Archive for July, 2007

U.S. Mortgage Blues Reaches Australia

Written by Timothy Blake on July 31, 2007 under Archives, Outside the U.S.

Yes, this site is MortgageBlues.us, but we have a report on Australia. Our point is simple – running hog wild in the United States is hurting other countries. Look for a detailed report from one of our analysts in the near future. In that report it seems our own government knew there would be problems. Still under wraps, our report guarantees to show who was hung out to dry and who protected their own interests. Meanwhile, on to Australia.

Wells Fargo, Countrywide Sued Over Racial Issues

Written by Timothy Blake on July 31, 2007 under Archives, Lenders

Two black homeowners have sued Wells Fargo & Co, accusing the second-largest U.S. mortgage lender of racial discrimination in how it sets rates and fees. SOme say loan officers have a discretionary pricing policy that results in loan officers adding points and fees to black borrowers

Undertanding Why Mortage Money Is Drying Up

Written by Timothy Blake on July 31, 2007 under Archives, Definitions

Financial backers that pumped money into the mortgage industry are getting pretty tight with their money. In the following example the banks we refer to are not like your local bank. These banks lend money to a mortgage lender, the mortgage lender funnels that money into mortgage loans, and the mortgage loans act as collateral securing the credit line. Lenders are not normally entitled to demand upfront repayment. A margin call takes place when collateral securing a loan loses its value. When that happens, there is nothing protecting the lender from default by the borrower – in this case the borrower is a mortgage lender – so the lender pulls the plug with a margin call.

History of Subprime and Predatory Lending

Written by Timothy Blake on July 31, 2007 under Archives, Editorial

Many other countries have not gotten down to the dirty task of lending money for housing to people who can’t afford it and then financially leveraging the loans to create billions in false value. That’s what the U.S. has done and it has the potential to impact people around the world. The U.S. subprime market has been used in numerous fund portfolios.

Mortgage Fraud Is A Two Way Street

Written by Timothy Blake on July 31, 2007 under Archives, Mortgage Fraud

Allegations of mortgage fraud are again echoing through the mortgage industry. Many people think mortgage fraud is perpetrated by potential borrowers. Evolution in a greedy mortgage industry seemed to hit a balance of responsibility with no-doc loans and no verification. Images of shady deals, where a loan officer was told about rental properties that leased for more than they did, and unverified income from eBay and Amazon, give the impression that the potential borrower is running a scam.

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