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What should a loan modification look like?
I just wrote this long comment on Jillayne’s post, and decided it needed to be a post of its own. This loan mod returns the risk premium that was not effective at controlling risk. It didn’t work…give it back. It also makes the lender partly responsible for approving short term income on a long... »
Joe Sixpack and the Subprime Crisis
digg_url = 'http://www.raincityguide.com/2008/10/11/joe-sixpack-and-the-subprime-crisis/'; The Subprime Crisis is a broken promise to Joe “Sixpack”. One Day in early 2006, Joe was feeling pretty darned good about himself. He was making $65,000 a year at a job he held for over 6 years. He had $30,000 saved up in the bank. He had no credit card debt. He owned... »
Reviewing Your Adjustable Rate Mortgage
RCG’s Jillayne Schlicke was interviewed on King 5 last night…I wish her spot would have been longer. Check her out here! The piece is about resetting subprime adjustable rate mortgages. King 5’s, Chris Daniels reports that locally, we’ll see around 12,000 subprime mortgages reset over the next 6 months. Combined with lower home values... »
The Mortgage Witch Hunt
Just in time for Halloween, officials from various levels of government are gathering together over the frightful happenings going on in the mortgage industry. Home values were going down, mortgage payments were on the rise and consumers did not contact their mortgage professional for advice. Some were provided opportunities to own homes by using... »
I am a Mortgage Dispenser
Over the past month, I’ve been combing through my database of my closed clients who have either adjustable rate or balloon mortgages. I’m sending each and every one of them a letter reminding them of the terms of their mortgage. Regardless of how much time I spend explaining how their mortgage program functions, as... »
What is your Mortgage Exit Strategy?
Unless you have a long term fixed rate mortgage, you should develop an exit strategy. An exit strategy is a well thought plan on how you’re going to leave your current mortgage. Every time you board an airplane, the Stewardess reviews the “exit strategy”. They’re not planning on an actual emergency landing, they are simply preparing you... »
News at 6:00
I was contacted by KOMO this morning to see if they could stop by my office this afternoon to interview me regarding subprime mortgages and how it has impacted consumers. If I’m not on the cutting room floor…you can tune in tonight at 6:00 p.m. on Channel 4. »
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