I recently wrote a blog discussing the tightening of various underwriting rules by Fannie Mae and Freddie Mac. FHA has …
{ 1 comment }
Mortgage Industry
When I started at FICO in 1997, the company was going through a growth spurt. Most notably was the increase …
{ 3 comments }
You have likely overheard someone talking about their trials and tribulations in getting a mortgage. Some of the issues may …
{ 1 comment }
A University of Arizona law professor has raised eyebrows for urging homeowners who owe more than their houses are worth to act in their own self-interest by walking away from their mortgages.
{ 3 comments }
The savings rate in the United States has had a terrible history for the last ten or twenty years. When …
{ 1 comment }
In news released yesterday, Treasury Department officials are having serious discussions with loan servicers – otherwise known as lenders – to ramp up loan modification activity. The goals of the drive to achieve stability in the housing market were substantial: a target of between 3 and 4 million homeowners currently at risk of foreclosure. They were supposed to be helped by the Home Affordable Modification Program.
{ 0 comments }
I got a call from a couple who was interested in refinancing their home. It was a slam-dunk deal that would be approved anywhere. So we chatted about rates and I told them what the rate and fees were for the best deal I knew about. They said that they had talked with their current lender who had offered a better deal. That was a bit of a surprise because I had always been able to beat that company’s deals. So I said, “Let’s look at their website and see.” Sure enough, at the same rate the fee at that lender was about $3,000 higher than what I had told them.
{ 0 comments }
America is currently reeling from the economic tsunami that was triggered in part by massive borrower abuse by the subprime lenders. But it wasn’t just the subprime lenders; it was a significant chunk of the entire mortgage origination industry.
{ 0 comments }
Fannie Mae has just announced a new rule that is important to anyone who owns a condominium, townhome, or a unit in a Planned Unit Development (PUD). In the case of a single family detached residence, your basic insurance policy covers everything, but that’s not true in the case of a condos and similar properties.
{ 2 comments }
Chairman of the House Financial Services Committee, wants to pass new regulations that would protect consumers better than current regulations. Indeed, he has just scheduled eleven hearings on various aspects of reform that would involve the creation of a new agency, the Consumer Financial Protection Agency. This new agency would take over some of the responsibilities currently held by one of the other half-dozen agencies involved in regulating lenders. The problem is that Congress passes legislation and/or the Federal Reserve makes rules, but they never make any provision for enforcement (or they have too few regulators without sufficient budgets to have any impact).
{ 0 comments }
About Us
Credit.com News & Advice provides readers with unique insight, helpful tips and straight answers about their financial world. Our leading experts explore credit, loans, debt, saving, and identity theft topics. Meet our credit & finance gurus.
Follow Us
