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

Countrywide to Cut Up to 12,000 Jobs

September 7, 2007 No Comments »

Just saw this on CNBC; apparently the Wall St. Journal is reporting that Countrywide plans to cut 10,000 to 12,000 jobs in the next three months, or roughly 20% of its workforce, though the layoffs could be reduced if the ... Read More »

Wells Fargo Pep Rally Notes

September 6, 2007 No Comments »

Wells Fargo Home Mortgage held what seemed like a pep rally today in downtown Los Angeles to discuss the current state of affairs internally and industry-wide. The company told about 400 employees that it was well-positioned thanks to its deep ... Read More »

National City Laying Off 1,300, Suspending Broker Issued Loans

September 6, 2007 No Comments »

National City Corp. said today that it is laying off 1,300 employees in an effort to reduce the size of its decaying mortgage unit amid weakened demand. The lender said business had dropped significantly in the past six weeks, and ... Read More »

Major Layoffs Reported at Countrywide

September 5, 2007 No Comments »

I’ve heard from multiple sources that Countrywide laid off a very large number of employees today and has closed multiple Full Spectrum Lending branches, while cutting nearly half the employees at one of their Correspondent Lending Division offices in California. ... Read More »

Federal Home Loan President Slams Mortgage Brokers

September 5, 2007 No Comments »

In a CNBC interview aired just minutes ago, Federal Home Loan Bank of New York President Alfred Dellibovi spoke about the current lending environment. He spoke of prior housing crises, while praising community banks and bashing mortgage brokers. Par for ... Read More »

FDIC See 1.5 Million Unable to Make Mortgage Payments

September 5, 2007 No Comments »

At a hearing today, FDIC Chairwoman Sheila Bair told the House Financial Services Committee that 1.5 million homeowners would be unable to make their mortgage payments when their loans reset in the coming months. Bair is referring to the many ... Read More »

Ditech Real Life Plan

September 3, 2007 No Comments »

Every once in a while I’ll see a mortgage program advertised on TV and examine the product to see if it makes any sense for homeowners. The latest I’ve seen is the Ditech “Real Life Plan”, which is a combination ... Read More »

First Magnus Financial Lawsuit Website Launched

August 30, 2007 No Comments »

A website has just been created, presumably by former First Magnus employees and/or lawyers, dedicated to launching a class action suit against the bankrupt mortgage lender for failing to pay out final wages and commissions. The website, “Sue First Magnus ... Read More »

Option One Mortgage May Cease Operations

August 30, 2007 No Comments »

Option One Mortgage Corp., the subprime residential home lending arm of H&R Block, may cease operations amid heavy losses. H&R Block said last night that it might shut down Option One’s lending operations, and later sell the “quite valuable” loan ... Read More »

Countrywide Hints at Demise of Wholesale

August 29, 2007 No Comments »

I’ve just been informed about an e-mail sent by Countrywide to brokers today regarding the current state of affairs in the mortgage industry. The e-mail opens by stating that the current market environment is the most difficult period in the ... Read More »