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Mortgage-defaults Articles

Posted on February 13   By MLP Blog
The mortgage market has been roiled by a sharp increase in bad loans made to borrowers with weak credit. Now there are signs that the pain is spreading upward. At issue are mortgages made to people who fall in the gray area between "prime" (borrowers considered the best credit risks) and "subprime" (borrowers considered the greatest credit risks). A record $400 billion of these midlevel loans – which are known in the industry as "Alt-A" mortgages – were originated last year, up from .... Read More...
Posted on February 13   By MLP Blog
Edward Booker is one of nearly 3 million homeowners with adjustable-rate mortgages who've had trouble paying their bills. And, like Booker, many of them won't be able to refinance their loans once the interest rates start rising. At that point, they'll have to tighten their belts, sell their homes or lose them through foreclosure. This month, the mortgage payment on Booker's Chicago home rose $200, to about $1,300. It'll go up again in September. He wants to refinance, but he fell behind on paym.... Read More...
Posted on February 13   By MLP Blog
On March 1, a Wall Street analyst at Bear Stearns wrote an upbeat report on a company that specializes in making mortgages to cash-poor homebuyers. The company, New Century Financial, had already disclosed that a growing number of borrowers were defaulting, and its stock, at around $15, had lost half its value in three weeks. What happened next seems all too familiar to investors who bought technology stocks in 2000 at the breathless urging of Wall Street analysts. Last week, New Century said i.... Read More...
Posted on May 08   By Justin McHood
Raise your hand if you bought a house in the mid-2000s. Wow! That's a lot of people. Now, raise your hand if your house is worth as much (or more) than you paid for it. It's OK. I'll wait. Anyone? Right. That's what I thought. Don't feel bad. Anyone who bought a house in the past three or four or even five years is in the same boat. And it's sinking. Fast. I hate to be the bearer of bad tidings, but even though the mainstream media is trying to say that we've hit bottom and that (HOORAY!.... Read More...
Posted on April 20   By Justin McHood
An interesting idea - if you lose your job and are collecting unemployment, you don't have to make a house payment for up to 9 months. That is a proposed plan by Bank of America as one possible solution to the problem of high unemployment and struggling homeowners. The catch under this plan is that if you don't get a job within 9 months and start making your house payment again, you agree to sign your house over to the bank in exchange for up to $2,000 to move out of the home. This plan isn't.... Read More...
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