Cash Outs Refinancing of Mortgages Rise in 1st Quarter 2006 According to Freddie Mac

Cash out refinancing has risen in the  first quarter of 2006 as refinancing for improved interest rates slowed to a crawl. People are  now looking on extracting some of the appreciation out of their  homes instead of trying to get a lower rate. Freddie Mac has come out with the new report on the trend. [...]

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Ameriquest Closing 229 Mortgage Lending Offices and Laying Off 1/3 of Workforce

Ameriquest, one of the largest mortgage lenders in the subprime market, is shutting down 229 branch offices and laying off 3,800 employees in  a drastic restructuring. The layoffs compose a third of the workforce and is designed to allow the company to remain competitive is a slowing mortgage environment. Ameriquest is the nation’s largest subprime [...]

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One More Rate Hike and that May Be the End – Bernanke has Spoken

Federal Reserve Chairman Ben Bernanke has announced that the Fed’s persistant attack on inflation over the past two years may be nearing an end. He signaled that 1 more interest rate hike and then the Fed will take a break. Of course, he was not that blunt, but this was how his appearance at the Congress [...]

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50 Year Mortgage Gaining Momentum

With the estimated 2 trillion dollars of Adjustable Rate Mortgages coming due, a new mortgage is being slowly introduced to the market, the 50 year mortgage. By amortizing the loan out so far, they lower the rate and allow people to migrate from their ARMs that are having increased interest payments to the 50 year mortgage [...]

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Buffalo Landlord Targeted Minorities in Mortgage Scam

Robert Palano, formerly of Clarence, NY, targeted low income homes to the city of Bufallo and with the help of  appraiser Michael Heigel, over inflated the property values to commit mortgage fraud. The New York State Attorneys Office filed charges in the matter and Robert Palano plead guilty to multiple felony counts of mortgage fraud. [...]

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Trump Mortgage Aiming to Start in Florida

Trump Mortgage, the newest real estate venture from the  Donald, is looking to Florida to be the first state the company aggressively opens offices. The company is looking to have 6 offices open this year, and partner with other lenders. If Donald Trumps past history is to be followed, the introduction will be loud and [...]

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Mortgage Employment Levels Drop As Refinancing Slows Significantly

The number of mortgage brokers in the North Carolina Triad area has shrunk by 10 percent, and I would not be surprised if these numbers are  representative of the industry as a whole. There was a an unprecedented number of refinancing and new mortgages being written as interest rates fell to record lows from 2002 [...]

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What is a Yield Spread Premium?

If you are buying a mortgage, one of the ways a mortgage broker will earn a bonus on writing your mortgage is to use a yield spread premium. Say you will qualify for a mortgage at 6.5 percent. The mortgage broker will quote you 6.75 percent on the loan. If you agree to the 6.75 [...]

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Adjustable Rate Mortgages – ARMs – Roll Over Numbers for 2006 and 2007

The rollover numbers for adjustable rate mortgages are staggering . For 2006 it will be 330 million and 2007 it will triple to 1 trillion dollars. The forclosure rate in 2007 will be truly amazing to watch if things do not change in the near future. For homeowners using adjustable rate mortgages (ARMs), rising interest [...]

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Forclosures Follow Rising Mortgage Rates

The rising interest rates are forcing more and more homeowners to default on their mortgages and go into foreclosure according to the the Chicago Tribune today. Those in the midwest are being hit the hardest by the trend. If you are holding an adjustable rate mortgage you are looking at a huge increase in the [...]

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