Guaranty Mortgage

The homebuilding industry is obviously in distress. But, in testimony before the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke made an interesting statement about employment in the home- building industry. Remarking that there was a bit of a “puzzle” about government unemployment reports which… Read More Now

Early termination fee due on repossessed lease car
If your leased car is repossessed you still owe the early lease termination fee, says Bankrate car expert Terry Jackson.

More Help Now Available For Those Facing Foreclosure
A lot of people are getting nervous about their mortgages, and some have real reason to worry as they approach the reset dates on their adjustable rate, interest only, or option payment loans. We have talked before about avoiding foreclosure but it is probably time to do so again. Fortunately, there are a few new options out there for homeowners who are in trouble or fear they soon may be… Read More Now

Watch out for the universal default clause, says the Debt Adviser.

The high horse, explained
I don’t mean to be judgmental. It’s human nature to enjoy a dollop of self-righteousness. When it comes to how other people spend money, the self-righteousness gets thick.

Still renting your phone? Why?
Some people, mostly seniors, don’t realize they can save by buying their phones.

Freddie, treasuries move
When I monitor the movement of mortgage rates, I keep an eye on two proxies: 10-year Treasuries and Freddie Mac’s required net yields.

Troubles bleed into prime
The treasury yield has fallen fast in the last few days, but with all that’s going on in the subprime market, prime borrowers may be in for a shock.

Delinquency will climb to 3.6 percent by the summer of 2008, Moody’s Economy.com announced Thursday. But a negative mortgage market cycle could develop, an economist said in the report. Rising delinquency could force lenders to further tighten underwriting guidelines; tighter guidelines will reduce the pool of potential borrowers; fewer buyers could push home prices lower; and lower prices will hurt borrowers that need to refinance.

Foreclosure Solutions Proliferate
Minneapolis-based Homeownership Preservation Foundation announced it received a $150,000 grant from Countrywide Financial. In Colorado, a local office of the U.S. Department of Housing and Urban Development will be offering a free meeting for borrowers who are facing foreclosure, according to the office’s Web site. Within the next couple of weeks, a New York state agency will be launching a $100 million refinance loan program to assist families who are facing a potential hardship due to an ARM that has already or will soon reset, an agency spokesman told MortgageDaily.com.

Want to save money? Stop shopping.
Once these budget busters discovered how much unnecessary stuff they were buying, they stopped shopping and got their finances in line.

Troubles bleed into prime
The treasury yield has fallen fast in the last few days, but with all that’s going on in the subprime market, prime borrowers may be in for a shock.

Avoid Excuse Makers
Salespeople with great attitudes towards everyone tend to be more successful, author Warren Greshes wrote in a new book. “When you speak to a client or prospect, your attitude and commitment are what they hear, see, and feel,” Greshes explained. Successful people avoid “excuse-makers” like the plague.

Blogger on TV
Bankrate mortgage blogger Holden Lewis makes an appearance on CNBC this afternoon in an interview with Erin Burnett. Wharton professor Susan Wachter will be featured, as well.

Calling subprime sufferers
The major subprime lenders have stopped offering the most popular type of subprime mortgage: the 2/28 loan. But, things are worse than they seem.

Regulator Reveals Ongoing Investigations
In testimony before a U.S. House of Representatives committee, the Federal Trade Commission and the Office of the Comptroller of the Currency talked about mortgage discrimination. The two banking regulators testified about what they are doing about it. The FTC said it is conducting several fair lending investigations of mortgage lending companies.

The high horse, explained
I don’t mean to be judgmental. It’s human nature to enjoy a dollop of self-righteousness. When it comes to how other people spend money, the self-righteousness gets thick.

Still renting your phone? Why?
Some people, mostly seniors, don’t realize they can save by buying their phones.

The major subprime lenders have stopped offering the most popular type of subprime mortgage: the 2/28 loan. But, things are worse than they seem.

Freddie, treasuries move
When I monitor the movement of mortgage rates, I keep an eye on two proxies: 10-year Treasuries and Freddie Mac’s required net yields.

Mom needs professional help for inheritance
The money shouldn’t affect her Social Security, says Dr. Don.

Blogger on TV
Bankrate mortgage blogger Holden Lewis makes an appearance on CNBC this afternoon in an interview with Erin Burnett. Wharton professor Susan Wachter will be featured, as well.

