Tag Archives: option arms

Wells Fargo Reaches Mortgage Modification Agreement With California

This is not a big deal. The bank will pay out $32 million to a few thousand homeowners. That’s peanuts. They’ll modify some loans. Wells Fargo did not originate these loans. They inherited them when they bought Wachovia. Out of … Continue reading

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The New Lending Rules

Until now, states have taken the lead role with rules on lending. On Oct. 1, the Federal Reserve’s new federal rules come into effect. Those with poor credit currently pay up to two interest points more. The new rules force … Continue reading

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Foreclosures By Neighborhood

From the Baltimore Sun: Foreclosure can affect you and your neighborhood, never mind if you personally have never been late paying your mortgage. When lenders repossess homes, economists say, values go down nearby. The good news is that the riskiest … Continue reading

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Mortgage Insurance Returns

From Housing Wire: It’s this simple: when a mortgage exceeds 80 percent of a home’s value, the GSEs are required by charter to have credit support on the portion of the loan above 80 percent in the form of mortgage … Continue reading

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More Foreclosures On The Way As Option ARMs Roll Over

From Business Week: About a million borrowers have option ARMs, but only a fraction have already fallen due. That was the catch to option ARMs; borrowers were offered low initial payments that would recast higher after several years. Many home … Continue reading

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Choosing The Right Mortgage Lender

Here are some home mortgage tips from scienceinquiry.com: Talk to your friends who have mortgages. Learn the ins and outs. Figure out what kind of home you can afford. There is no such thing as a one-size-fits-all home mortgage. Start … Continue reading

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