only afford a $200,000 home?
Mortgage brokers,offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments and exploding interest rates.
Real estate agents, most of whom work for the sellers rather than the buyers, earned higher commissions from selling more expensive homes.
The Housing Act (from 1994!!!) DIDN’T force any bank to make sub-prime loans, in fact sub-prime loans are not mentioned anywhere in the Housing Act.
They were an invention of the Banks, whose internernal memos claimed (there is NO risk in the Housing Market) and instructed its officers to start making loans to anybody and everybody even with no pay stubs, regardless of the price.
The Fannie Freddie talks were about TRYING TO GET THE BANKS TO STOP MAKING THESE LOANS!!!
THEY REFUSED!!!! And kept right on giving them AGAINST the advice of regulators.
The idea that Barney Frank had anything to do with this is just blatant right wing poppycock.
Just trying to find out. Of course the first month that our moortgage payment is due, some crazy stuff happens to where we cant pay it until 3 weeks over due.. what happens?
We will be less then 30 days late.. only about 12 days. Will that show on our credit?
I managed this stuff for a national lender and here’s how it goes:
First of all, 12days won’t be on credit. 30+ days will only.
Second, they won’t do anything. They can, but they won’t. If you have a mobile home and are with a large company, you may get a call, but if you keep it under 30 days, you are ok. If you are with a brick and mortar company, you’ll get put on autodialer for a couple days, which is useless.
That 90 days statement is crap (no offense to that person). Technically, you are in default 1 day past due, but no lender will actually do anything.
1) If they did issue a notice, you’d cure it before it gets to your house.
2) The notice wouldn’t look good for them if they tried to pursue you. A judge would call that predatory and tell them to screw off.
Moral of the story. Pay it under 30 days late and you’re cool!
http://bestloanmodificationcompanyreviews.com for all the reviews of the best loan modification companies in the nation. HAMP loan modification, stop foreclosure sale, no upfront fee loan modification and more. These companies can get the job done.
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http://www.tucsonmortgageblog.com Todd Abelson and Tyler Ford’s Tucson Home Mortgage Update
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August 10, 2007. Ron Paul tells CNBC’s Larry Kudlow how he would handle the credit crisis.
- Larry Kudlow: Let me just ask you, talking about Armageddon, are you an economic pessimist about the future of America (Larry’s sick of all the economic pessimism)?
- Ron Paul: No, I’m an optimist if we did the right things, if we restrained the FED from creating money out of thin air and causing all the malinvestment and encouraging Big Government spending, see we can’t have the spending if we don’t have the FED to bail the politicians out by monetizing the debt.
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“History told me that the urgency to acquire power is inherent in the State, any State. The American State had been held in leash by its peculiar Constitution, adopted at a time when the people were conscious of this urgency and were intent to hold it within bounds. They were particularly aware of the fact that the power of the State is in proportion to its income, and made sure that the State would not go hog-wild by limiting its power to tax. But, within a century new peoples with new ideas came upon the scene and this limitation was removed.”
(-Out of Step- by Frank Chodorov)
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Video discusses how there are many non-bank lenders in Canada, only available through the wholesale mortgage market, with fixed rate mortgages at typically more competitive rates than the chartered banks by Charles Bristoll
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http://www.MortgageRefinanceLoansFranklinTN.com This is the second in the series of Mortgage and refinancing loans myth busters. Andy Gaggin will show you exactly how to tell if your interest rate will
save you money when refinancing your loan. Maybe you are thinking about
buying a rental or purchasing property. At today’s low interest rates,
it is the best time to finance a real estate deal.
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http://www.donnakennedy.com/ – Donna Kennedy, property expert, features on Seoige to give first time buyers advice and excellent tips about buying their first home in today’s market. Her new book, Step On, Step Up reached best seller numbers in just two weeks and includes everything a buyer needs to know to get on the ladder wisely.
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Underwriter sentenced in house flipping scheme; Two bank employees sentenced for mortgage fraud; South Carolina Pastor sentenced to three years; Mortgage lender indicted for fraud on warehouse lender.
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Oct. 22 (Bloomberg) — William Black, a professor at the University of Missouri at Kansas City, talks about the U.S. mortgage crisis.
Black speaks with Lisa Murphy on Bloomberg Television’s “Fast Forward.” (This is an excerpt of the full interview. Source: Bloomberg)
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