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LAS VEGAS - (Business Wire) The Mortgage Lender Implode-O-Meter ("ML-Implode"), a prominent blog and independent econo-journalism source has issued a statement warning of the consequences of a lending practice known as seller-funded downpayment ...

ML-Implode Blog Warns of â€œFHA Subprimeâ€ - Earthtimes

When do struggling taxpayers get a bailout? When banks, mortgage companies, automakers and, now, states are looking for more money from the government to get them out of trouble, will average Americans ever see a piece of the handouts? But once we ...

Editorial: More money to states worth considering - Post-Crescent

ST. LOUIS - (Business Wire) Compared with total volumes through the third quarter of 2007, Lenders One Mortgage Cooperative reports that origination levels of FHA/VA loans have more than tripled through the same period for 2008. Lenders One, a ...

Lenders One Data Shows Shifts in Loan Products - Earthtimes

WASHINGTON (AP) â€” Consumers trying to buy a house or finance a car loan could be the big winners as a result of the Federal Reserve 's decision to slash its target interest rate to nearly zero and take other steps to battle the financial crisis and ...

Consumers buying homes, cars could be big winners of Fed rate cut to ... - Morning Call

Consumers trying to buy a house or finance a car loan could be the big winners as a result of the Federal Reserve's decision to slash its target interest rate to nearly zero and take other steps to battle the financial crisis and worsening recession ...

What do you think of Obama's cabinet picks? - Town Hall

BANGALORE, Dec 17 (Reuters) - Infosys Technologies (INFY.BO: Quote , Profile , Research , Stock Buzz ), India's second largest software services exporter, sees the Indian IT industry going through a slow phase of growth for some time, its chief ...

Infosys says India IT to see slow growth for a while - Reuters

NEW YORK (CNNMoney.com) -- Morgan Stanley reported a massive $2.3 billion loss for the fourth quarter Tuesday, far worse than what analysts were expecting. The nation's No. 2 investment bank reported a net loss of $2.3 billion, or $2.24 a share ...

Morgan Stanley suffers $2.3 billion loss - CNN Money

BETHESDA, Md., Dec. 10 /PRNewswire/ -- Robert L. Johnson, founder and chairman of The RLJ Companies and Chairman of Urban Trust Holdings, Inc. announced his $1Billion proposal to help keep people facing foreclosure in their homes during a speech at ...

Robert L. Johnson Announces Plan to Assist Homeowners with Mortgage ... - PR Newswire

Former Freddie Mac CEO Richard Syron, when asked at a House hearing about buying loans that didn't require borrowers to state income or assets, said, "In perfect hindsight, I think we always wish that we hadn't bought them." (By Melina Mara -- The ...

Lawmakers Grill Mortgage Chiefs - Washington Post

What began as government social tinkering--with implied threats to banks and mortgage companies to extend home loans to even the most marginal of borrowers--led to a greed-blinded mortgage banking business and the meltdown we are experiencing today ...

Open Question: When where how and who to help refinance home for lower rate?

I have been with citi mortgage for 3 yrs at a 9.75 rate on my home, I keep hearing about the feds cutting rates etc but this doesnt nec. affect long term mortgages, I have a little money to apply to closing costs but am looking for help on trying to refi to get a lower interest rate. My credit score is around 700, what are some of the best ways/companies to use for a refi? I hear its better to use a big bank than using a broker as they are like a middle man so to speak, but sometimes they have access to better rates? more

Open Question: Since Jesus rose from the dead, doesn't that basically nullify the grandiose impact of "dying" for all mankind?

If I said, "I'll throw myself in front of a train and magically save the car companies, fix the economic problems, and pay your mortgage off, but in return you must give me half of all your money for the rest of your life, and you won't know for sure if I saved the economy until you're dead", how long would you feel like paying me when you found out all I did was lay down on the tracks, and get up after the train passed? more

Open Question: so I'm at the mortgage company paying the mortgage and some chick wonders out of a room marked private with?

what looks to be a milk mustache , but you know she's not been drinking milk, so what's the deal? more

Open Question: Can a mortgage company that bought my loan change me from my 30 yr fixed to an adjustable.?

My loan was with Greenpoint Mortgage and I was just informed that Countrywide is now my new mortgage company My loan was for a 30 year fixed and now Country Wide told me that in February they will change my loan to an adjustable. Can they do that? more

Open Question: Im employed as contractor.They tell me i must have 20% down to buy a home..Do know any mortgage companys .?

I have worked for this company over two years and planning on many years with them.. My credit is excellent.. more

Open Question: Gingrich Bites the Hand that Fed Him ?

