Guaranty Mortgage

In today’s troubling economic times, it’s important to give need-to-know financial information to ease kids’ stress.

Seeing Gold in Troubled Mortgage Assets
It has taken longer than I thought it would, but someone has finally moved to take advantage of the potential profit waiting out there in the midst of the current mortgage mess. With all of the bad news about subprime loans, the back and forth of the…(read more)

Timothy Geithner Confirmed as Treasury Secretary
Timothy Geithner was confirmed as U.S. Treasury secretary by the Senate Monday night. Despite outbursts of Republican opposition throughout the day from Senators, including Oklahoma's James Inhofe and South Dakota Senator John Thune, Geithner's…(read more)

IRA distribution taxes
Unlike a qualified retirement plan, an IRA has no payback period for a distribution used to buy a home, says CPA George Saenz.

Video: 10 dollar-store duds
Comparison shopping and unit pricing will help you find deals and duds at the dollar store.

‘Bad Bank’ Plan Hits a Snag, CNBC’s Gasparino Says
Plans to pool toxic assets into a U.S. government-owned bank may have encountered a problem, CNBC is reporting. On Tuesday, stock markets rallied on hopes the 'bad bank' would help clear up the problems that a plaguing balance sheets. The original…(read more)

Video: Gas-saving devices a scam?
The EPA has tested more than 100 gas-saving devices, and found none that did what they promised.

Treasury to Infuse 23 Smaller Banks with Fresh Capital
The Treasury Department announced it would infuse $386 million into 23 banks across the nation as part of its Capital Purchase Program (CPP) on Tuesday. The plan will put capital directly "into healthy, viable banks with the goal of increasing the…(read more)

The pace of sales for existing homes in the United States came in much better than market expectations in December, according to an industry survey released Monday. Existing home sales rose to an annualized pace of 4.74 million units in December, marking…(read more)

Refi problems top agenda
I’m looking at whether people are having trouble refinancing because second lienholders are reluctant to resubordinate.

Select credit counselor carefully
Credit counseling is just one option for dealing with debt. Do your homework before choosing this route.

Bankers slam “cramdown.”
It looks like the mortgage industry has accepted that mortgage cramdown is coming, and will lobby Congress to limit it.

New Home Sales Plunge 14.7% in December to Slowest Pace on Record
New home sales in the U.S. fell much more than expected in December to their slowest pace on record, the Commerce Department reported Tuesday. Meanwhile, the median sale price fell to $206,500. New home sales fell to an annualized pace of 331k, a 14.7…(read more)

Parents already spend a bundle on college costs. There’s no reason to spend too much on visiting schools ahead of time.

Geithner Seeks “Sweeping Changes” of Financial Regulation
The Obama administration's Treasury Secretary-designate Timothy Geithner is calling for " sweeping changes " to the regulatory structure overseeing the financial system. "We are going to need sweeping changes, in regulatory policy,…(read more)

Timothy Geithner Confirmed as Treasury Secretary
Timothy Geithner was confirmed as U.S. Treasury secretary by the Senate Monday night. Despite outbursts of Republican opposition throughout the day from Senators, including Oklahoma's James Inhofe and South Dakota Senator John Thune, Geithner's…(read more)

Massive Loss at Wachovia
Wachovia Corp. had losses of around $45 billion last year, an earnings report released by Wells Fargo & Co. said. Wells acquired Wachovia on Dec. 31, 2008. The loss was $11 billion during just the fourth quarter.

Senate Panel Backs Geithner’s Nomination for Treasury Secretary
After grilling Timothy Geithner throughout the day on Wednesday, the U.S. Senate Finance Committee voted 18-5 in favour of his nomination to become Secretary of the Treasury. His full confirmation from the Senate is expected next week. Geithner, 47, will…(read more)

Pace of U.S. Existing Home Sales Rises 6.5% to 4.74 Million Units in December
The pace of sales for existing homes in the United States came in much better than market expectations in December, according to an industry survey released Monday. Existing home sales rose to an annualized pace of 4.74 million units in December, marking…(read more)

PA Claims Its Piece of Countrywide Settlement
Pennsylvania’s attorney general announced that Countrywide Financial Corp. some of its affiliates agreed to an Assurance of Voluntary Compliance with the state. More than 10,000 borrowers are expected to be impacted by the move. The Pennsylvania settlement is part of an $8.4 billion settlement announced in October 2008 by Countrywide-parent Bank of America Corp.

