March 2007 - Blown Mortgage

March 2007

Is now a good time to buy a home?

This question was posed over at the Bloodhound Realty Blog ; seeking opinions from different parts of the country on whether or not now is a good time to buy a home.  As a contributor there I chimed in with my opinion.  I recommend you visit the blog for other opinions as well. In short, [...]

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In a recent article, the New York Times urges "Homeowners, Call Your Bankers Before They Call You".  The article outlines the ways in which home owners can protect themselves from huge swings in their mortgage payment - and avoid foreclosure.  Many borrowers feel like there is nothing they can do, and are resigned to the [...]

{ 0 comments } reports that Credit Suisse, one of the largest providers of credit to mortgage lenders and purchasers of mortgage backed securities, is suing three lenders in federal court for violation of loan repurchase agreements.  Credit Suisse is suing Infinity Home Mortgage, NetBank, and Sunset Direct Lending demanding the repurchase of approximately $30 million in loans [...]


Published in the OC Register's mortgage blog is a copy of a letter from New Century co-founder Edward Gotschall to friends and family.  Gotschall retired from New Century last year.  It is authentic.  Here is the full email:Sent: Friday, March 16, 2007 12:51 AMSubject: Situation Update Hello to All:Many of you have expressed your concern [...]


Correspondent Lending Follow Up

An article in today's OC Register which was the result of an ongoing dialogue I had with Matt Padilla from the paper talks about the little-known pain that New Century's closing has inflicted on small lenders such as ourselves.  It's a pretty good article and covers some of the risks that correspondent lenders face in [...]

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