Guaranty Mortgage

The U.S. Treasury is gearing up to unveil the details of the Public-Private Investment Program on Monday in a bid to provide support to the balance sheets of financial institutions and support the " toxic debt " market, which includes mostly…(read more)

Existing Home Sales Climb Beyond Expectations, Boost Stocks
Existing home sales climbed well above expectations on Monday, a welcome respite from the mostly dismal news on the U.S. housing sector. Existing home sales grew 5.1% in February against expectations for a 0.9% decline, and following a 5.3% drop in January…(read more)

White House Advisor Summers Says Investors Eager to Share in Toxic Debt Plan
White House Economic Advisor Lawrence Summers said Monday that there is substantial private investor interest in the government's public and private partnership plan to take bad assets off banks' balance sheets. Stocks rallied following the announcement…(read more)

Fed to Safeguard Financial System, Says Fed Governor Duke
The U.S. banking system is facing "serious challenges", but the Federal Reserve will continue "to ensure that the banking system remains safe and sound and is able to meet the credit needs of our economy," Fed Governor Elizabeth Duke…(read more)

Divorce doesn’t end debt
Even if a divorce decree divides debt, you’re still liable to creditors for jointly held accounts.

Moody’s Downgrades Bank of America, Says May Need Aid
Bank of America might need another injection of capital from the U.S. government, Moody's Investor Service said after a downgrade. Moody's cut the bank's senior debt to A2 from A1, the senior subordinated debt to A3 from A2, and the junior…(read more)

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

Federal Regulatory Overhaul
In a statement before the House Financial Services Committee, the Federal Deposit Insurance Corporation’s Martin J. Gruenberg said 142 cease-and-desist orders were issued during 2007, according to an FDIC transcript of his prepared statement. U.S. Department of the Treasury Secretary Timothy Geithner outlined the Obama administration’s regulatory reform plan in testimony today before the House committee, a Treasury statement said. The administration seeks to modernize the regulatory system, improve tools to fight a recurrence of the financial crisis and increase investor confidence. A four-pronged approach includes addressing systemic risk, protecting consumers and investors, eliminating regulatory gaps and fostering international coordination.

Deducting student loan interest
If college loans take a big bite of your income, the interest you’re paying on them could help cut your tax bill.

Judge Halts Commercial Foreclosure by Wachovia
A preliminary injunction from a North Carolina court has been issued against Wachovia Bank, N.A., Granite Development, LLC, reported. The injunction prevents Wachovia from foreclosing on a shopping center loan until a lawsuit filed by Granite against Wachovia is decided. The bank illegally terminated a swap agreement that was supposed to hedge rising rates, Granite alleges.

Credit damage may last beyond 7 years
In most cases, bruised credit will heal within seven years. But there are exceptions to the rule.

You can’t sell a leased car
You may have a three-year lease, but you can’t sell a car if you have no title to it.

Servicer Vs. Hedge Fund
American Home Mortgage Servicing Inc. has filed a lawsuit against struggling hedge fund operator Bruce M. Rose and two of his companies, according to court documents provided by the plaintiff’s law firm. American Home serviced four residential mortgage-backed securities that the defendants held the lowest priority tranches in. A clause in the servicing and pooling agreement requires the servicer to seek the advice of the lowest priority certificate holder before marketing or selling real estate owned. American Home claims the defendant fraudulently held up REO sales so that it could continue receiving income through servicing advances.

Community-supported agriculture produces fresher, cheaper food, and the Web can help to find it.

White House Advisor Summers Says Investors Eager to Share in Toxic Debt Plan
White House Economic Advisor Lawrence Summers said Monday that there is substantial private investor interest in the government's public and private partnership plan to take bad assets off banks' balance sheets. Stocks rallied following the announcement…(read more)

Existing Home Sales Climb Beyond Expectations, Boost Stocks
Existing home sales climbed well above expectations on Monday, a welcome respite from the mostly dismal news on the U.S. housing sector. Existing home sales grew 5.1% in February against expectations for a 0.9% decline, and following a 5.3% drop in January…(read more)

Now Fannie Announces Bonuses
Under the category of "Some People Never Learn," both Freddie Mac and Fannie Mae are reportedly planning on paying huge bonuses to key executives this year in order to retain their services. The Associated Press is reported that Fannie Mae will…(read more)

New Home Sales Unexpectedly Surge 4.7%
New home sales in the U.S. unexpectedly rose in February, the Department of Commerce reported Wednesday. Meanwhile, the median sale price continued to fall. New home sales rose to an annualized pace of 337k, a 4.7% increase from January, the report said…(read more)

Obama Administration Will be “Creative” in Finding AIG Solution, Summers Says
The Obama administration will try to be " creative " in finding a solution to the AIG bonus fiasco , the White House's economic adviser said on Tuesday. Speaking on CNBC, White House National Economic Council Chairman Lawrence Summers said…(read more)

If college loans take a big bite of your income, the interest you’re paying on them could help cut your tax bill.

