Refinance Free Credit

Fitch Ratings said Thursday that it had enhanced its U.S. residential mortgage loss model, called ResiLogic, a key component of the agency’s overall approach to assessing U.S. RMBS new-issue ratings. While the new-issue market has been essentially dead for all of 2008, Fitch’s revisions suggest that the agency is preparing for where the market might [...]

When — if? — the U.S. private-party securitization market fires back up, RMBS deals are going to face a more stringent — realistic? — set of criteria from at least one rating agency; Fitch Ratings on Thursday unveiled a series of enhancements to its U.S. residential mortgage loss model, known as ResiLogic. The latest revisions to [...]

A woman in Massachusetts faxed a note to her lender at 2:30pm — 3 hours before her house was scheduled to be auctioned off in foreclosure — informing them that she intended to kill herself. And she followed through on her threat, right before interested buyers began showing up to bid on the property, too. From [...]

You probably have heard about of news coverage lately about the subprime mortgage crisis. Are you fully aware of what is going on when people begin to discuss this issue? Well, a lot of people aren’t aware so they just flip the channel when this comes on. This is not good because those people are not learning anything that can help them avoid the subprime crisis in their own lives. The following is a little bit of information that you can use in order to make sure that this does not harm you at all. The more you can learn about a particular issue the better you will do at making sure it does not have a negative impact.

Subprime Loans

Subprime loan is just another way of saying high interest loan. Some people might have been looked at as too risky to borrow money. The lender made up for this by giving these people a mortgage that had a higher than normal interest rate. This could also be done by giving the borrowers a low interest rate that greatly increased after a years. Some people were not aware that this was going on because some lenders would not make it clear enough for them. This also falls on the shoulders of the borrowers as well. They did not question these loans or even take the time to see how it might impact their own lives. They just saw that someone was willing to give them money that they did not expect, so they jumped on it. When the interest rates began to raise these people saw that they were not in good shape.

Investments Backed by Mortgages

Many lenders who had subprime mortgages did not hang onto these loans for every long. They actually sold them to investment firms who really looked at these mortgages as a way to make some serious money. Too many companies wanted in on this so it became a big circus. Sometimes the people who owned these mortgages were not aware of what was going on so they did not know who they owed money to and when they needed to pay anymore. Too much movement and not enough communication is not a recipe for success.

Combating This Trouble

You just need to make sure that you analyze every option before you actually go through with it. You do not want to put yourself in a position that could have been avoided if you just took the time to realize what was going on. Also, you want to make sure that you are not taken advantage of by some lender who is out to make a quick dollar. They are out there, so beware.

Additional Resources:

• Looking for Ways out of the Subprime Mortgage Crisis
• Subprime Lending Woes Could Cause Broader Problems

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Concerns about inflation helped push mortgage rates near a one-year high, according to data released Thursday morning by Freddie Mac (FRE: 9.84 -8.89%). The average rate on a 30-year fixed rate mortgage rose 37 basis points to 6.63 percent with an average 0.6 point for the week ended July 24; 15-year fixed-rate mortgages saw average [...]

Title industry giant Fidelity National Financial, Inc. (FNF: 13.18 -8.66%) said late Wednesday that earnings fell to just $6.9 million, or $.03 per share, during the second quarter as the company continued to struggle with falling order volume and rising claims; the results contrast with $84.8 million in earnings, or $.38 per share, in the [...]

Sales of previously-owned U.S. homes fell to a 10-year low in June, according to data released Thursday by the National Association of Realtors. Existing-home sales — which include single-family, townhomes, condominiums and co-ops — fell 2.6 percent to a seasonally-adjusted annual rate of 4.86 million units in June from a pace of 4.99 million in [...]

National City Corp. (NCC: 4.76 +1.06%) said Thursday morning that it lost a record $1.8 billion in the second quarter, or $2.45 per share, as the Cleveland-based bank boosted its provision for loan losses to $1.6 billion amid rising credit costs. But boasts from CEO Peter Raskind seemed to catch investors’ imaginations, at least early [...]

Bloomberg’s Money & Politics featured HW’s Richard Bitner on a panel discussing Wednesday’s passage of a sweeping housing aid package by the House of Representatives. Note that he’s sandwiched in as the independent, expert industry voice between a CRL rep and a spokesman from the MBA — exactly what we think has been missing from [...]

Maybe relying on pay-option ARM mortgage wasn’t such a good idea, after all. Ailing savings & loan Downey Financial Corp. (DSL: 2.73 0.00%) said Thursday morning before market open that it lost $218.9 million during the quarter — that’s a loss of $7.86 per share — as the number of bad loans on its books [...]