Archive for July, 2010
Multiple Streams of Income, Part 1
“The Trouble with the Rat Race is that Even if You Win, You’re Still a Rat.” ~Lily Tomlin
I absolutely love this quote from Lily Tomlin, because it couldn’t be more true. How many people do you know that have spent their lives climbing the corporate ladder, only to find out it’s leaning up against the [...]
DSNews.com - Foreclosures Cancelled in California
The number of foreclosure sales that were cancelled in California hit an all-time record in June, according to a report released Tuesday by Foreclosure radar, a locally based company that tracks every foreclosure in the state and provides daily auction updates. The company characterized foreclosure activity in the Golden State as “mixed” last month, with [...]
DSNews.com - Mortgage firms close
During the first half of 2010, the number of mortgage-related firms to close or fail jumped by more than a quarter from the same time last year, according to industry data released week. The increase was driven by financial institution failures as the number of non-bank lenders to close has dwindled. Based on information tracked [...]
DSNews.com - Delinquencies inch up in May
The seasonal improvement period for delinquencies and foreclosure inventories has come to a halt, according to an industry report released last Thursday by Lender Processing Services (LPS). The Florida-based analytics firm’s monthly Mortgage Monitor report found that the total U.S. delinquency rate jumped to 9.2 percent in May, inching up 2.3 percent from April and [...]
Diana Olick - Fannie Mae: Walk Away and You Will Pay
“Dare I say it? “What took you so long??” An announcement from government-owned mortgage giant Fannie Mae warns: “Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from [...]
DSNews.com - 1.7 Million GSE Loans at Least 60 Days Past Due
The number of loans held by Fannie Mae and Freddie Mac that were 60-plus-days delinquent stood at 1.7 million at the end of the first quarter of 2010, the two companies’ conservator said in a report to Congress this week. While the volume of past dues may seem like an extraordinary negative weight on a [...]
CNBC’s Diana Olick - Oil and Real Estate: Fannie Mae to the Rescue
“There is no question that while oil has barely brushed the beaches here in Pensacola, the place is awash in fear. But then a ray of hope…from none other than the government-controlled mortgage behemoth Fannie Mae, which is in so much hot water itself that it actually had to delist from the stock market yesterday. [...]
Diana Olick - Big Banks Move to Short Sales, but Will It Help Housing?
“Earlier this week a top executive at Bank of America told an REO conference in Dallas that the lender would be focusing more on short sales than ever before. At first hearing this, I assumed it was because of the government’s Home Affordable Foreclosure Alternative Program, which provides cash incentives to servicers and borrowers for [...]