The Credit Wire
Advantage Credit International reported last month that credit bureau alternative scoring models return a higher credit score 72 percent of the time. Fair Isaac Corp. earlier this month re-branded itself as FICO. The company debuted its FICO Score Trends, a new subscription service that enables lenders to regularly analyze their portfolios and drill down into a range of criteria including industry, geography and time period. Informative Research said that its reports have been updated in an easier-to-read report format designed to highlight the most critical elements of a borrower’s credit history.

Judge Halts Commercial Foreclosure by Wachovia
A preliminary injunction from a North Carolina court has been issued against Wachovia Bank, N.A., Granite Development, LLC, reported. The injunction prevents Wachovia from foreclosing on a shopping center loan until a lawsuit filed by Granite against Wachovia is decided. The bank illegally terminated a swap agreement that was supposed to hedge rising rates, Granite alleges.

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

Moody’s Downgrades Bank of America, Says May Need Aid
Bank of America might need another injection of capital from the U.S. government, Moody's Investor Service said after a downgrade. Moody's cut the bank's senior debt to A2 from A1, the senior subordinated debt to A3 from A2, and the junior…(read more)

Community-ag: fresh and cheap
Community-supported agriculture produces fresher, cheaper food, and the Web can help to find it.

Servicer Vs. Hedge Fund
American Home Mortgage Servicing Inc. has filed a lawsuit against struggling hedge fund operator Bruce M. Rose and two of his companies, according to court documents provided by the plaintiff’s law firm. American Home serviced four residential mortgage-backed securities that the defendants held the lowest priority tranches in. A clause in the servicing and pooling agreement requires the servicer to seek the advice of the lowest priority certificate holder before marketing or selling real estate owned. American Home claims the defendant fraudulently held up REO sales so that it could continue receiving income through servicing advances.

Federal Regulatory Overhaul
In a statement before the House Financial Services Committee, the Federal Deposit Insurance Corporation’s Martin J. Gruenberg said 142 cease-and-desist orders were issued during 2007, according to an FDIC transcript of his prepared statement. U.S. Department of the Treasury Secretary Timothy Geithner outlined the Obama administration’s regulatory reform plan in testimony today before the House committee, a Treasury statement said. The administration seeks to modernize the regulatory system, improve tools to fight a recurrence of the financial crisis and increase investor confidence. A four-pronged approach includes addressing systemic risk, protecting consumers and investors, eliminating regulatory gaps and fostering international coordination.

With delinquencies at record-high levels, TowerGroup reported that foreclosure is sometimes a better option than loan modification. In California, 136,785 mortgages were modified last year under a January 2008 subprime agreement between Gov. Arnold Schwarzenegger and 10 major mortgage lenders, the state’s Department of Corporations reported. IBM is offering a new product for loan servicers that it says processes large volumes of loan modification requests with “greater speed, efficiency and accuracy,” a press release indicated. Quantrix announced last week an online, interactive mortgage modification program that uses the FDIC’s “Mod in a Box” system to model the impact of adjusting housing-to-income ratios and rapidly fluctuating values.

Biweekly mortgage plans too inflexible
A formal biweekly mortgage plan is costly, and does not improve on the do-it-yourself approach.

Bankruptcy filing slows refinancing
It’s possible to refinance while in bankruptcy, but lenders rarely do it until the case is closed.

First Security Loan Corp. once had as many as 20 offices. But the mortgage brokerage had recently dwindled down to two branches as the market shifted to FHA loans, which it did not originate. The company is now closing the two remaining offices.

Freddie Purchases Better, Delinquency Worse
Purchases and issuances increased 84 percent in February from January, Freddie Mac reported in its monthly volume summary. Business was higher than any month since June 2008. But residential delinquency incrased 15 basis points. A spokeswoman for Freddie told MortgageDaily.com that residential delinquency was the highest ever.

Rates remain becalmed
Rates have held fairly steady today, despite the hubbub over Treasury’s new plan.

