Archive for August, 2007

Mortgage Insurance Providers will Redefine Terms

Written by Timothy Blake on August 28, 2007 under Archives, Editorial

Some analysts say sub-prime mortgages will create more revenue for mortgage insurers. Mortgage insurance providers saw a reduction of income due to the end run provided by piggyback mortgages. Premiums are now rising due to increased risk and more lenders getting mortgage insurance policies on mortgages they finance. I fully expect the number of mortgage insurance claims to skyrocket. Mortgage insurance companies may wish for the good old days when their revenue from premiums was down and they had fewer claims. It will be interesting. Are mortgage insurance companies prepared to process claims for 20 to 35 percent of the mortgage values and which claims are refused due to pre-existent conditions and non disclosed risk?

Personal Credit Hammered by Late Payments

Written by Timothy Blake on August 28, 2007 under Archives, Economic Impact

Dire predictions are circling about credit card woes in the future. When a payment, any payment, is reported late to the credit reporting companies, your credit card interest rate can jump to 28.9 percent or more. Your credit card may not be late, but if your home mortgage or car payment is late your credit card rate will reflect it.

The OCC – a look back to two years ago

Written by Leatherneck on August 28, 2007 under Archives, Government Positions

This is from August 2005 – exactly two years ago – as Mortgage Blues takes a look back:

In a speech last month (july 2005) to the New York Bankers Association, then-Acting Comptroller of the Currency Julie Williams addressed criticism that the agency’s enforcement is too soft. “When supervisors identify an issue, we expect it to be fixed, promptly, without having to resort to subpoenas for the information we need or to enforcement action to achieve the result we seek,” Williams said.

Why HSBC Hopes the World Does Not Put 2 and 2 Together

Written by Leatherneck on August 27, 2007 under Analysis, Archives, Economic Impact, Editorial, Foreclosure, Government Positions, International, Investors, Job Losses, Lenders, Opinion, Outside the U.S., Root Causes

Why did the subprime money pipeline shut down? And which bank was buying mortgages from brokers and lenders? HSBC of course. Subprime and second mortgages were to HSBC like Household International was to predatory lending – an easy ride to profits. Or so they thought. Second mortgages? Sorry, but HSBC has little or no security interest when a home goes to foreclosure.

Countrywide Share Price Down 53 Pct for the year

Written by Leatherneck on August 27, 2007 under Archives, Lenders

Bloomberg Television announced this morning that shares of Countrywide are down 53 percent for the year. Countrywide is the biggest mortgage lender in the United States. After a 42 billion infusion by Bank of America some analysts expected Countrywide share to rebound. The company tried to reassure the general public that it was safe and sound, saying they had billions in liquidity.

« Older Entries
Newer Entries »

Our Sponsors

<
Our Partners Selected Articles


© Copyright 1998 - 2012 Mortgage Crisis Daily | 51 queries in 0.350 seconds.