A recent Bankrate.com survey asked "What type of home loan do you have?" The study produced some alarming results:34% of respondents said they didn't know 57% said they had a fixed rate 6% said they had an adjustable rate mortgage (ARM) 3% said their loan was interest only 0% said they had an option ARM(negative amortization loan)Americans are amazingly ignorant when … [Read more...] about Do you have an exploding ARM?
Archives for June 2007
Back in April Congressmen Robert Andrews (D-NJ) and Ron Lewis (R-KY) introduced a bill to the House of Representatives called The Mortgage Cancellation Act of 2007 which called for the elimination of IRS tax penalties on "debt relief income" as it relates to the sale of your home. This is a substantial change to the existing tax code aimed a providing people who sell their … [Read more...] about Thoughts on The Mortgage Cancellation Act of 2007
Our semi-regular podcast series was recognized by Inman News today in a post/how-to podcast guide by past show-guest Joel Burslem on the Inman News blog. It is an honor to be acknowledged for the hard work that goes in to these podcasts.If you haven't taken a chance to listen to them I highly recommend it. And not for selfish reasons - I've learned more about the industry … [Read more...] about Blown Mortgage’s Podcast Recognized
As I've mentioned before, I live in Ladera Ranch, CA a nice community-known unfortunately as the home of Laurie Waring, a Real Housewife of Orange County-feeling the price crunch of the housing meltdown.We hear a lot of numbers and statistics about price drops and foreclosures but I thought I'd share with you how the whole thing is shaking down in my neck of the woods for … [Read more...] about What the home price collapse looks like in a neighborhood
I can't imagine they're making anyone else too much money right now either. Calculated Risk updates us on a bunch of asset backed securities made up of subprime 2nd mortgages originated by Countrywide Home Loans and it ain't pretty. From the Fitch report: The impact of the slowdown in the housing market has been particularly evident in highly leveraged subprime borrowers, and … [Read more...] about Subprime 2nd mortgages not doing well for Countrywide