How Much Will Federal Mortgage Assistance Programs Save me?
The Making Home Affordable Federal Mortgage Assistance Program is expected to help up to 9 million home owners. The program will assist with refinancing and loan modifications. President Obama is also pushing for mortgage rates to steadily decline. This will greatly help those that do refinance or get a modification by making their mortgage [...]
President Obama vs Subprime Blogger Investment Challenge – April 13th
On March 22nd, as I watched President Obama laugh and giggle about our economy and then make the statement “the dollar is still strong” I was in disbelief. This interview on 60 Minutes was conducted just days after Ben Bernanke and the Federal Reserve Bank injected over $1 TRILLION into long term treasuries and mortgage [...]
Wells Fargo “25% of Mortgages Were Home Purchases Not Refinancings”
Last week Wells Fargo showed healthy gains in the stock market as they posted a $3 billion first quarter profit. Part of the reason that Wells Fargo showed such a large profit was the fact that they got Wachovia at wholesale prices. While Wachovia was very poorly run and had some subpime exposure, there was [...]
Mortgage Rate Predictions – April 13th – Mortgage Rates Edge Higher
Last week the Freddie Mac weekly survey showed a bounce in mortgage rates just as I had predicted. I think part of this is psychology, but a lot of it has to do with the fact that mortgage lenders are getting swarmed with mortgage applications. The only way to slow down the influx of mortgage [...]
Obama’s Mortgage Plan has Helped Modify ONE Mortgage
The current government loan modification program, which was funded BY THE TAXPAYERS $320 billion last July, has helped ONE mortgage to be modified according to HUD. They have recieved 865 applications and ONE has been modified. $320 billion to modify ONE mortgage since last July? I thought President Obama’s Mortgage Plan was going to change [...]
Obama Bank Rescue Will Not Work Due to Mortgage Fraud
Mortgage fraud is a strong driver of the current crisis. In September of 2004, the FBI attempted to stop mortgage fraud that “could” cause a major economic crisis. Last year there were 63,000 referrals for mortgage fraud, over 80% done by the lenders. The FBI clears about 800 of these fraud cases. How is it [...]
Rise in Mortgage Applications along with Low Mortgage Rates Could Cause Lending Crisis
For quite some time, I have made the observation that the increasing amount of mortgage applications could cause a lending crisis. With the Obama Mortgage Plan in full swing, the number of mortgage applications has greatly increased during the months of March and April. While many of these applications are getting turned away due to [...]
Refinance Sunday – Will the Obama Refinance Plan Help You?
As many of you know, the Making Home Affordable plan is President Obama’s way to help you refinance. The plan is expected to help home owners refinance at the current historically low rates. This seems like a great idea in theory, but it is not working out exactly to plan. The problem that many borrowers [...]
Mortgage Rate Predictions – Subprime Blogger Predicts Rates AGAIN!
On Monday, this is the the first paragraph of my mortgage rate predictions article verbatim: After three very successful weeks of mortgage rate predictions, I am going to go out on a ledge and make the prediction that mortgage rates will bounce higher. I do not think they will bounce MUCH higher, but we will [...]
Mortgage Rates Trends – Have We Seen a Bottom?
As many of you know, I strongly believe in psychology when it comes to financial markets. When everyone and their brother is saying that one direction will be sustained, it is very likely that the opposite will happen; we see it all the time in the stock market. Today, we hear that mortgage rates have [...]
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