| Mortgage Lenders Files for Ch. 11 | | Posted Wednesday, February 07, 2007 3:03:41 PM by Blog57 Team | | Mortgage Lenders Network USA Inc., which caters to borrowers with weak credit, filed for bankruptcy-court protection Monday, the latest in a string of subprime home-loan providers to be hit by slowing home sales and rising delinquencies. The Middletown, Conn.-based lender has identified more than 7,000 creditors and listed assets and debts of more than $100 million each, according to its Chapter 11 filing in the U.S. Bankruptcy Court in Wilmington, Del. The company named Daniel Scouler of financial restructuring firm Scouler Andrews LLC as chief restructuring officer. The filing is a sign that its month-long talks with Wall Street firms about taking over its operations fell apart. Mortgage Lenders in late December had to suspend funding loans through a network of outside brokers due to "unresolved issues" with its banks that provide so-called warehouse lines of credit -- a funding source important to its ability to make loans.... | |
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| | | Mele Walnut Jewelry Box Nicolette 421-11M | | Posted Tuesday, January 23, 2007 12:53:36 PM by Blog57 Team | | Mele Walnut Jewelry Box Nicolette 421-11MCenter necklace carousel, dual side necklace doors, ring rolls inside right door, etched glass, 2 open drawers, antiqued brasstone decorative drawer pulls, hand lined with cocoa sueded fabric interiorFinish: WalnutDimensions: 10 5/8" x 4 7/8" x 12 7/8"Weight: 9... | |
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| | | What to think about if you are a first time home buyer | | Posted Wednesday, January 17, 2007 1:15:02 PM by Blog57 Team | | If you are looking for a home for the first time, you may find it extremely daunting. With so many things to think about and the constant need to budget your spending, it can really cause you a great deal of hassle! So, what should you do when finding a mortgage for the first time and how can you ensure that you can in fact keep up the monthly payments? Well, the first thing that you need in order to be able to achieve a mortgage, is to have a deposit ready. Without a deposit you will not get a mortgage with many mortgage lenders as most mortgage companies require an immediate deposit on the home that you would like. Also, the more deposit you do have, the higher the price of the home you could afford. First time buyers do have trouble affording a home these days and so if you can save up a fairly large deposit it would definitely be worth it! Next there are the fees to think about such as solicitor’s fees, new furniture, stamp duty and many other costs involved too.... | |
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| | | Are You in the Right Mortgage? | | Posted Sunday, January 14, 2007 3:21:04 PM by Blog57 Team | | (ARA) - Most people who buy a home put their mortgage in a drawer -- they close on the loan and make their payments every month and don't think about it beyond that. But what they may not realize is that being in the wrong mortgage for your current situation can hurt you by costing you money.You may have been living in your home for 20 years with your family or you may be a young couple thinking about starting a family. Or you may have to move every so often due to the nature of your job or because of job transfers. Whatever the case, life changes often so it's important to review your situation.You should first ask yourself how long you plan to be in your home. Knowing this will help you figure out whether you should be in a fixed-rate mortgage or in an adjustable rate mortgage (ARM).... | |
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| | | Women of Color Have Highest Rates of Subprime Mortgage Lending ... | | Posted Saturday, December 09, 2006 1:06:47 PM by Blog57 Team | | WASHINGTON - December 7 - Women are more likely to receive subprime home mortgage than men and these higher rates of subprime lending make it harder for households headed by women to build wealth through homeownership. In 2005, about a third of women took out mortgages with interest rates over 7.66 percent (well above the average prime mortgage rate of 5.87 percent) compared to about a quarter of men, according to a new study released today by the Consumer Federation of America. The high levels of subprime lending among women compromise their ability to steadily accrue equity by paying off their mortgage one of the easiest and most effective pathways to building wealth in America, said Nancy Register, Associate Director of Consumer Federation of America and National Director of America Saves, a social marketing campaign to encourage lower- and moderate-income households to save and build wealth.... | |
