Here is a report on the seller-assisted down payments, where the seller donates an amount of money (equal to the buyer's down payment) to a "non-profit entity", who then gifts it to the borrower. From NMN: WASHINGTON-It was well known inside HUD that a special...
At least here people have to contribute to others to help themselves - from latimes.com: http://www.latimes.com/business/la-fi-habitat27-2009nov27,0,6797289.story Unfortunately, for low-income families, even deeply discounted foreclosures are out of reach because of...
Having trouble finding those bulk purchases? You're not the only one, from NMN: Stan Kurland, the former Countrywide president who hoped to make a killing by purchasing distressed mortgage assets at bargain prices, is facing a cold reality that's thrown a monkey...
A candid conversation with a Wells vice president, from within the machine – a couple of excerpts:
“We still have work cut out for us. We have customers where the administration has extended it four to five payments. We have a few borrowers sitting in that situation. We have heavy, heavy lifting to do in the next couple months to pull these customers through.”
“We have lower redefault rates. Our key to these pay-option ARMs, if a customer is able to make a payment, we have to find a way to continue to allow that payment to be able to be made. What we are doing is restructuring the loan looking at net present value. It’s been very effective. Many of these customers need to be bridged from a negative amortization to an interest only. If you took them to a fully amortized product, there’s no way they are going to be able to make it. Over time, they will from an IO, step up, so there’s no payment shock.”
From latimes.com: In a flurry of end-of-session bill signings, Gov. Arnold Schwarzenegger approved seven new laws that provide a range of consumer protections to home-mortgage holders and may allow some to hold on to their houses. Late Sunday night, the governor...
from Paul M., at NMN: The business of brokering residential loans has enjoyed a good run — about 25 years by most measurements — but now there are increasing signs that not only are these third-party salesman facing a bleak future, but that they have no future at all....
