Archive for the ‘subprime mortgage’ Category
“American Casino” – Doc Investigates Roots of the Subprime Mortgage Meltdown 2 of 4
“American Casino” – Doc Investigates Roots of the Subprime Mortgage Meltdown and Tells the Stories of Its Victims
The subprime mortgage meltdown was at the heart of whats been called the Great Recession of 2008. It caused more than a million Americans to lose their homes and brought Wall Street to its knees. A new documentary opening today in New York takes on the subprime crisis, tracking its roots on Wall Street and Washington and profiling some of its victims, mainly African American families who lost their homes. We play highlights and speak with filmmakers Leslie and Andrew Cockburn. [includes rush transcript]
Duration : 0:10:3
How do they explain the record foreclosures even for those who were not subprime mortgage loan recipients?
or for those who were not victims of outright mortgage fraud?
How do they explain the record mortgage foreclosures and still rising for those people? and how do they explain that certain regions or certain major cities of the USA have way more foreclosures than others?
For those for whom my question is not clear enough, I am referring to people who got regular A paper non subprime mortgages who did not lie or pad their assets and played by the rules and got regular fixed rate mortgages etc.. who are still losing their homes in record numbers.
Many ordinary Americans are losing there homes because of other factors, high gas, and everything else is causing chaos.
The dollar carry trade, my mortgage bankers presentation
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Duration : 0:6:51
Real Estate Woes: The Subprime Mortgage Crisis by CAP
http://www.americanprogress.org/issues/2008/01/barr_testimony.html
With each passing release of housing-related data, the picture becomes bleaker for the estimated 1.8 million homeowners with subprime mortgages whose interest rates have reset this year or are due to reset before the end of next year. Many of these borrowers and their families hold the 22 percent of adjustable rate subprime loans currently delinquent or the 3.84 percent of subprime loans that entered foreclosure in the second quarter of this year. For those still current on their loans, they can look forward to increases in monthly payments averaging 30 percent to 50 percent when their rates reset.
There have been a number of proposals offered to help these and other troubled borrowers, but the range of solutions suggested to date still leaves a significant number of families without any solution to their problems.
For more of CAP’s work on the current housing crisis please visit
THE CENTER FOR AMERICAN PROGRESS
www.AMERICANPROGRESS.org
Duration : 0:1:27
Are there any current subprime Mortgage lenders in NYS?
I have a credit score of 620 and my chapter 7 bankruptcy was discharged 5/08. Are there any subprime Mortgage Lenders is open in NY?
Even with your chapter 7 bankruptcy you might still find a lender that can be of assistance to you. It has been over 12 months.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
"FIGHT ON"
FIRST TIME HOME BUYERS (SHORT VERSION)
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.
He will inform you of what is necessary once you contact him.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
John Vogel Subprime Mess
Sub-Prime Mess Means Digital Woes
The sub-prime mortgage mess has many implications: new barriers to getting a mortgage, the tumbling stock market, and yes, maybe trouble getting investment dollars for that cool start-up.
In the digital economy, the shake-out in the mortgage industry could make a big hit on online advertising with troubled marketers in the home finance market, like Countrywide. Larry Dignan at ZDNet weighs in with an analysis as does Rafat Ali over at PaidContent.
To understand how this all has happened, here’s my interview John Vogel at the Tuck School of Business at Dartmouth. Professor Vogel is an expert on the real estate industry. He gives a sobering overview on the root and implications of the sub-prime crisis. I was up in Hanover, New Hampshire earlier this month for this interview.
Here at Beet.TV, we’re going to explore more business strategy and finance issues in the weeks ahead. These things affect us all. Stay tuned.
– Andy Plesser
Coming clean: The Tuck School of Business at Dartmouth is a public relations client of Plesser Holland.
Posted on Tuesday, August 21, 2007
Duration : 0:2:59
First Look With Katie Couric: Subprime Mortgages
Senior producer Bill Owens and correspondent Anthony Mason preview tonight’s newscast, which will look at the subprime mortgage meltdown, John Edwards’ campaign, and healing. (CBSNews.com)
Duration : 0:3:5
The subprime mortgage crisis and the big 3?
How is it possible for the subprime mortgage crisis to be so bad until it affected the car industry. Of late, the big 3 are on the verge of bankruptcy. A rescue package has now been put forth by the Bush Administration to give them some reprieve.
How is it possible? How can the big 3 face bankruptcy? What has cars got to do with houses?
Unfortunately, we are all in it together. Rather than being in a recession starting this quarter, we are now already starting the 5th quarter of a deepening recession. The finance market was simply the straw that made the administration fess up about how deep we are really in. The same people that can’t afford those mortgages are the same people that can’t afford new cars. The chain isn’t going to stop there. Look for those box stores in those malls to crash next and we can’t afford to bail them out. Then all of those overpriced crappy restaurants, gone. You can’t build an economy out of screwing the next guy out of his nickel forever; you actually have to have substance to make headway, we don’t.
VP Debate – Subprime Mortgage Crisis: Who was at fault in…
http://www.c-spanarchives.org/library/vidLink.php?b=1222996152&e=1222996517&n=002
GOV. PALIN: Darn right it was the predator lenders, who tried to
talk Americans into thinking that it was smart to buy a $300,000 house
if we could only afford a $100,000 house. There was deception there.
And there was greed, and there is corruption on Wall Street. And we
need to stop that. Again, John McCain and I, that commitment that we
have made, and we’re going to follow through on that, getting rid of
that corruption.
One thing that Americans do at this time also, though, is let’s
commit ourselves — just everyday American people — Joe six-pack,
hockey moms across the nation — I think we need to band together and
say, never again.
(View cut data)Never will we be exploited and taken advantage of again by those who
are managing our money and loaning us these dollars. We need to make
sure that we demand from the federal government strict oversight of
those entities in charge of our investments and our savings.
And we need also to not get ourselves in debt. Let’s do what our
parents told us before we probably even got that first credit card.
Don’t live outside of our means. We need to make sure that as
individuals we’re taking personal responsibility through all this.
It’s not the American people’s fault that the economy is hurting like
it is, but we have an opportunity to learn a heck of a lot of good
lessons through this and say never again will we be taken advantage
of.
MS. IFILL: Senator.
SEN. BIDEN: Well, Gwen, two years ago, Barack Obama warned about
the subprime mortgage crisis. John McCain said shortly after that in
December he was surprised there was sub
Duration : 0:6:6
Is China immuned from the global subprime mortgage crisis?
This is for a discussion question at school.
Do you think the economy of China will be "immuned" from the global subprime mortgage crisis? Since China’s economy has this "independence" that works on its own compared to the US,Euro, Japan economic market alliance.
Please share your view.
I think this crisis only affects the economies who is associated with the US dollar.
The Chinese economy are not affected by any impacts to the US dollars. I am not sure..
To understand the global sub-prime mortgage crisis watch these videos
They explain the crisis pretty well
I personally don’t believe they will be immune because the crisis effects the world finance markets which china is a part of (Note: china is a large export country which means they have to participate in the global finance market a fair bit). The extent to which they are affected depends on the size of their economy, which is pretty big.
Therefore then I’d say that they aren’t immune but the level to which they will be affected is quite low, depending on which areas the crisis hits