IndyMac Bank was seized by the Federal Government on July 11, 2008. All of its assets were seized and its retail branches were closed. The bank will reopen on Monday under the control of the FDIC. The bank has been in trouble because of its exposure to the subprime lending crisis and the mortgage market…
Congress is currently debating your ability to obtain mortgage financing in the future. H.R. 3915 – a newly introduced piece of legislation that is going to be debated on the House floor in the coming days. Commonly referred to as the “Mortgage Reform and Anti-Predatory Lending Act of 2007,” this Bill is attempting to make…
On August 31, President Bush announced that HUD will help families avoid Foreclosure by providing a brand new FHA loan called the FHA Secured loan. This loan will directly impact Delaware Home Owners facing foreclosure. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments…
In years past a borrower would visit their local Savings & Loan to obtain a mortgage. The Loan Officer at the bank would approve the mortgage and fund it with cash reserves from the vault. This system worked well until the bank ran out of money to lend. Borrowers came to the S&L looking for…
Anyone watching or reading the financial news over the last few weeks has seen a lot of angst and consternation over the state of the mortgage industry. In fact, one of the larger lenders in the US, American Home Mortgage, was forced to shut down operations recently. But why? What is happening, what does all…
I just heard the news that Capitol One has shut down their mortgage unit, Greenpoint, laying off more than 1900 employees. This is effective immediately. So here we go again; if you have any loans with this company you will need to find another lender. This is yet another casualty in this erratic market and…
Free Seminar for Realtors & Financial Professionals The Mortgage Market Meltdown What it Means to You The credit markets are in crisis, and the mortgage landscape is changing fast. But, ask yourself this. Do you understand the key factors that led to the crisis? Can you clearly and confidently advise your buyers and sellers on…
Following the well-publicized subprime crisis earlier in the year, a major disruption in the credit markets broke out on an unprecedented and historic scale this week on Wall Street. This caused major write-downs of loan and security portfolios and brought down one of the top 10 Prime and Alt-A lenders in the country, American Home…
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