Mortgage Rates End 11 Week Slide
Freddie Mac released the results of its Primary Mortgage Market Survey for the week ended January 22 on Thursday morning. For the first time since the week ended October 30, rates were on the increase. The 30-year fixed-rate mortgage (FRM) carried an…(read more)

Geithner Reviewing Options for Banking Sector Rescue Plan
U.S. Treasury Secretary Timothy Geithner said he is looking at a "range of options" for rescuing the banking sector and that a recovery plan will be unveiled soon. Speaking prior to his meeting with TARP officials, Geithner said, "We are…(read more)

Fremont Reorganizing Corp. has filed a lawsuit against Tower Lending and dozens of other defendants. The defendants allegedly conspired to sell Fremont more than $4 million in fraudulent mortgages. One of the loans, made to one of Tower’s principals, utilized fake bank statements and an inflated appraisal. Another transaction involved a fraudulent letter from a CPA.

Failed Firm Faced Flurry of Litigation
Homebridge Mortgage Bankers Corp. is out of business. In October 2006, Homebridge filed a lawsuit in U.S. District Court for the Southern District of New York against Vantage Capital Corp. and its two top officials who were former Homebridge employees. Four class actions against Homebridge filed in 2007 by a total of 43 employees were consolidated into one lawsuit that remains unresolved.

Ellington Management Group LLC and some of its affiliates filed a lawsuit this month against Ameriquest Mortgage Co. and some of its affiliates, according to a copy of the complaint. In prospectuses and other documents, the defendants allegedly misrepresented the quality of mortgage-backed securities they issued. Another lawsuit was filed by Ellington against Wells Fargo Bank, N.A.

New President Looks in Vain for Head of Treasury
President Barack Obama is inheriting the worst recession in decades and it's possible that in his first few days — and potentially weeks — he won't have a Treasury Secretary to guide fiscal policy. Obama's Treasury Secretary-designate Timothy…(read more)

Simplify New Year’s resolutions
Don’t make grandiose New Year’s resolutions. There shouldn’t be many, and the few you make should be simple.

Treasury Secretary-Designate Geithner Calls for ‘Serious Reform’
In prepared remarks that Treasury Secretary-designate Timothy Geithner will deliver before the Senate Finance Committee, he said the ongoing crisis requires a forceful reaction on the part of government. While defending the positive impact of the TARP…(read more)

Geithner Seeks “Sweeping Changes” of Financial Regulation
The Obama administration's Treasury Secretary-designate Timothy Geithner is calling for " sweeping changes " to the regulatory structure overseeing the financial system. "We are going to need sweeping changes, in regulatory policy,…(read more)

House Prices Continue to Contract in November, Says FHFA
U.S. house prices continued to decline in November, according to data from the U.S. Federal Housing Finance Agency (FHFA) , which recorded a 1.8% drop for the month. The decline was worse than economists' expectations for a 1.2% decline, and follows…(read more)

Housing Starts Crash, Worst Outlook in Five Decades
December wasn't just a bad month for the U.S. housing market, it was the worst month seen yet in the ongoing recession. Plans for constructing new homes were already at a record low in November, and in December those plans simply crashed. Over the…(read more)

Preview: Housing Starts & Permits to Fall Beyond Record Low
The only major economic data to be released for the United States this week is the housing starts and permits report from the Commerce Department. Unfortunately, the news is likely to be grim, suggesting that problems in the housing sector continue to…(read more)

Save money on reconditioned items
Big-name retailers offer great deals on reconditioned goods, many of them barely out of the box.

Last year, serious delinquency on Alt-A loans backing securitizations from 2006 and 2007 deteriorated substantially, Moody’s Investors Service reported. The poor performance reflected a deterioration in the underwriting requirements for the most recent Alt-A originations. “Average losses will generally be lower for loan securitizations made early in 2006 and become progressively higher moving through the two-year period,” Moody’s said.

H4H lives — in theory
The feds got rid of FHA Secure, and the Hope for Homeowners program still exists — in theory.

Mortgage rates rose slightly this morning after a worse-than-expected monthly employment report was released.

