September 22, 2008 – 11:31 pm
When the news hit the street, subprime borrowers took the first hit. No one seems to remember the sequence of federal manipulations or new mortgage terms, which were onerous to the point of being predatory. Terms which were deceptive and misrepresented by the mortgage brokers and lenders. Everyone in the industry wants to wheel and [...]
By Timothy Blake
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Posted in Archives, Editorial
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Also tagged Archives, bank, banks, credit card, Editorial, housing bubble, industry, investor, Lenders, mortgage, real estate, SEC, speculator, subprime
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August 21, 2008 – 2:54 pm
A Barclays Financial report devoted to the impact of Option Arm estimates 48% of the loans will default when the mortgage payments reset or are recast. Mortgage payments are estimated to increase between 60 and 80%. I am not privy to their information, figures, and calculations but under today’s circumstances I feel Barclays report is [...]
August 20, 2008 – 2:51 pm
Mortgage applications fell to an eight-year low last week as Americans delay or abandon purchases and fewer people seek to refinance their loans. I suppose most Americans think home prices will go even lower. The age old theory of buying low and selling high still holds true. What do you think Americans are afraid of? [...]
First-time homebuyers have originated less than a tenth of all subprime loans since 1998, according to a 2007 Center for Responsible Lending analysis. As recently as 2006, just over half of all subprime loans were refinances of existing home loans. The expected foreclosure toll from these loans will outpace the ownership gains by nearly a [...]
California home owners have been walking away from their mortgages in bunches. Some say Californians expect state protection from predatory lenders, and honesty from professionals. Time is money in California, where one can get behind faster than a sandstorm in the California desert. Mortgage servicers recorded “notices of default” on 118,020 homes from April to [...]
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