Guaranty Mortgage

The Federal Reserve proposes prohibiting “acts and practices in connection with mortgage loans that it finds to be unfair or deceptive.”

Heating costs are expected to soar this winter, but you can control your monthly bill by making these energy-efficient moves.

Rates rocke; reader Q&A
The San Francisco Chronicle had an op-ed column Sunday by a San Mateo attorney named Sean Olender, about the “real story” behind the mortgage rate freeze announced last week.

Putting baking soda in the wash
It keeps your clothes smelling fresh and treats stains.

Washington Mutual Announces Major Layoffs and Closings
Late Monday, after the market closed of course, Washington Mutual announced that, in an attempt to raise cash, it will conduct a $2.5 billion convertible preferred stock offering. It will also close 190 of its 336 loan centers and sales offices, lay off more than 3,000 employees and set aside up to $1.6 billion for loan losses in the fourth quarter. The company also announced that it was… Read More Now

Government tests show most gadgets don’t do a thing to help improve mileage.

Massive Subprime Losses at UBS
UBS announced it will write down its U.S. subprime mortgage holdings by $10 billion. The company noted it has revised key input parameters of models used to estimate lifetime defaults. The losses primarily relate to collateralized debt obligations and “super senior” holdings.

Rate freeze–the big picture
Details are coming out about the Paulson Plan to freeze the introductory rates on some subprime mortgages.

Dialing for dollars
The federal government and a group of major lenders are cooking up a plan to save certain subprime borrowers from foreclosure.

Testimony on Modifications, Assignee Liability
The House Committee on Financial Services held the hearing “Accelerating Loan Modifications, Improving Foreclosure Prevention and Enhancing Enforcement” last week. Testimony from the Center for Responsible Lending indicated the legislation “fails to hold Wall Street accountable for supporting abusive lending by buying — or even worse, by soliciting — dangerous loans,” according to a copy of written testimony by the group’s president. Federal Deposit Insurance Corp. Chairman Sheila Bair’s testimony focused on an estimated 1.4 million subprime borrowers with hybrid adjustable-rate mortgages who are current now but likely to become delinquent after rate resets next year and in 2009. She has recommended a five year freeze at the starter rate for this group. The American Securitization Forum testified servicers are confronting a formidable loss mitigation challenge, given the volume and deteriorating credit performance of subprime originations in 2005 and 2006 that are approaching their initial reset, according to a prepared statement by the forum’s executive director.

Pay cash, get a discount
It’s amazing the deals you can get with a wad of dollar bills in your hand.

Dealing with a product recall
Was something you bought recalled? Would you know and what do you do?

Distressed Mortgage Portfolios Sought
G8 Capital LLC announced it closed on its first portfolio acquisition during November. The California-based company said it expects to acquire as many as three more portfolios during December. G8 said it is seeking portfolios with performing and nonperforming loans. Its bids are at a discount of as much as 60 percent.

The federal government and a group of major lenders are cooking up a plan to save certain subprime borrowers from foreclosure.

Jobs report mixed
The bottom line for mortgage rates is that the 30-year fixed has gone up about an eighth of a percentage point in a day.

It’s amazing the deals you can get with a wad of dollar bills in your hand.

Don’t mortgage present to fund future
Save for retirement, but don’t neglect the need to remain financially flexible today, says Dr. Don Taylor.