Evaluating various student loan payoff options
CPA George Saenz examines the pros and cons of deducting student loan interest or paying the debt off with money from a home equity loan.

Couple disagrees on consolidating debt
Watch out for the universal default clause, says the Debt Adviser.

The high horse, explained
I don’t mean to be judgmental. It’s human nature to enjoy a dollop of self-righteousness. When it comes to how other people spend money, the self-righteousness gets thick.

Troubles bleed into prime
The treasury yield has fallen fast in the last few days, but with all that’s going on in the subprime market, prime borrowers may be in for a shock.

Want to save money? Stop shopping.
Once these budget busters discovered how much unnecessary stuff they were buying, they stopped shopping and got their finances in line.

Getting on track for retirement
Look at your own needs, not what others are saving, says Dr. Don.

In testimony before a U.S. House of Representatives committee, the Federal Trade Commission and the Office of the Comptroller of the Currency talked about mortgage discrimination. The two banking regulators testified about what they are doing about it. The FTC said it is conducting several fair lending investigations of mortgage lending companies.

National City Numbers Jump
Second quarter loan originations totaled $18 billion, according to earnings data released from National City Corp. Thursday. Volume was higher than the prior quarter, the report said. And, excluding First Franklin production, fundings were also higher than a year earlier.

Think you can’t live without credit and debit cards? Bankrate readers show how you can give up the cards — and save money.

Want to save money? Stop shopping.
Once these budget busters discovered how much unnecessary stuff they were buying, they stopped shopping and got their finances in line.

NAACP Subprime Discrimination Suit
We mentioned briefly last week that the National Association for the Advancement of Colored People (the NAACP) has filed a class action suit against more than a dozen subprime lenders in an effort to stop those lenders from engaging in what the suit calls “systematic, institutionalized racism in making home mortgage loans.” The NAACP suit specifically names 14 lenders: Ameriquest, Wells Fargo… Read More Now

More Help Now Available For Those Facing Foreclosure
A lot of people are getting nervous about their mortgages, and some have real reason to worry as they approach the reset dates on their adjustable rate, interest only, or option payment loans. We have talked before about avoiding foreclosure but it is probably time to do so again. Fortunately, there are a few new options out there for homeowners who are in trouble or fear they soon may be… Read More Now

According to the Freddie Mac Primary Mortgage Market Survey for the previous week, long term interest rates were down for the third week in a row. However, the Weekly Mortgage Market Survey released by the Mortgage Bankers Association reported quite the opposite results with rates up sharply from a week earlier. “Long-term mortgage rates continued to move lower for a third consecutive week, in part reflecting a moderation in core inflation,” said Frank Nothaft, Freddie Mac vice president and chief economist. “In the statement accompanying their decision to leave the target federal funds rate unchanged, the Fed noted that…” Read More Now

Subprime Disaster Continues To Unfold
It seems that nary a week can pass without a subprime disaster of some type. This week is no exception although there was at least a bit of variety due to bad news coming from other parts of the housing industry.Here is the rundown… Read More Now

Neighborly chat may prevent big stink
A friendly talk is the best bet to assure that a misplaced septic tank doesn’t provoke a squabble with new neighbors, says Real Estate Adviser Steve McLinden.

Nobody Understands Buyer Agency
An otherwise very smart real estate attorney once said to a friend “Nobody understands dual agency.” It seemed like a weird thing for a lawyer to say at the time but Newsweek has just proven his point. In a rather remarkable short piece promoting buyer agency in the “Tip Sheet” portion of the July 15 edition, the magazine made the following points… Read More Now

NAACP Subprime Discrimination Suit
We mentioned briefly last week that the National Association for the Advancement of Colored People (the NAACP) has filed a class action suit against more than a dozen subprime lenders in an effort to stop those lenders from engaging in what the suit calls “systematic, institutionalized racism in making home mortgage loans.” The NAACP suit specifically names 14 lenders: Ameriquest, Wells Fargo… Read More Now

You can be taking on a lot of interest rate risk, says Dr. Don.

Overspending? Try a 7-day challenge
If you’d like to get a handle on your spending habits, all it takes is a small notepad and a bit of determination.

