Does A Loan Originator Have To Buy Back A Bad Loan Even After It’s Modified? Yesterday I mentioned the question about whether or not modified loans could still be forced back to the seller for buybacks. Freddie Mac does indeed say that the seller would still need to buy it back after a modification. At
March 2010
Geithner’s Testimony on Future of Housing Finance Yesterday the House Financial Services Committee held a hearing to discuss the future of housing finance, trying to start answering questions about what the new system should do. Many people spoke, although Treasury Secretary Tim Geithner was the headline witness with 17 pages of testimony. “It’s important as
Geithner’s Testimony on Future of Housing Finance Yesterday the House Financial Services Committee held a hearing to discuss the future of housing finance, trying to start answering questions about what the new system should do. Many people spoke, although Treasury Secretary Tim Geithner was the headline witness with 17 pages of testimony. “It’s important as
A friend (coincidentally nicknamed Kone) sent this pic Sunday with the following question: Do you think he carries the cones with him? It’s a good question Kone. The custom size of those cones and residential parking space certainly suggest so. Thanks for the fly ride pic, and for this moving documentary of one man’s quiet,
A friend (coincidentally nicknamed Kone) sent this pic Sunday with the following question: Do you think he carries the cones with him? It’s a good question Kone. The custom size of those cones and residential parking space certainly suggest so. Thanks for the fly ride pic, and for this moving documentary of one man’s quiet,
Today’s historic signing of health reform into law by President Obama has overshadowed something else that happened today: Treasury Secretary Tim Geithner testified before the House Financial Services Committee about the future of housing finance, and the fate of Fannie Mae and Freddie Mac—the two government entities that guarantee $5t and 50% of our residential
Porn King Offers Foreclosure Rescue To Octomom I couldn’t make this stuff up. “Octomom” is facing foreclosure, and a leading adult entertainment kingpin is offering to pay her mortgage. Only in America! What Happens to FHA Approvals When Lenders Merge or Acquire? Dear Abbey, “If a mid-sized lender that is not doing any FHA loans
Homebuyer Tax Credit Expiration Reminder Two nuns, a penguin, and a man with a parrot on his shoulder walk into a bar. The bartender says, “What is this – some kind of joke?” Not a joke are two key deadlines looking: the end of the first time home buyer tax credit is in sight, and
Homebuyer Tax Credit Expiration Reminder Two nuns, a penguin, and a man with a parrot on his shoulder walk into a bar. The bartender says, “What is this – some kind of joke?” Not a joke are two key deadlines looking: the end of the first time home buyer tax credit is in sight, and
Despite volatility last week that caused rates to move up and down about .2%, we ended the week even. Business and consumer inflation reports both showed that inflation is under control. The Fed reiterated this after their FOMC meeting Tuesday, and left overnight bank-to-bank and Fed-to-bank rates at .25% and .75% respectively. Rates were especially
This report covers weeks 62-63 of a mortgage bond purchase program by the Federal Reserve—here’s weeks 60-61. In the last two weeks, the Fed bought $20b net of mortgage bonds as follows: $10b March 4-10, $10b March 11-17. For the past 6 months, the Fed has focused most of its weekly buying on 4.5% and
Will Private Mortgage Insurance Return As Alternative To FHA For Homebuyers With Less Than 20% Down?
Largest Mortgage Lenders & Investors Who were, and probably still are, the largest mortgage lenders/investors in 2009? There were no real surprises. Private Mortgage Insurance Making A Comeback? PMI gave its clients some good news by reducing the minimum FICO score from 720 to 700 for CA, AZ, NV, DE, HA, NJ, and FL and
Below is Bernanke’s House testimony from Wednesday defending why the Fed is the best bank regulator in a global banking environment. It’s build around the following case: the Fed must have vast knowledge of markets, economies, financial products, trading strategies, accounting practices, etc. in order to properly perform its central bank functions, and this is
The US Consumer Price Index, which measures inflation at the consumer level of the economy, was unchanged in February and 2.1% year-over-year through February. Excluding volatile oil and food costs from the readings, “Core” CPI for February increased 0.1% and increased 1.3% YOY through February. You can automatically create charts and download historical CPI data
Do Employees Make Less In Tight Job Market? Whether it is a house, a bushel of wheat, or a share of stock, when a buyer and seller come together an item trades hands. A lower price will always benefit the buyer. Is that the case in the labor market, where buyers (employers) and sellers (employees)
Still haven’t had a chance to get Michael Lewis’ new book The Big Short about the guys who made a fortune betting against the subprime mortgage boom—too busy making a living in mortgage market that’s left after the bust. But saw Lewis on Charlie Rose this evening, and Rose ended the interview with the Leo
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