest rates, the sub marginal lending practices of today will continue. >>
Turned Down For A Mortgage? Mortgage Refused?
Have you been turned down for a mortgage? You're not alone. Millions of Americans will face the same problem in 2007, and probably for years to come. With the credit industry reeling after problems with subprime mortgages, lenders are now more strict with their guidelines for issuing loans. >>
Lenders Making Same Mistakes Which Caused the Sub-Prime
Major mortgage companies are continuing to offer unconventional loans which will likely never be paid off. >>
100% Financing Or No Down Payment and Bad Credit Mortgage Loans
Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. >>
California Hedge Fund Makes Out 1000% Betting Against Mortgage Lenders
Lahde Capital, set up in Santa Monica last year by Andrew Lahde, last week passed the 1,000 per cent mark, after fees, following the latest leg of the credit market turmoil. The fall in the value of subprime-linked securities has boosted a group of funds which spotted the problems in advance. >>
Washington's sub-prime fix expected
A federally sponsored plan to stem home foreclosures by having lenders freeze "teaser" mortgage interest rates for certain high-risk borrowers could be announced as early as this week. >>
Freeze Mortgage Rates For Millionaires
The federal government and several large mortgage lenders have a plan to freeze loan rates for certain subprime borrowers. >>
Bankruptcy Law Reform of 2005 and Foreclosure Rates
When lenders wanted tougher criteria for those filing Chapter 7 bankruptcy, in an effort to steer people towards Chapter 13 bankruptcy instead, they got their wish. However, that wish may now be helping to fuel the current subprime mortgage foreclosure rates. >>
Who Will the Subprime Plan Help?
Don't be fooled. The Bush administration's deal with lenders to get them to freeze interest rates on some adjustable-rate subprime loans isn't really about rescuing lots of homeowners. It's mainly about buying some time for mortgage servicers, Wall Street firms and investors around the world who face a chaotic couple of years as foreclosures rise >>
Housing Bubble: The Bailout: just Another Fraud
It sounds good: For five years, mortgage lenders will freeze interest rates on a limited number of "teaser" subprime loans. Other homeowners facing foreclosure will be offered assistance from the Federal Housing Administration. >>
Kindergarten Cop Mortgages: 4 Reasons Why the Governator’s Foreclosure Plan
The Governor of California wants to take credit for a plan with 4 subprime lenders on helping California mortgage holders. Unfortunately, this is nothing new except political posturing. The idea is to freeze rates on loans people can't afford to begin with. The logic is lacking and so is the funding. A real help is cram downs... >>
Lenders agree to five-year freeze on ARM loans
A coalition of lenders, loan servicers and investors have reportedly agreed to a plan that would freeze interest rates on some subprime mortgage loans for five years. >>
Agreement to Freeze Mortgages
Major mortgage lenders have agreed to lock in interest rates for five years on adjustable-rate loans made to financially troubled homeowners who obtained adjustable-rate subprime mortgages between Jan. 1, 2005, and July 31, 2007. >>
States considered subprime regulation, lenders spread gifts
So a dozen or so states thought about regulating subprime mortgages, thousands of which have since collapsed forcing families from their homes. Around the same time, the subprime mortgage industry was spreading millions in campaign contributions and gifts -- including Rolling Stones tickets -- to those lawmakers. Guess who got what they wanted? >>
Financial Disaster Revisited-A Mortgage Worker Story
An insider airs mortgage lenders' dirty secret regarding just how fast & loose the mortgage industry was before the sub-prime meltdown - culpability looks like it should fall on the shoulders of the lenders rather than the borrowers as things weren't quite what they seemed. Fraud,deceit and deception are not good rules for banking. >>
Subprime crisis
The collapse of mortgage lenders in the U.S. is slowing the pace at some of India's fast-growing IT companies >>
House passes bill on mortgage lenders
WASHINGTON - With home foreclosures skyrocketing, the House on Thursday voted to crack down on mortgage lenders by forcing them to get licenses, making them responsible for discovering whether borrowers can really repay and fining them for steering people toward risky subprime loans. >>
Banks may freeze ARMs as sub-prime aid measure
Treasury Secretary, Fed and leading banks and lenders of sub-prime loans are reportedly working on some plan to extend the teaser rates on mortgages which were scheduled to be reset at higher levels in the coming months. Till now no formal agreement has been reported but things are expected to be made public by next week >>
Adbusters- Scum get rich by playing with housing
