Hat tip to both daytrip and just some guy for sending in this article from the latimes.com: http://www.latimes.com/business/realestate/la-fi-equity-building-mortgage-20150103-story.html#page=1 All with no down payment, no closing costs and no mortgage insurance. The...
There's been a lot of hullabaloo about the Fannie/Freddie decision to drop the minimum down payment from 5% to 3%. But the 2% difference will have virtually nothing to do with the decision to default. If a homeowner is going to walk from a 3% down payment; they will...
Hat tip to Susie for sending in this article on appraisals: http://www.usatoday.com/story/money/personalfinance/2014/12/06/appraisal-real-estate/19906355/ An excerpt: This past July Janice Charlton of Thousand Oaks, Calif., says she was low-balled on a refinance...
More foreclosure-avoidance incentives were announced this week: http://www.mortgagenewsdaily.com/12052014_hamp_mfa_programs.asp An excerpt: "While the housing sector has strengthened in recent years, there are still many homeowners struggling to make their mortgage...
Rob Dawg brought up how discriminatory the underwriting guideline is for those who use interest/dividend income to qualify - they have to prove that the income will extend three years into the future. Yet those homebuyers on salary or hourly pay don't have to make...
The informant is getting used to being on national TV, and is a little nervous here. As a result, the significance is understated - JPMorgan Chase defrauded their investors, and then the Department of Justice let them off the hook:
From the wsj.com: A new mortgage lender is loosening documentation requirements, allowing applicants to provide less paperwork on income and assets than is typical to get a home loan. Social Finance, a peer-to-peer lender often referred to as SoFi, rolled out mortgage...
For a guy who has thrown around trillions of dollars, Ben Bernanke was probably more surprised than anyone who has been turned down for a refinance in recent years - hat tip to Mark, Joe, and daytrip who sent this in:...
HT to daytrip for sending this in: http://www.nytimes.com/2014/09/14/magazine/are-subprime-mortgages-coming-back.html?ref=magazine&_r=1 An excerpt: This lending freeze is not just preventing people like the Sleimans, who have struggled to document their income,...
From the latimes.com - thanks daytrip: http://www.latimes.com/business/realestate/la-fi-distressed-loan-sales-20140911-story.html An excerpt: The protests over the FHA Distressed Asset Stabilization Program are the latest ripple in the wake of the foreclosure crisis,...
