Today's Fresh Blogs...

• Would you want to buy an ailing subprime lender right now?

  Published: August 13, 2007, 11:48 am

  Tags: Mortgage Musings, 2 Year Arm, 2 Yr Fixed, 2 28, 2 28s, Subprime Arms, Subprime Lending, Subprime Mortgages

  Neither does Lone Star. Lone Star had agreed to purchase Accredited Home Lenders for $400 million but in a recent SEC filing says in intends to back out of the agreement. From Housing Wire: Lone Star slated to purchase Accredited for $400 million filed a statement with the SEC late Friday disclosing that it no longer intends to complete

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• A Long Way Down

  Published: August 19, 2007, 11:22 am

  Tags: Economy, Real Estate Musings, Mortgage Musings, Credit Bubble, Housing Bubble, Housing Market

  Media pundits are tripping over themselves to be the first to “call the bottom” of the housing market now that the Fed has stepped in to lower the Fed discount rate. Remember the discount rate is the rate that banks pay the federal reserve to borrow money; its not the rate you borrow money from the banks. As Dr. Housing Bubble

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• Understanding Flow-based Correspondent Lending

  Published: August 24, 2007, 3:14 pm

  Tags: Mortgage Musings, Industry Mortgage Tips, Consumer Mortgage Tips, Correspondent Lending, Direct Lenders, Flow Based Lending, Mortgage Bankers

  this does not represent all mortgage banking and correspondent banking scenarios it is accurate for smaller flow-based correspondent scenarios. View the video here. As always we appreciate your feedback. Stay tuned for the next video in this series which uncovers some of the reasons that people start correspondent lending; and identifies

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• The Mortgage Broker vs. Mortgage Banker Argument

  Published: September 3, 2007, 7:08 pm

  Tags: Mortgage Musings, Correspondent Lending, Mortgage Banker, Mortgage Broker

  to recoup the costs of mortgage banking business. For a smaller mortgage bank that doesn't do a lot of volume the need to recoup costs may be much higher on a per loan basis than a larger mortgage bank. Again these costs are non-existent for a mortgage broker. You can see that a large mortgage banker, who operates on volume and therefore

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• Lehman Announces Layoffs, Name Change

  Published: September 6, 2007, 4:08 pm

  Tags: Mortgage Musings, Aurora Loan Services, Bnc Mortgage, Lehman Brothers, Mortgage Market Meltdown

  sub-prime lending arm, BNC Mortgage, announced further changes and consolidation of its mortgage unit. The Wall Street firm, owners of Aurora Loan Services, announced the closing of one of its Regional Operating Centers and renamed its mortgage operations Lehman Mortgage Capital. If you received the Mortgage Lender Implode-O-Meter premium

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• Guest Post: Housing Wire on Mortgage Reform

  Published: September 7, 2007, 1:15 pm

  Tags: Mortgage Musings, Chris Dodd, Housing Wire, Mortgage Reform, Namb

  has become the Holy Grail of mortgage reform on Capitol Hill as of late, with Democratic Senators Hillary Clinton and Charles Schumer having recently made their similar agendas known in this area. What is a fiduciary relationship? From Wikipedia: A fiduciary duty is the highest standard of care imposed at either equity or law. A fiduciary is

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• Blown Mortgage on Vacation: Yes, But Can You Afford It?

  Published: September 8, 2007, 2:36 pm

  Tags: Mortgage Musings, Brian Brady, Hard Money, Stated Income, Underwriting Guidelines

  Morgan Brown of Blown Mortgage, is basking on a beach in Fairfield County, CT, watching the leaves turn colors. Morgan’s given me the opportunity to hijack his weblog and speak to his audience. Mortgage veterans will often refer to the Three C’s of Lending when explaining how lenders view potential borrowers when

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• Guest Post: The Front Lines

  Published: September 12, 2007, 9:34 pm

  Tags: Mortgage Musings, Mortgage Fraud, The Truth About Mortgages

  anyone who's worked in the mortgage industry knew there was always a way to get a deal closed. There was always a solution, someone they could talk to in order to make things right . Let's face it, the mortgage industry didn't know how to digest the word No , and now we're all paying the price. TheTruthAboutMortgage.com is a

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• When people get desperate, all bets are off.

  Published: September 25, 2007, 7:24 pm

  Tags: Mortgage Musings, Liar Loans, Mortgage Fraud, Rachel Dollar, Stated Income Loans

  to qualify for lower-rate mortgages do “whatever is necessary” to keep from being shut out of the market by tighter underwriting guidelines. It makes perfect sense - when people see their subprime adjustable rate mortgage payment exploding upward and find out from a mortgage broker that the stated income loan that they qualified

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• Countrywide Lays Off at Specialty Lending Group

  Published: September 26, 2007, 1:46 pm

  Tags: Mortgage Musings, Chl, Countrywide, Specialty Lending Group, Subprime Mortgage

  subprime retail arm of the mortgage giant. It affected employees hired within the last 3 months and didn’t have tenure in the group. This affected several of the Southern California Specialty Lending branches although the numbers of people let go are currently unknown. If you have any information on the size of the layoff please let

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• Countrywide Continues to Try to Calm Nervous Brokers

  Published: October 1, 2007, 5:16 pm

  Tags: Mortgage Musings, Countrywide, Mortgage Brokers, Mortgage Market Meltdown, Wholesale Lending

  ongoing importance of the mortgage broker “value proposition” in today’s mortgage market. This topic is particularly significant to all of us in the wholesale lending channel lenders and brokers alike as our industry adapts to the new realities of the current market environment. With a shared goal of revitalizing the

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• Countrywide Closes 12 Regional Loan Fulfillment Locations

  Published: October 3, 2007, 2:38 pm

  Tags: Mortgage Musings, Countrywide Home Loans, Countrywide Layoffs

  construction to reverse mortgages, Countrywide offers home loan solutions that can help drive your business. Working together, we can revitalize the wholesale channel by aligning qualified borrowers with financing options that best meet their needs. In addition, over the past several months, we have significantly strengthened our price

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• Is anyone else fascinated by the Countrywide bracelet?

  Published: October 11, 2007, 1:24 pm

  Tags: Mortgage Musings, Bracelet, Burson Marstellar, Countrywide, Market Meltdown, Protect This House

  in China, just like their mortgage loans! Here’s the listing. Share This

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• The Countrywide Pledge - for those interested

  Published: October 15, 2007, 5:21 pm

  Tags: Mortgage Musings, Burson Marstellar, Countrywide, Protect This House, Subprime Arm Loans, Subprime Mortgage Default, Subprime Mortgages

  (hat tip to friends of Blown Mortgage for sharing with us) - the Countrywide pledge being signed by Mozilo’s employees in a sign of desperation solidarity against the unfair attacks of media and others surrounding the mortgage industry. For nearly forty years, Countrywide has executed the mission of our founders to lower the barriers to

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• Dead Man Walking - Wholesale Lending is Marching Towards Extinction

  Published: October 15, 2007, 12:13 pm

  Tags: Mortgage Musings, Countrywide, Indymac, Mortgage Brokers, Wholesale Mortgage, Wholesale Mortgage Lending

  on the fraud perpetuated by mortgage brokers. Let me clearly state that there are terrible people occupying the mortgage broker role. However, let me also point out that there are equal evils in all levels of the mortgage lending pyramid; and that retail lenders are equally culpable in the massive scam that has been the mortgage industry. But

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