May 2007 - Blown Mortgage

May 2007

Screenshot courtesy of HP. Casey Serin, the poster child of the mortgage and real estate industries excesses and transgressions closed up his very popular iamfacingforeclosure.com.  In the last few weeks Casey had been talking about marital problems and other issues that were stressing him out.  I can't say I blame him.  Losing 8 homes, being [...]

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Looking at ARM Resets

Chart courtesy of At These Levels. Above is a chart that Credit Suisse Analysts put out when looking at the housing industry in their report Mortgage Liquidity Du Jour: Underestimated No More (pdf).  It is an excellent report, and published back in the first quarter it was one of the early pieces from Wall Street [...]

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A scary thought

Do you know what type of loan you have?  Do you have a 2 year adjustable with a 2 year prepayment penalty?  If so, welcome to the club.  The 2/28 (as it's called in the industry) is the loan originator's best friend.  It's like an annuity or renewable auto insurance policy - every 2 years [...]

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Loan Officers – look further

Often times this blog gets overrun with the latest out of the disaster that is quickly becoming of our profession; however, I did also intend this blog to be a tool for people in the industry to find the things that good people are doing out there so as to help improve the service offering [...]

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In this post from LA Biz Observed Markl Lacter highlights a recent Bloomberg story of a Secured Funding employee and their scams to cash-in on borrowers in extremely tight spots looking for cash.  I wrote about the downfall of Secured Funding in an earlier post and have heard all of what Taher Afghani claims from [...]

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