| Thacher Proffitt Publishes 2nd Edition: 'Common Terms in Structured Finance' | | Posted Thursday, February 01, 2007 3:03:08 PM by Blog57 Team | | Thacher Proffitt has reissued the popular Common Terms in Structured Finance booklet, available now in hard copy and online. Including definitions for Covered Bonds, Free Writing Prospectus, Reformation, Reverse Mortgage, Rule 159, and Securities Offering Reform, to name just a few, the pamphlet seeks to make the complex terminology of structured finance easy to understand. Thacher Proffitt has been an early leader of structured finance deals for the past 20 years, and structured the first-ever mortgage pass-through securitization. Our clients include issuers, underwriters, servicers, trustees and all other transaction participants in every type of securitization and financing -- billions of dollars of debt and assets -- in the U.S., Latin America, Europe and Asia. To request a copy of the 2nd edition of Common Terms in Structured Finance, send an email with your name, company and address to Lianne MacDonald, Director of Marketing, at lmacdonald@tpw.com.... | |
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| | | United States Reverse mortgages turn home equity into income | | Posted Tuesday, January 09, 2007 1:19:09 PM by Blog57 Team | | The housing boom of recent years has fuelled record growth in reversed mortgages. Sensing growth opportunities as baby boomers retire, financial- services firms have been cutting the costs of reverse mortgages and offering special deals. The federal government, meanwhile, is trying to push down costs as well. Indeed, the upfront costs on reverse mortgage can exceed $12,000 for a $250,000 home. The housing boom of recent years has fuelled record growth in reversed mortgages, which give homeowners an income stream they don't have to repay until they sell their home or die. Sensing growth opportunities as baby boomers retire, financial- services firms have been cutting the costs of reverse mortgages and offering special deals. The federal government, meanwhile, is trying to push down costs as well.... | |
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| | | How a Reverse Mortgage Can Benefit Homeowners 62 or Older | | Posted Monday, November 27, 2006 1:13:24 PM by Blog57 Team | | Reverse mortgages give eligible homeowners the ability to access the money they have stored up as equity in their homes. They are designed to build seniors' personal and financial independence by providing funds without the requirement of a monthly payment for as long as they live in the home. Homeowners age 62 or older may benefit greatly by discussing the possibilities and options a reverse mortgage can afford them with a lender or counselor. These types of loans offer a way to borrow against the equity in your home to create a stable, continuous and tax free source of usable income or a substantial source of supplemental income, all without having to change your current living conditions. .... | |
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| | | Reverse That Mortgage! | | Posted Wednesday, November 15, 2006 3:05:07 AM by Blog57 Team | | If you've heard about reverse mortgages and are curious about them, you're not alone. They've been growing in prominence and popularity lately. Here are some stats on the matter, from a 2006 survey by the folks at Harris Interactive. Among senior citizens, 41% have heard of reverse mortgages, and 4% have considered signing up for one. That 4% might not seem like much, but it's one out of every 25 seniors. Of those who said they've heard of reverse mortgages, 44% said they don't know enough about to have an opinion on them. Of those with an opinion, 54% viewed reverse mortgages favorably, 20% unfavorably. Odds are, you're among those who don't know too much about reverse mortgages, so permit me to shed some light. A reverse mortgage is a way to augment retirement income.... | |
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| | | Fannie Mae Spending Over $1B on Review | | Posted Monday, November 13, 2006 7:02:29 PM by Blog57 Team | | WASHINGTON -- Fannie Mae said Wednesday it expects to spend more than $1 billion this year on the massive review of its accounting and preparing financial statements as the mortgage giant pushes to complete it by year's end. The government-sponsored company, which finances one of every five home loans in the United States, is emerging from an accounting scandal that brought the ouster of top executives and a record $400 million civil fine in a settlement with federal regulators. Fannie Mae also said it would miss a regulatory deadline Wednesday for filing its financial report for the third quarter of 2006. The company hasn't filed an earnings statement since late 2004. .... | |
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| | | REAL ESTATE: Reverse mortgage found anywhere | | Posted Sunday, November 12, 2006 7:27:59 AM by Blog57 Team | | Q. My parents are avid readers of your articles and have become quite the experts on reverse mortgages for senior citizens. But they live in a small town that has one bank, owned and run by an "old geezer" who has been there for 100 years. At least he seems that old. I know he charges high interest rates but he is so charming that most of the locals don't bother to go to the nearest city, about 50 miles away, to compare loan terms. Where is the best place for my parents to get a reverse mortgage? Are reverse mortgages available at small town banks? Yes, reverse mortgages are available everywhere, even in small towns. However, there are minimum property standards. Perhaps you remember the angry West Virginia homeowner whose reverse-mortgage application was rejected because her only drinking water source is a cistern (for some reason she didn't want to drill a well).... | |
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| | | Bank of England raises rates | | Posted Friday, November 10, 2006 3:14:45 PM by Blog57 Team | | Households face higher mortgage repayments after the Bank of England lifted interest rates to 5% - the highest level in five years. The move by the Bank's Monetary Policy Committee (MPC) had been widely expected as policymakers look to keep a lid on inflationary pressures. The quarter of a percentage point increase was as good as sealed by the Halifax after it reported a 1.7% rise in October house prices. Interest rates are now at their highest point since August 2001 and come amid evidence that more households are folding under the strain of higher overheads, such as council tax bills and energy prices. A record 27,644 people became insolvent during the summer, fuelling forecasts that more than 100,000 people could go bankrupt or take out individual voluntary arrangements (IVA) in the year as a whole.... | |
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| | | Refinance or reverse mortgage? | | Posted Friday, November 10, 2006 4:16:25 AM by Blog57 Team | | I am checking out whether to refinance or take a reverse mortgage. I will be 79 in January and live on my Social Security income. If I take the reverse mortgage it will cost me over $10,000 in closing costs plus the payoff balance on my existing mortgage, which is about $22,100. Which way do you thing would be best for me? -- Joyce Juncture .... | |
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| | | Fannie Mae says it expects to spend over $1 billion this year on accounting review | | Posted Wednesday, November 08, 2006 11:09:04 PM by Blog57 Team | | WASHINGTON (AP) - Fannie Mae (NYSE:FNM) said Wednesday it expects to spend more than US$1 billion this year on the massive review of its accounting and preparing financial statements as the mortgage giant pushes to complete it by year's end. The government-sponsored company, which finances one of every five home loans in the United States, is emerging from an accounting scandal that brought the ouster of top executives and a record $400-million civil fine in a settlement with federal regulators. Fannie Mae also said it would miss a regulatory deadline Wednesday for filing its financial report for the third quarter of 2006. The company hasn't filed an earnings statement since late 2004. Federal regulators that year accused Fannie Mae of serious accounting problems and earnings manipulation to meet Wall Street targets, and the Securities and Exchange Commission ordered the company to restate earnings back to 2001.... | |
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| | | Government is looking into reverse mortgages | | Posted Tuesday, November 07, 2006 3:12:17 PM by Blog57 Team | | Auckland: Fears that a new type of financial product could harm the interests of elderly people have prompted the Government to consider regulating the reverse mortgage sector. The spectre of elderly people owing more to a bank than the total value of their home is just one of the problems raised in a working paper that also suggests financiers could prey on older people, enticing them to take out loans and use other financial products. Senior Citizens Minister Ruth Dyson has called for submissions on home-equity conversion schemes, or reverse mortgages, which allow the elderly to convert house equity into cash. The Office for Senior Citizens wants submissions by March 31. Ms Dyson said people were increasingly turning to the conversion schemes to use wealth from their homes to supplement their incomes.... | |
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