Is the FHA a garbage can?
A reader asks “What is the difference between FHA and Fannie Mae?”

Simplify New Year’s resolutions
Don’t make grandiose New Year’s resolutions. There shouldn’t be many, and the few you make should be simple.

Inflation fears behind rate rise?
Mortgage rates went up this week, with the average 30-year fixed rising 31 basis points, to 5.59 percent.

Mortgage rates rose slightly this morning after a worse-than-expected monthly employment report was released.

Avoiding early IRA withdrawal penalties
A couple with $500,000 in an IRA but in dire need of living expenses can explore withdrawal options, says CPA George Saenz.

Nevada Mortgage Regulators On the Block
A draft being circulated by the mortgage industry indicates plans are underway in Nevada to combine the regulatory oversight of the Mortgage Lending Division with the Financial Institutions Division. “The effect of this merger will eliminate the commissioner responsible for managing, policing, and assisting only those who work in mortgage lending.,” the draft said. The mortgage lending division was criticized in a recent state audit for failing to perform annual licensee examinations during 2007, among other things.

In bankruptcy, couple can probably say so long to debt on a repossessed vehicle, says the Bankruptcy Adviser.

Poor Performance at SunTrust
Residential originations during 2008 were down $20 billion last year at SunTrust Banks Inc., earningddata indicated. Fourth-quarter fundings fell more than $5 billion from a year earlier. Delinquency of between 30 and 59 days jumped 90 basis points from the third-quarter 2008 to the fourth quarter.

Rates, Apps Deteriorate
Average 30-year fixed-rate 30-year mortgages were 16 basis points higher in Freddie Mac’s Primary Mortgage Market Survey for the week ending Jan. 22. The average 15-year fixed-rate mortgage jumped 15 basis points from the previous week. Meanwhile, new loan applications declined 10 percent in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Jan. 16.

U.S. Bancorp reported that fourth-quarter originations were $0.5 billion better than the third quarter. Compared to the fourth-quarter 2007, volume was up $0.4 billion. Full-year 2008 production jumped $7.1 billion from 2007.

Figuring taxes on household employees
If a child care or other household employee works at your house, you owe employment tax, says CPA George Saenz.

Wells Adding Hundreds of Mortgage Temps
As mortgage rates have tumbled recently, Wells Fargo Home Mortgage has seen the volume of U.S. loan application surge, a spokesman told MortgageDaily.com in a statement. The increased demand has the lender adding temporary employees.”To better meet this demand and the needs of our customers, we are currently increasing our staffing levels with a number of temporary workers to process these applications in various locations around the country,” the statement said.

The Short Sale Directory
The U.S. Department of Housing and Urban Development issued a Mortgagee Letter indicating that delinquent FHA borrowers with negative equity might qualify for a pre-foreclosure sale. The Internal Revenue Service recently announced that, under certain circumstances, taxpayers with federal tax liens may request that the claim be discharged if the home is being sold for less than the mortgage balance. WayForward Realty is promoting short refinancings, where the original lender discounts the balance if another lenders refinances the loan.

Selling your gold jewelry
If you’ve got gold jewelry you might consider selling it while gold prices are still high. Here’s how to do it.

Mortgages By the Book
Implementation of a final rule on the Real Estate Settlement Procedures Act has been delayed until April 16, a Federal Register notice last week said. Fannie Mae and Freddie Mac will be required to obtain loan-level identifiers, an announcement from their regulator — the Federal Housing Finance Agency — said. A press release earlier this month from the Comptroller of the Currency indicated the asset size exemption for reporting data under the Home Mortgage Disclosure Act has been raised to $39 million.

Rate Spread Reporting Rules Revised
The Federal Reserve Board has revised the Home Mortgage Disclosure Act. The revised rules are effective on Oct. 1, 2009, and must be followed for loan applications taken on or after that date. In addition, the rules apply to loans closed on or after Jan. 1, 2010 — regardless of when the application was taken. The new rule modifies the method of determining when the rate spread for a mortgage loan must be reported under HMDA.

9 smart personal finance moves in 2009
These nine smart personal finance strategies can keep you in the black during 2009.

When a spouse lies on the joint tax return
Claiming innocent spouse tax relief depends on whether you meet all of the IRS conditions, says CPA George Saenz.