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Mortgage companies falling down on loan-modification help
in The Mortgage Roadmap, on August 4, 2009
...39;s housing and financial crises. Many blame the companies for passing out risky mortgage loans to borrowers who never should have qualified for mortgage financing in the first place.
Now mortgage c...
The looming credit card disaster
in Sox First, on July 28, 2009
...massive defaults across Europe, most notably in Britain which has the highest number of credit card borrowers on the continent. As the Financial Times tells us, the big worry here is the breakdown ...
Making mortgages easier to understand
in The Mortgage Roadmap, on July 24, 2009
...ortgage lenders have taken a lot of the blame for the collapse of the housing market. They approved borrowers who couldn't pay back their mortgage loans. They pushed other homebuyers to take out r...
Downpayments still keeping homebuyers away
in The Mortgage Roadmap, on July 13, 2009
...
During the housing boom — which ran through a portion of 2006 — many lenders required borrowers to put down as little as 3 percent of a home's purchase price. Others didn't requi...
Los Angeles leads nation in mortgage fraud
in The Mortgage Roadmap, on July 8, 2009
...ful fraud are the foreclosure rescue scams. In these cases, criminals pretend that they are helping borrowers who are facing foreclosure. Instead, though, they secretly take over the property's de...
Taking out a mortgage loan without going mad
in The Mortgage Roadmap, on July 6, 2009
...obsess over those mortgage interest rates.
Unfortunately, this is the one piece of advice very few borrowers listen to.
You can't really blame homeowners for focusing so intently on what their m...
It's getting tougher to get a mortgage-broker license
in The Mortgage Roadmap, on July 2, 2009
...ng boom, a lot of unqualified, unskilled and unsavory mortgage brokers passed out mortgage money to borrowers who didn't have the financial means to make monthly mortgage payments. These same slea...
Is plain vanilla the right goal?
in The Mortgage Roadmap, on June 30, 2009
...ut adjusting interest rates, interest-only options or any of the other fancy stuff that got so many borrowers in trouble during the subprime mortgage-lending crisis — if they choose.
But the Wa...
Did Sonia Sotomayor's mortgage views help send county into recession?
in The Mortgage Roadmap, on June 23, 2009
.... The entire mortgage-lending industry is to blame, everyone from sleazy mortgage brokers to greedy borrowers to easily pushed around appraisers to real estate agents who never warned their buyers aga...
A new wave of mortgage foreclosures on the way?
in The Mortgage Roadmap, on June 19, 2009
...rs who during the housing boom took out option adjustable rate mortgages . In these type of loans, borrowers can decide to pay less than what their monthly balance is. The difference is simply added ...
Do you trust the government to protect you from mortgage lenders?
in The Mortgage Roadmap, on June 18, 2009
...
Do you have faith that the government can protect you and other borrowers from bad mortgage loans pushed by shady mortgage lenders? If you answered "yes" to this question, you'll be...
Want a better credit score? Manage your money
in The Mortgage Roadmap, on June 12, 2009
...ortgage loan.
Lenders want to see a high credit score — a numerical figure that encapsulates borrowers' past histories of managing their money and paying their bills on time — before ...
Is it time to refinance your mortgage?
in The Mortgage Roadmap, on June 10, 2009
...ng on a borrower's loan amount. For instance, for mortgage loan values of $200,000 to $300,000, borrowers with interest rates of 6.5 percent of higher will probably do well to refinance.
For home...
Are reverse mortgages the next trouble spot?
in The Mortgage Roadmap, on June 9, 2009
...esn't always work that way. Loan officers are not above pushing inappropriate mortgage loans on borrowers.
A top U.S. banking official agrees. John Dugan, the U.S. comptroller of the currency, wa...
Wells Fargo accused of pushing bad loans on African-Americans
in The Mortgage Roadmap, on June 8, 2009
...
Whenever I tell people that borrowers shouldn't always be blamed for the bad mortgage loans that they take out, I get sneers. These borrowers should have done their homework before taking out...
Subprime and racism
in Sox First, on June 8, 2009
...o hold high-interest subprime mortgages as whites of similar or even lower incomes. For Wells Fargo borrowers, only 2% of whites in that income group hold subprime loans versus 16.1% of blacks. Ameri...
Mortgage giant Mozilo charged with fraud
in The Mortgage Roadmap, on June 5, 2009
...er people like Mozilo next time you want to blame someone for the housing slump. Yes, everyone from borrowers to real estate agents to appraisers acted badly during the housing boom. But at the heart ...