Gingrich Bites the Hand that Fed Him December 9, 2008 In September 2008, as the U.S. Congress "was debating the first financial bailout, former House Speaker Newt Gingrich went on Fox News to decry how Fannie Mae and Freddie Mac had so 'many politicians beholden to them' that no one would step up to protect the American taxpayers," notes Muckety.com. But, as it turns out, Freddie Mac paid Gingrich $300,000 in 2006, "to push back against tough, new regulations of the mortgage company at a time the Bush administration was concerned about how big the two government-backed mortgage giants had become." After taking the money, Gingrich "talked and wrote about what he saw as the benefits of the Freddie Mac business model," reported the Associated Press. The Gingrich hire was part of an effort to woo conservatives; Freddie Mac also hired Frank Luntz and the DCI Group in 2005. Freddie Mac spent $11.7 million on outside lobbyists and consultants in 2006; 17 firms focused on Republicans, while four focused on Democrats. Freddie also hired Gingrich in 1999, "to provide strategic counsel," more

Open Question: Unconventional Tools to Help Stimulate the U.S. Economy?

What do you think would happen if these scenarios became reality? 1. IRS suspends income taxes for individuals and corporations from January 1st to February 28th? This would place money into the hands of individual consumers and savers, and corporations would have more cash on hand to re-invest in the company. Do you think this would help the economy or not? Could the U.S. afford to do this for ONLY two months? 2. For homeowners who might be candidates for defaulting on their home loans, would merely extending their loan agreements from 30 years to 40 years have any benefit with respect to foreclosures? Seems to me if folks can't afford to make their monthly mortgage payment based on a 30 year period, would extending that period to 40 years (and thereby reducing their monthly payments) help them or not? I'm just brainstorming here to see if my ideas would actually help the U.S. economy or not. But what do you think? more

Open Question: I am looking to refinance my mortgage. I live in Southeast Michigan. I'm looking for the lowest rate trust. ?

I need a low rate and a trustworthy company/person. more

Resolved Question: Please need help with rephrasing these experiences for my resume?

Whats a nice way to say i calmed angry people down in my job i translated for people who dont speak english i read and wrote letters to mortgage companies thank you! more

Open Question: How long from the day your served your summons for foreclosure till you actually need to be out..in Louisiana?

Our house payment is over 3 months late and I recently received a letter from the mortgage company's attorney requesting payment. It was not sent certified mail and I have not received anything from the court house yet. How much longer should I expect to be in our current home before we are forced to move due to foreclosure? As of right now, we do not have a place to go. In the process of trying to find one though. No way to catch up on the mortgage. Had to file bankruptcy recently. We are definitely going to have to move but I didn't know how much longer we would have before we were forced to leave. more

Open Question: If a foreign investor buys commercial real estate in NY ?

and the foreign investor carries a mortgage through a co-signer. Can the mortgage company go after the foreign investor if he skips town ? more

Open Question: mortgage company trying to take my home, i have paid all my monthly mortgages and they still are trying to tak?

i need someone to help me fight the mortgage company to keep my home, who would that be? more

Open Question: Can a mortgage company force me to pay for their home owners insurance?

ING threatens every year to charge me the $4,000 annual premium if I do not provide proof of insurance (for which I pay $1,000) by their deadline. Can they do this just because I have not provided them the proof by their deadline, even though I do have insurance? more

Open Question: How will a foreclosure work with a second mortgage?

Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work? more

Resolved Question: Paying off my 2nd mortgage with a credit card balance transfere?

Hi - I bought my house 2 years ago with 100% financing, I did a 80/20 loan. Both loans are fixed the first at 6.5% and the 2nd at 9%. I got a statement in the mail from my credit card company (chase) stating I can do a balance transferee at 2.99% until the loan balance is paid off. So would it be a good idea to transfer my 2nd mortgage onto the credit card? Thanks more

Open Question: Help for student loans? Why aren't student loan interest rates going down?

There's a bailout for all these financial companies and help for people struggling with their mortgage payment. What about help for people who are struggling with a big student loan payment? Or, at least, why can't my rate adjust lower? My interest rate on half my student loans is adjustable, how can the fed funds rate and other interest rates drop so low, but my student loans haven't dropped even 0.25%? more

Open Question: Does this sound like a good time for me to refinance?

I currently have 6.35% va loan. A company is offering me 4.75% with an escrow refund and two months where I do not need to pay my mortgage. My payment will go from @1,167 to $1027.00 only thing is that closing costs will be added, but not out of my pocket, they wil be apprix $5000 to $7000, what do you think? more

Open Question: Why do we let Greedy Capitalists own our Livelihoods?

