Let’s see: the US government helps out BofA, and is now asking them to buyback loans? An investor group (including PIMCO, BlackRock, and the Federal Reserve Bank of New York) is deciding whether to sue BofA even after BofA’s recent loan buyback settlement with Fannie and Freddie. As BofA is hammered by bond investors to
Buying Cheaper Than Renting In 72% Of U.S. Cities Recently Trulia compared the median list price with the median rent on two-bedroom apartments, condominiums, townhouses, lofts and co-ops listed on its website, and compared that to ownership costs including mortgage payments, property taxes and insurance. It determined that buying is cheaper than renting in 72%
Bank Earnings Banks have virtually doubled 3Q earnings by injecting $8.1 billion into net income from funds they had set aside to cover loan losses. The 18 commercial banks with at least $50 billion in assets earned an adjusted $17 billion in the third quarter – almost half of which came from reducing their loan-loss
Consumer Confusion Over Loan Disclosures One loan agent wrote and said, “This week we sat down with a borrower that is doing an FHA loan. The seller is paying all of the closing costs and as usual the borrower is financing the upfront MIP. Essentially the borrower is coming in with their 3.5% down payment.
Loan Officer Quotes On Appraisal Rules & FHA Loans Here are some quotes from real-live people in the mortgage business, concerning the HVCC & FHA loans: “You are correct. Bank of America doesn’t buy without an appraisal on VA IRRR’s.” “I am sure that Countrywide/BofA will NOT purchase them at all. The problem with GMAC
Treasury and the Fed are finalizing debates with US banks over stress tests that will reveal their capital adequacy when results are announced Thursday, May 7. Up to 14 of the 19 largest US banks—including Goldman, GMAC, MetLife, Fifth Third, and Regions—may need to raise common equity in the event the recession worsens. This according
JPMorgan Chase has posted a surprise profit for 2008. Wall Street was shocked by the bank’s radical business plan that included not paying $100 million bonuses to failed executives and only lending money to people who could pay it back. Fifth Third Yesterday Fifth Third Bancorp, Ohio’s second largest bank, announced that they had lost
Watching rates go up for no sustainable apparent reason is about as much fun as putting away Christmas ornaments and taking the tree to the curb. As they say, “A rising tide raises all boats”, and low rates have helped every lender still in the ring, big or small, regardless of geographic concentration. U.S. Bank’s