Be honest with your finances before taking on a mortgage
in The Mortgage Roadmap, on June 2, 2009
...ve caused the housing slump the country is still working through.
But one of the biggest factors? Borrowers weren't honest with themselves before taking on their mortgage loans.
A mortgage loan...
You can lower your mortgage interest rate -- BEFORE you take out that loan
in The Mortgage Roadmap, on May 26, 2009
...y, that's an amazing rate.
That doesn't mean, though, that there aren't a whole lot of borrowers — or soon to be borrowers — who don't want to lower their own mortgage int...
How low will interest rates go? Who knows?
in The Mortgage Roadmap, on May 22, 2009
... see rates rise instead.
Remember, too, that refinancing a mortgage loan typically isn't free. Borrowers can expect to pay anywhere from $2,500 to $5,000 in closing costs.
Borrowers should also ...
Financial crisis winners to hurt banks
in Sox First, on May 16, 2009
... big winner comes in the form of peer to peer lending platforms where savers pool money and lend to borrowers. Some good examples are Prosper which calls itself "America's largest people-to...
Looking to buy? Your mortgage loan might be smaller than ever
in The Mortgage Roadmap, on May 13, 2009
...y the subprime lending crisis, are doing everything they can to avoid passing out mortgage money to borrowers who may not be able to make their monthly payments.
But, if you're a first-time buyer...
Navigating the new mortgage roadmap
in The Mortgage Roadmap, on May 12, 2009
...ore.
That FICO score may be the most important factor of all these days. Lenders want to know that borrowers have a history of paying their bills on time. That's what a credit score tells them. T...
Recession: neither the beginning of the end or end of the beginning
in Sox First, on April 13, 2009
...nd businesses to repeat what they did then has vanished. Yes, banks will lend to highly trustworthy borrowers, and the low-hanging fruit of highly trustworthy borrowers is the first they'll pick. ...
More bad news ahead, says Roubini
in Sox First, on April 8, 2009
...linquencies comes when you break down the figures further. According to the data, 39.8% of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7% from last year. Green...
Dumb money and the meltdown
in Sox First, on February 24, 2009
... pillars: perpetually low interest rates, perpetually rising asset prices (especially for housing), borrowers of all types remaining perpetually current, and perpetually strong markets for debt. The h...
The meltdown's rogue gallery
in Sox First, on January 26, 2009
...prime lending and urged homebuyers to swap fixed-rate mortgages for variable rate deals, which left borrowers in the dog house when rates rose. Other include Bill Clinton who repealed the Glass-Steaga...
No quick fix for US housing market
in Sox First, on December 6, 2008
...the Mortgage Bankers' Association . The problem is that at the height of the real estate boom, borrowers used their homes like a piggy bank. They used the home- equity loans to pay for a wide ran...
The hypocrisy of Bush
in Sox First, on November 14, 2008
...th greed and exploitation and failure. It's true this crisis included failures - by lenders and borrowers and by financial firms and by governments and independent regulators. But the crisis was n...
How the predication models failed
in Sox First, on November 11, 2008
.... So lenders had scant incentive to spend much time scrutinizing the creditworthiness of individual borrowers." What's even more scary, the piece points out, is that economists said the risk...
One Version of How the Meltdown Happened
in The Personal Finance Weblog, on October 20, 2008
... Clinton, they passed legislation that called on banks to be required to lend to non credit worthy borrowers. The laws, including the Community Reinvestment Act, the CRA, required two large government...
Prosper.com: No New Loans
in The Personal Finance Weblog, on October 16, 2008
... on Prosper has also fallen 13 percent from last year, as lenders have become nervous about whether borrowers will repay the loan.
...
Half of the 20 largest lenders on the site have not made a new ...
Forecasts of the economic disaster
in Sox First, on October 13, 2008
... which pumped in liquidity, and by regulators that looked away as loans were handed out well beyond borrowers' ability to repay them. Meanwhile, banks and credit-rating agencies pretended that fin...
Bailout no silver bullet
in Sox First, on October 6, 2008
...and management. The package continues to bail out banks at unrealistic prices and potentially their borrowers too, who need equally to be punished for over-borrowing and overconsumption, if the underl...
Can the bailout fix things?
in Sox First, on September 29, 2008
...ce: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpa...