Tribune Company files for bankruptcy By Kristina Betinis and Alexander Fangmann 15 December 2008 World Socialist Web Site On Monday, December 8, the Tribune Company, which employs about 16,000 workers, became the first major news company to file for Chapter 11 bankruptcy protection in the current economic downturn. The filing, which threatens the jobs, wages and pensions of thousands of workers, allows the company to stop paying interest on its $12.9 billion in debt and enter into debt restructuring negotiations with its creditors. The bankruptcy filing lists the companyâ€™s assets at $7.6 billion The Tribune Company is a media empire comprising the Chicago Tribune, the Los Angeles Times, the Baltimore Sun, the Fort Lauderdale Sun-Sentinel, the Orlando Sentinel, at least 6 other daily newspapers, a cable network, a radio station, 24 television stations, several weekly papers, Chicago Magazine, and numerous websites. It also owns the Chicago Cubs and their stadium, Wrigley Field, which are not listed as part of the bankruptcy filing. At court hearings last Wednesday, the media conglomerate asked a bankruptcy judge for permission to cut employee severance payments and health care benefits. In 1986, the Chicago Tribune smashed a bitter strike by pressmen and other craft unions, replacing 1,000 workers with strikebreakers. Today, the entire conglomerate is mostly non-union. Many media companies are suffering from dwindling advertising revenue, as well as the loss of readers to the Internet. In another recent sign of the downsizing and consolidation of the industry, the Detroit Free Press, owned by Gannett Co, and its partner, the Detroit News, are planning to end home delivery on all but the most lucrative days, which are Thursday, Friday and Sunday. The most direct cause of the Tribune Companyâ€™s bankruptcy, however, is the companyâ€™s staggering level of debt. Several large media companies, including Media General and Gannett, face enormous debt payments and may soon find themselves in a similar situation. Last yearâ€™s privatization of the Tribune Company bears the marks of leveraged debt financing characteristic of the recent climate of rampant speculation. In December 2007, billionaire real estate mogul Samuel Zell, nicknamed the â€œGrave Dancerâ€ for his history of buying distressed or undervalued businesses, completed the transaction to take the Tribune Company private. He was estimated by Forbes in 2008 to be the 68th richest American. Zell, the Tribune Companyâ€™s chairman and CEO, pursued a heavily leveraged buyout of the company which was widely characterized as extremely risky and indicative of the irresponsible investments leading up to the recent crisis. The Wall Street Journal reports that â€œno one thought the buyout of Tribune Co. would workâ€”and it didnâ€™t.â€ Ruthlessness typifies Zellâ€™s approach. Speaking on the mortgage crisis at the Milken Institute Global Conference in April, Zell was quoted as saying, â€œThis country needs a cleansing. We need to clean out all those people who never should have bought in the first place, and not give them sympathy.â€ Zell maintained he could make the Tribune Company deal profitable through a combination of asset sales and reorganization to take place under the new management team, which had little or no experience in the newspaper industry. Senior executives knew that bankruptcy would likely be filed soon, in an effort to protect investments. While Zell invested $315m of personal equity, with substantial risk mitigated by tax breaks, debt was piled on to the company in the acquisition process. By the time of its completion, Zellâ€™s deal had saddled the Tribune Company with $11.2 billion in debt. Most of the risk for the Tribune Companyâ€™s enormous debt was pushed onto the newly-created Employee Stock Ownership Program, which purchased $250 million worth of newly issued stocks upon being established in 2007. These schemes, promoted by the union bureaucracy to â€œsaveâ€ failing companies, while securing the interests of big investors, have produced nothing but disaster for workers. This was the case at United Air Lines, McLouth Steel and other companies where workers lost their pensions, wages and life savings when the so-called worker-owned companies collapsed. The Tribune ESOP, as the majority shareholder, assumed most of the risk for the debts. Those employee shareholders are also at the end of the line of creditors in the bankruptcy proceedings. Speaking to the Chicago Tribune, Zell admitted it was likely that the employee stock owners could have their holdings wiped out. The Chicago Tribune reported that Tribune Company â€œwill halt all severance payments, deferred compensation and other payments to former employees, who will be required to file a claim with the bankruptcy court.â€ The executive director of the National Center for Employee Ownership published an analysis of the Tribune Companyâ€™s ESOP in 2007 which included the following: The executive director of the National Center for Employee Ownership published an analysis of the Tribune Companyâ€™s ESOP in 2007 which included the following: â€œIn the Tribune case, the ESOP will borrow money from the company. Regardless of how the plan acquires stock, company contributions to the trust are tax-deductible, within certain limits. So in this case, the company is able to use the ESOP to borrow money and repay it in pretax dollars, deducting both principal and interest. This is one of the key tax benefits that the many articles on this transaction are referencing.â€ In this case, as in other cases, an ESOP was established as part of the privatization to provide tax advantages and risk protection to Zell and company, rather than provide security for employees through ownership stakes, which clearly confirms the predatory nature of the Zell acquisition. n the first eight months after the Zell acquisition of the Tribune Company, more than 900 Chicago Tribune jobs were eliminated. Compounding the instability posed by the risky acquisition, the Tribune Company continued to see its advertising revenue fall sharply. In an effort to cut costs, the Chicago Tribune introduced a smaller, reformatted paper in September of this year, composed of fifty percent advertisements and fifty percent graphics-intensive reporting. The cost cuts were achieved by reducing news content and the staff required to produce it, which could be printed on fewer pages. By August 2008, increased layoffs, employee buyouts, and other cost-cutting measures failed to reverse the companyâ€™s decline. http://www.wsws.org/articles/2008/dec2008/trib-d15.shtml Jim, Workers everywhere are taking it on the chin through no fault of their own. The capitalist is nothing but a leech on the working class. Capitalism is class warfare. The capitalist gets richer and richer as labor works harder and harder for less and less, as his benefits are slashed and his job "offshored" to cheap labor locations. If you had read this article, Zell's recklessness lies at the foundation of ruin for the employees of Tribune Co. "The ongoing debate over the auto bailout has demonstrated the conspiracy of the automakers, the two big business parties and the UAW against the autoworkers. All insist that workers must pay for a crisis that they did not cause, in order to restore the auto companies to profitability so they can once again be a lucrative source of income for corporate executives and big investors who are responsible for the financial catastrophe." http://www.wsws.org/articles/2008/dec2008/auto-d12.shtml Cowboy, Read the posted article! more

