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

WaMu Getting Tough on Mortgage Brokers

October 1, 2007 No Comments »

This morning Seattle-based Washington Mutual unveiled a new set of standards for mortgage brokers to adhere to, largely focused on improved disclosure. The bank said it would require mortgage brokers to supply evidence that they provided disclosures to borrowers early ... Read More »

Netbank Shut Down by FDIC

September 28, 2007 No Comments »

Online bank NetBank Inc. was shut down today by the FDIC, who cited an excessive level of mortgage defaults, marking the first U.S. savings and loan failure in three years, and the largest collapse in 14 years. Per the NetBank ... Read More »

SCME Ceases Wholesale Operations

September 28, 2007 No Comments »

According to a company e-mail, SCME Mortgage Bankers Inc. will cease wholesale operations effective the end of business today. “We would like you to know that SCME has valued our relationships over the past 24 years, resulting in strong partnerships ... Read More »

Fremont Investor Expresses Doubt over Acquisition

September 26, 2007 No Comments »

Fremont General Corp. took a big hit today after the investor group which had agreed to acquire the ailing California-based savings and loan said it didn’t want to proceed with the proposed rescue plan. Fremont said that “in light of ... Read More »

Delinquency Rate Up on Home Equity Lines

September 26, 2007 No Comments »

The American Bankers Association released its quarterly Consumer Credit Delinquency Bulletin this morning, revealing that many consumer delinquency rates were down aside from home equity lines of credit. According to the report, delinquencies on home equity lines of credit rose ... Read More »

Countrywide Says Fed Rate Cut Spurred Inquiries

September 25, 2007 No Comments »

Countrywide Financial Corp. said Tuesday that last week’s half point Fed rate cut has led to a 40 percent increase in the number of customers inquiring about their mortgage financing options. However, the question remains whether many of those inquiries ... Read More »

Freddie Mac’s Portfolio Nearly Capped

September 25, 2007 No Comments »

Freddie Mac announced Tuesday that its mortgage holdings soared at the fastest rate since December 2005. Freddie Mac’s mortgage retained portfolio grew by an annualized 19.3 percent in August to $732.3 billion, while the company’s mortgage holdings rose for a ... Read More »

No Closing Cost Radio Ad Fanatic Fined

September 24, 2007 No Comments »

The mortgage broker who created the notorious radio ads that refer to the no closing cost loan as “the biggest no-brainer in the history of earth” apparently spent too much time refinancing, and not enough time disclaiming. According to the ... Read More »

Morgan Stanley Accused of Discriminatory Mortgage Lending

September 24, 2007 No Comments »

The National Community Reinvestment Coalition said Monday that it filed a civil rights complaint against Morgan Stanley and some of its subsidiaries, including Saxon Mortgage Inc. According to the advocacy group, Morgan Stanley and subsidiaries discriminated against minority borrowers seeking ... Read More »

HUD Secretary Downplays Housing Crisis, Supports Subprime

September 24, 2007 No Comments »

At the 1st Asia-Pacific Housing Forum in Singapore, Department of Housing and Urban Development Assistant Secretary Darlene Williams played down housing fears and expressed her support for the recent Fed action and subprime lending. Williams noted that the recent half ... Read More »