Bailout - not much relief, says Moody's
in Sox First, on September 23, 2008
... an extreme credit crunch, but we still expect credit conditions will tighten further for corporate borrowers over the near term,'' he says. That's a rather unsettling observation. Not ex...
Meet the baby borrowers
in Noah's and Lily's Blog, on July 6, 2008
...has much but at least she thinks much of it.
So we have called the casting company for "Baby Borrowers" - they told us we need to send them some head shots with as many as possible 'b...
Another Prosper.com Experience
in The Personal Finance Weblog, on April 3, 2008
... try it. For those that don't know, it's a person-to-person online lending network. Prosper borrowers seek a cash loan ($25K is the limit one can borrow). They get the cash from Prosper lender...
The Fed, the Bear and moral hazard
in Sox First, on March 25, 2008
...e to act in ways that may be inappropriate. In the subprime crisis, moral hazard can apply to both borrowers and lenders. In the case of borrowers, there have been instances where people have taken o...
Subprime explained - crunch time glossary
in Sox First, on February 14, 2008
Credit crunch? Credit default swaps? Honeymoon loans? NINJA loans? Negative pledge? The subprime crisis is upon us and investors are confronted with jargon designed to baffle and keep them in the dark. Here is my glossary of key terms you'll need to know to keep ahead of the game: arrang...
The market talks to the Fed
in Sox First, on January 31, 2008
The Fed's one-two punch, cutting rates by half a percentage point , will not do the trick. The aim of the Fed is make it easier for business with better credit and cheaper money. But shortly after, Standard & Poor's spoiled the party by signalling it might lower its ratings on $53...
Microplace and Kiva
in Sox First, on January 9, 2008
Fascinating developments in the world of micro-finance. Online auction giant eBay last year launched a microlending website that lets people invest in entrepreneurs in poor communities around the world and get a return on their money. Website visitors can browse investors by country. They can ...
Lobbyists, subprime and the Rolling Stones
in Sox First, on January 2, 2008
... through deceptive or unfair practices in the sale of high-interest loans, often to low-income borrowers who could not afford them. To stop the legislation going through, the subprime industry ha...
Fed's rescue plan: too little, too late
in Sox First, on December 19, 2007
...ed income or assets. There will also have to be "escrow" accounts to ensure that subprime borrowers' property taxes and home insurance are paid, and the rules seem to clamp down on payme...
Keeping up with the Joneses: bubbles and herding behavior
in Sox First, on November 21, 2007
...s itself with all sorts of creative financing that zero in on the short-term prospects of high-risk borrowers. And a system system that makes itself completely dependent on the ability of high-risk bo...
Getting Tired of the ARM Sob Stories
in The Personal Finance Weblog, on October 24, 2007
...tional Public Radio story about the ongoing mortgage crisis , especially those "subprime" borrowers who are in danger of foreclosure . On the radio I could hear protestors outside the ...
Bear Stearns and China Citic
in Sox First, on October 17, 2007
...at rely on dangerous amounts of debt that make the big investment banks look like subprime mortgage borrowers, loaded up with too much borrowed money and unable to offload their assets. This potentia...
Bootstrapping a life
in BootStrapMe, on October 12, 2007
... amount needed to lift someone from poverty is about equal to annual per capita income in the borrowers country
• That amount can be as little as $120 in places like the Congo
• The loans could be rep...
Interview with David Rosenthal, md of Curtis-Rosenthal on subprime
in Sox First, on September 20, 2007
...erwriting of residential mortgages had become irrationally exuberant to the point where unqualified borrowers were able to buy homes they couldn't afford. That's bad under any circumstance and...
Three steps to tackling the new financial risks
in Sox First, on August 22, 2007
...n the loans went bad. Out of this, arose the idea that instead of relying on a single institutions, borrowers and lenders could instead to turn to a global credit market. In other words, the market wo...
The bear turns global
in Sox First, on August 1, 2007
... . Clearly, issues once specific to the US are now flowing through to other markets as banks force borrowers to sell assets and investors scramble away from risk. There are now fears that the trouble...
Borrowing from the ones you love
in BootStrapMe, on July 26, 2007
...y specializing in the management of personal loans , suggests that there are benefits to both borrowers and lenders in this relationship and that family problems connected to the loans can be av...
The new world of risk
in Sox First, on July 25, 2007
...ruptcy, they contributed to a wave of foreclosures on "sub-prime" loans made to high-risk borrowers. Rapid growth of household debt means that Australians are vulnerable to similar risks in ...