Open Question: Why would a home loan insurance company audit a loan file?

I purchased my first home in June, 2007. Because it's my first home, I was required to obtain loan insurance (this was all arranged by the settlement company and/or the mortgage company) A few days ago, my employer received a request for verification of employment and wages from NIA consulting, who represents RMIC (the home loan insurance company) in auditing my loan file. My question is, why would they need to do this if I've had my home for over a year and a half now? Shouldn't this have been done before I bought my home? What purpose does this informations serve? With all this fraudulent loan talk going on at the present time, I certainly would not want a mistake to be found in my loan, and then loose my home. Considering that the whole loan process was pretty "hands off" for me --- I was told everything would be taken care of ---, and at that time all I cared about was getting a house. By "hands off" I mean that I gave them all of my paperwork as far as wages and ID are concerned, and then just went in and signed the settlement package. In Maryland, all first time home buyers are required to have mortgage insurance. This insurance protects lenders from losses due to defaults on first mortgages for single family residential properties. My mortgage is 5 year interest only---so I definitely don't have ANYWHERE NEAR 20% equity. more

Open Question: are many small banks failing nowadays ?

if so, why did Lehman brothers fail? and if they do, what happens to the mortgage contracts that they had initiated? are many of these collection companies departments of large banks btw? more

Open Question: Licensure Requirements on a note sale...?

I have a real estate license (Florida) and a mortgage license (Florida) and neither of them cover the sale of a mortgage from a bank to a private investor. Do I even need a license to get paid by my client? Would this be more of a securities sale and governed by the SEC? I don't want the 2 companies that I have my licenses hung with to fight over the fee. Further, if neither is entitled to a fee then do I even need to let either one know about the sale? more

Open Question: What to do if your husband and you don't have any money to have a Christmas for 6 kids?

I have been in the health care field for about 8 yr now and my husband has been employed with the same company for almost 15 yrs, this past Sept08, the funding for the private division of my work was cut and have no money. So, about 15 of us lost our jobs. And, now we have gone and signed up for everything and anything that is out their, I have applied for any job and no one is hiring or there is an hiring freeze. My husband works his ass off to support our family and we just can't make the monthly bills, we had many shut-off notices, our mortgage company call daily and now we have 10 days to Christmas and no way to purchase anything not even a package of socks for our kids. We have 6 children, 17(G), 16(G), 13(B), 11(G), 6(G), and 2(B), and my question is what to do as parent to these beautiful children and not be able to provide them with a great Christmas. We as parent feel like big fat failures and I cry on daily bases. When both of are working we can actually make end met and have money left over at the end month. When I was working I actually made more than my husband. I have evn applies at the local grocery stores and conveicence stores, McDees anf there not even hiring because they want kids working so they need to par insurance and things like that. i have submitted my resume to many different job banks. We I have done everything possible to do as a person and even begged some jobs for a job. I realize that Christmas isn't about the presents and about Jesus. And, oldest kids are pretty smart but its what you instill and the younger one abotu Santa Claus and they keep asking for things and see things on TV. It is very heart breaking for us to see that. more

Open Question: Anyone have a mortgage with Kensington?

