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Loan Modification

Blown Mortgage

Blowing the lid off the Mortgage Industry
By Morgan Brown

Post Frequency: 12.5/day

Last Entry: April 29, 2010 at 09:23:46

GM to file bankruptcy tomorrow

Posted on June 01, 2009
?What is good for General Motors is good for America? Charlie Wilson, CEO of GM, 1955. Maybe the country will follow GM in to bankruptcy as well… The storied American car maker, which by some estimates employs one out of every ten Americans will head to bankruptcy tomorrow morning...

One million foreclosure landmark a boon for some buyers

Posted on June 01, 2009
The Center for Responsible Lending (CRL) estimates that one million new foreclosures have been filed so far in 2009. The news comes on the heels of the release of the first quarter 2009 National Delinquency Survey from the Mortgage Bankers Association (MBA) which reveals that 12 percent of all mortgages are now delinquent, the highest level in the 37 years the MBA has been measuring delinquency rates...

AIG wants donations back to pay bonuses

Posted on June 01, 2009
The sickening feeling in my stomach continues to worsen. AIG is looking to clawback a $490 million endowment and the $27 million in donations already made to charities to pay employee bonuses instead. The New York Post has the details on this underhanded, disgusting move by a company and board that has long been disgraced...

Blame it on Reagan

Posted on June 01, 2009
Economist Paul Krugman is any way in a New York Times Op-Ed. Krugman blames Reagan and his advisors for planting the seeds that would has become the worst economic crisis since the Great Depression. Krugman points to the 1982 signing of the Garn-St...

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Is drop in home values nearing terminal velocity?

Posted on May 26, 2009
The best that can be said about S&P/Case-Schiller numbers out today is maybe home prices can’t fall any faster. Prices for Q1 of this year dropped at 19.1%, .9% more than they dropped in the last quarter of ‘08. The 20-city index dropped 18...

Would One Mortgage Regulator Work?

Posted on May 21, 2009
The housing crisis has caused a re-evaluation of the current system on a number of fronts, from how mortgages are serviced to lending to the government?s role in financial markets. One area in particular that?s come under intense scrutiny of late is financial regulation, and Uncle Sam has launched a number of efforts to overhaul the regulation of the financial system...

Homeowners Lack Savings Amid Growing Job Loss Fears

Posted on May 20, 2009
Twenty-four percent of homeowners do not have any savings to cover their living expenses in the event they lose their job, according to the latest quarterly survey from Wells Fargo and Company. Although only 23 percent of survey respondents have managed to increase their savings during the past year, 60 percent indicate they want to increase their savings, up from 53 percent during the fourth quarter of 2008...

New Commercial Real Estate Lending Index Introduced

Posted on May 18, 2009
?Commercial Real Estate lending conditions will likely deteriorate further after a sharp drop in the first quarter of 2009, creating both new opportunities and challenges for community banks,? said Chris Nichols, CEO of Banc Investment Group the capital markets group of Pacific Coast Bankers’ Bancshares...

Do Homebuyers Need More Encouragement?

Posted on May 18, 2009
Here we are, well into the aftermath of the financial crisis that torpedoed home values across the country, sent mammoth financial institutions into the poor house, and drove unemployment numbers toward the double digits. The government, for its part, has taken increasingly drastic steps to put the real estate market right again, to mixed effect...

As vacancies soar, commercial space owners fight cutting rents

Posted on May 14, 2009
A bad time to sell things is an even worse time to own property where things get sold. Thus the news that retail sales dropped “unexpectedly” in April means retailers are dropping as well. Here in Boston take a walk down posh Newbury Street and you will see many storefront “for rent” signs...

Freddie Mac Up Next for Additional Aid

Posted on May 13, 2009
When it comes to Freddie Mac and Fannie Mae, good news is hard to come by. If you?ve been following the blog, you probably already know that Fannie Mae reported a rather large loss in the first quarter, but what about Freddie? Unfortunately things aren?t much better there, either, although arguably not quite as bad with the firm reporting a loss of $9...

Meet the Biggest Mortgage Originators & Servicers in the U.S.

Posted on May 12, 2009
The mortgage industry changed in the last year. Most companies have found themselves under significant financial pressure. Some mortgage firms have disappeared. Others have grown and expanded their market share by acquiring struggling competitors. The number of mortgage loan originations has also been on the rise, allowing lenders to add to the growth from mergers and acquisitions...

Mortgage Reform and Anti-Predatory Lending Act H.R. 1728 Implications

Posted on May 11, 2009
While there?s plenty of finger pointing to go around as to who?s to blame for the current recession and widening crisis, most would agree that predatory lending practices played a role in the damaging of financial markets. As a result, we?ve quietly awaited steps that will lead to tighter restrictions on lenders and how they?ll be able to operate in the future...

Fannie Mae Continues to Bleed

Posted on May 08, 2009
I, like many individuals out there, have a hard time really wrapping my brain around large numbers. This isn?t to say that I can?t do math, just that after a certain denomination, I tend to lose sight of the impact that amount of money can have. So when Fannie Mae recently reported that it lost $23...

How much is RefinanceRates.com worth?

Posted on May 08, 2009
Domain names are an integral part of business in the 21st Century. Some are perpetually popular. Most rise and fall in popularity, influenced by a variety of factors. One domain name that is currently enjoying an upsurge in popularity is RefinanceRates...

