Tag Archives: subprime borrowers

‘Confessions of a Subprime Lender’

I’m reading Richard Bitner’s book, “Confessions of a Subprime Lender: An Insider’s Tale of Greed, Fraud, and Ignorance.” The author started his own subprime lending company, Kellner Mortgage Investments, in 2000 and at its peak, it did about $250 million … Continue reading

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The Financial Meltdown & Jewish Law

Mike writes: 1) Certainly buyers who misrepresented their incomes on “no verification loans” are also guilty of moral and halachic failings. 2) While mortgage brokers are lightly regulated, they don’t make loans. The underwriting decision is made by the institutution … Continue reading

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Washington Asked To Do More To Prevent Foreclosures

From Time magazine: As of August, nearly 3% of all home loans were in foreclosure, and a further 6% were more than 60 days late on their mortgage payments. To the back burner went Treasury’s original plan to buy up … Continue reading

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Fannie, Freddie, FHA In Trouble

Maurna Desmond writes: After subprime borrowers finished beating up on Fannie Mae, the Alt-A’s are getting their turn. Losses on those loans to allegedly creditworthy borrowers with lightly documented loans led the goverment-backed mortgage agency to post worse-than-expected results for … Continue reading

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Feds Tightening Rules On Lending

From CNNMoney: Though the proposals won’t help the millions of homeowners who’ve already fallen behind in their mortgages, the Fed is aiming to prevent another such crisis by tightening lending standards, particularly for subprime mortgages. "Our goal is to promote … Continue reading

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Washington Mutual Will No Longer Issue A Couple Of Complex Mortgages

FROM DOW JONES NEWSWIRE: Washington Mutual Inc. (WM) will discontinue two complex mortgage products as it cuts back on riskier loans amid the subprime mortgage mess and falling home prices. The bank also added $1 billion to the assistance program … Continue reading

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The Next Looming Mortgage Mess

From the Sacramento Business Journal: Subprime is the term applied to loans given to people with shaky credit. Alt-A is the next-higher category, typically covering mortgages to borrowers who had better credit but didn’t want to document their incomes or … Continue reading

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Subprime Mortgages: America’s Latest Boom and Bust

This 2007 book was written by Edward M. Gramlich: Old time government insured lenders such as the FHA and the VA used to dominate sub-prime lending. But now they’ve been shoved aside. What is a subprime loan? A loan to … Continue reading

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Despite Interest Rate Cuts, Foreclosures Hit Record Highs

From the Washington Post: Even though lower interest rates have made many adjustable-rate mortgages more affordable, foreclosures continue to reach new heights as more than 1 million homeowners face losing their home, according to industry figures released yesterday. About 2.47 … Continue reading

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Tips For Troubled Home Owners

From AZCentral.com: Rising payments from adjustable-rate mortgages, mounting job losses and an epidemic of unaffordable loans have thrown more homeowners into a dire situation: They’re no longer able to pay. Housing experts and counselors offer a host of suggestions from … Continue reading

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