The title may seem a bit crazy, but the crazy thing is it’s actually true. This Youtube video does a great job of outlining the key points, Indymac Boys Get Sweetheart Deal , which are:
* Indymac Bank failed
* No one wanted to buy the mortgages held by the bank
* The government (FDIC) stepped in and sold them to OneWest Bank at a 30% discount
* The FDIC promised to cover 80% of the losses if any of the mortgages foreclosed
* The 80% is calculated based on the full face value, not the discounted price they were bought for
* You do the math–OneWest was then able to sell the entire portfolio for pennies, it didn’t matter! They were guaranteed to make a profit no matter what!
Filed under Foreclosure, Mortgage, News, No More Mortgage, Real Estate by on Aug 9th, 2010. Comment. 
Mortgage Approvals Are Getting More And More Scarce « Home Loans …
Higher minimum FICO scores; Larger downpayment requirements for purchases; Larger equity positions for refinances; Lower debt-to-income ratios. So, if you’re on the fence about whether now is a good time to buy a home, or make that refi …
Filed under Mortgage, News, No More Mortgage, debt by on Feb 9th, 2010. Comment.
Here is an interesting story about a family that got caught up in the bureaucracy of the banks when their mortgage servicing was changed and are now facing foreclosure due to “paperwork.” Hopefully they’ll fix the issue and get to the point where they have no more mortgage problems. But it shows you the importance [...]
Filed under Mortgage, News, No More Mortgage by on Feb 7th, 2010. Comment.
In August, prices rose in 17 oF 20 cities. Only Charlotte, Cleveland and Las Vegas recorded month-to-month declines. In the past year, prices are down 11.3% in the 20 cities. Prices in all 20 cities were lower in August 2009 than in August 2008, but in general, year-over-year declines have lessened. “We do want to remind people of the upcoming…
Following are, in descending order, the price changes in each of the 20 cities in August:
Minneapolis, up 3.2%
San Francisco, up 2.8%
Detroit, up 1.9%
Chicago, up 1.7%
Los Angeles, up 1.6%
Phoenix, up 1.6%
San Diego, up 1.6%
Washington, up 1.4%
Miami, up 1.1%
Atlanta, up 1%
Denver, up 1%
Boston, up 0.9%
New [...]
Filed under Mortgage, News by on Nov 9th, 2009. Comment.
NO MORE Mortgage is very concerned about the chart below, which shows the second wave of mortgage re-sets coming down the pike, starting in summer 2010.
It is noteworthy that we are in a “lull” which may have allowed confidence to push up US equities over the past 6 months.
Note that the first wave [...]
Filed under Mortgage by on Oct 29th, 2009. Comment.
NO MORE Mortgage is happy to see the latest home price statistics, but we are cautious that a final bottom has been set. One month does not make a trend. We continue to believe that the current rally, both in home prices and in the stock market, will be tested this fall, and [...]
Filed under Mortgage, News, Real Estate by on Jul 30th, 2009. Comment.
