Stated Income Bad for Loan Modifications Too
Just prior to the mortgage crisis, stated income loans ran rampant, and once home prices took a turn for the worse, many of these loans… Read More »Stated Income Bad for Loan Modifications Too
May 2010
Nearly 40 Percent of California Foreclosures Were Rentals
Of the estimated 211,154 residential units foreclosed on in California during 2009, roughly 77,145 were rental units, according to a new report focused on tenant… Read More »Nearly 40 Percent of California Foreclosures Were Rentals
Senate Bill Bans Mortgage Kickbacks, Liar Loans
An amendment introduced by Oregon Senator Jeff Merkley and Minnesota Senator Amy Klobuchar aimed at protecting homeowners from deceptive lending practices passed the Senate by… Read More »Senate Bill Bans Mortgage Kickbacks, Liar Loans
New Credit During Mortgage Application Process a No-No
In an effort to improve the underwriting quality of home loans delivered to mortgage financier Fannie Mae, lenders will be required to take a closer… Read More »New Credit During Mortgage Application Process a No-No
Strategic Default Accounted for 31 Percent of Foreclosures in First Quarter
Strategic default, where a homeowner intentionally walks away from their home (and their underwater mortgage), accounted for 31 percent of foreclosures during the first quarter… Read More »Strategic Default Accounted for 31 Percent of Foreclosures in First Quarter
Fannie Makes it More Difficult to Qualify for Interest Only Loans, ARMs
Mortgage financier Fannie Mae announced several changes last week that will make it more difficult for borrowers to take out interest-only loans and adjustable-rate mortgages.… Read More »Fannie Makes it More Difficult to Qualify for Interest Only Loans, ARMs