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Downpayments still keeping homebuyers away
in The Mortgage Roadmap, on July 13, 2009
...or a downpayment?
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...
Los Angeles leads nation in mortgage fraud
in The Mortgage Roadmap, on July 8, 2009
...ade down payments when they really haven't. In these cases, if the homes fall into foreclosure, lenders are unable to recover any home equity.
Another popular scheme involves groups using straw b...
It's getting tougher to get a mortgage-broker license
in The Mortgage Roadmap, on July 2, 2009
...ck when I was covering the mortgage-lending industry in the mid- to late-1990s, I'd come across lenders who knew nothing about banking, budgets or financial matters. Yet here they were, handling t...
Is plain vanilla the right goal?
in The Mortgage Roadmap, on June 30, 2009
... for the creation of a new consumer protection agency. The agency would have dominion over mortgage lenders. And as part of their new rules, mortgage lenders would have to offer customers what Obama i...
Would you walk away from your mortgage loan?
in The Mortgage Roadmap, on June 29, 2009
...ning a house. Yes, the government promoted home ownership as the American ideal. And, yes, mortgage lenders and real estate agents often led buyers to homes that were too expensive for them.
Yet, th...
Dragging out the foreclosure mess
in The Mortgage Roadmap, on June 26, 2009
...Unfortunately, it's a situation that's not going to get any better any time soon. Banks and lenders still have to deal with a record number of pending foreclosures. Don't expect to see tho...
Do you trust the government to protect you from mortgage lenders?
in The Mortgage Roadmap, on June 18, 2009
...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 happy to know that the Obam...
Does Obama's patchwork overhaul go far enough?
in Sox First, on June 18, 2009
...s. First, they set up a Consumer Financial Protection Agency which will have the authority to force lenders to offer straightforward credit products, increase access to them and make all financial ins...
Does owning a home have to be the American Dream?
in The Mortgage Roadmap, on June 17, 2009
...or people to blame. People were greedy, and bought homes that were too expensive for them. Mortgage lenders were lazy, and passed out home loans to people who clearly couldn't pay them back. Real ...
Want a better credit score? Manage your money
in The Mortgage Roadmap, on June 12, 2009
... though, the credit score is the key to determining whether they will qualify for a mortgage loan.
Lenders want to see a high credit score — a numerical figure that encapsulates borrowers' ...
Be honest with your finances before taking on a mortgage
in The Mortgage Roadmap, on June 2, 2009
...ook at homes that sit outside their price range. And they should never, ever conspire with mortgage lenders to create loans with artificially low initial interest rates. Yes, these loans may make it e...
Is your credit score falling?
in The Mortgage Roadmap, on May 27, 2009
...is number condenses your history of paying bills and handling credit into a single figure. Mortgage lenders look at the score to determine if you're someone they should be loaning money to. The nu...
Loan modifications not always helping homeowners
in The Mortgage Roadmap, on May 26, 2009
...part of the federal government's efforts to halt foreclosures. Basically, they involve mortgage lenders working closely with struggling homeowners - those who are having trouble making their month...
You can lower your mortgage interest rate -- BEFORE you take out that loan
in The Mortgage Roadmap, on May 25, 2009
...ls a monthly payment of $1,079.19. That's a difference of slightly more than $118 every month.
Lenders consider several factors when determining your mortgage interest rate. First, is the amount ...
The refi money is still flowing
in The Mortgage Roadmap, on May 21, 2009
...payments.
These low interest rates have sent a horde of existing homeowners back to their mortgage lenders to refinance their mortgage loans.
According to the Mortgage Bankers Association , mortga...
Will credit card bill stall mortgage foreclosures?
in The Mortgage Roadmap, on May 20, 2009
...ter six months.
The credit card companies seem to be friendless these days, much like the mortgage lenders. Of course, I'm not sure the card issuers ever had many friends. I've noticed that t...
More bad news: Housing foreclosure activity remains at record levels
in The Mortgage Roadmap, on May 14, 2009
...#39;s in their best interests to work wtih homeowners to make sure this doesn't happen.
