Not all lenders say they are worried about the impact of the government shutdown on FHA loans. In fact, several large lenders, including Bank of America, Citibank and Wells Fargo, have said that they will continue to process and close applications for FHA and VA mortgages in the event of a shutdown. JPMorgan Chase will also continue to close FHA Read full article »
Tag archives for Real Estate Loans
According to SEC charges filed yesterday, investment firm JSW financial defrauded real estate investors out of $17 million by allegedly placing the money in “secured real estate loans” and actually using it to fund failing real estate projects. The firm sent false account statements showing interest earnings higher than 10 percent while “squandering nearly all of the investors’ money trying Read full article »
BusinessWeek reported on March 28 that U.S. Lenders are collapsing at the fastest pace in 17 years. Paul J. Miller an analyst at FBR Capital Markets in Arlington, VA, attributed the failures largely to “smaller institutions” failing due to a lack of access to capital because of too much focus on “residential construction and commercial real estate.” At first glance, this Read full article »
In another move displaying the utter idiocy of the federal government, Fannie Mae and Freddie Mac are now again authorized to offer 125% LTV refi loans. Can somebody out there tell me why this makes sense? Short answer: It doesn't make sense, and this is short-sightedness nearly at it's finest. (The high-water mark for short-sightedness goes to the Obama stimulus program, Read full article »
The End of Citi's Financial Supermarket
Wall Street Journal - 4 hours ago
Overextended in mostly bad real-estate loans in the downturn of 1990, losses mounted and the stock got killed, hitting the equivalent of $1 after stock ...