Definitions

National City Home Equity Wholesale News

Written by Timothy Blake on August 07, 2007 under Archives, Definitions, Lenders

CLEVELAND: National City Corp. said Monday that its wholesale home equity unit has stopped taking applications for loans and lines of credit as problems in the mortgage industry continue to spread.

Jumbo Loans Defined

Written by Timothy Blake on August 06, 2007 under Archives, Definitions

Liberal underwriting was not limited to subprime loans. Alternative-A, or Alt A, mortgages are granted to borrowers with good credit scores who want more flexibility than traditional mortgages offer for the overall level of risk they pose. Prime jumbo loans are larger than government-chartered Fannie Mae or Freddie Mac can buy, or usually $417,000 for single family homes.

WALLOP – Wild A—-d Lending Loan Originator Products

Written by Timothy Blake on August 04, 2007 under Archives, Definitions, Economic Impact

Maybe it is time for a new acronym for the financial industry. How about WALLOP, Wild A—-d Lending Loan Originator Products? The overall economy has been WALLOPed.

Mortgage Reset Numbers and Resets Defined

Written by Timothy Blake on August 03, 2007 under Archives, Definitions, Economic Impact, Statistics

A reset is when an adjustable rate mortgage goes to the next interest rate level, thus increasing the mortgage payment. Adjustable rate mortgage resets through the end of July 2007 were $197 billion (USD). That is less than what is projected for February and March – and just February and March – of 2008. The first six months of next year will see more than the total for 2007 or $521 billion. The number of foreclosures is due to rise dramatically from the already high current levels, putting more homes into a weak housing environment. So why not refinance instead? Here’s why that may be impossible.

Hedge Funds Defined – What is a hedge fund?

Written by Timothy Blake on August 03, 2007 under Archives, Definitions

The only hedges I want to see now are my own hedges being trimmed by a Mexican gardener. He’s a friend of mine, an honest nice guy, and Picasso with a weedeater. (I tried hiring a Japanese gardner but he subcontracted the actual labor to a group of Vietnamese workers.) But hedge funds for my investments? No way Jose. Bear Stearns had to admit that subprime issues had led to the meltdown of 2 of its hedge funds.

« Older Entries
Newer Entries »

Our Sponsors

<
Our Partners Selected Articles


© Copyright 1998 - 2012 Mortgage Crisis Daily | 53 queries in 0.320 seconds.