The FBI says that mortgage fraud is “rampant and growing.” They are also investigating reports that AIG and Bear Stearns may be in financial trouble … Overall, how is the mortgage industry doing? There are those who say, although the landscape and rules have changed, things are good. And there are others who are more [...]
Posts Tagged ‘Suntrust’
Bernanke vs Greenspan, Factory Data Flat, Bond Traders Take Profits, Productivity Up
GM filed for bankruptcy a few days ago. A buddy told me, “This would be bad news if anyone had actually bought a GM car in the last five years. They say that the company will emerge from bankruptcy in three years or 36,000 miles, whichever comes first.” There are some witty folks out there.
First Republic For Sale, Oil Leading To Inflation, More $729k Loans
Is it too early for these? The roundest knight at King Arthur’s round table was Sir Cumference – he acquired his size from too much pi…. I thought I saw an eye doctor on an Alaskan island, but it turned out to be an optical Aleutian…She was only a whiskey maker, but he loved her [...]
BofA Mortgage To Serve Consumers, Banks, Brokers. Economic Stats, Bank Stress Tests.
The other day I was complaining to a friend about the fact that her dog had two beds whilst my dog had none. (After all, for millions of years dogs survived without beds, right?) She answered that she had heard that, under a plan being considered by the Administration, any dogs that lied about their [...]
Appraisal Rules Under Fire, Job Loss Coverage For Mortgages, Bad News For Dow, AIG, Chase, Home Prices
Jay Leno said, “California finally passed a budget. Now Californians can go back to doing what they do best … buying homes they can’t afford.” Little do they realize how much the rest of the nation believes this to be true.
Another Firm Cuts Off Mortgage Brokers, Wells Extends Loan Mods To Wachovia, Treasury Supply Weighing Bond Market Down
Here’s your financial vocabulary lesson for today: “Liquidity” – When you look at your investments and wet your pants.
List of Banks Who Have Received Treasury Funds As of October 27, 2008
Below is a summary from CNBC of the banks who have signed up for the Treasury’s $250b in re-capitalization plan that’s part of their Troubled Asset Relief Program. This is beyond the initial nine banks who got $125b to kick start the re-capitalization plan. The $700b TARP program was first designed to handpick illiquid MBS [...]
Jobless Claims Up, Goldman Laying Off 10% of Workforce, Rate Locking Policies
We had some foreclosure news out this morning, saying that foreclosures were up. Is that news? On the Jobless Claims front, however, the number of Americans filing first- time claims for unemployment benefits rose last week by 15,000 to a larger-than-forecast 478,000. This is up from a revised 463,000 the prior week. The number of [...]
FHA Low Down Payment Programs At Risk, More Bank Earnings, Wells Class Action
Up until recently I lay awake at night, wondering if I got cheated when I had to make my standard mortgage payment in February, since it only has 28 days. A California appellate court has rejected a class action lawsuit by Julie and Kenneth Puentes claiming Wells Fargo unfairly treated customers in its calculation of [...]
Rates Higher on Inflation Fears, Countrywide Shuffles Management
A jumper cable walks into a bar. The bartender says, “I’ll serve you, but don’t start anything.” Today’s Market News The GDP is the sum of all goods and services produced in the U.S., and is considered to be the best indicator of economic growth. The first revision to the 1st quarter GDP came out [...]
