First Mortgage Buyer

Before you settle on a new lender, you may want to check the Mortgage Lender Implode-O-Meter at ml-implode.com. The site proclaims a mission of transparency, education, and accountability for the mortgage industry. The site was started in January 2007 by blogger Aaron Krowne who realized that the housing market was critical to the success of the US economy and grew frustrated by the lack of coverage of the sub prime housing crisis by the mainstream media. Starting with a single page with only 6 lenders listed, ml-implode.com soon had dozens of lenders listed and began picking up national media coverage from Bloomberg and CNN. It is now consdered and authority on the current state of the mortgage crisis in the US and received over 100,000 visitors a day.

The site breaks down the large mortgage companies into 3 categories.

• Imploded Lenders: Lender may be operating in some capacity but has possibly filed for bankruptcy or halted major operations. Can include prime, subprime, retail, or wholesale lenders.
• Ailing Lenders: Lender is scaling back operations or have recently been in manifest financial, legal, or operational distress. Most of the industry currently falls into this cateogory so Aaron reserves this list for the most glaring cases.
• Non-Imploded Lenders: Unfortunately, this area seems to include only sponsored listings so you may want to check another independent source before taking this portion at face value.

Although it is a community centric forum, the editorial staff requires that 2 out of 3 of the following criteria be met before a company makes it to the “implosion” or “ailing” list:

• At least $20 million/month in origination volume (any stage of origination)
• At least 3 states of origination
• At least 50 employees

Over all the site has some great information and is organized in a consistent manner. I highly reccomend giving it a look or even subscribing to the feed if you want to stay up to speed on the latest mortgage implosions.

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.

Housing starts and building permits
continue to lag far behind the numbers recorded one year ago according to
monthly data issued on Wednesday by the U.S. Census Bureau and The
Department of Housing and Urban Development.

Builders, however, are seeing some signs that their
prospects might soon improve….

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A week ago six of the major mortgage servicers involved in the Hope
Now alliance announced that they would be offering a
pause in foreclosure proceedings to borrowers who
appeared able to enter into loan modification agreements. Now the
remaining 19 members of the alliance have agreed to adopt the same
guidelines in a program nicknamed Project Lifeline.

The expansion of the program was announced Tuesday
and…

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Today’s real estate market offers great deals and opportunities for first-time home buyers, those moving up to a more expensive home, and real estate and property investors.

A large number of people are interested in moving towards plastic money and for these people credit card application process is becoming very simple. There are many financial companies which are providing free insurance quotes with their credit cards. But, people always prefer to get cheap loans for their needs. The people who are interested in mortgages should know about mortgage basics. In mortgage companies, the america mortgage is considered as one of the best company.

Mortgage
interest rates took a jump upward during the week ended December 13
and December 14 according to information released by Freddie Mac and the
Mortgage Bankers Association respectively.

Mortgage applications activity was weak; the
seasonally adjusted measure of volume was…

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