Braoden mortgage access to those who don't have a credit score? Counting income from those not on the loan? Traditionally, the term 'family member' has been a loosely-defined concept in mortgage qualifying. From the wsj.com:...
Hat tip to daytrip for sending in this story: http://www.bloomberg.com/news/articles/2015-10-02/mortgage-executive-who-took-rap-for-crisis-prepares-her-appeal Rebecca Mairone scarcely deserves a mention in the annals of finance, except for this: She’s the only...
Equity is back, so it's no surprise that homeowners want to tap into it. And little by little, the lenders are happy to oblige: http://newsok.com/article/5450439 WASHINGTON — Americans are tapping into their home equity at a pace not seen since the housing bubble...
I saw these questions from Ed DeMarco on Twitter. My answers: 1. Have the M.I.D. apply towards primary residence only (not second homes), and lower from $1,000,000 to $500,000. Those buying in hopes of a bigger write off will still buy a house, and take the partial...
Fannie Mae announced that they have eliminated the Anti-Buy-and-Bail rule, the underwriting guideline that has held back so many move-up buyers. The previous rule meant that buyers who already owned a property had to have at least 30% equity in it; other wise they...
Hat tip to Wendy for sending in this article on subprime vs. prime mortgages causing the crisis. The authors probably didn't catch the fact that prime borrowers were getting neg-am loans based on FICO scores only, and those weren't considered subprime loans:...
For those who are concerned about another bubble, here is evidence that indicates we're in a position to handle it better. Leverage is down, which should mean less government intervention next time (?):...
We've been talking about the re-emergence of creative financing - the first was crowdfunding, now this from the latimes.com - an excerpt: One company based in San Diego, EquityKey, says it has completed or has in process appreciation-sharing agreements on homes with...
Remember when principal reductions were resisted by banks and DeMarco? Now they are throwing money at people:...
Fannie Mae has been over-pricing their REOs by at least 10% since 2012, and have been getting away with it because buyers think that because it's a foreclosure, they are getting a deal, and because Fannie provided 'HomePath' financing where no appraisal was required....
