Peter G. Miller
April 9th, 2008
HUD has released the announcement below, which suggests a loosening of the credit standards for the FHASecure program.
Or does it?
It says “borrowers with adjustable rate mortgages who were late on two consecutive monthly mortgage payments or at two different times over the previous twelve months. FHA will require a 97 percent loan-to-value (LTV) ratio read more
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Peter G. Miller
April 9th, 2008
With Alphonso Jackson suddenly ending his term as HUD Secretary all anyone can say is that “he will be missed.”
For example, it was Mr. Jackson who told us on Feb. 26th that “FHASecure has helped more than 100,000 families stay in their homes. Homeowners are cutting their monthly mortgage payments by an average of $400 a read more
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Jeffrey Hogue and Tyler Belong
April 8th, 2008
Fiduciary relationships require the highest duty of care. According to Black’s Law Dictionary, fiduciary relationships usually arise in one of four situations: (1) when one person places trust in the faithful integrity of another, who as a result gains superiority or influence over the first, (2) when one person assumes control and responsibility over another, (3) when read more
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Jeffrey Hogue and Tyler Belong
April 7th, 2008
On Monday, March 31, Treasury Secretary Henry Paulson announced his proposal for streamlining the regulation of lending institutions and mortgage brokerages by creating a mortgage origination commission (MOC) that would essentially combine five regulatory agencies into one.
The plan is already being described the broadest restructuring of federal regulatory institutions in 75 years, with a call to read more
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Peter G. Miller
April 4th, 2008
HUD has issued a new mortgagee letter which now require a second appraisal for properties in “declining” areas when the loan exceeds $417,000. HUD is also limiting the ability to cash out with such loans.
In effect, the jumbo FHA allowed for 2008 are being restricted. Is this a bad thing? For some borrowers, yes. But, if read more
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Peter G. Miller
April 3rd, 2008
As of this writing, there’s new movement on Capitol Hill regarding help for beleaguered mortgage borrowers.
In basic terms, what’s happening is that Republican efforts to block mortgage assistance are coming to an end. Worries about the “moral hazard” of helping people who made poor choices went out the window with the $30-billion effort to read more
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Peter G. Miller
April 2nd, 2008
Yesterday we ran a commentary by Tyler Belong regarding the role of mortgage fraud in the current mortgage marketplace (See: Mortgage Fraud — Mortgage Meltdown: Let the Finger-Pointing Begin, the following article is used with permission of read more
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Tyler Belong
April 1st, 2008
According to the FBI, mortgage fraud has rapidly increased over the last five to six years. In September of 2002, the FBI had 436 mortgage fraud investigations. As of March 2007, the FBI reported that it had more than 1,036 and that the number was rapidly increasing – an increase of 237 percent (and rising) in less than five years.
read more
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