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

NY AG Sues First American, eAppraiseIt Unit

November 1, 2007 No Comments »

New York Attorney General Andrew Cuomo announced today that his office sued Santa Ana-based First American Corp. and its eAppraiseIt mortgage appraisal unit for falsely inflating house values. According to the press release, Cuomo said First American allegedly conspired with ... Read More »

GMAC Posts Huge Loss on ResCap Mortgage Unit

November 1, 2007 No Comments »

GMAC Financial Services, the financing arm of General Motors, reported a loss of $1.6 billion for the third quarter, a steep increase to its $173 million loss in the same period last year. The company said its Residential Capital LLC ... Read More »

Sharp Increase in Foreclosure Filings during Third Quarter

November 1, 2007 No Comments »

According to RealtyTrac, foreclosure filings for the July-September quarter rose to 635,159, representing 1 in every 196 households, marking a 30 percent increase from the second quarter, and nearly doubling the amount of filings in the same period last year. ... Read More »

Fannie and Freddie Increase Market Share

October 31, 2007 No Comments »

During the third quarter, Fannie Mae and Freddie Mac purchased $342.3 billion in mortgages and mortgage-backed securities, up about 3 percent from the prior quarter, according to calculations by Inside Mortgage Finance. Those purchases accounted for roughly 60 percent of ... Read More »

Fed Lowers Key Interest Rates by Quarter Point

October 31, 2007 No Comments »

The Federal Reserve cut key interest rates by a quarter point Wednesday, citing the need to support the distressed housing and financial sectors. The federal funds rate now sits at 4.5 percent, while the discount rate was also lowered to ... Read More »

Chase, MBA Mortgage Application Volume Jumps

October 31, 2007 No Comments »

According to the Mortgage Bankers Association’s weekly survey, mortgage application volume increased 3.8 percent during the week ended October 26. Much of the growth was driven by a surge in refinance volume, which leapt by 9.2 percent to cover the ... Read More »

Countrywide Shareholders Sue Mozilo, Executives

October 30, 2007 No Comments »

In a lawsuit filed Monday in Los Angeles Superior Court, a pension fund accused CEO Angelo Mozilo and many other Countrywide executives of gross mismanagement for improperly using $2 billion in cash to repurchase stock. The New England Teamsters & ... Read More »

PMI Group Reports First Loss in 17 Years

October 30, 2007 No Comments »

PMI Group, the second-largest mortgage insurer in the U.S., reported a third-quarter loss of $86.8 million, or $1.04 a share, beating revised estimates by a penny. Originally, analysts had expected the insurer to post a loss of 67 cents for ... Read More »

WMC Mortgage Cuts Most of Staff

October 30, 2007 No Comments »

It’s been reported that WMC Mortgage, the wholesale residential subprime and Alt-A mortgage unit of GE Money, laid off the majority of its staff yesterday, per the OC Register. It is believed that a skeleton crew is sticking around to ... Read More »

Countrywide Analysts Not Convinced of Quick Turnaround

October 29, 2007 No Comments »

Just days after Countrywide stock surged on news that profits would return as soon as the fourth quarter of 2008, some analysts covering the struggling mortgage lender expressed doubt. Friedman Billings Ramsey cut its price target on Countrywide Financial by ... Read More »