Has anyone out there got a mortgage with Kensington and how has there experiences been with them? Has anyone had a fixed rate end and then managed to stay with the company without too many increases to their interest rates and monthly payments? I have heard they make ridiculous increases to your payments( some have stated there rates have increased to 12%!) as soon as your deal ends (by googling there name on the net)but was that because people were late with payments or in arrears or do they do that any way!. Has anyone been on time each month and never missed payments and if so how have you been treated and how long have you stayed with the company since your deal ended? I have rang them and my deal is ending late next year and asked if i will be subject to increases that people have discussed on the net ( obviously i know i will revert to there SVR and a fixed margin of 1.75% on top) but they say as long as you pay and are on time you will be fine?! I'm asking this as i may have no choice but to stay with the company and just want to know my fate?!!!!! Sorry for so many questions and many thanks in advance for any replies x more

Open Question: Can I get a Home loan with bad credit?

Hello, I have bad credit at the moment, just got married and I'm trying to consider buying a house. I heard that if I put down 20% most banks will give me a loan? Just not sure how true is this? My wife has decent credit and we have the 20% to put down but we don't want to get our hopes up. Any good mortgage company to work with people with bad credit in Florida? more

Open Question: How did the economy turn out so bad?

How did it become so bad? I know this is an in-depth question, so I'll break it into several parts: 1. I need an explanation of the mortgage crisis, I think I have some idea of what had happened, banks packaged bad mortgages with good ones and sold them as bonds, went to Lehman brothers to broker them and Lehman Brothers went to AIG for insurance. When these bonds failed, AIG didn't have the money to pay up. Is this idea correct in some way or no? Can someone please expand on how this would effect the economy? Thanks 2. I heard something about the economy growing too fast in the Clinton or earlier Bush years and then it popped? Not really sure of this idea. 3. Why bailout the companies? Why not leave them to the free market and let them take care of themselves, or fail? Thanks. more

Open Question: Loan Officer Fraud.. What do I need to do?

At the end of July I applied for a home loan. The loan officer said I was pre-approved at 145k (have the papers) and I began looking for a house. I was told that I needed to put the 5% buy-down for a locked interest rate and loan type. I found a house for 139k and put in an offer that was accepted. During the whole time the house was in escrow, the loan officer kept having problems getting the loan docs to the title company. After almost 3 months of going back and forth, the sellers decided to cancel my offer. The loan officer told me that I would be receiving a check in the mail from Countrywide (who was supposedly the lending company that received my loan buy-down deposit). I did not receive the check. I ended up finding out that she does not work for that Mortgage company anymore, as well. Questions... How could I go about getting my money back? I do have the receipts on the company letterhead with the amount that I gave as well as it stating that if the loan did not go through or I did not find a house, the entire amount would be refunded. Is the mortgage company liable at all in any way, since that is where she was employed at the time and that is where I started the whole loan process? Should I go after the mortgage company and/or her if I decide to take them to small claims court? Any advice on what I could / should do? Thank you very much, more

Open Question: Whats my best real estate loan option?

Hello all and thanks for any help. Im 26 and only have 3k in debt (school loan) with all my CCs paid off, no car expenses (company car) and I make about 50k a year. Im in the Baltimore area and looking to buy a condo/townhome within 3 months. Should I go with 30 year fixed? ARM? Also, is their any 100% financing no down payment options in this financial crisis time? I have money to put down but would prefer not to use it for a down payment but use it for furniture, carpet, floors, etc. I wouldnt want to use credit cards and get more down on the mortgage for this. THANKS! more

Open Question: mortgage crisis solutions association?

Mortgage crisis solutions association? THIS COMPANY IS DOING NOTHING BUT CONNING HOMEOWNERS AND EMPLOYEES ALIKE. THE COMPANY IS RAN BY DONALD ROBERT GILLETTE WHO HAS RAN SEVERAL SCAMS OUT OF THE SAME BUILDING. MR GILLETTE IS A CRIMINAL. BEFORE HE GOT INTO CONNING HOMEOWNERS HE WAS CONNING PEOPLE THROUGH A BOGAS POSTAL JOB SCAM. YOU CAN SEE A COPY OF THE INDICTMENT IF YOU GOOGLE DONALD ROBERT GILLETTE IF YOU ARE AN EMPLOYEE YOU WILL BE ROBBED JUST LIKE I WAS. IF YOU QUIT, MAKE SURE HE DOESNT OWE YOU MONEY WHEN YOU QUIT. IF YOU ARE A HOMEOWNER IN HIS PROGRAM PAYING HIM MONTHLY PAYMENTS, BELIEVE ME YOU WILL NOT GET A LOAN MODIFICATION THROUGH PROPERTY SOLUTIONS SPECIALISTS .YOU ARE MUCH BETTER OFF WITHDRAWING FROM THE PROGRAM IMMEDIATELY AND DONT PAY HIM ANOTHER DIME, BECAUSE YOU WILL NEVER RECIEVE ANYTHING FOR YOUR MONEY .HIS FORMER CRIMINAL RECORD SPEAKS FOR ITSELF http://myfloridalegal.com/webfiles.nsf/W... JJ miami, Florida U.S.A. more

Open Question: mortgage crisis solutions association-property solutions specialists?

