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Archive for the 'mortgage loans' category


Stakes are high as government plans exit from mortgage markets – Washington Post

An interesting article from today’s Washington Post regarding the federal government’s plans to exit the mortgage markets: “For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates. Now, whether the housing market is ready or not, the government is pulling out.” But apparently not [...]



Reverse mortgages – sometimes

Reverse mortgages are legitimate financial products for many people – but one can see them spinning out of control for homeowners.
Think of all the potential fine-print pitfalls, not unlike subprime mortgages: interest rates, origination fees, insurance and tax requirements, service charges, upkeep provisions, foreclosure triggers, cross-selling of products. It’s a complicated financial arrangement, and, to [...]



Banking eCONomy

From Drew DeSilver at the Seattle Times: Reckless strategies doomed WaMu
Here is a section on loose lending at WaMu:
“The big saying was ‘A skinny file is a good file,’ ” said Nancy Erken, a WaMu loan consultant in Seattle. She recalled helping credit-challenged borrowers collect canceled checks, explanatory letters and other documentation that they could [...]



‘Subprime Guy’ Loses Everything….

Here is an interesting story.
Glen Pizzolorusso got his start in the mortgage industry in his father’s company, at age 14. Still in his 20s, by 2007 he’d worked his way up to running his own sales team, making $100,000 a month and helping to inflate the bubble that became the current global economic crisis. When [...]



Real Estate Foreclosures

NY Times Editorial: Foreclosures: No End in Sight
A continuing steep drop in home prices combined with rising unemployment is powering a new wave of foreclosures. Unfortunately, there’s little evidence, so far, that the Obama administration’s anti-foreclosure plan will be able to stop it.

One of the biggest problems is that the plan focuses almost entirely [...]




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