Maryland seeks U.S. mortgage servicer scrutiny
Reuters – While mortgage lenders underwrite home loans, the servicers are contracted to collect payments and are responsible if a borrower goes into default. “There are thousands of Marylanders on the verge of foreclosure and we need information now to learn …
Goldman Bet on Subprime Mortgage Drop for Most of ‘07 (Update1)
Bloomberg – The firm’s traders “may choose to take a directional view of the market and will express that view through the use of mortgage loans, securities and derivatives,” Goldman told the SEC. “Our net risk position was either short or long depending on …
Daily Telegraph – Home loans are at their most expensive for seven years, with mortgage fees – especially for the most competitive deals – more exorbitant than ever. The decision to leave the base rate at 5.5 per cent does not tell the whole story. Mortgages rates are …
Missouri governor wants to criminalize mortgage fraud
CNBC – JEFFERSON CITY, Mo. – As national concern about home foreclosures and sub-prime loans grows, Gov. Matt Blunt on Monday proposed a plan that would send swindlers to prison. Blunt’s plan would make mortgage fraud a state felony, with a sentence of up …
The loan bomb
Baltimore Sun – Other troubling arrangements are the 80-20 loans – a combination of a first and second mortgage to cover 100 percent of a home’s price. The rate on the first mortgage may or may not be adjustable, but in almost all cases the rate on the second …
Have an adjustable-rate mortgage? It’s probably time to bargain
Boston Globe – Having more than 10 percent in home equity is also a plus. If you obtained riskier “Alt-A,” “B paper,” or subprime loans, it may be much more difficult to modify a loan. No matter what kind of loan you have, it’s best to call your mortgage service …
Treasurer wants to axe exit fees
News.com.au – There are costs associated with home loans for a very good reason: when a mortgage is established to a new customer, the banks have to make sure the people can pay it back,” Mr Bell said. “The fees are disclosed to customers; it is made very clear …
Banks’ Kitchen-Sink Quarter
Forbes – Home Business Tech Markets Entrepreneurs Leadership Personal Finance ForbesLife Lists Opinions Video Blogs E-mail Newsletters People … the bank got itself into by being too aggressive in securitizing mortgage derivatives and in underwriting subprime mortgage loans.
Sovereign Posts Charge on Loans, Independence Results (Update2)
Bloomberg – Sovereign Posts Charge on Loans, Independence Results (Update2) By Andrew Frye Jan. 14 (Bloomberg) — Sovereign Bancorp … The quarter included a pretax charge of about $27 million for losses tied to the financing of two unnamed mortgage companies …
Lenders tighten rules for mortgage customers
Financial Times – … in effect fast-track loans offered to lower-risk borrowers through brokers. Lenders have been scaling back how much they will lend in response to growing fears of an increase in home repossessions this year as borrowers struggle with higher mortgage …