Open Question: does anyone know any cheap car insurance so i can put my 19 year old on my insurance.?

I have a 19 Year old who is really eager to drive. so ive decided to put him on my insurance but who im with at the minute i would need to get a mortgage to pay for it. Does anyone known any cheap insurance company's?? hes only got a provisional licences and hes had it for 2 and a half years. more

Open Question: Being sued in civil court by a credit card company?

I received a notice of being in sued in court by a credit card company (joint account obtained during my marriage--divorced now). I do not know how to respond because I cannot afford an attorney and because this came as a surprise to me because my ex-husband had all previous bills forwarded to his new address 4 years ago (unbeknownst to me and without my permission, therefore, I had no record of what was going on with the credit card company). I had agreed to pay back the money in our Marital Settlement Agreement (2 yrs old) but when I contacted the credit card company it was already in default and they would not help me make payment arrangements I could afford. Please advise me best way to handle this situation. I have no money to pay back the debt at the current time. I am still behind in my mortgage, and owe back taxes. Can the credit card company take my house or attach my wages? Thank you so much in advance for any advice you may be able to provide to me. more

Open Question: What is a good company that provides a 40 yr mortgage in california and has low rates and fees?

Looking to purchase an investment home in sacramento, california. more

Open Question: whats the rule on getting approved 4 a new home when you own a rental property without 25% equity?

I am looking to purchase a new home for my family and I own a rental property that has been rented for 2 years. I heard there was a new law that states you must have 25% equity in the rental to count it as income, so the mortgage company wont take that mortgage amount of the rental out of your own DTI. I also was told there are smaller banks that may have less strict rules on this issue and may pre approve me regardless of equity? more

Resolved Question: Isn't it time to shut the Federal Reserve down once and for all? Did they just scam us again?

One of the banks which they gave tax payer bailout money to just used that money to buy a Chinese Bank for $6 Billion. This money was suppose to be used to loosen up credit and to buy toxic mortgages and bonds for the everyday americans. Read the article, they (the Fed) will not disclose what companies are getting this bailout money. Is it time to take away the control from the Fed and clean the slate. http://www.bloomberg.com/apps/news?pid=20601109&sid=apx7XNLnZZlc&refer=home more

Resolved Question: How did we really get in this economic mess?

What did cause the economic crumble? I live in Asia and find people blaming America for the current crisis. Yes, sub-prime mortgages, passed on as acceptable risk played a part but for this to happen there had to be something exorbitant to contribute. The only thing I can think of is market price of oil. When market prices tripled cost at the well head was relatively consistent. Companies, with a near monopoly, like NOV and Transocean made contracts based on the increased price. This trickled down to unsustainable high costs of support structure and equipment. When Beijing reduced there substantial energy needs prior to the Olympics it brought question to these high prices. When one is questioned all will be. Was it the speculative price of oil that really created this mess? more

Resolved Question: What did cause the economic crumble?

I live in Asia and find people blaming America for the current crisis. Yes, sub-prime mortgages, passed on as acceptable risk played a part but for this to happen there had to be something exorbitant to contribute. The only thing I can think of is market price of oil. When market prices tripled cost at the well head was relatively consistent. Companies, with a near monopoly, like NOV and Transocean made contracts based on the increased price. This trickled down to unsustainable high costs of support structure and equipment. When Beijing reduced there substantial energy needs prior to the Olympics it brought question to these high prices. When one is questioned all will be. Was it the speculative price of oil that really created this mess? Mykol If your courage extended to personal response, i.e. except email I would not call not have to call you an idiot on line. Yes Moran the price went up when demand went down. What part of Duh confuses you. Why should I have a big head I've been in the industry for 33 years and you probably just realized it is an industry. By the way little expert this is the first time in history there has been an increase in oil price in time of war. First Gulf incident doesn't count because the increase was before the war. By the way do you know what well head cost is? You had some good points untill you tried to make urself so important. Then the idiot showed through. I've been wrong and called lots of things that maybe I deserve but I have the b@lls to be open to email. I think those who can't do it because they know they live in a dream world of self importance. Can't face criticism or complaint. Boy he made me angry and I don't like that. Sorry folks more

Open Question: Can a credit card company tag on a balance from a credit card to someone's mortgage/car loan?

