Consumer Mortgage News Made Simple
Image via Wikipedia Marketers peddling a “Rapid Debt Reduction” program and false promises to reduce consumers’ credit card interest rates have been fined $1.5 million by the FTC. Under court order the principals have agreed to pay the fine in restitution for their debt relief scheme, which claimed interest rate reductions in exchange for an up-front fee of up to $899. The fines will go to refund defrauded consumers. This FTC action is just one of several filed as part of a … [Read more...]
When you think of buying a house of your own, the first thing that you must consider is your affordability. Buying a home beyond your affordability will raise the chance of not being able to pay your monthly payments. You can initially calculate your monthly payments with the help of a mortgage calculator, to know the exact amount you need to save every month. Have a look at the things to consider before getting a mortgage loan. Your cash availability: Applying for a mortgage loan is … [Read more...]
Most of the mortgage news this morning is leading with State Attorneys Generals, Federal prosecutors, and the FTC coordinating to shutdown loan businesses preying on desperate homeowners. Inman News: Officials in California shutdown Anaheim-based Loan Mod Boiler Room Operation. The company employed a sales force of 31 at the time it was shut down, McNamara found, and less than half as many employees engaged in negotiating loan modifications with lenders or processing related … [Read more...]
Image by Getty Images via Daylife Major financial institutions, like Bear Stearns and AIG are demostrating their enormous potential impact on the US and even global economies. However, there is little or no coordinated supervision or insolvency path should they begin to fail. US Treasury Secretary Timothy Geithner begin revealing his plan for a "new era of regulation." Meanwhile, Roubini takes his shot at crafting a response and framework for what he thinks would be most effective: Blueprint … [Read more...]
Image via Wikipedia 24/7 Wall Street presents and interesting angle on the role of mortgage rates in recovering the housing market. Are we in an economy where factors and anxiety around unemployment and investment make it such that mortgage rates are too much at any cost? While some data shows that housing may be finding a bottom, it is likely that very few people are willing to gamble their own money that the perception is true. If unemployment rises, housing prices could continue to fall. If … [Read more...]
Image by TheTruthAbout... via Flickr I caught this quote over on LeadCritic.com (a blog about mortgage lead generation): we have slowed for 2 reasons - the first is that all the leads we had purchased in the past are finding us again - or we are finding them - so no need for "new" leads, but more importantly is that our funding source (warehouse banks) options have constricted. I would think this is the same for many lenders - even the banks (some - cant speak for all of course) who you … [Read more...]
