Tag Archives: mortgage default

FHA Must Charge Higher Fees To Stay Afloat

The average American is on the hook for $1300 for the Fannie Mae and the Freddie Mac bailouts. Keeping the FHA afloat has only required three billion. FHA mortgages requires smaller downpayments and lower credit scores than regular mortgages. You’d … Continue reading

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Boom In Foreclosures Bigger Than Boom In Refinancing

It is all bad news for the re-election chances of Barack Obama. So his advisers are pondering a plan to subsidize and guarantee millions of mortgage refinances that the private market won’t underwrite. This would be typical for the Democrats, … Continue reading

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Was HAMP Designed To Help Homeowners?

What is HAMP? It is President Obama’s Home Affordable Modification Program. It was a major mortgage modification scheme that was successful about one-tenth as many homeowners as predicted. Banks have not been eager, in general, to modify mortgages and to … Continue reading

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Mortgage Payments Improve

The average interest rate on a mortgage is about a full percentage point below what is was a year ago. Though mortgage interest rates are at record lows, that’s not much help to those with less than stellar credit. As … Continue reading

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Spanish Mortgage Woes

I dig some of the ways that Spain deals with people who default on their mortgages. They are still responsible for paying off the loan principal and court costs and the like. Unlike America, where people can mail back the … Continue reading

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What Is A Reverse Mortgage Default?

It’s not easy to default on your reverse mortgage. You simply have to keep up your property. Pay the taxes. Pay the homeowners insurance. But if you can’t do these simple things, your reverse mortgage goes into default. Report: Reverse … Continue reading

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Why Is The Mortgage Default Rate So Low?

About 11 million American households are underwater on their mortgage. So why don’t more Americans walk away? That’s the theme of about a dozen articles in the New York Times over the past month. There’s been a lot of rhetoric … Continue reading

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Avoiding The Strategic Default

About eleven million American families are underwater on their mortgages. They owe more on their homes than they are worth. Much of the time, it would make sense for these families to walk away from their mortgages. This would increase … Continue reading

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Asking More From Fannie Mae

From the WSJ: Fannie Mae and Freddie Mac, trying to contain mortgage-default losses, are redoubling efforts to prevent foreclosures. The two U.S.-government-sponsored guarantors of home loans last week said they will increase fees they pay loan-servicing companies for "workouts" that … Continue reading

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One Man’s Misery Is Another Man’s Opportunity

HOUSTON, TX, Jul 28, 2008 (MARKET WIRE via COMTEX) — As the cost to protect Washington Mutual Inc. bonds from default rises for a third time following concerns that the biggest U.S. savings and loan won’t be able to overcome … Continue reading

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