Often, lenders will work with homeowners to renegotiate the terms of their mortgage loans to make sure that...
Looking to buy? Your mortgage loan might be smaller than ever
in The Mortgage Roadmap, on May 13, 2009
... get top dollar when selling today.
And qualifying for a mortgage loan today is more difficult, as lenders, stung by the subprime lending crisis, are doing everything they can to avoid passing out mo...
Navigating the new mortgage roadmap
in The Mortgage Roadmap, on May 12, 2009
...re approved.
Today, that's changed. It's not all that easy to qualify for a mortgage loan. Lenders, stung by the growing number of homeowners who are no longer able to make their monthly mort...
Bankroll blues
in Sox First, on May 7, 2009
...ced by investment banks now receiving bailout money. Investment banks owning and financing subprime lenders included Merrill Lynch, JPMorgan and Citigroup which all received taxpayer money. Connected...
Lawyers cash in on Chrysler bankruptcy
in Sox First, on May 2, 2009
...
The Chrysler will probably be messy. First, it has to get through the court battles as Chrysler lenders object to the move into Chapter 11 bankruptcy protection under the government brokered deal....
G20 and FASB: the banks win again
in Sox First, on April 3, 2009
...and it's a gift to the banks. Think of it this way. Fair value accounting is the only way that lenders, depositors and shareholders would know about what condition the bank is in. Secondly, if co...
The story of the Kiva from its founder
in Audeamus - How dare we..., on March 22, 2009
...seven entrepreneurs in Uganda, so far Kiva has facilitated nearly $40 million in loans from 330,000 lenders to 60,000 entrepreneurs worldwide.
I recommend you to take a look at Jessica's article...
5 Ways to Save Money This Year - A Lot of It
in The Personal Finance Weblog, on March 5, 2009
...are now, making this the ideal time to refinance. You may have to shop around some, though, because lenders may not be as quick to refinance as they once were with so many others looking for new deals...
Norwegian Electric Autonmaker Finds Funding
in IfEnergy, on January 14, 2009
...anent capital needed to resume production of the THINK City vehicle. According to Cleantech several lenders supplied funds, including Ener1, who supplies the lithium-ion batteries for the vehicle. THI...
No quick fix for US housing market
in Sox First, on December 5, 2008
... for a wide range of expenses. Want to renovate or pay off credit-card debt? Tap into the loan. And lenders were happy to oblige and make money out of it. If the homeowner could not repay the loan, th...
The hypocrisy of Bush
in Sox First, on November 14, 2008
...se system with 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 ...
Bailout blues won't stop foreclosures
in Sox First, on November 13, 2008
.... Now basically consigned to lame duck status, Paulson has indicated he is prepared to help nonbank lenders involved with credit cards, auto loans and other forms of consumer finance. But as he indica...
How the predication models failed
in Sox First, on November 11, 2008
...ortgage market, with loans sold off and mixed into large pools of mortgage securities, has prompted lenders to move increasingly to automated underwriting systems, relying mainly on computerized credi...
Oil fields plan
in Sox First, on October 31, 2008
...e-room for regulators. An alliance of financial and consumer interests have asked regulators to let lenders reduce the amount of credit card debt by as much as 40%, reports BusinessWeek . Clearly, a ...
Paying for College During the Crisis
in The Online Universities Weblog, on October 16, 2008
...to , Image# 6581181
Taking out private loans has become more challenging this semester, with fewer lenders offering funding since the beginning of the year. Today, NPR released a new broadcast inte...
Prosper.com: No New Loans
in The Personal Finance Weblog, on October 16, 2008
...39;s really an exciting idea. Unfortunately, it will fail.
Well, Prosper is now not accepting new lenders . According to the New York Times , defaults were rising and:
Prosper stopped allowing len...
Can the bailout fix things?
in Sox First, on September 29, 2008
...ers and unsecured creditors. "The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed ...
