Suggestions

MGIC Sues Radian as Partnership Leads to Divorce

Written by Leatherneck on August 21, 2007 under Archives, Lawsuits, Suggestions

Strange bedfellows are now suing each other. A sure sign that Radian, MGIC, and C-BASS are singing the mortgage blues came to the forefront as a recent news article shows Radian and MGIC feuding like business partners who can’t get along. The two sides have disagreed on whether MGIC is obligated to complete its buyout of Radian, now that their joint interest in a subprime mortgage investor has become all but worthless. MGIC is suing Radian for more information. MGIC and Radian are mortgage insurance companies.

New York To Bail Out With Foreclosure Avoidance

Written by Timothy Blake on August 01, 2007 under Archives, Suggestions

August 1, 2007 – In New York state, a $100-million refinancing program has been created by the state and the mortgage industry for people on the verge of losing their homes because of risky, adjustable-rate mortgages. Borrowers with adjustablerate loans or terms that require them to pay only the interest due each month will be eligible for new 30- and 40-year fixedrate mortgages under a program administered by the State of New York Mortgage Agency, or SONYMA, Gov. Eliot Spitzer said in a statement. The loan pool is expected to help 500 to 700 families. Act quickly, since at last count there we more ARM’s (adjustable rate mortgages) than that in New York.

Late 30′s drop credit score 50 to 90 points

Written by Timothy Blake on August 01, 2007 under Archives, Suggestions

Credit Monitoring reported to our frineds at Household Watch that the average FICO credit score dropped 50 to 90 points when the consumer is reported as “late 30.” You must be able to trust your creditors and never let an account get 30 days late. You should write to the lender and put your account in a ‘disputed’ status if anything looks wrong.

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.

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