It used to be simple: When you wrote a check for your mortgage, it went to the bank that gave you the loan. But now that check most likely makes a journey of a thousand miles, according to this MSNBC article. Because of changes in the banking and mortgage industries,...
"Bailout" was looked up so often at Merriam-Webster's online dictionary site that the publisher named it the 2008 Word of the Year. Defined as "a rescue from financial distress," "bailout" prompted hundreds of thousands of online lookups within just a few weeks. John...
Government has been busy bailing out banks and now homeowners want to know, "What about us?" This article in Time is a good overview of the high-level discussions taking place on plans to rescue homeowners in trouble. There are currently two plans. One would involved...
I think many lawmakers and citizens are missing the point. It is not a $700 billion blank check. It is up to $700 billion, and it is being administered by one of the smartest investment bankers ever, Henry “Hank” Paulson. Also, he is not charged with making money for...
The CEO of mortgage company Countrywide Financial Corp. didn't make many friends when he dismissed a customer's complaint as "disgusting." Angelo Mozilo, CEO of the beleaguered company, accidentally hit "reply" instead of "forward" when he received a customer e-mail...
It's official. Yesterday, the Bush administration seized control of troubled mortgage giants Fannie Mae and Freddie Mac, trying to stabilize the troubled mortgage and housing market. The Treasury Secretary Henry M. Paulson, Jr. hopes that by "providing fresh capital...
Who wins with the new housing bailout bill that is expected to pass in the next few days? Pretty much everyone (except, possibly, the U.S. taxpayer). The massive giveaway applies not only to overextended borrowers and their mortgage lenders but also to first-time...
With troubled mortgage businesses Fannie Mae and Freddie Mac (owners of about half of the mortgages in America) dominating the news, people are asking, "Yes, but how is this going to affect me?" This New York Times article provides a good primer on the role Fannie and...
I've heard stories of how unscrupulous mortgage brokers may have pushed their customers into bad loans, but now OregonLive.com has uncovered a JPMorgan Chase memo titled "Zippy Cheats and Tricks." Wow, the audacity is amazing. The memo tells agents how to get...
You'd think the Fed's recent move to cut interest rates would also cut mortgage rates, right? Not necessarily. As this article from Yahoo/CNNMoney.com explains, long-term mortgage rates are mostly tied to the 10-year Treasury yield, not short-term rates as set by the...
