Posts Tagged ‘Adjustables (ARMs)’

Banks, Predatory Lenders, and Ambassadors

Written by Timothy Blake on October 11, 2007 under Adjustables (ARMs), Archives, Editorial, Government Positions, Lawsuits, Opinion, Suggestions

Boston Federal Reserve Bank president Eric S. Rosengren urged banks to take a second look at subprime borrowers, saying many have improved their credit scores since buying a home. If that is the case banks could step in and help those homeowners. Meanwhile arguments and debates continue as issues are labeled as “bailouts” or “rescues.” It is interesting to note the soundness of Rosengren’s theory – which it is – while contrasting it against new issues of predatory lending.

HSBC Mortgage Horror Stories Showing Up

Written by Leatherneck on September 06, 2007 under Adjustables (ARMs), Archives, Job Losses, Lenders

In a report from Household – HSBC Watch we learn of a mortgage loan officer who lost his job. The individual has an adjustable mortgage and owes more than the house is worth. The loan is from HSBC. What follows is the actual report submitted to consumer advocates:

As Mortgages Adjust Can We Trust Appraisers

Written by Timothy Blake on August 07, 2007 under Adjustables (ARMs), Archives, Government Positions, Lenders

In the second quarter of 2007 many adjustable rate mortgages will reset to higher rates and higher house payments. Many lenders are working diligently to help home owners. But what happens to a mortgage that is known to put the buyer upside down in the home? (By upside down I mean they owe more than the home is worth.) Is it fraud if mortgage backed securities are involved? What if the borrower financed 80 percent, plus the down payment? Add a home equity loan to that and what happens? Scrutiny of these loans is only months away!

Personal Bankruptcy, Reaffirmation, ARM’s and Foreclosure

Written by Timothy Blake on August 02, 2007 under Adjustables (ARMs), Archives, Escrow, Foreclosure

Banks claim they do not want to foreclose because they lose money. I have permission to share this open letter from a person that did not reaffirm their adjustable rate mortgage after bankruptcy:

Adjustable mortgages adjust the stock market

Written by Timothy Blake on July 28, 2007 under Adjustables (ARMs), Archives

An adjustable-rate mortgage taken out in 2005 that adjusted earlier this year means $400 more each month in payments. That’s based on the average prie of the average home, around $250,000. Now don’t break out the calculators just yet, as I’m giving you rough information from statistics, as I remember my stats classes and those wonderful discussions on mean, medium, and norm.

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