Gross sees what we all know – while the housing bubble may have deflated, the mortgage bubble is alive and well, thanks to artificially low interest rates. Left to an unfettered free market, rates would skyrocket, and the housing market would get smacked down once again.
via Seeking Alpha.
Mortgage lenders must now pay the difference if a loan’s closing costs come in higher than they estimated, which means no more lowballing to lure customers.
via – latimes.com.
The folks at Esteemed Lending Services are out to teach people a lesson.
Esteemed Lending isn’t a mortgage lender at all. It’s a fictitious company. If it existed, it might have taken a lot of people for a ride down the road to ruin.
via latimes.com.
The latest stunt from the Obama Administration on the housing front is a peculiar bit of theatrics at the margin. As Bloomberg reports:
The Obama administration will offer $1 billion in zero-interest loans to help homeowners who’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas.
via « naked capitalism.
Utah Loan Servicing is a debt collector that buys home equity loans from lenders. Clark Terry, the chief executive, says he does not pay more than $500 for a loan, regardless of how big it is.
“Anything over $15,000 to $20,000 is not collectible,” Mr. Terry said. “Americans seem to believe that anything they can get away with is O.K.”
We recommend that you look at alternative methods to achieve your goal. First, you will need a written authorization from each tenant to obtain a report.
via SFgate.c0m
The ultimate cause of the rant was a quote from Pimco’s Bill Gross, saying that he would only buy mortgages sans a government guarantee if first-time homebuyers were forced to make 30% down payments.
via Seeking Alpha.
You know the drill. Time to pray. Your listing just sold, but if it doesn’t appraise, all is lost. Stories of crappy, inaccurate, low property appraisals is way to common, and devastating
via agentgenius.