Almost 6 months ago, I opened up a credit card with a $5,000 limit through Chase. I accepted the offer Chase made to me because I needed a little extra help and they offered zero interest for the first 6 months and no annual fee. I promised myself I would pay off the entire balance before the 6 month deadline and yet, because of the economy and bad times I haven't been able to do so. The balance is almost maxed out. I'm nervous when it comes to tagging on the interest at the 6 month mark that I will never be able to pay it off, let alone make the mininum payment for it! I have my mortgage loan and my auto loan through Chase also. Question I have is, do you think there is any way they could tag that onto my car loan (I plan on keeping it till the wheels fall off) or my mortgage? I have really good credit being I am only 21 years old and I don't want to ruin it!!!!!! Thanks alot!!!!! more

Open Question: Confused on insurance escrow - new home buyer?

This is our first experience in buying a home so please excuse me for sounding stupid. We live in the country and bought a new manufactured home. We waived the mortgage company's insurance company and decided to use our long time insurance company instead. We had the money to pay the insurance in full. However, the mortgage company instead paid them direct because of the "escrow" account. The finance manager said the mortgage company would finance the insurance so they sent my insurance company the full amount and now we are paying the insurance in our house payment. What happens next year when the insurance comes due? We want to stick with our insurance company. We didn't pay anything down or pay any closing costs. It is so confusing, so thanks for your help. They didn't add our property taxes in the loan, just the insurance amount. They didn't even mention the taxes at closing, just the insurance. I guess I won't worry until next year. Thanks! I am talking about homeowners insurance. We wanted to pay our insurance direct to our agent but the mortgage company wanted to include it in our payment for escrow so they paid my insurance company and we are paying them back. more

Open Question: Getting car finance ...?

Is it easy to obtain finance on a car. I'd only be looking for about 4,000 and I want to do this so that I can give the car back and get something else if I don't like it. Or flog it easier without losing a wad in depreciation. Hopefully I don't need to but at the end of the day I need to finance a car. I have no real credit history to talk about, have never had anything on credit, I've always paid things right away. I don't even have a contract on a mobile and don't have a mortgage. I have had jobs, many and varied, that I can back up although in the past few months nothing much as I have been busy starting a business. I am currenty the Director of a limited company. So, do you reckon finance is an option? See, I know I can go out and buy it but the fact is I don't actually want to - I want my money doing other things and getting invested for me, not nobody else. I have a business partner who has had things like phone and sky and could go as a guarantor. It will be our business that will pay the payments anyway whether it come out my personal account or not. So, is it an option? more

Open Question: Would there be an individual or company that would take a chance on me?

I am a single parent and in most cases would be considered gainfully employed. I have found myself recently with a credit report that reads "DO NOT HELP" or even "CREDIT UNWORTHY". I pay those I can when I can and even pray nightly for my water, electricity, and mortgage to be paid. I had to let some of my bills go in order to get others caught up. I am not asking for a handout, but a loan to consolidate my bills and the ability to pay this loan off over time. I will place all my possessions as collateral and am willing to do so without hesitation. Is there such an individual or corporation out there that would trust in a person to do what is right....... Sincerely, Not a Merry Christmas, Steven S. more

Resolved Question: Loan modification question?

I am going through a hardship (unemployed like many) right now and called my mortgage company to see if I could qualify for a loan modification. Basically looking to extend the loan and possibly lower my interest into a fixed rate. I was told that I didn't qualify since I haven't defaulted, so I was a little annoyed since I wanted to work things out with them BEFORE I defaulted, so I said okay and left it alone. Today the mortgage company calls me and says that I called them looking into a Loan Modification and that if I miss this months payment (December) that I will qualify & to call them on January 2nd. So it kind of sounded like she was telling me that was the only way they would help me? Times are really tough and I'm just afraid NOT to pay. The woman said that I would get a late payment for not paying & it would go against my credit. I guess sooner or later it will come down to me not paying on time, but I'm just afraid of what will happen if I do miss it & then they say I DON'T qualify. She said she couldn't give me any information about the modification programs since I have to default first. My mortgage is through Indymac. Thank you. By the way - I am not looking for answers for me to get a job & that I'm lazy. Right now I've searched & searched and either there are no jobs out there or the ones that I apply for don't even call. Also, for other people that are going to say why should they help me & not you. Believe me I want a job, I am not looking for a hand out I still want to pay my loan just over a longer period of time so I can have additional money to pay other bills & survive. I worked at my job for 16 years day in & day out. If I was still working I would NOT ask for a loan modification and not complain about my payment I would make it happily like I was doing for the last few years. more

Voting Question: Does anyone really believe house buyers aren't to blame for the housing crisis? ?

