Tag Archives: mortgage lenders

BofA Reduces Mortgage Loan Principal For 200,000

As a result of a settlement with state and federal government, Bank of America is writing down mortgage loan principal for about 200,000 Americans, sometimes as much as $100,000 per mortgage. Banking is far more regulated than ordinary business. Bankers … Continue reading

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Increase In Troubled Mortgages

The Dow Jones is near record highs and mortgage interest rates are holding at record lows, yet the percentage of troubled mortgages and the number of foreclosures are both rising. We’ve yet to see any sustainable bump upwards for housing … Continue reading

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Bank Of America Overwhelmed By Refinancing Demand

A new government program to boost mortgage refinancing is overwhelming some banks such as Bank of America. That bank has been telling some customers to wait 90 days before applying for a refinance. Banks have to staff up to handle … Continue reading

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Consumer Financial Protection Bureau Probes Lenders

Smaller lenders who are not quite banks are going to get the once over from the Obama administration’s new bureaucracy — the Consumer Financial Protection Bureau. The CFPB has all sorts of rules to enforce and they are going to … Continue reading

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Those Low Mortgage Interest Rates Look So Good!

Tempting! Nice if you can get them. Are they a fake? No, they’re real, but they only for the top tier, those with sterling credit and solid proof of income. Lenders are keeping mortgage interest rates higher than would be … Continue reading

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Mortgage Lenders Avoid Risk

As a reaction to the profligate and reckless lending of the housing boom, since 2007 mortgage lending has been much more discriminate. “Discriminate” is a bad word to many people but I think it is a good word. I have … Continue reading

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Mortgage Lending Declines Sharply

Record low mortgage interest rates! You’d think that would lead to an expansion of mortgage lending. And you’d be wrong. Mortgage lending standards are high, jobs are few, economic growth is anemic, and the number of mortgages underwater keeps rising. … Continue reading

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California’s Attorney General Increasingly Active On Mortgage Fraud

You’re getting a lot of attempts at committing mortgage fraud these days because the stakes are huge and the odds of getting caught are small. The odds of getting caught are not low because of lack of attention from California’s … Continue reading

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A Primer On Mortgage Interest Rates

When the economy is at its worst, mortgage interest rates are usually at their lowest. Why? When there is little economic growth, people move into bonds. Bond dividends are fixed. Bond prices vary on demand. The higher the price of … Continue reading

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Obama Desires Big Role For Government In Mortgages

Until I read this article in yesterday’s Washington Post, I thought all sides were agreed that the federal government needed to reduce its role in the mortgage market. Fannie Mae and Freddie Mac have so far cost taxpayers $166 billion … Continue reading

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