How to protect yourself from mortgage brokers who want your money.
About 60% of all mortgage loans go through mortgage brokers and most buyers think the broker’s job is to represent them in finding the best deal at a good company. In most states, …
Are standards getting higher for standard mortgage loans?
On page A2 of the May 15th Wall Street Journal, an article on mortgage standards starts with this: “While tightening lending standards for home buyers with weak credit records, US banks aren’t raising the …
How lenders take advantage of lower income people with mortgage and car loans
Business Week recently reported that a growing range of US businesses are selling high-priced products to people who cannot afford them. Not wanting to be left out of the good times, lenders have joined …
Auction sales, vacant homes, signs of distressed housing market.
Usually when a bank takes over a house in foreclosure they give it to a real estate dealer to sell. But, according to the Wall Street Journal, a growing backlog of homes from foreclosures …
Banks beginning to expand mortgage loans to undocumented immigrants
Getting a mortage has been tricky for undocumented immigrants. Most banks want mortgagees to be citizens and have a valid social secuirty number. This forces immigrants to lie about these things, which is …