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

Foreclosure Filings Nearly Double From Year Ago

November 29, 2007 No Comments »

A total of 224,451 foreclosure filings were reported in October, up 94 percent from the 115,568 filings reported in the same period a year ago, RealtyTrac Inc. said Thursday. The number of filings were up just two percent from September, ... Read More »

Wells Fargo to Take $1.4 Billion Mortgage Hit

November 28, 2007 No Comments »

Wells Fargo, one of the few major banks that seemed to avoid much of the mortgage mess, revealed a $1.4 billion mortgage-related charge that will be recognized in the fourth quarter. The losses are tied to home equity loans the ... Read More »

Countrywide Reassures Again, Says Job Cuts a Bit Higher

November 27, 2007 No Comments »

Countrywide Financial, the top U.S. mortgage lender, once again tried to reassure investors that the company was financially sound Tuesday. “We said it back in August, we said it in September, we said it last week, we’ll say it until ... Read More »

Mayors Express Bleak Outlook for Ongoing Mortgage Crisis

November 27, 2007 No Comments »

Property values are expected to fall 7 percent next year as 1.4 million U.S. homes fall into foreclosure, according to a report released today by the U.S. Conference of Mayors. The report, prepared by economic consulting firm Global Insight, forecasts ... Read More »

2008 Conforming Loan Limit Unchanged

November 27, 2007 No Comments »

The maximum value of a single-family mortgage eligible to be purchased by Fannie Mae or Freddie Mac will remain at $417,000 for the third straight year, according to the Office of Federal Housing Enterprise Oversight, known as OFHEO. “While the ... Read More »

Paul Financial Suspends Loan Origination

November 26, 2007 1 Comment »

Wholesale mortgage lender Paul Financial, LLC has halted new loan submissions effective today, according to an announcement posted on their website. The announcement states: “After much deliberation, Paul Financial has decided to temporarily suspend the acceptance of new loan submissions ... Read More »

Schumer Wants Review of Countrywide’s FHLB Borrowing

November 26, 2007 No Comments »

New York Senator Charles Schumer sent a letter to the chairman of the Federal Housing Finance Board today in regard to recent heavy borrowing made by mortgage lender Countrywide Financial via the Federal Home Loan Bank in Atlanta. In the ... Read More »

Fieldstone Mortgage Files for Bankruptcy

November 26, 2007 No Comments »

Fieldstone Mortgage Company, which halted most of its lending operations two weeks ago, filed for Chapter 11 bankruptcy protection at a U.S. Bankruptcy Court in Baltimore on Friday. According to documents filed with the U.S. Bankruptcy Court for the District ... Read More »

US Thrift Earnings Sink, OTS to Announce Loan Mod Proposal

November 20, 2007 No Comments »

The combined net income of 831 thrifts plunged 84 percent to $704 million in the third quarter, down from $4.29 billion a year earlier, the Office of Thrift Supervision (OTS) reported today. Third-quarter earnings were also down a staggering 82 ... Read More »

Countrywide Downgraded as GSEs May Purchase Less

November 20, 2007 No Comments »

Fox-Pitt analyst Howard Shapiro downgraded Countrywide Financial (CFC) to “In Line from “Outperform” today, noting that the government-sponsored entities who buy many of the top lender’s loans could clamp up. Freddie Mac, who reported a $2 billion loss earlier this ... Read More »