Mortgage Lending

What is your source for the statement that most mortgage backed securities are held by hedge funds? I was under the impression that a lot are also held by banks and insurance companies.

It's not always easy to get at the collateral in a mortgage. It takes a long time to foreclose on and sell a property, and the transaction costs are high, so even an apparently well collateralized mortgage may not be as risk free as it appears.

My sources are financial industry people - take it with a grain of salt, although there aren't reasonable public figures about such things. It certainly is the case that much of the mortgage boom was funded by repackaging and reselling of mortgages, and that mostly went to hedge funds.

The bad foreclosure thing is very weird. I cannot fathom why banks don't stage their houses and list them on MLS like any sane person selling a house, even with a single one-shot auction, would do.

Current fed actions seem to imply that they think it's a liquidity issue, which may very well be the case. Likely some investors will have to suck it up, but there's no need for a bailout here - the economy as a whole will keep on churning, regardless of what happens in that market. The big problem is making sure that we don't go into a period where nobody can buy or refi.

I hate the idea behind credit scores. Everyone is happy to run credit checks for next to no reason to make sure there is no history of bad debt. The crazy thing I hated abou the whole vicious cycle is that you need to get into some kind of debt in order to GET a credit score. I was always someone who would pay with cash and dreaded the idea of borrowing anything or run into any kind of debt...boy-oh-boy am I suffering from it now with how little I can get help with the bigger things in life (car loans, housing mortgage, decent interest on bank loans, acceptance to rent a house due to having not bad credit, but NO credit!)

Yeah, I had quite a conversation with a rental place once where they were saying that they couldn't rent to me because I didn't have good enough credit, and I was suggesting that I could prepay the entire lease, and they were saying that I didn't have good enough credit. WTF?

There was a period here in the UK [early-1980s] when there was a property-crash and a lot of people had 'negative equity' - owing more on their house than the property was worth.

Anyone taking out a mortgage valued at more than something like 75% of the price of the property is generally required to also take out 'mortgage indemnity insurance' which is supposed to cover the gap if you can't keep up the payments and the mortgageco forecloses, but the equity in the property doesn't cover the outstanding loan.

The problem is with the people who bought when the property was valued rather higher than it is now. If you bought in the housing bubble, and put 20% down (conventional wisdom for a "safe" mortgage) but your house's value has dropped by 30% or more, you may still have negative equity...

The real credit scores in question.

The real credit scores in question here are not the consumer scores, but the bond issuers' scores. The firms who issue these commercial credit ratings supposedly have inside access to individual and aggregate loan ratings, and act in an objective manner in the service of the market at large.

Who issued good commercial credit scores to shady fixed securities? Who owns these firms? Whose interests were being protected? Whose interests were being sold out? Whose interests were in conflict?

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How To Read A Credit Report

I think one aspect of your FICO score that is useful in determining risk is the debt to income ratio. I don't think you can discount that debt to income ratios have a clear effect on the risk of default.

I don't think dropping credit scores is the answer. I think people just need to learn to be responsible with their fiances and learn how to use credit wisely. The bottom line is that if you can't afford to pay your bills, or are only able to pay minimums on your credit cards, you shouldn't be buying a big screen TV them. Many Americans feel over priveledged and no longer take any responsibility for their actions, and misuse of credit is a perfect example.

That said, most people haven't a clue how to manage their credit and achieve a high fico score. That said, here's a link to the first article in a series of blog posts entitled "Mastering Fico"
http://topinternetguides.com/2008/04/16/how-to-read-a-credit-report/


Mastering Fico explains everything you need to know in order to manage your credit. This article, How To Read a Credit Report, is the first step in managing your credit an achieving an excellent FICO score.

I hope the information in this guide proves valuable for your readers.

-Steve

great post! hope to read from you then

I always pay my bills on time in order to prevent bad credit and to maintain a good credit score.

Gabby
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Home equity

Fortunately in the uk mortgage lenders are pretty understanding, and some even allow short breaks without penalties from mortgage repayments.

Penalties are normally so high and affect your credit score/rating in a bad way

I believe that all banks should be that way and give all home owners regular breaks as they are with the mortgage provider for many many years

My speciality is in teaching people for free about how to obtain low rate loans using the equity of your home

Have a look and see if any of it is helpful :)home equity loans allow you to generate money perhaps for projects you feel you need to do around your house or in your life.

Re: Home equity

you know its funny, i hear about all these other countries other than US not having any of these home problems that we are having. So many people are having trouble paying their mortgage because they got ARMS because that was all they could get, now foreclosures are sky high because people get behind on mortgage payments, then there is not many options after that.

One new program that people need to be aware of is the reverse mortgage. But they need to also know about reverse mortgage disadvantages

Credit Scores are Unfair and Goverment Regulation of Mortgages and No Fax Payday Loans will ...

It is very difficult to determine who is qualified for a home loan. Credit ratings are not an accurate prediction of ability to pay. There are millions of people with inaccurate information posted by preditory collection practices and just plain old errors.

To much regulation will me the poor and lower middle class will never have a chance to own a home. The pressure of a mortgage has straightened up many people who would otherwise continue to have been less than credit worthy.

In todays world you can not even achieve an excellant credit rating without a mortgage loan on your credit report.

Mortgage loans are comming under the same scrutiny that No Fax Payday Loans have been under for years. Regulation is not the answer but education is.


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No Fax Payday Loans

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No Fax Payday Loans

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No Fax Payday Loans

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Payday Loan Advocate for Mortgage Lending

Economy today was totally undergoes on different disastrous situation, the reason why people find themselves difficult to adjust in a way of living that the world offer today. Higher unemployment, more home foreclosures, skyrocketing oil prices, obscene gas prices are just an example of this. It is advisable for all of us to budget our money with an appropriate financial planning.


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Payday Loan Advocate

With our economy going into a slump, why is it that political figures are destroying valid financial options? Payday loans are an essential part of the U.S. financial system, providing loans to those who have bad or no credit that need the money fast. Yet, for one reason or another, legislators are targeting this financial system. Some states, such as Georgia and North Carolina, have even banned the industry all together! The politics behind it is simple; banks are lobbying the legislators to try and destroy their oncoming competition, and the legislators are falling for it. Even taking out the fact that banks are trying to take away your financial choices and freedoms so they can have a monopoly on loans, the corruption of our politics is simply wrong. Our opinions must be heard, and our freedom of choice, financial or not, should not be dampened on the soul fact on one person's financial gain.

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This mortgage/real estate problem were are facing now is due to recession or the down of US economy. Even for college students, budgeting is necessary. That's why, credit cards for students take a big part in helping their finances especially for emergency purposes. So, vote wisely! :)

What?

http://capstarrealtygroup.com concludes that credit scores are not only viable instruments for gauging the intent of potential borrowers, but that the fact they were ignored is one component of the real estate morass we find ourselves in currently...

The crisis today

It's funny to do research on this crisis, and come across old blog posts. I'm doing this for a paper in school. What do you think of the crisis today? I think it's still going to get worst, before it gets better with fake numbers (housing credit), and more ARMs due to reset in the future. Let me know what you guys think.

Tom
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