Playing the Crisis Blame Game

Posted on May 07, 2009
Ahh, the time tested method of deflecting blame is alive and well when it comes to resolving the roots of the financial crisis. One of the most aggravating parts of constantly reading about the ?starting? point as it were of the mortgage mess is that everyone has their own story to tell...

Declining home values sink one-fifth of homeowners

Posted on May 06, 2009
U.S. home values fell for the ninth consecutive quarter during the first three months of 2009 leaving one in five American homeowners with negative equity in their homes.� The first quarter Zillow Home Value Index fell to $182,378, a decline of 14.2 percent over the same period in 2008...

Unintended Conquences: Housing Discrimination Spikes as Crisis Continues

Posted on May 05, 2009
?Fair housing advocates have been warning the federal government for a decade, to no avail, about the damage that abusive lending would bring,? said Shanna L. Smith, President and CEO of the National Fair Housing Alliance (NFHA). ?For too long, HUD and the Justice Department have stood by while people and neighborhoods of color have been targeted for predatory loans and stripped of equity...

Some Good Housing News

Posted on May 04, 2009
If you?re an optimist like myself, you?ve probably grown tired of the constant hum of negative or depressing news as it relates to the housing market. More delinquencies here, higher foreclosures there, falling prices over there. After months of terrible news with no end in sight, we?ve seen some hints that things are, at the very least, not world-endingly bad...

Seven charged in Indianapolis mortgage fraud scheme

Posted on May 01, 2009
Seven people have been charged with crimes related to nearly $20 million in fraudulent mortgage loans in the U.S. District Court of Indianapolis. The charges, announced� April 30 by Timothy M. Morrison, U.S. Attorney for the Southern District of Indiana, include wire fraud and money laundering as well as fraud and conspiracy...

New Fed plan will help with 2nd mortgages, home equity loans

Posted on April 28, 2009
The Obama administration has announced a new program to help borrowers with second mortgages stay out of foreclosure. Under this program, the government will pay mortgage servicers $500 upfront and $250 a year for three years if they successfully modify a second mortgage, such as a home equity loan...

The End Of Countrywide

Posted on April 28, 2009
It isn?t easy being Bank of America these days. The bank had previously thought to be in decent standing up until it acquired struggling firm Merrill Lynch, and since that point things have been..well?awful. The flow of bad press has been non-stop, between Merrill Lynch?s crumbling balance sheet, questionable bonuses, and giving former Executive John Thain the axe, the firm simply can?t escape the ongoing drama...

The ups and downs of mortgage fraud

Posted on April 27, 2009
The FraudBlogger Index climbed to 1427 during the first quarter of 2009, double what it was in the first quarter last year. Already in April a federal grand jury has indicted four individuals as part of a massive �??Dream Homes�?� mortgage fraud scheme and 24 individuals in a Racketeering Influenced and Corrupt Organizations Act (RICO) conspiracy in a mortgage fraud scheme based in San Diego, CA...

The Impact of Freddie Mac?s CFO Suicide

Posted on April 23, 2009
If you happened to be a conspiracy theorist, you?d almost have to be salivating at a story like this. Freddie Mac, which has been at the center of attention in regards to the nationwide housing crisis, had their Chief Financial Officer die in an apparent suicide...

Deflation is real and it?s spreading

Posted on April 23, 2009
So far Spain, Ireland and the UK are already seeing it and Japan is teetering on the brink. “Ireland, struggling with a ballooning budget deficit and record unemployment, has been at the vanguard of Europe?s economic collapse. Now deflation threatens to push the country deeper into its worst recession in eight decades...

Cities in the Sunbelt see the most foreclosure activity in 1Q 2009

Posted on April 22, 2009
?The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relative small number of hard hit areas,? explains James Saccacio, CEO of RealtyTrac, a leading online marketplace for foreclosure properties...

The Blame Game Part V: Transparency

Posted on April 21, 2009
?Stimulus funds need to be infused into the economy as quickly and efficiently as possible in order to stimulate growth,? said David Williams, leader of Deloitte’s Financial Advisory Services practice. ?However, the legislative process as well as the public’s desire for transparency surrounding how stimulus funds are allocated do not bode well for getting stimulus funds into the economy quickly...

A big thank you

Posted on April 17, 2009
Hi Folks, Morgan here. I wanted to take a minute of our day to recognize a member of the Blown Mortgage family who has done yeoman’s work over the last several months. Cindy Lopez has been the powerhouse behind the “quickie’s,” the afternoon and morning links to the other pertinent news in the world of finance happening out there on the web...

Afternoon Quickie 04/16/2009

Posted on April 16, 2009
Financial Times�- JPMorgan feels stress of being in ?limbo-land’ Huffington Post�- Stiglitz Says White House Ties To Wall Street Doom Bank Rescue Huffington Post�- The Rating Agencies, A Key Reason For The Recession, Get Primed For An Overhaul Public Integrity�- The Appraisal Bubble: In Run Up to Real Estate Bust, Lenders Pushed Appraisers To Inflate Values Telegraph�- Anti-Goldman Sachs blogger Mike Morgan tries to turn legal tables

Foreclosure activity sets records in 1Q 2009

Posted on April 16, 2009
One in every 159 U.S. housing units have received a foreclosure notice already this year.� Foreclosure filings during the first quarter of 2009 increased 24 percent over the same quarter in 2008, according to the U.S. Foreclosure Market Report. The pace also appears to be increasing with 17 percent more default notices, auction sale notices and bank repossessions reported in March than in February...

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