IndyMac Bank was seized by the Federal Government on July 11, 2008. All of its assets were seized and its retail branches were closed. The bank will reopen on Monday under the control of the FDIC. The bank has been in trouble because of its exposure to the subprime lending crisis and the mortgage market… Continue Reading
Category Archives: Delaware Sub-Prime Mortgages
Congress is trying to make it harder for you to get a home loan
Congress is currently debating your ability to obtain mortgage financing in the future. H.R. 3915 – a newly introduced piece of legislation that is going to be debated on the House floor in the coming days. Commonly referred to as the “Mortgage Reform and Anti-Predatory Lending Act of 2007,” this Bill is attempting to make… Continue Reading
President Bush annouces FHA secured loan that will bail out Delaware Home Owners
On August 31, President Bush annouced that HUD will help families avoid Foreclosure by providing a brand new FHA loan called the FHA Secured loan. This loan will directly impact Delaware Home Owners facing foreclosure. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments… Continue Reading
Liquidity and Its Importance in the Mortgage Bond Market
In years past a borrower would visit their local Savings & Loan to obtain a mortgage. The Loan Officer at the bank would approve the mortgage and fund it with cash reserves from the vault. This system worked well until the bank ran out of money to lend. Borrowers came to the S&L looking for… Continue Reading
Current State of Mortgage Financing…What’s Going On?
Anyone watching or reading the financial news over the last few weeks has seen a lot of angst and consternation over the state of the mortgage industry. In fact, one of the larger lenders in the US, American Home Mortgage, was forced to shut down operations recently. But why? What is happening, what does all… Continue Reading
Greenpoint Mortgage Shuts Down
I just heard the news that Capitol One has shut down their mortgage unit, Greenpoint, laying off more than 1900 employees. This is effective immediately. So here we go again; if you have any loans with this company you will need to find another lender. This is yet another casualty in this erratic market and… Continue Reading
Delaware Realtor Seminar – Mortgage Market Meltdown – August 22, 2007
Free Seminar for Realtors & Financial Professionals The Mortgage Market Meltdown – What it Means to You The credit markets are in crisis, and the mortgage landscape is changing fast. But, ask yourself this… § Do you understand the key factors that led to the crisis? § Can you clearly and confidently advise your… Continue Reading
Liquidity Crisis Wreaks Havoc With Delaware Mortgage Market
Following the well publicized subprime crisis earlier in the year, major disruption in the credit markets broke out on an unprecedented and historic scale this week on Wall Street. This caused major writedowns of loan and security portfolios and brought down one of the top 10 Prime and Alt-A lenders in the country, American Home… Continue Reading
More Mortgagage Lenders Close Doors
More Lenders stop funding new loans and look to be closing their doors. Fieldstone Mortgage stopped funding new loans on July 25th, 2007. Any loans that haven’t already funded by July 25th were dead and would not fund. American Brokers Conduit stopped funding new loans on July 31st because they could no longer obtain credit… Continue Reading
Mortgage Brokers – Proof that Less Costly Option for Sub-Prime Borrowers
Study Reveals Brokers Are Less Costly Option For Sub-Prime Borrowers New Study Finds Factual Evidence That Consumers Pay Less With a Broker Washington, DC. – October 18, 2006 – Brokers are a more cost-effective option for consumers in the subprime home loan market, according to a joint study released by economists at George Washington and… Continue Reading