Neighborly chat may prevent big stink
A friendly talk is the best bet to assure that a misplaced septic tank doesn’t provoke a squabble with new neighbors, says Real Estate Adviser Steve McLinden.

Start an office recycling program
You’ll save the earth, and maybe earn some money

Used-car buyers get less, pay more
One-third of used car buyers get subprime loans, which usually means they buy less car and pay higher interest over a longer period of time, says Bankrate car expert Terry Jackson.

NAACP Subprime Discrimination Suit
We mentioned briefly last week that the National Association for the Advancement of Colored People (the NAACP) has filed a class action suit against more than a dozen subprime lenders in an effort to stop those lenders from engaging in what the suit calls “systematic, institutionalized racism in making home mortgage loans.” The NAACP suit specifically names 14 lenders: Ameriquest, Wells Fargo… Read More Now

Subprime Disaster Continues To Unfold
It seems that nary a week can pass without a subprime disaster of some type. This week is no exception although there was at least a bit of variety due to bad news coming from other parts of the housing industry.Here is the rundown… Read More Now

More Action RE: Subprime Lending and Mortgage Regulation
At the end of June the five agencies that regulate federally chartered banks and their subsidiary lending corporations issued final guidance to those institutions regarding subprime lending, particularly the so-called exotic or non-traditional loans that are threatening to bring down those lenders who haven’t already filed bankruptcy or shut their doors. Also General Electric (GE) announced that it was getting out of the subprime mortgage business and that it has already rid itself of $3.7 billion in loans, about 75 percent of its total portfolio, to reduce its exposure to the volatile market… Read More Now

Pros and Cons of the Various Housing Indicators
The Office of the Chief Economist of Freddie Mac issued its monthly economic outlook for July on Monday and, in the narrative provided a helpful analysis of the reasons for the confusing messages emerging from various reports on current house prices. Each of the reports that the housing industry, the stock market, and the media relies on has advantages… Read More Now

If you’d like to get a handle on your spending habits, all it takes is a small notepad and a bit of determination.

Start an office recycling program
You’ll save the earth, and maybe earn some money

The high horse, explained
I don’t mean to be judgmental. It’s human nature to enjoy a dollop of self-righteousness. When it comes to how other people spend money, the self-righteousness gets thick.

Neighbors ‘fence’ over home’s property line
Fences may often make good neighbors but Real Estate Adviser Steve McLinden says this misplaced driveway brings up some sticky legal issues.

Want to save money? Stop shopping.
Once these budget busters discovered how much unnecessary stuff they were buying, they stopped shopping and got their finances in line.

Loan lemon laws
Borrowers assume that if lending to them would be risky, the lender will turn them down. That isn’t necessarily the case.

Girlfriend’s gone, mom’s on the hook
The best you can hope for now is that the girlfriend keeps paying, says the Debt Adviser.

Dealing with theft of information
Here’s what to do if there’s a security breach in a database that includes your personal information.

Checking out credit union’s safety
Your shares are insured, just like with FDIC, says Dr. Don.

Cash is king for the budget-minded
Real people who have gone cash-only share the secrets of their success.

Residential mortgage originations were $25.0 billion in the second quarter, Wachovia Corp. reported Friday. Production rose from the prior period, the company said. Wachovia said it earned $2.34 billion in the latest period.

Abandoned Commitments Litigated
Coast Bank of Florida has filed a federal lawsuit against Opteum Financial Services Llc. Coast claims Opteum backed out on a deal to buy 51 loans. As part of the lawsuit, Coast filed several commitment letters indicating Opteum pledged to buy the loans.

Jumbo Delinquency Rises
Delinquency of at least 60 days was 0.37 percent for the first quarter on jumbo mortgages, Moody’s Investor Service announced Friday. Delinquency rose from a year earlier. Adjustable-rate mortgages securitized in 2006 drove the increase, the ratings agency said.

Fha Libor Coming
Effective Aug. 20, the Libor will be an acceptable index for determining interest rate adjustments on Fha-insured adjustable-rate mortgages, the U.S. Department of Housing and Urban Development said in a final rule notice. Under current regulations, rate adjustments can only be indexed to the weekly average yield of U.S. Treasury securities adjusted to the 1-year Constant Maturity Treasury, according to the notice. While the move is a step toward modernizing the FHA program, mortgage brokers and bankers say further action is necessary to boost the program’s effectiveness.