The Truth About Mortgage Blog

hello

Welcome to a warm, friendly, and most importantly unbiased place to learn about mortgages, ideally before you make contact with a real estate agent or lender. The more you know, the better you’ll feel, and hopefully all that hard work will help you snag a lower mortgage rate too! View all mortgage help topics to get started or check out the latest mortgage tips and news below.

Latest Posts

California Lawmaker Seeks to Ban Stated Income and Neg Am Loans

January 23, 2008 No Comments »

State lawmaker Ted Lieu plans to introduce legislature today that would ban certain so-called exotic loan programs in California, and help homeowners more easily refinance into more traditional, fixed mortgages. Lieu released details of his proposal to the Associated Press, ... Read More »

Fannie and Freddie Face Massive Fourth Quarter Writedowns

January 22, 2008 No Comments »

According to Credit Suisse analysts, mortgage financiers Fannie Mae and Freddie Mac could write down a collective $16 billion in the fourth quarter related to deteriorating subprime and Alt-A mortgage investments. The analysts wrote in a note today that Freddie ... Read More »

California Mortgage Defaults Hit 15 Year High, Foreclosures Surge to 20 Year High

January 22, 2008 No Comments »

According to a DataQuick report released today, mortgage defaults in California rose to the highest level in more than 15 years during the fourth quarter, while the total number of defaults was the highest since the company began gathering statistics ... Read More »

Bank of America, Wachovia Hit by Mortgage Writedowns

January 22, 2008 No Comments »

Both Bank of America and Wachovia Bancorp barely chalked fourth-quarter profits as a result of hefty mortgage-related writedowns and increased loan-loss provisions. Bank of America Profit Dives Bank of America saw its fourth-quarter profit slip 95 percent to just $268 ... Read More »

WaMu Posts Loss, Mortgage Volume Drops 49 Percent

January 17, 2008 No Comments »

Washington Mutual posted its first quarterly loss since 1997 as the ongoing mortgage crisis led to larger write-downs and higher loan loss provisions. The Seattle-based thrift lost $1.87 billion, or $2.19 a share in the fourth quarter, compared to a ... Read More »

Countrywide Looking to Refinance, Dump Mortgages

January 17, 2008 No Comments »

The LA Times reported today that Countrywide is on a mission to refinance billions of dollars in mortgage loans in an effort to make them more salable on the secondary market. Countrywide is seeking to refinance $12 billion so-called exotic ... Read More »

Countrywide Home Retention Efforts Improve

January 16, 2008 No Comments »

Countrywide announced today that its foreclosure prevention efforts increased markedly over the last six months of the year, helping more than 80,000 borrowers stay in their homes. “Countrywide is proud of the progress made toward helping our customers sustain homeownership,” ... Read More »

Chase Earnings Fall on Subprime Exposure, Home Equity Losses

January 16, 2008 No Comments »

JPMorgan Chase said today that fourth-quarter profit fell 34 percent largely due to subprime exposure and higher delinquencies tied to home equity loans. Fourth-quarter earnings fell to $2.97 billion, or 86 cents a share, compared to $4.53 billion, or $1.26 ... Read More »

Wells Fargo Fourth Quarter Profits Sink on Mortgage Woes

January 16, 2008 No Comments »

Wells Fargo fourth-quarter profits fell thanks to higher loan losses and charge-offs tied to the ongoing mortgage crisis that’s been dampening earnings industry-wide. Wells Fargo said it earned $1.36 billion, or 41 cents per share, compared to $2.18 billion, or ... Read More »

IndyMac Says Well Capitalized, Committed to Wholesale

January 16, 2008 No Comments »

After cutting nearly 25 percent of its workforce yesterday, IndyMac released a memo in an effort to confirm its overall stability and pledge its commitment to the wholesale lending channel. “This is obviously the most tumultuous time that the mortgage ... Read More »