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| | | Authorities warn of mortgage fraud | | Posted Wednesday, November 15, 2006 11:17:18 AM by Blog57 Team | | ELEANOR HALL: The easy access to housing finance and aggressive marketing of loans in Australia over the past decade hasn't just attracted home buyers. The money on offer has also become a target for sharks in the growing crime of mortgage fraud. New South Wales authorities and industry bodies say fraud involving false valuations, the forging of title deeds and the theft of identities is on the increase, and that the industry is being used to launder money. Sue Lannin reports that this has prompted renewed calls for the national regulation of the mortgage industry. SUE LANNIN: It's a crime New South Wales Police say is increasing. Mortgage fraud can take different forms, and it's being committed by individuals and crime gangs. Detective Superintendent Col Dyson is the head of the New South Wales Fraud Squad.... | |
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| | | REAL ESTATE: Survey Finds Percentage Of First-time Home Buyers Down | | Posted Tuesday, November 14, 2006 3:12:11 AM by Blog57 Team | | NEW ORLEANS (Dow Jones) -- Despite low mortgage interest rates, a smaller percentage of first-time home buyers are entering the market, according to an annual profile of buyers and sellers released by the National Association of Realtors on Saturday. During the year ending in June, 36% of all buyers who purchased a home were first-time buyers, according to the association's annual profile of home buyers and sellers. That's down from 40% a year ago. About 7,500 buyers and sellers were surveyed. Part of the reason for the declining share of first-time homeowners: Declining affordability for those entering the market after the housing boom of the past couple years bumped up home prices, said David Lereah, the NAR's chief economist, during a news conference held at the Realtors' annual convention here.... | |
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| | | Adjustable rate, home equity loans can confuse borrowers | | Posted Sunday, November 12, 2006 3:02:34 PM by Blog57 Team | | If you have an adjustable rate mortgage or home equity loan, do you understand its terms? Do you know how high your interest rate could go up and how soon that could happen? Are you sure? Researchers at the Federal Reserve say many homeowners with adjustable rate loans underestimate how much their interest rates can change or are clueless in the matter. The problem is worse for households with below-average incomes and education. "This research suggests the need for greater financial literacy and increased access to financial counseling," Fed chairman Ben Bernanke said in a speech this month. Education and counseling are needed, but I'd like to see a solution that starts with the mortgage industry. Lenders are creating confusing products and promoting them to people for whom they are inappropriate.... | |
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| | | For most retirees, paying off a home mortgage is a very good idea | | Posted Saturday, November 11, 2006 1:26:21 PM by Blog57 Team | | Q: In a recent column you talked about the risks of making mortgage payments after retirement. But this left me wondering: What is the alternative? If one has a mortgage on the day of retirement and one pays it off, then 100 percent of that capital is now tied up in the house. So it has zero chance of earning anything. Are you saying pay off all mortgages upon retirement, or sell the home and become a renter? A: The answer depends on your personal balance sheet. It also depends on your income sources at retirement. You can get an idea of how the factors interrelate by considering these three examples. The Abundant Net Worths: retired with a large pension, $1 million in taxable account assets, $500,000 in tax-deferred account assets, and a mortgage balance of $200,000 at 5.5 percent.... | |
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| | | Be wary when a builder offers a home mortgage | | Posted Friday, November 10, 2006 11:25:52 PM by Blog57 Team | | Thinking of buying a new home in this softer market? Chances are your builder is going to try to sell you a mortgage. Builders have long encouraged their customers to use their mortgage affiliate for financing, and not just to make a little extra money. It also gives them control of the transaction, making it less likely that a mortgage snafu will create problems at closing. Now, as sales slow and cancellations rise, builders are increasingly rolling out special deals that may be tied to using their affiliated lender. But you may well be able to find a better deal on your own. Builders' mortgage offers "clearly are worse in all the cases I've seen," says Jack Guttentag, professor emeritus at the University of Pennsylvania's Wharton School and founder of the mortgage-advice Web site www.mtgprofessor.com.... | |
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