Monthly Archives: June 2009

Things To Consider Before You Refinance

Don’t just lock in an interest rate savings of a point or two, make sure your closing costs are reasonable. A mortgage refinance can cost you up to $5,000. You’d need to save a lot on interest to make that … Continue reading

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Paperwork Avalanche Overwhelms Refinance Applications

Politicians talk a lot about plans to modify mortgages so fewer people default, but these plans depend on so much paperwork, that few people are having success with them. The Obama administration came up with a $75 billion program to … Continue reading

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Using Reverse Mortgages To Buy Homes

Few lenders offered this option until recently. They’re waiting on the government to issue appropriate underwriting guidelines. Reverse mortgages can’t buy co-ops in New York, which is slowing the introduction of this financing to this populous state. The New York … Continue reading

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The Return Of The Jumbo Mortgage

Two banks are planning to return to the jumbo mortgage market. This market has been dead since 2007 due to a high rate of defaults. Maybe happy days are here again? Bloomberg reports: JPMorgan Chase and Citigroup are expanding their … Continue reading

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William D. Cohan’s New Book: House of Cards: A Tale of Hubris and Wretched Excess on Wall Street

Click here to see the book on Amazon.com. Bear Stearns and Lehman Brothers had huge investments in securities backed by home mortgages, a market with rising defaults and collapsing home values. Unlike banks, which loans out money it gets from … Continue reading

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Thomas Sowell’s New Book: The Housing Boom and Bust

Check out the book on Amazon.com. Economist Thomas Sowell appeared on Dennis Prager’s radio show May 27: Tom: If the results weren’t so serious, all this would make a great Gilbert & Sullivan musical, with all the mutually contradictory statements … Continue reading

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