P2P Lender Profile: Zopa
in P2P File Sharing, on May 23, 2007
...
This article is a part of a series on P2P Lending:
1. P2P Lending Overview
2. P2P Borrowers
3. P2P Lenders
4. P2P Lender Profile: Prosper
5. P2P Lender Profile: Zopa
Zopa is a ...
Money Monday: Zopa and Joost
in Digital Music - The Future, on May 21, 2007
...d based in Britain. Zopa specializes in P2P lending, which directly connects individual lenders and borrowers and bypasses a bank or other formal financial institution . The funding will be used...
Money Monday: Zopa and Joost
in P2P File Sharing, on May 21, 2007
...d based in Britain. Zopa specializes in P2P lending, which directly connects individual lenders and borrowers and bypasses a bank or other formal financial institution . The funding will be used...
P2P Lender Profile: Prosper
in P2P File Sharing, on May 16, 2007
...
This article is a part of a series on P2P Lending:
1. P2P Lending Overview
2. P2P Borrowers
3. P2P Lenders
4. P2P Lender Profile: Prosper
5. P2P Lender Profile: Zopa
Prosper laun...
P2P Lenders
in P2P File Sharing, on May 9, 2007
...
This article is a part of a series on P2P Lending:
1. P2P Lending Overview
2. P2P Borrowers
3. P2P Lenders
4. P2P Lender Profile: Prosper
5. P2P Lender Profile: Zopa
Lenders on the P...
Social Lending - Don't let money hold you back
in Audeamus - How dare we..., on May 6, 2007
...by the same company as Prosper, Benchmark Capital .
Good news first. At Prosper, "individual borrowers say how much they need to borrow (up to $25,000) and the maximum interest rate they will p...
P2P Borrowers
in P2P File Sharing, on May 4, 2007
...
This article is a part of a series on P2P Lending:
1. P2P Lending Overview
2. P2P Borrowers
3. P2P Lenders
4. P2P Lender Profile: Prosper
5. P2P Lender Profile: Zopa
P2P lending borrow...
P2P Lending Overview
in P2P File Sharing, on May 2, 2007
...
This article is a part of a series on P2P Lending:
1. P2P Lending Overview
2. P2P Borrowers
3. P2P Lenders
4. P2P Lender Profile: Prosper
5. P2P Lender Profile: Zopa
P2P lending is a new...
Grameen Bank Brings to Life Fishes and Loaves Story
in Bizinformer, on April 6, 2007
...l the localities in Bangladesh, it has about $500 million in outstanding loans to its seven million borrowers. Together, the bank and Yunus received the Nobel Peace Prize last year, because the prize ...
Markets in turmoil but red tape rollback push continues
in Sox First, on March 15, 2007
...m the real estate lending spree of the first half of this decade, culminating in all those loans to borrowers who didn't make enough money to meet the monthly payments. And that tells us a lot abo...
SBA Export Working Capital Program (EWCP)
in Biz Plan Hacks, on March 2, 2007
...bination International trade and EWCP Loans
Combination International Trade and EWCP Loans
Borrowers needing both fixed assets and revolving working capital for exporting, can get both an IT ...
So, How's Prosper Doing?
in The Personal Finance Weblog, on January 31, 2007
...hich serves poor communities in Africa and elsewhere.
But forget the media---what are lenders and borrowers saying? Some of what I found (in no particular order):
Scott on Money :
It's now be...
Will Yunus doom microfinance?
in Audeamus - How dare we..., on December 7, 2006
... best way to doom a promising movement to failure.
The problem isn't Grameen's size or its borrowers, but its philosophy: Yunus is firmly anti-profit. "Maybe banks can make a profit from...
The Nation on Microcredit
in Audeamus - How dare we..., on October 26, 2006
...to development. Through its dynamics of collective responsibility for repayment by a group of women borrowers, microcredit has indeed allowed many poor women to roll back pervasive poverty. However, i...
Alternative Financing
in Bizinformer, on October 18, 2006
...te they are willing to earn and bid in increments of $50 to $25,000 on loan listings they select.
Borrowers create loan listings for up to $25,000 and set the maximum rate they are willing to pay a ...
More Muhammed Yunus ...
in Audeamus - How dare we..., on October 15, 2006
...ortunate press surrounding cases of oversaturated markets with hopelessly indebted, hopelessly poor borrowers, and one begins to question whether microfinance is all that its proponents claim.
My ma...
