Back as the credit crunch was picking up steam wholesale account reps would parade in to our offices touting the saving grace of our brokerage - reverse mortgages. As a FHA-approved lender we were eligible to write reverse mortgages for seniors who had lots of equity, little cash, and no other assets to live […]

Here’s a sponsored review by Blown Mortgage about the Mortgage Loan Calculator Web site and Free mortgage widget.  Blown Mortgage provides sponsored reviews to companies who wish to promote their services to our readers.  You can learn more about a sponsored review from Blown Mortgage here.
What do you get when you cross Web 2.0 with […]

Countrywide announced the migration closing of 16 wholesale fulfillment centers in a consolidation move in the wholesale channel.  While I wouldn’t call it winding down, they definitely are a) responding to reduced demand and b) moving to the retail-centric strategy that is kicking butt for Bank of America and surely being evangelized/driven-down by the new ownership.
From […]

A new memo from Fifth Third notifies recipients that effective immediately (with a little time to fund the existing pipeline) that the bank is out of the Alt-A business entirely. And in a refreshing turn - all sales channels are affected. Retail and wholesale alike will lose Alt-A products previously offered by the […]

Reader Paul (big hat tip to him) pulled a key comment out of the B of A press release issued earlier this week that addressed Bank of America’s efforts to help homeowners keep their home. The comment, burried at the bottom of the release was:
“We will continue to work with distressed borrowers to match […]

Note to readers: I’m traveling today and tomorrow so the updates will be slow. Back in the saddle Saturday.
The Federal Reserve cut the key lending rate to 2% primarily due to concern over continuing woes in the housing and credit markets and the economy’s flirtation with recession, but hinted that they may be done […]

Subprime loan delinquencies have stabilized after their torrid run-up in late payments according to the latest remittance reports. This is obviously a positive sign for the housing market as fewer 60-day delinquencies mean fewer eventual 90-day delinquencies and NOD’s. While analysts caution against over-reaching in the importance of the improvement they do […]

Bank of America announced that it plans to work-out approximately $40 billion of loans in trouble at Countrywide as part of it’s acquisition of the failed mortgage lender. BofA estimates that the $40 billion will result in a little over a quarter-million homeowners keeping their homes instead of losing them to foreclosure.
From the Pacific […]

The rating agency downgraded $247 million in Countrywide subprime loan transactions as the transactions experienced 60-day delinquency rates of ranging from 7-40%. In the process the ratings agency affirmed the ratings of $2 billion of the subprime-based transactions. Here’s the breakdown - check out the delinquency numbers on these things!
CWABS 2003-BC3 60+ day […]

New figures out today show that home vacancies are at an all time of 18.6 million. Market Watch has the details:
Putting further downward pressure on home prices, the number of vacant homes in the United States increased by 1 million over the past year to a record 18.6 million, according to government data released Monday.
The […]