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Entries Tagged as 'for consumers'

Fannie Mae Keys to Recovery?

July 14th, 2008 · 2 Comments

fannie-mae-keys-to-recovery
fannie-mae-keys-to-recovery

Hello loan pros,
I have been researching solutions for divorcing couples who are underwater on their mortgages and need to get one party off the loan obligation. Unless they are destitute or behind on their payments it seems like no lender in its right mind will restructure the loan, approve a short sale, or let one […]

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Tags: for consumers

FDIC shuts down Indymac

July 11th, 2008 · 3 Comments

fdic-shuts-down-indymac
fdic-shuts-down-indymac

Straight from the FDIC:
On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator.  All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal […]

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Tags: Inman · Mortgage Market Update · Uncategorized · for consumers

Reverse Mortgage Lenders Dropping Like Flies

July 8th, 2008 · 4 Comments

reverse-mortgage-lenders-dropping-like-flies
reverse-mortgage-lenders-dropping-like-flies

You might think that reverse mortgage lenders and banks, with their gobs of protective equity, would be immune to the Wall Street mortgage lending crisis. After all, how bad could the default rate on a home loan with no payments and at 40% to 50% LTV be? Tell that to the Wall Street bears.
Since investors […]

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Tags: Inman · Mortgage Market Update · for consumers

If You Want to Keep Your House, Watch Your Local Government

June 10th, 2008 · 2 Comments

if-you-want-to-keep-your-house-watch-your-local-government
if-you-want-to-keep-your-house-watch-your-local-government

I’ve had a feeling for some time that there was some correlation between counties issuing building permits indiscriminately and the subsequent crash in area real estate values. Here in Reno they are still approving new developments as fast as they are asked for, and yet we all know Nevada was one of the hardest-hit states […]

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Tags: Inman · for consumers

Economic Data and Its Effects on Mortgage Rates

May 30th, 2008 · 5 Comments

economic-data-and-its-effects-on-mortgage-rates
economic-data-and-its-effects-on-mortgage-rates

Cliff Pape asked me to do a post on how “inflationary expectations” for those who may not be familiar with its effects on mortgage rates both near and long term. His main concern is how it pertains to borrowers buying a mortgage today and for those hoping to refinance in two or three years, […]

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Tags: Inman · for consumers

I’d Rather Sell Used Cars….

May 1st, 2008 · 8 Comments

id-rather-sell-used-cars
id-rather-sell-used-cars

….than be associated with a sleazy lending practice. As I’m sure all of us would. So I kind of gagged when Ken Clayton, counsel for the American Bankers’ Association (ABA) claimed that credit card issuers are more consumer-friendly and don’t deserve the same scrutiny applied to mortgage lenders. “Credit cards are a highly regulated industry,” […]

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Tags: Inman · Uncategorized · for consumers

WaMu Moves On: Why Driving Brokers Out Is Not the Answer

April 10th, 2008 · 6 Comments

wamu-moves-on-why-driving-brokers-out-is-not-the-answer
wamu-moves-on-why-driving-brokers-out-is-not-the-answer

While some of the biggest retail mortgage lenders shutting down their wholesale lending departments claim it’s a sound strategy for reducing loan fraud, I have to question their motives. B of A, WaMu, IndyMac, and others may accomplish a couple of less-than-altruistic goals — first, deflecting the blame for the mortgage mayhem and the brunt […]

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Tags: Inman · Marketing · for consumers