Interesting admission from Countrywide regarding those claims of working to modify loans for homeowners. From MSNBC:
In marketing, advertising and testimony before Congress, Countrywide Home Loans has said repeatedly that it is working hard to modify the mortgages of financially strapped borrowers caught up in the subprime meltdown. But in a New Hampshire court, attorneys for [...]

Now that the NEW AZ Mortgage Guru has arrived, I am taking matters into my hands. I have decided that one person can only handle so much. Two is always better! So…in light of this revelation – well…and also being 9 months pregnant and about to go on maternity leave — I have decided to [...]

Senator McCain reversed his position to let the market sort out the mortgage mess. Yesterday he talked about “using all the resources of this government and great nation to create opportunity and make sure that every deserving American has a good job and can achieve their American dream.” This is in sharp contrast to his [...]

Jim Cramer on Bear Sterns:

Kramer goes crazy (from Seinfeld):

Aimee received a phone call this morning from a real estate agent who told her with a degree of frustration that all her lending contacts and title contacts had left the business. This agent has buyers who need a good lender referral and was eagerly trying to build some new relationships. She was glad to [...]

Lenders are in a bind. With foreclosures increasing every day, their REO departments are overloaded. Foreclosure is expensive and banks are in no mood to be property owners. So, why not just try to work thing out with the distressed borrower? That seems to be the line of thinking as major lenders have announced that [...]

If you are having trouble making payments on your home then the first thing you should do is call your lender/servicer. For many people this can be a frightening proposition. You might be afraid you’ll end up saying something that will put your home in jeopardy. Or, you might not understand the different options the [...]

I saw a news flash on Drudge yesterday afternoon saying banking regulators and the Federal Reserve had issued some loan guidelines. There was no meat in the story. It was a breaking story at the time. This morning I found that various regulatory bodies as well as the Federal Reserve are asking lenders and loan servicers [...]

I just finished reading “Truth-in-Lending Disclosure Failure Leads to Mortgage becoming “UnSecured”” at The Big Picture. This article sent chills down my spine. The main reason being that if borrowers are successful in detaching the collateral from their mortgages then we are indeed headed for some really bad economic times.
The premise of the post is [...]

Between First Magnus (Great Southwest Mortgage) closing shop and Countrywide going through some serious turbulencethings are very unpredictable right now. To calm markets the Federal Reserve just lowered the discount rate by 0.5% to 5.75%. The discount rate is what the Fed charges banks for short term loans.
What is a consumer to do? If you have any [...]