Now that subprime loans are a faint memory of the past, we often look to the FHA loans to fill in the void. Not that we miss those ugly sub primes all that much. But alas, FHA does provide a hearty loan for those who may have had a shaky credit past.  So, here are [...]

From the WSJ this morning “FDIC Faces Mortgage Mess After Running Failed Bank“:

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.

Reminds me of Lisa Simpson’s line in “Homer the Vigilante“, when Homer sets up [...]

A few weeks ago I started a weekly series on the mortgage market attempting to cover important elements from news items to blog posts. Regular readers know I slacked off on this promise after week one. However, I must say I did have good intentions. Inertia is the main issue here and converting [...]

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 [...]

Former executives at New Century, which went bankrupt early last year, should be sued and so should it’s auditor KPMG. That is what a bankruptcy investigator is recommending. New Century as you may recall was the No. 2 sub-prime lender before it went down in flames in the Spring of 2007. An excerpt from [...]