AnnualCreditReport.com is the Only Place to Get Your Free, No-Strings-Attached Credit Report
in The Personal Finance Weblog, on September 25, 2008
...y your bills on time, how much credit you have available, etc. This credit score is then offered to lenders to help them decide if they should loan money to you. Unlike the free credit report, there i...
Student Loan Crisis?
in The Online Universities Weblog, on August 28, 2008
...t to secure loans for the coming semester. Although federal loans are still available, many private lenders are pulling back on their student loan offerings.
Recently, NPR's All Things Consider...
FICO Relents; Credit Card Authorized Users Can Boost Their Credit Scores
in The Personal Finance Weblog, on August 12, 2008
... try to "piggyback" on the credit of people they don't even know in an effort to fool lenders into thinking their credit is better than it is.
If some of this confuses you, I'll bac...
Fewer Banks Offer Federal Student Loans
in The Online Universities Weblog, on July 10, 2008
...d programs can qualify for federal loans and grants. But, according to a recent NPR article , some lenders have pulled out of the federal student loan program due to the credit crisis. They report: &...
How to Think Like Warren Buffett, Part 31
in The Personal Finance Weblog, on July 1, 2008
...ast year's letter. John Stumpf, CEO of Wells Fargo, aptly dissected the recent behavior of many lenders: "It is interesting that the industry has invented new ways to lose money when the old ...
Beware of "Surgery Today, Pay Later"
in The Personal Finance Weblog, on June 11, 2008
...deal . Get your gall bladder out today and make no payments until 2009!
From the article:
Lenders like Citigroup, Chase, Capital One and General Electric's financial services unit, GE Mo...
Less Money for School?
in The Online Universities Weblog, on June 5, 2008
...ut loan issues should talk to their school's financial aid office - most schools have a list of lenders happy to work with them....
Military town foreclosures: echoes of the Great Depression
in Sox First, on May 28, 2008
...nd low pay, they were more likely to have bad credit ratings. Which made them easy pickings for the lenders. Let's not forget that to keep the market growing, the lenders created "innovative ...
Lending Tree Sues Over Security Breach
in I got Spam?!, on May 2, 2008
...ees are believed to be responsible. The company believes they turned over company passwords to the lenders who then used them to access customer files. Those files included sensitive data such as soci...
Are We Worse With Our Money Than Previous Generations Were?
in The Personal Finance Weblog, on April 28, 2008
...s to me that we've always been willing to borrow, we've always been keen to borrow, if the lenders have been willing to lend to us," Harford tells Steve Inskeep.
You read a lot about peo...
Subprime crisis drives litigation
in Sox First, on April 10, 2008
...ities class actions, targeting underwriting firms, investment managers, home builders, and mortgage lenders. There were also worrying signs that the litigation has spread beyond companies with direct...
Another Prosper.com Experience
in The Personal Finance Weblog, on April 3, 2008
...osper borrowers seek a cash loan ($25K is the limit one can borrow). They get the cash from Prosper lenders, who bid on lending the borrower money-this bidding process knocks down the rate for the bor...
The Fed, the Bear and moral hazard
in Sox First, on March 25, 2008
...ys 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 out more money ...
Always Have Backup, or Why Your Credit Card Company and/or Employer Treat You Like Crap
in The Personal Finance Weblog, on March 6, 2008
... deal elsewhere, because there's something in their credit past that is going to turn off other lenders as well. Their choices are to accept a rate hike at Bank of America or get a similar rate el...
Christian Conservatives Targets of Payday Loan Lenders
in The Personal Finance Weblog, on February 20, 2008
...e you or confirm everything you believe:
Two researchers who found geographic evidence that payday lenders target American military personnel are back again with a new study.
This time, Christopher ...
Subprime explained - crunch time glossary
in Sox First, on February 14, 2008
...ogether a debt package for a borrower involving different types of debt and/or a range of different lenders. Automatic reset mortgage - A mortgage which starts with a lower "teaser" rate a...
Subprime fraud
in Sox First, on January 30, 2008
...he SEC's latest move, as reported by Bloomberg's Jonathan Weil , which allows the subprime lenders to engage in some accounting trickery and make their balance sheets look a lot smaller and l...
