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

Fed Cuts Interest Rates by Half Percent

September 18, 2007 No Comments »

The Fed has just lowered both the Federal Funds Rate and Discount Rate by half a percentage point. The interest rate cuts today mark the first time the Federal Funds Rate has changed since June 2006, and the first time ... Read More »

Impac Stops Alt-A Lending, Cuts Jobs

September 18, 2007 No Comments »

Impac announced this morning that it has cut nearly all lending, including Alt-A, while firing 144 workers amid continued market tumult. Along with the halt in Alt-A lending, its main line of business, the lender also announced it would quit ... Read More »

E-trade Exits Wholesale Mortgage Business

September 17, 2007 No Comments »

In a press release sent out after market close, E-Trade Financial Corp. announced it would revise 2007 guidance and exit its wholesale mortgage lending business. According to the press release, “The Company will exit its wholesale mortgage operations and will ... Read More »

First Franklin Financial Layoffs

September 17, 2007 No Comments »

Merrill Lynch said it will cut jobs at its First Franklin Financial Corp. unit, the subprime lender it acquired late last year for $1.3 billion from National City, which has seen problems ever since. “First Franklin has been successful over ... Read More »

Northern Rock Ripe for Takeover Bid

September 17, 2007 No Comments »

After Northern Rock’s share price plummeted and depositors queued up to snatch their at-risk funds, larger banks began weighing the risk to scoop up the ailing mortgage lender at a serious discount. Lloyds TSB was asked by Northern Rock to ... Read More »

Beware of Foreclosure Assistance Programs

September 16, 2007 No Comments »

As foreclosures continue to rise, more “angels” are on the lookout for people to “save”. If you’re behind on your mortgage payments, you may have noticed an increase in solicitations via mail or telephone from companies offering to help you ... Read More »

Ex Pro Wrestler Enters Mortgage Business

September 14, 2007 No Comments »

If you’ve ever watched “pro” wrestling, you’ve undoubtedly heard of Ric Flair, the undisputed king of flair, and an all time great in the eyes of thousands of adoring fans. Well, the man has somehow body-slammed his way into the ... Read More »

First Franklin Said to be Firing Staff

September 12, 2007 No Comments »

The message boards are on fire today with news of even more layoffs, or, ahem, firings. According to one poster over at Brokeroutpost.com, First Franklin is looking to fire half of its staff for non-performance. Apparently the mortgage lender set ... Read More »

Washington Mutual Closing Three Fulfillment Centers

September 12, 2007 No Comments »

I received word today that Washington Mutual Home Loans in the process of cutting more employees, and that the bank will be closing down three Loan Fulfillment Centers including one located in San Diego, CA and another in Anaheim, CA. ... Read More »

Struggling Lenders Carry Nasty Side Effects

September 11, 2007 No Comments »

As more mortgage lenders go belly-up, associated problems are beginning to rear their ugly heads. Such was the case when First Magnus Financial closed down, leaving employees without paychecks and healthcare, prompting ex-employees to launch the “Sue First Magnus Financial ... Read More »