The Truth About Mortgage Blog

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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

MBA Sees Huge Rate Increase Tied to Bankruptcy Cram Down

January 16, 2008 No Comments »

The Mortgage Banker’s Association is again arguing that the proposed legislation to allow bankruptcy judges to alter the terms of a mortgage loan will result in mortgages rates one and a half to two points higher. On December 12th, 2007, ... Read More »

Freddie Mac Says Adjustable Rate Benefit Diminished

Freddie Mac Says Adjustable Rate Benefit Diminished
January 15, 2008 No Comments »

According to Freddie Mac’s annual ARM survey released today, the benefit of choosing an adjustable-rate mortgage as opposed to a standard fixed-rate mortgage has diminished. “Disruptions in the capital markets beginning in August and an increase in delinquencies on ARM ... Read More »

Mortgage Hotline Calls Surge in Fourth Quarter

January 15, 2008 No Comments »

The Homeownership Preservation Foundation said today that its HOPE Hotline received 143,000 calls during the fourth quarter, up from roughly 60,000 the previous quarter. “We’re encouraged because more homeowners are being proactive in reaching out for help,” says Colleen Hernandez, ... Read More »

Citi Takes Huge Loss on Subprime, Slashes Dividend

January 15, 2008 No Comments »

Citigroup recorded the worst quarterly loss in its storied history today, chalking up $18.1 billion in writedowns related to subprime related debt and boosting loan-loss reserves by $4.1 billion. The New York-based bank and mortgage lender reported a net loss ... Read More »

Chevy Chase to Cease Wholesale Lending in California

January 14, 2008 No Comments »

According to a source close to the company, Chevy Chase Bank’s Wholesale Lending Division will no longer originate new loans in California due to “escalating delinquencies, increasing fraud, and declining values”. It is believed that management told staff today that ... Read More »

Mortgage Production to Fall 16 Percent This Year

January 14, 2008 No Comments »

Total mortgage production is expected to fall 16 percent to $1.96 trillion this year, down from an estimated $2.34 trillion in 2007, the Mortgage Bankers Association reported today. “This would mark the first time since 2000 that total mortgage originations ... Read More »

Top Five Hot and Cold Real Estate Markets

January 14, 2008 No Comments »

Veros Real Estate Solutions released their quarterly review of forecasts for the nation’s real estate market in 2008 today, highlighting a handful of hot and cold markets. The analysis, which covers the period of December 1, 2007 through December 1, ... Read More »

IndyMac to Eliminate Use of VOD, VOE

January 14, 2008 No Comments »

According to a memo sent to mortgage brokers, IndyMac will no longer accept a VOD or a VOE to verify assets and income for broker-originated deals. Typically, banks and mortgage lenders will allow borrowers to verify assets by providing bank ... Read More »

M&T Bank Earnings Hit by Mortgage Woes

January 14, 2008 No Comments »

Regional bank M&T Bank Corp. said today that fourth-quarter earnings slid 70 percent thanks in part to the falling value of its CDO holdings and higher provisions for loan losses. M&T’s fourth-quarter income dropped sharply to $64.9 million, or 60 ... Read More »

Citi to Cut 20,000 Jobs, Faces Massive Writedown

January 13, 2008 No Comments »

According to CNBC, Citigroup could announce a writedown as high as $24 billion when it reports fourth-quarter earnings Tuesday, more than doubling previous estimates. The bank’s board is also expected to meet tomorrow to discuss a possible dividend cut, or ... Read More »