The Truth About Mortgage Blog

hello

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

Thornburg Ups Mortgage Loss Estimates

October 9, 2007 No Comments »

Thornburg Mortgage Inc. said in a statement this morning that it lost $1.1 billion selling bonds backed by adjustable-rate mortgages. The Santa Fe, New Mexico based mortgage lender had previously estimated the loss at a mere $863 million, forcing shares ... Read More »

Market Street Mortgage Layoffs

October 8, 2007 No Comments »

Market Street Mortgage, the retail mortgage division of now defunct NetBank will cut 182 jobs, according to a Worker Adjustment and Retraining Notification filed with Florida’s Agency for Workforce Innovation. The layoffs will occur at the lender’s Clearwater, Florida facility, ... Read More »

Merrill Lynch to Write Down $5.5 Billion

October 5, 2007 No Comments »

Merrill Lynch said today that it expects a loss of up to 50 cents a share when it releases third quarter earnings on October 24, thanks in part to the dysfunctional secondary market and the deteriorating housing market. On average, ... Read More »

Cramer Sees Bank of America Countrywide Merger

October 4, 2007 No Comments »

In a blog post written today, “Mad Money” stock enthusiast Jim Cramer said he was bullish on Bank of America, partially for what he sees as a great chance for the banking giant to scoop up Countrywide at a discount ... Read More »

R-Home Mortgage Program Launched for Thin Credit Borrowers

October 4, 2007 No Comments »

A new collaboration between CitiMortgage, The First American Corporation, Neighborhood Housing Services of America, Just Price Solutions, and State Farm aims to bring low fixed-rate mortgages to borrowers with thin credit files. The new “R-Home mortgage program” is an “automated ... Read More »

Roughly 4 out of 10 Mortgages Were Subprime for Minorities in 2006

October 4, 2007 No Comments »

The 2007 Annual Minority Lending Report, compiled by Compliance Technologies and Genworth Financial, was released today at the 3rd Annual Mortgage Lending Industry Emerging Markets and Diversity Conference outside Washington, D.C. Perhaps the most startling statistic in the analysis was ... Read More »

Impac Mortgage Looks to Sublease Headquarters

October 3, 2007 No Comments »

Impac Mortgage Holdings Inc. is looking to sublease its 200,000 square foot Irvine, CA headquarters amid the ongoing housing downturn. The mortgage lender currently pays roughly $7 million a year for the enormous office space, and holds the lease until ... Read More »

Countrywide Hires PR Crisis Firm

October 3, 2007 No Comments »

If you weren’t sure how bad things are these days at Countrywide, this post should clear things up a bit. As ongoing layoffs continue to chip away at Countrywide staff seemingly every Wednesday, attacks from ex-employees, homeowners, and major media ... Read More »

Bear Stearns Consolidating Mortgage Operations

October 3, 2007 No Comments »

Bear Stearns announced via a press release today that it is creating a single mortgage unit under the name “Bear Stearns Residential Mortgage Corporation”, combining operations at Bear Stearns Residential Mortgage and Encore Credit. As part of the consolidation, 310 ... Read More »

MortgageIT Layoffs Reported Nationwide

October 2, 2007 No Comments »

There’s been a lot of talk today that Deustche Bank’s MortgageIT has suffered some serious layoffs and closures nationwide in an effort to “realign” certain branch offices and operations as a whole. From what I’ve heard and read, some branches ... Read More »