Bankruptcy And Debts

I have no idea thses are millions of people who think this way, who feel the same way in the face of mortgage refinance. I can stress strongly enough that every individual makes words.

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As we deal with the consequences of housing and consumption arms races, Elizabeth Warren's article on "Making Financial Products Safer" is a must-read. Warren notes: It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance your home with a mortgage that has the same one-in-five chance of putting your family out on the street—and the mortgage won't even carry a disclosure of that fact. Similarly, it's .. Read the rest of this entry.

When we discover, as most of us do, how little our precious possessions will fetch in the marketplace we are inclined to be disillusioned, event to feel that we are being updated.

Wells Fargo Home Mortgage, the first major bank to shutter its subprime wholesale arm in July of last year, is tip-toeing back into nonprime wholesale via FHA-insured loans, American Banker reported Friday. Like many other major lenders, Wells now sees loans insured by the Federal Housing Administration as a viable alternative to the private-party subprime market that has all but withered up during the recent market turmoil. While Wells may be getting back into the nonprime wholesale game by .. Read the rest of this entry.

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Not that we don't already know the subprime mortgage situation is bad, but a new report from the Furman Center reconfirms exactly how much it sucks, noting that foreclosures in New York City shot up 50 percent between 2006 and 2007. The study notes that it's particularly a problem in Latino and African-American communities. Locally, 21 percent of all home loans and 27 percent of refinance loans were subprime, significantly above the national average. The report says that the "apparent ..read all.