The news this week is scattered with an array of topics, the main focus though (as usual) was on the continuing path of destruction left by the subprime meltdown. The current path seems to be the overall downgrading of mortgages pooled into securities. Bear Stearns announced that two funds are on "the brink of collapse" due to the fallout, and commented that this may only be the start of trouble for big and small banks alike. In addition, the mortgage unit of H&R Block reported an $86 million loss in the fiscal fourth quarter.
As the meltdown comes full circle, I imagine these headlines will continue to dominate the news. However, there was another headline that caught my attention, one that I'd rather focus on - "Subprime lender rises from the ashes." Check out the article below, and have a great weekend!
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Sean Fenlon |
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| Tips of the Trade |
BillSparkmanTheCoach |
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| First of all, let me say that there is really no magic or luck in the mortgage business. It takes a great strategy, a huge amount of desire, an incredible plan, and a real attitude to succeed to achieve the results of champion agents. It may only seem like magic if you incorporate some of these ideas into your everyday prospecting.
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| Fraud Alert |
RealtyTimes |
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| Forget about those online pitches that claim to raise FICO scores by hundreds of points in weeks-opening the door for unscrupulous home buyers to qualify for a lower mortgage rate than they actually deserve.
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| The federal program popularly known as Ginnie Mae received a $4.4 million check Friday as restitution for a mortgage fraud scheme in which a former Charlotte company swindled millions from the government.
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| Mortgage Bankers Association releases 2006 MARI Mortgage Fraud Report
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| Industry News |
Bloomberg |
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| H&R Block Inc., the largest U.S. tax preparer, posted a fiscal fourth-quarter loss after reducing the value of the unprofitable mortgage unit.
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AmericanPublicMedia |
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| Two hedge funds managed by Bear Stearns are on the brink of collapse, victims of the subprime mortgage market going south. Amy Scott reports that the trouble could spread beyond big banks.
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CNNMoney |
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| A recent mailing from GMAC shows how low at least one lender will go to drum up new mortgage business, says Fortune's Jon Birger
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Reuters |
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| Subprime lender ResMAE Mortgage Corp. has emerged from Chapter 11 bankruptcy protection as a wholly owned subsidiary of RMC Mortgage Holdings.
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PamlBeachPost |
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| Darren Shuster, CEO of Pop Culture PR in Encino, Calif., contacted us recently to say he has turned his home into a billboard - and put $75,000 into his pocket as a result. Or, more to the point, into his mortgage holder's pocket.
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Forbes |
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| Moody's Investors Service said Friday it downgraded 131 mortgage investments backed by loans issued to people with weak, or subprime, credit histories.
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NewYorkTimes |
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| Want to buy a home, but hampered by bad credit, an empty bank account or no job? No problem! That may sound like an exaggeration of a late-night infomercial. But it is, in effect, the pitch that a number of Web sites are making to consumers, saying insolvent home shoppers can be made to look more attractive to lenders.
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BestSyndication |
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| Reverse mortgages are becoming popular financial planning tools for seniors in retirement. When Social Security was first implemented in 1935 the average life expectancy was 65 years. Today people are living healthier lifestyles and with improved medical technology we are living far longer than Franklin D. Roosevelt ever imagined.
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Star-Telegram |
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| The number of Americans who may lose their homes because of late mortgage payments rose to a record in the first quarter, led by subprime borrowers pinched in an economy that grew at the slowest pace in four years.
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OriginatorTimes |
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| The Federal Trade Commission released a Bureau of Economics report presenting the results of a study that found that mortgage disclosure forms fail to convey key mortgage costs and terms to many consumers.
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| On Capitol Hill |
Reporter-Times |
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| U.S. Senator Evan Bayh this week cosponsored legislation to make home mortgage insurance premiums permanently tax deductible. This bill will affect 309,000 Hoosier families that currently have mortgage insurance and 12 million homeowners nationwide. Its passage would mean an average of $300 in immediate relief for taxpayers.
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UpstateHouse |
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| Previous articles in this series emphasized that the subprime market remains open for business, with more realistic underwriting rules than before the house-price bubble broke. Hopefully, ill-advised actions by government won't shut it down before something better is in place.
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