Freed from the peril of losing money when loans default, lenders pushed loans onto anyone they could. Sub-prime borrowers – people too risky to qualify for traditional mortgages – took out new mortgages and re-financed old ones by the millions. Many of them were in poor, African-American neighborhoods, where people were offered deals that seemed >>
Break Time: Video to Watch:
Ohio to get aggressive with subprime mortgage lenders
Ohio's governor and attorney general said Thursday they would issue subpoenas and take other aggressive measures against subprime mortgage lenders. >>
States considered subprime regulation, lenders spread gifts
So a dozen or so states thought about regulating subprime mortgages, thousands of which have since collapsed forcing families from their homes. Around the same time, the subprime mortgage industry was spreading millions in campaign contributions and gifts -- including Rolling Stones tickets -- to those lawmakers. Guess who got what they wanted? >>
Kindergarten Cop Mortgages: 4 Reasons Why the Governator’s Foreclosure Plan
The Governor of California wants to take credit for a plan with 4 subprime lenders on helping California mortgage holders. Unfortunately, this is nothing new except political posturing. The idea is to freeze rates on loans people can't afford to begin with. The logic is lacking and so is the funding. A real help is cram downs... >>
Housing Bubble: The Bailout: just Another Fraud
It sounds good: For five years, mortgage lenders will freeze interest rates on a limited number of "teaser" subprime loans. Other homeowners facing foreclosure will be offered assistance from the Federal Housing Administration. >>
Proposed Subprime relief Plan Detail
The plan:Lenders will freeze low introductory rates on certain subprime mortgages for a number of years.Who's proposing it:The Bush administration and the mortgage industry, including the FDIC and many of the biggest lenders.Funding:President Bush has said no taxpayer money will be used for the plan. Instead, investors who bought mortgage-backed s >>
White House: too soon to discuss subprime loan plan
WASHINGTON (Reuters) - The White House on Friday said it was ''premature'' to discuss possible new steps to address the mortgage crisis and declined to comment on reports that officials are working on a deal with lenders to freeze interest rates on... >>
California Hedge Fund Makes Out 1000% Betting Against Mortgage Lenders
Lahde Capital, set up in Santa Monica last year by Andrew Lahde, last week passed the 1,000 per cent mark, after fees, following the latest leg of the credit market turmoil. The fall in the value of subprime-linked securities has boosted a group of funds which spotted the problems in advance. >>
Bankruptcy Law Reform of 2005 and Foreclosure Rates
When lenders wanted tougher criteria for those filing Chapter 7 bankruptcy, in an effort to steer people towards Chapter 13 bankruptcy instead, they got their wish. However, that wish may now be helping to fuel the current subprime mortgage foreclosure rates. >>
US sub-prime mortgage aid close
Mortgage lenders and regulators are close to finalising an aid plan for homeowners hit by the credit crunch, US Treasury Secretary Henry Paulson said. >>
The Short Sale is the option
There are so many mortgage loans in default that some of the subprime lenders are closing: http://www.thefloridashortsales.com >>
Government to Bail Out Subprime Borrowers WSJ Reports
The WSJ is reporting this morning that the Feds and several large mortgage lenders are close to an agreement that will freeze the introductory rate on certain types of subprime loans. I've long predicted this would happen and to be honest, I'm disappointed. >>
The Real Mortgage Fraud
It's not the lenders. According to the Mortgage Bankers Association, less than 5 percent of subprime adjustable-rate mortgages are in the process of foreclosure. The vast majority of borrowers are making their payments, keeping their homes and asking no one for a bailout. It's the politicians trying to steal more from us to "fix" the "problem". >>
The Sub-Prime Irony
Lots of people are losing their homes these days and everyone has a take on who’s at fault. Are home buyers feckless spendthrifts who took ill-advised dips into a shallow mortgage pool? Or, are Armani-suited lenders a bunch of loan sharks who prey on “the little guy”. >>
Lenders Making Same Mistakes Which Caused the Sub-Prime
Major mortgage companies are continuing to offer unconventional loans which will likely never be paid off. >>
House passes bill on mortgage lenders
WASHINGTON - With home foreclosures skyrocketing, the House on Thursday voted to crack down on mortgage lenders by forcing them to get licenses, making them responsible for discovering whether borrowers can really repay and fining them for steering people toward risky subprime loans. >>
Subprime relief: Winners and losers
A consortium of lenders is considering a plan to reduce foreclosures by freezing low introductory interest rates on subprime mortgages. There would be winners and losers under such a policy.The winners would include those borrowers who qualify for rate relief, their neighbors, and state and local governments. The losers mainly would consist of peop >>
Did government in various forms force banks to make sub-prime loans?
