First, The Wall Street Journal reported that
Countrywide Mortgage and Wells Fargo
and Company were under investigation by the Attorney General of Illinois
for having improperly steered minority borrowers into
high-cost or inappropriate loans.
Then the Journal reported that the FBI too has eyes
for Countrywide…
The term ARM is in the news a lot recently, yet many people don’t understand what ARMs really are. Here, we offer an explanation of how ARMs work and the different ARM options.
Yet another program to help homeowners who are delinquent on their
mortgages was announced last week by Fannie Mae.
HomeSaver provides funds to pay past due balances of
principal, interest, taxes, insurance (PITI), and up to six months (in
some cases 12 months) of home owner association (HOA) fees.
There is a $600 workout fee paid to the
servicer…
The Federal Reserve on Thursday announced that, in 2007, American
ownership in their homes as measured by equity fell below 50 percent for
the first time since records were first kept in 1945.
During the 2nd quarter of 2007 the central bank reported that
homeowners’ equity slipped to a…
At least there will be some people who will not suffer unduly from the
subprime mortgage mess – even if they played a role in creating it.
The Wall Street Journal is reporting that Washington
Mutual (WaMu) has approved compensation targets for its
top executives that will exclude some of the costs tied
to mortgage losses and foreclosures when cash bonuses are calculated
later this year.
The decision will protect the compensation…