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Lower Fed Funds rate of limited benefit to subprime borrowers

As most everyone knows, the rate on your typical 30-year fixed-rate mortgage will follow the 10-year Treasury Note. Adjustable-rate mortgages, however, are most often pegged to other indexes (indices?). You’d hope (especially if you held one of those loans) that...

The good and the bad?

mortgage loans

I haven’t posted any entries this week about the proposal to “assist” some of the holders of subprime loans, since you can read all about that, elsewhere. I do have an opinion on the subject (of course) and will try to get around to posting about it,...

Mortgage activity recovers (temporarily?)

mortgage loans

Some people are still looking for loans, I guess. During the week after Thanksgiving, mortgage application volume rose 22.5 percent on a seasonally adjusted basis to 791.8, recovering significantly from a holiday slowdown. On an unadjusted basis, applications rose...

Subprime borrowers default more often

mortgage loans

Even more data to interpret. The Federal Reserve Bank of Boston released a fantastic report yesterday entitled, “Subprime Mortgage Problems: Research, Opportunities, and Policy Considerations. It’s a good read, but let me summarize part of it into three...

How FICO credit scores are calculated

mortgage loans

Yes, some people are still buying real estate. Yes, some of these people are still taking out loans. And they are wondering how their past credit histories will affect their loans’ interest rates. Here’s how it all goes down: The measurement that most...

Who approved these loans???

Boston real estate foreclosures, mortgage loans

Data just released by a collection of city and state agencies and reported by The Warren Group shows that many of those facing trouble paying their home mortgage loans have had their loans for very short periods of time. Many were unable to pay, from the very...