Helpfulinvesting.com

RISMEDIA, August 2, 2010—The lending landscape has changed quite drastically over the past several years. Practices, approvals and standards that were once widely accepted have either vanished or transformed beyond the point of recognition. Many banks, which were once extremely careless with their loan underwriting techniques and approvals, have dug themselves into a significant hole that will take many years to climb out of. Promotions such as “100% Financing” and “No Doc Loans” were both major contributors to the financial …

RISMEDIA, May 1, 2010—(MCT)—As a consumer with good credit and a 10-year history of paying his mortgage on time, Ed McLaughlin expected that his record would put him in good stead with his bank.

But when he approached his lender, Charlotte, N.C.-based Bank of America, about refinancing his existing mortgage or qualifying for a new loan, McLaughlin felt like a brand-new customer just off the street.

“They said new banking laws required that I jump through all the hoops, which …

Called on a short sale file lately to be told that the seller qualifies under the HAMP program and that they have been sent a trial loan modification?

We called on a Bank of America file yesterday and had a rep spend 15 minutes touting the “amazing” savings that had been offered to the seller via a trial loan mod. She asked, “why do they want to do a short sale when they can stay in their home for 50% …

The billion dollar Making Home Affordable plan is being pointed at by bond investors and officials within the Treasury Department as eternally flawed. A consensus seems to be forming that there must be forced handling of second mortgage debt and lowering of loan balances for non-equity borrowers.
In an article read recently on Bloomberg.com, investors agreed that without principal balance reductions versus simple payment reductions and wipe-outs of second mortgage debt there would be profound implications on financial markets.
There …