Presidential candidates' subprime solutions
in Sox First, on January 28, 2008
... to help in-debt homeowners avoid foreclosures. Interesting idea but who will pay for it? Obama say lenders who acted irresponsibly would put up some of money but it remains to be seen how that would ...
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 ...
New Year's Resolution: Get Your Free Credit Report
in The Personal Finance Weblog, on January 4, 2008
... that the credit bureaus calculate based on your loan repayment history, and this number is used by lenders when you try to obtain new loans. You can see your credit score, too-but you do have to pay ...
Fed's rescue plan: too little, too late
in Sox First, on December 19, 2007
...
Mixed reaction to Federal Reserve chairman Ben Bernanke's plan to stop mortgage lenders from conducting the type of practice that led to the current sub-prime mortgage crisis. Boiled down, th...
Subprime everywhere
in Sox First, on November 19, 2007
...f nowhere and that it's part of a broader problem with the system. "Unscrupulous mortgage lenders didn't screw up the fun for everybody else. Instead, exactly the same mistakes that were...
Reader Comments on Bank of America No-Fee Mortgages
in The Personal Finance Weblog, on September 26, 2007
...ame hike. But since we are only putting 5% down the overall monthly payments were the same as other lenders minus the 5k of closing costs. As far as being approved they didn't require anything dur...
The Problem with Student Loans
in The Online Universities Weblog, on September 16, 2007
...h loans yourself. Several schools have been discovered accepting kickbacks for recommending certain lenders to their students.
A recent slate article argues that the student loan system is f...
How to Save on Textbooks
in The Online Universities Weblog, on August 31, 2007
...scrupulous colleges make an extra buck off students' naiveté - from loan officers who accepted lenders' kickbacks to schools that got cash incentives to steer students to expensive study-a...
Should We Feel Sorry for These People?
in The Personal Finance Weblog, on August 29, 2007
...ences of your actions & you're not going to get it.
Sure, credit card companies and other lenders have been too lax in giving so much credit to people like this that can't or won't de...
Three steps to tackling the new financial risks
in Sox First, on August 21, 2007
...nt 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 would look after...
Borrowing from the ones you love
in BootStrapMe, on July 25, 2007
... 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 avoided with pro...
Bootstrapping with plastic
in BootStrapMe, on July 25, 2007
...ixty days.
• Shop Around. Not one to look a gift horse in the mouth, I took advantage of the lenders' penchant for offering some of the best gift horses around: credit cards with permanent rate...
Hedge Funds Find That Growth Opens Doors To New Financing Options
in The Hedge Funds Weblog, on July 13, 2007
.... Growth of assets size isn't the way hedge funds attract even more assets. A track record that lenders and investors can evaluate is also important.
By now, many hedge funds have a performance h...
Credit Score Formula Changing to Fight "Credit Renting"
in The Personal Finance Weblog, on June 12, 2007
... Fair Isaac, the company whose FICO credit scores are used by the majority of lenders to decide whether you deserve a loan, credit card, etc. and at what interest rate, is changing its scoring formu...
Buy a Home with Your American Express Card
in The Personal Finance Weblog, on May 24, 2007
... point---American home mortgage ---but the feeling seems to be that this will expand to other lenders as well.
I was excited until I found out that it's only for new mortgages or refinances...
P2P Lender Profile: Zopa
in P2P File Sharing, on May 23, 2007
...ticle 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 business acr...
Money Monday: Zopa and Joost
in Digital Music - The Future, on May 21, 2007
...years old and 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 ...
Money Monday: Zopa and Joost
in P2P File Sharing, on May 21, 2007
...years old and 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 ...
P2P Lender Profile: Prosper
in P2P File Sharing, on May 16, 2007
...ticle 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 launched in Sept...
Questioning the Ethics of Higher Education
in Audeamus - How dare we..., on May 11, 2007
...eing investigated for possibly receiving kickbacks for pushing students into "preferred" lenders , which is a recipe for trouble all on its own. Next add in the fact that colleges are hiki...