Foreclosure Rescue Fraud
In a far-reaching case, the Federal Trade Commission said last month that it charged National Foreclosure Relief Inc. and its operators with falsely claiming to either stop foreclosure or provide a full refund. In Las Vegas, a radio talk show host has been arrested on two counts of felony theft and related charges in connection with the operation of a “mortgage rescue scam.” California’s attorney general announced last week the arrests of two people who are accused of “coldy and heartlessly” conning more than 160 victims out of thousands of dollars in a foreclosure scam. The Florida attorney general announced last month that it filed a lawsuit and obtained a temporary court order preventing FMA Servicing from charging up-front fees to modify loans.

56,000 Reverse Mortgage Leads Stolen
Bruce Jarrard was indicted and arrested last week, the U.S. attorneys office in Detroit said in a statement. He is charged with wire fraud and theft of trade secrets. Jarrard allegedly stole 56,000 reverse mortgage leads from his former employer, Lender Lead Solutions.

Rates have held fairly steady today, despite the hubbub over Treasury’s new plan.

Why didn’t mortgage rates fall more?
The Fed made a dramatic announcement yesterday that sent mortgage rates tumbling down. But they didn’t fall as far as you might think.

Parents legally can cash child’s bond
Parents of a minor have the legal ability to cash their son’s or daughter’s Series EE savings bond.

Figuring losses on rental property
The cap on rental losses is meant to limit the number of deductions one person can take.

Q&A about refi program
A reader has a question about refinancing his home loan.

Jumbos, mortgage insurance
Bank of America says it’s pushing aggressively into the jumbo mortgage market.

Bank’s mortgage numbers look funny
An online mortgage calculator shows a homeowner’s loan balance may be lower than the lender claims.

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

If college loans take a big bite of your income, the interest you’re paying on them could help cut your tax bill.

Now Fannie Announces Bonuses
Under the category of "Some People Never Learn," both Freddie Mac and Fannie Mae are reportedly planning on paying huge bonuses to key executives this year in order to retain their services. The Associated Press is reported that Fannie Mae will…(read more)

Tell car dealer: No ‘do-overs’
A signed contract should stand in any new-car deal unless there was intentional misrepresentation.

Bond Yields Continue to Drag Rates Lower
Mortgage interest rates dropped near record lows during the week ended March 19 according to information released by Freddie Mac Thursday morning. The mortgage data is based on results from Freddie's Weekly Mortgage Market Survey and showed that the…(read more)

BankUnited, FSB, has notified Fannie Mae that it is voluntarily terminating its mortgage selling and servicing contract with the secondary lender. The disclosure was made in a filing with the Securities and Exchange Commission by BankUnited’s parent. The financial institution noted that the termination of the contract “was consistent with the company’s strategy of no longer being active in the wholesale residential lending business.”

Deducting student loan interest
If college loans take a big bite of your income, the interest you’re paying on them could help cut your tax bill.

Countrywide Sues, Sued By Mortgage Insurer
United Guaranty Corp. has filed a federal lawsuit against Countrywide Financial Corp. The mortgage insurer alleges that Countrywide enabled and encouraged mortgage fraud on loans it insured. In addition, the lender allegedly abandoned its underwriting guidelines. But in a California lawsuit, Countrywide claims that United is just tired of paying out claims tied to the sour economy and deteriorating real estate market.

Smoldering Madoff anger
Investors are “burned and incensed” over Madoff’s wife living in luxury.

Fannie, Freddie refi differently
Fannie Mae and Freddie Mac are handling the refi program in substantially different ways, even though they serve the same master.

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

Q&A about refi program
A reader has a question about refinancing his home loan.

Barter, and save your cash
Bartering has gained ground with networks of buyers and sellers and e-bartering on Craigslist.org.

BoA Servicer Rating Upgraded
Bank of America, N.A.’s, master servicer quality rating for residential loans was upgraded by Moody’s Investors Service, a news release said. The ratings agency cited the implementation of a file transfer protocol site for secure reporting by primary servicers. Also cited was a risk-based scoring model to evaluate primary servicers.

8 tips for online coupon clipping
Coupons can help you save up to 30 percent off your bills with a solid online strategy.

The abolition of mark-to-market accounting would likely erode confidence in the U.S. financial system, said U.S. Treasury Secretary Tim Geithner in testimony before the Senate Budget Committee on Thursday. While the accounting standard remains the jurisdiction…(read more)