Non-depository mortgage banks had some good news: the FDIC notified personnel that Colonial’s warehouse relationships would continue under BB&T, at least in the short term. Many of Colonial’s assets were purchased by BB&T, including the warehouse facility which appears to be operating “business as usual” and funding loans. There is some nervousness, however, given the
Loan Modifications
Supposedly the Washington Post sponsored a competition asking for a two-line rhyme with the most romantic first line and the least romantic second line. “I thought that I could love no other Until that is, until I met your brother.” “I see your face when I am dreaming That’s why I always wake up screaming.”
It was a tough weekend for many. Not only did the last WWI veteran to fight in the trenches pass away in England at the age of 111, but the “Yo quiero Taco Bell” Chihuahua Gidget died at age 15. Truly a broad spectrum of news, although neither was a mortgage banker, which could help
According to Bloomberg, the mortgage bond investment community is pressing for more government and bank assistance to borrowers who are underwater on their mortgages. Bloomberg report below: Mortgage-bond investors want more homeowners to be given aid that reduces the size of their debt below the value of their property, a Fortress Investment Group executive will
This is a question a lot of people ask themselves or their lending advisors. The answer is No. This is fraud plain and simple. Also a lender on a new loan will require you to qualify to carry the full obligations (including mortgage payment, taxes, insurance) of both properties to qualify—you can’t claim your existing
Rates Rising On Economic Optimism, Jumbo-Conforming Spreads, Enough Writedowns-Now for Some Writeups
I was driving along the other day with my son and daughter, listening to the radio about yet another company that was laying-off employees. My son said, “The economy is so bad that McDonalds is now selling the ¼ ouncer, and parents in Beverly Hills fired their nannies and learned their children’s names.” Not to
Here’s a detailed fact sheet from Treasury about how they’re adding second mortgages to the Making Home Affordable Loan Modification program, and below is the full announcement about this enhancement to the program. The Obama Administration today announced details of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program,
The administration unveiled a new set of incentives for second mortgage modifications: the government will pay mortgage servicers (not originators) $500 upfront and $250 a year for three years for successfully modifying a second mortgage, such as a home equity loan. FBI To Hire Hundreds of Mortgage Fraud Agents The news yesterday also included the
What is the difference between death and taxes? Death does not get any worse. Along those lines, on Friday American Sterling Bank, out of Missouri, was the 24th bank in 2009 to fail. According to the OTS, the FDIC was named receiver and Metcalf Bank (also in Missouri) will assume all the deposits and purchase
Thomas Jefferson said, “A government big enough to give you everything you want, is strong enough to take everything you have.” Maybe he would be proud of the demonstration that my daughter and I saw on the banks of the Savannah River yesterday in Georgia, which apparently was taking place in many cities around the
Prepayment Effects On Rates One of the things that impacts the value of servicing is the length of time that the company servicing the loan (i.e., collecting the payments) expects to have the loan on their books. No one wants to pay a 2 or 3 point premium for a loan that they service for
The economy is not good. I’ll tell you how bad the economy is. I was in Beverly Hills yesterday, and I saw a guy driving an American car! All CA Lenders Must Have License # On Card If you’re located in California, be prepared to order new business cards for everyone. Starting on July 1st
Bernie Madoff and his wife are saying they have $69 million that is theirs and is not part of the money he swindled. They say it’s money he saved by switching to GEICO. Find Out Who Owns Your Loan With all of the talk about loan modifications, many borrowers (and their loan officers) are wondering,
Of course, March is known for many things. Saint Patrick’s Day, the Ides, possibly Easter. And, of course, “springing ahead”. This Sunday morning everyone with a clock or watch will wander from room to room, remembering how to change the time on microwaves, wondering if their computers or cell phones do it automatically. Loan Guideline
In our last post, we did a consumer Q&A on how to quickly determine if you qualify for the newly announced loan modification program. Now we wanted to provide some more information on the program, including links to more detailed information. Find out of you have a Fannie or Freddie loan Once you’ve looked at
The Obama Administration unveiled the final details of its “Making Home Affordable Program,” which is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future. Below is a consumer Q&A to determine if you qualify for the program. If the
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