"Now that the long predicted dubious mortgage crash has finally arrived, I keep remembering that going back to the early 1990s, the government has been twisting the arms of private lenders to get them to lend more mortgage money to minorities than the private firms believed was justified by colorblind principles of creditworthiness." >>
Turned Down For A Mortgage? Mortgage Refused?
Have you been turned down for a mortgage? You're not alone. Millions of Americans will face the same problem in 2007, and probably for years to come. With the credit industry reeling after problems with subprime mortgages, lenders are now more strict with their guidelines for issuing loans. >>
How to understand Basics of sub prime Mortgage Crisis-Part I
With rising home foreclosures, the subprime mortgage financial crisis this year has become a global and US financial crisis. The sharp increase in foreclosures after the decline in housing values has caused major subprime mortgage lenders to file for bankruptcy or shut down their business. Subprime Lenders. They are lenders who lend to borrowers. >>
Sub-Prime mortgage failures lack of government regulation
Bankers and lenders will continue to offset the lack of credit worthiness of borrowers with higher interest rate charges, whether it is credit cards or sub-prime mortgages.Until our government enforces regulation of banking and lending, especially lowering of interest rates, the sub marginal lending practices of today will continue. >>
Mortgage Meltdown and the Top 25 Subprime Mortgage lenders
This is their state as of the first week of 2008! >>
Agreement to Freeze Mortgages
Major mortgage lenders have agreed to lock in interest rates for five years on adjustable-rate loans made to financially troubled homeowners who obtained adjustable-rate subprime mortgages between Jan. 1, 2005, and July 31, 2007. >>
Who Will the Subprime Plan Help?
Don't be fooled. The Bush administration's deal with lenders to get them to freeze interest rates on some adjustable-rate subprime loans isn't really about rescuing lots of homeowners. It's mainly about buying some time for mortgage servicers, Wall Street firms and investors around the world who face a chaotic couple of years as foreclosures rise >>
A Suitable Plan; Countrywide's Offer To Help Troubled Borrowers,
Countrywide Financial Corp., the largest U.S. mortgage lender, announced a new effort this week to contain the meltdown in the sub-prime market. The Calabasas-based company said it would refinance or modify up to 70,000 adjustable-rate loans -- less than 1% of the mortgages it services -- to aid borrowers whose interest rates will ratchet up by the >>
Lenders agree to five-year freeze on ARM loans
A coalition of lenders, loan servicers and investors have reportedly agreed to a plan that would freeze interest rates on some subprime mortgage loans for five years. >>
100% Financing Or No Down Payment and Bad Credit Mortgage Loans
Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. >>
Subprime crisis
The collapse of mortgage lenders in the U.S. is slowing the pace at some of India's fast-growing IT companies >>
Adbusters- Scum get rich by playing with housing
Freed from the peril of losing money when loans default, lenders pushed loans onto anyone they could. Sub-prime borrowers – people too risky to qualify for traditional mortgages – took out new mortgages and re-financed old ones by the millions. Many of them were in poor, African-American neighborhoods, where people were offered deals that seemed >>
Sub-prime Crime?
