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Mortgage Blues Hit GMAC (ResCap) and Cerberus

Written by Timothy Blake on July 30, 2007 under Analysis, Archives

GMAC today reported that second-quarter net income fell to $293 million from $787 million a year earlier. Its mortgage unit, Residential Capital LLC, had a loss of $254 million, compared with a profit of $548 million a year earlier, because of loans to buyers with poor credit ratings.

Mortgage brokers may not get you the best deal

Written by Timothy Blake on July 30, 2007 under Archives, Suggestions

Mortgage brokers have no obligation to get their customers the best deal. Actually, mortgage brokers have an incentive to push customers toward a mortgage with an unnecessarily high rate. That’s because the bank’s payment to the mortgage broker, called a yield spread premium, compensates the broker for the spread between the lowest rate at which the lender will make the loan and the rate the borrower ends up with. In other words, the higher the rate, the more money the broker makes.

Flip That House, Property Ladder Not The Norm

Written by Timothy Blake on July 30, 2007 under Archives, Suggestions

For those inspired by television shows like Flip That House and Property Ladder, where regular people like you and I by a house to make a profit, there are warning signs. Not so much with the Property Ladder show, but more so with the others, please be aware that those people have investors looking for fast returns on a short term investment. Property ladder seems to focus on individuals with a budget, although they may have money or a construction loan.

IKB Deutsche Industriebank, 40 Others Hurt By Subprime U.S.

Written by Timothy Blake on July 29, 2007 under Archives, International

IKB Deutsche Industriebank AG, a German lender that invested in U.S. subprime mortgages, said its profit will be “significantly” lower than forecast as fallout from the deteriorating North American home-loan market spreads.

Homebuyer Advice – Mortgage Mistakes

Written by Timothy Blake on July 29, 2007 under Archives, Suggestions

A great article by Liz Weston tells home buyers what to look out for when buying a home. We recommend reading her entire article as it outlines the 8 biggests mistakes people make, such as:

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