CITI Mortgage to the Rescue
February 12th, 2010I’ve not been blogging much… who’s got time for this, anyway?
Who are these people that can post every single day?
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Lies, Damned Lies, and Loan Modification Statistics
July 2nd, 2009In another answer to “How successful are loan modifications?” First Federal of California reported its loan modification statistics. According to Housing Wire, “The national average for a 30-day delinquency rate on modified loans is 63.3%, whereas First Federal is 29.8% on loans adjusted in the Q108.”
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The Hidden Agenda of the Obama “Making Home Affordable” Plan
April 14th, 2009One of the requirements of the President Obama “Making Home Affordable” Plan is that homeowners who want to apply for this foreclosure prevention program must sign IRS form 4506T, which allows the mortgage company to get a copy of past tax returns.
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Loan Servicers Sloppiness Exposed
March 21st, 2009For quite some time, there have been complaints that the reason why so many homeowners have defaulted, and foreclosure levels are so high, is because “they don’t have enough skin in the game.” The theory is that homeowners who have put little-to-nothing down on their home purchase are more likely to default than those who’ve contributed a substantial down payment, because they have less to lose if their home goes to foreclosure. By extension, it is believed that those with larger down payments will exert more effort to avoid foreclosure and keep their homes.
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HOPE NOW Continues to Fudge Loan Modification Numbers
March 4th, 2009HOPE NOW reported loan modification numbers just recently, and there’s been an interesting change. What’s been nice in the past is they’ve been relatively consistent in the numbers that they report, as well as how they report them. Previously, it’s been fairly easy to see if loan modification numbers were increasing, decreasing, or treading water.
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The Future of Bankruptcy Cramdowns to Prevent Foreclosure
February 26th, 2009Already, Dick Durbin is backpedalling on his plans to allow mortgage cramdowns in bankruptcy to prevent foreclosure. Today, Housing Wire reports that “Durbin said he may limit the bill to existing subprime loans.”
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Obama’s Foreclosure Rescue Plan
February 17th, 2009President Obama’s senior adviser David Axelrod was apparently on “Fox New Sunday” saying that his housing plan is “solid.” It’s unclear whether this plan will lead to permanent loan modifications, or if it’s a stopgap measure.
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HOPE NOW Reports Loan Modification Numbers
January 31st, 2009“HOPE NOW is a waste of time!” she exclaimed. Now granted, I don’t get calls from any of HOPE NOW’s satisfied “customers.” She goes on to tell me the usual story about HOPE NOW, and how they did very little to help her solve her problems. “All they did was take down my monthly budget numbers and pass them on to the lender. I never heard from them again.”
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The Supreme Irony of Shepard Fairey
January 18th, 2009I don’t often comment on topics like this, but I just saw Shepard Fairey on the “Colbert Report,” and learned that he was the artist who created the iconic Obama Hope poster.
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Should You Prevent Foreclosure When You’re Underwater?
January 18th, 2009A very important consideration when you’re trying to prevent foreclosure is your loan-to-value ratio. This is the measure of what you owe on the home, versus what it’s worth.
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