A news agency investigated some some-prime mortgage lenders--yeah, they were below average, for sure! One said "the house payment is the only thing...how low can you get it?" (not his actual words.) This blog is a fun video response. >>
Washington's sub-prime fix expected
A federally sponsored plan to stem home foreclosures by having lenders freeze "teaser" mortgage interest rates for certain high-risk borrowers could be announced as early as this week. >>
Avoiding Foreclosure: Freddie Mac Says Call Before You Miss
Freddie Mac is a quasi governmental company that buys mortgages from the banks and lenders who originates them. Their guidelines for loans that they will buy are called “conforming” loans. Occasionally, even the loans with much stricter guidelines go bad, but not nearly as often as the “sub-prime” loans that have caused all the trouble in the >>
Top 25 Subprime Mortgage Lenders - Where they are in 2008
As of today; the reds are shutdown and/or bankrupt, the blues are no longer operating independently. >>
Mortgage Mess
The closest you've come to a subprime mortgage is what you've seen on the nightly news. So why is your portfolio taking a hit?What started with overzealous lenders and their bad loans later spread to other corners of the investment world. As a result, a wide swath of stocks and mutual funds experienced declines. "You really can't hide," laments >>
Financial Disaster Revisited-A Mortgage Worker Story
An insider airs mortgage lenders' dirty secret regarding just how fast & loose the mortgage industry was before the sub-prime meltdown - culpability looks like it should fall on the shoulders of the lenders rather than the borrowers as things weren't quite what they seemed. Fraud,deceit and deception are not good rules for banking. >>
First global injection of cash since 9/11. Everything is ok!
Central bankers took the action after interest-rate reductions in the U.S., U.K. and Canada failed to allay concerns that banks will reduce lending, sending the U.S. into recession and hobbling growth abroad. Borrowing costs have climbed as mounting losses on securities linked to subprime mortgages caused lenders to conserve cash. >>
Study Finds Disparities in Mortgages by Race
Home buyers in predominantly black and Hispanic neighborhoods in New York City were more likely to get their mortgages last year from a subprime lender than home buyers in white neighborhoods with similar income levels, according to a new analysis of home loan data by researchers at New York University. >>
Lenders Agree to Freeze Rates on Some Loans
The Bush administration reached an agreement with the mortgage industry on Wednesday on a plan to freeze interest rates for up to five years for a portion of the two million homeowners who bought houses in the last few years with subprime loans. >>
12/29/07 – Another Missouri Based Mortgage Lender Closing
Missouri lenders have been hard hit by the sub-prime mortgage meltdown. Option One Mortgage and Nova Star closed up shop earlier in the year and now a new mortgage lender has closed their doors. >>
Schwarzenegger Brokers Foreclosure Rescue Program
California Governor Arnold Schwarzenegger brokers a deal with four major mortgage lenders to help homeowners with subprime mortgages to avoid foreclosure. >>
Banks may freeze ARMs as sub-prime aid measure
Treasury Secretary, Fed and leading banks and lenders of sub-prime loans are reportedly working on some plan to extend the teaser rates on mortgages which were scheduled to be reset at higher levels in the coming months. Till now no formal agreement has been reported but things are expected to be made public by next week >>
How to get best Mortgage Loan With A Bad Credit?
Non-conforming, sub-prime or bad credit mortgages are becoming common in today's mortgage environment and many of the mortgage lenders are now offering very competitive mortgage products to cater for this growing market. >>
Wachovia Corp., the fourth-biggest U.S. bank, said mortgage-related losses and reserves for bad loans total $1.7 billion so far this quarter, more than the lender reported for the previous three months. Wachovia set aside as much as $600 million to cover loan losses in the fourth quarter and said securities linked to subprime mortgages fell... >>
A Suitable Plan; Countrywide's Offer To Help Troubled Borrowers,
Countrywide Financial Corp., the largest U.S. mortgage lender, announced a new effort this week to contain the meltdown in the sub-prime market. The Calabasas-based company said it would refinance or modify up to 70,000 adjustable-rate loans -- less than 1% of the mortgages it services -- to aid borrowers whose interest rates will ratchet up by the >>
Subprime Collapse: A Simple Guide
"Starting from a virtual standstill 10 years ago, subprime lenders became by far the fastest-growing segment of mortgage lending. They wrote US$540 billion in mortgages by 2004 and US$625 billion at their peak in 2006 - roughly one-quarter of all new mortgages." — John Pugsley. >>
Freeze Mortgage Rates For Millionaires
The federal government and several large mortgage lenders have a plan to freeze loan rates for certain subprime borrowers. >>