I keep hearing this notion that house buyers innocently were swindled by subprime mortgages, and their rates went up to make their mortgages unaffordable. What ever happened to caveat emptor? How did these people not understand the nature of a "3-year ARM" loan - by simply knowing or inquiring what the name of the loan means, you understand the rate is adjustable after the introductory rate expires after 3 years. It's not rocket science. How is this predatory for a company to offer these loans? If people are that stupid to not understand the basic premise of a $300,000 loan they are signing for, why are we calling them victims? I don't get it. Personally I think every one of these people deserves to go bankrupt and lose everything. It's the modern-day version of thinning the herd. Irresponsible banks who lent money in a risky manner should be held accountable, but those who overextended themselves should pay in full as well without any help from the government. Our economy will only become stable when people stop living outside their means. more

Voting Question: property insurance while in bankruptcy?

I am currently in a chapter 13 to keep my house but the hurricane winds back in september caused me to have to get a new roof put on, so I have received my insurance check but it is made out to me and the mortgage company but they wont endorse until I send them a w-9 form from the contractor and then they send it to the bankruptcy for approval. Why does the bankruptcy have anything to do with it and how does this process work? more

Voting Question: 212 yrs ago, it only took a small group to change a corrupt government. Anyone want to do something about it?

Interested in any ideas for government reform. Interested in a sweeping movement of concerned Americans to battle the recession, government inequity, CEO's making millions and expecting the government to bail them out with our tax money while screwing middle class families. Has anyone actually met anyone yet that actually benefited from the mortgage company bailouts? Lost your job lately? Hard to put food on the table? Ideas please. more

Resolved Question: Sallie Mae Bank is offering cd's - arent they a studen loan company?

Is sallie mae mortgage or student loan? And why on earth would they be offering cd's? more

Resolved Question: How do I start a blog?

I work for a mortgage company, and I think it would be a good idea for us to start a company blog, but I don't know how to start one, or where to begin! I get what they are, but I need some advice. What kind of things do I include in there? more

Voting Question: LEGITIMATE COMPANY? earn 10 points for best answer?

I am trying to get my mortgage remodified and I seen this advertisement on tv. So I called them they sound almost too good to be true. Could you check them out for me and make sure that I am doing the right thing here? When I looked them up under BBB there company came under ANZ & Assoiciates, APC, which had a rating of AAA Federal Loan Modification Law Center 5455 Wilshire Blvd LA, California 90036 Still looking for the answer to my question.. STILL LOOKING FOR THE ANSWER more

Voting Question: What are the ramifications of being 2 months behind on your mortgage? ?

I am freaking out. we are trying to sell a rental property that we got stuck paying because of a sorry tenant. We have a buyer for the rental but in the meantime, the mortgage for our residence is 45 days and will be 60 days late before we will be able to pay it. The mortgage company will not accept partial payments. What is the worse that could happen? We hope to settle on the rental property by mid january at the latest. more

Voting Question: POSSIBLE MORTGAGE ERROR,BUT NAME WAS AND STILL IS UNDER INVESTIGATION BY A BAD EMPLOEE?

IS IT POSSIBLE FOR A MORTGAGE LENDER TO PUT SOMEONE ON A RETENTION PROGRAM AS THE OWNER BECAME SICK FELL SHY OF 3 MONTHS,PAID THROUGH FOREBERENCE PROGRAM,THE HOUSE PAYMENT KEEPS GOING UP,I HAVE A LETTER DATED SEPT.2008 THAT MY NAME CAME AND LOAN#, AS WELL AS A FEW OTHER THINGS THAT WERE TAPED INTO BY AN INVESTIGATION WITH THE COMPANY AS WELL AS TO CATCHING THE EMPLOYEE THROUGH FEDS.I HAVE A FHA/HUD LOAN,NOW IT STATES I HAVE A FHA/VA LOAN AS I WAS NEVER IN THE MILITARY.CAN ANYONE PROVIDE ME ANY INTEL ON THIS I WOULD SURELY APPRICIATE IT more

Open Question: Security Officers At A Mortgage Co.?

I drove all the way to Dallas yesterday to try & have lunch with a friend & wish her a Merry Christmas. She is an ex I haven't seen in a year &hey will not let you in without a badge or an appointment. I drove 5 hours there & 5 hours back. A Security Officer let me in & after talking to him for awhile he was trying to help. Another security officer opened a book & there was a mug shot that was taken off a dating site of me and the officer read, criminal trespassing & stalking. I told him I didn't want any trouble & he ask me if I had been there before & I told him no. I hadn't even been to Dallas in 25 years. He told me that if I would leave they would just forget it. All I did was send her flowers to her job last April & she refused them & last year I sent her a Christmas present at her Apt. I sent her several post cards at her Apt and I don't feel that I ever stalked her. I thought I was going to get arrested. I thought stalking was when you kept calling & going to their place where they lived & worked. I live 5 hours away and I never did any of this. I am totally confused. does this mean that I can't even send her a simple Christmas card as a friend?? How could she do this and also why do they have such tight security at a Mortgage Company. there was 3 Security Officers there. It is part of Bear & Stearn's or rather JP Morgan now more

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