Mortgage News

Welcome to the Mortgage University Blogg hosted by yours truly, Rob K. Blake, the Mortgage Insider!

I wil keep you abreast of all the bad loan programs, bad lenders, and other deadly money draining happening in the…

Secret Side Agreements For Repairs Is Mortgage Fraud!

Here’s how it happens…

Buyer contracts with Seller for a $200,000 home with the Seller paying all the closing costs which equates to 3% or $6,000….the current FNMA maximum.…

More Evidence Reveals the Yield Spread Premium Lie Is Real!

So as you may know my pet peeve of the mortgage industry is Yield Spread Premium (YSP) overcharging.

What is YSP overcharging?

It is how the…

We are hearing a lot lately about how the subprime lenders are dying due to the default rate inherent in loan programs which are primarily adjustable rate with lax income verification and/or credit requirements. This…

I was recently on the dumb little man blog which gives good money saving tips. I came across a post on 10 questions to ask an agent before listing your home with them. I have no…

Many folks have tried to lay the blame for the subprime mortgage meltdown which could plunge the nations real estate market into a decade long decline on unrestrained or crooked mortgage brokers. However, the mortgage…

The subprime mortgage meltdown is now filtering it’s way through the economy hitting the stock market on Friday June 22, 2007. The Dow dropped drastically (over 185 points) after Bear Stearns announced $3.2 Billion (yes…

There is a new FTC study being quoted by bloggers all over the web and reported in major newspapers like the LA Times and Washington Post by real estate columnist Kenneth R. Harney who I must…

Well I got an invitation to speak on a panel about blogging for mortgage and real estate professionals. Others on the panel include Todd Carpenter of REMBEX, the guys of Sellsius, and Kristal Kraft, a…

Mortgage companies who advertise on radio and TV about “no closing costs” or “$395 flat fee” are simply lying.

I know for many of you hearing an untruthful advertisement is no great threat, but for…

So on Mad Money last week Jim Cramer, the self-appointed genius stock picker, lost out to Yours Truly when it comes to shorting the home builders. Earnings are coming out this week on a number…

On July 19th, Fed Chairman Bernanke testified before the Senate Banking, Housing and Urban Affairs chaired by Senator Dodd. In the Q and A portion of his testimony, Senator Carper asks Mr. Bernanke about the…

I see a commercial on TV for E-Agent.com.  Maybe you have seen them too…they have a big red circle with a lower case “e” in it.  It seems they are pretty new so don’t let…

Remember this date: August 3rd, 2007. This is the day Jim Cramer melted down right along with the subprime home mortgage market and Bear Stearns. I wrote an article about a month ago on the…

Presidential candidate Hillary Clinton unveiled her “mortgage reforms” on the campaign trail yesterday. You won’t be surprised to hear they are more pandering than problem solving. Her rhetoric was emotionally charged placing the blame specifically…

The subprime mortgage meltdown which started with US Bear Stearns two multi-billion dollar hedge funds going under is now spreading across the pond to Europe where French bank BNP Paribas froze three similar funds (total…

Merrill Lynch yesterday downgraded the stock of Countrywide Home Loans (CFC ticker symbol) and speculated on the analyst call just how they could go bankrupt. First this was irresponsible and reckless on the part of…

With the Fed jumping in on Friday to calm the markets it would be easy to be fooled into thinking the worst of this financial irresponsibility is over…it’s only just begun!

I wrote an article…

The dictionary definintion of a “shill” is: a person who publicizes or praises something or someone for reasons of self-interest, personal profit, or friendship or loyalty. Well, if that’s the definition then that is exactly…

Mortgage banking behemoths Wells Fargo and Countrywide Home Loans are dealing with ongoing and more recent charges of predatory lending. Predatory lending is a moniker usually reserved for the most egregious examples of unscrupulous lending…

I’m constantly getting bombarded with questions about exactly how the meltdown was allowed to happen by readers, reporters, and consumers. So I thought I’d take a minute and explain just how the hedge funds used…

The FTC this week announced a “crack down” on mortgage advertisers who use deceptive language in there solicitations. This comes on the heels of a statement earlier in the summer by Federal Reserve Chairman, Ben…

Fannie Mae’s CEO, Daniel H. Mudd testified before the House Committee on Financial Services today and unveiled a commitment to those subprime borrowers who need new options now that their earlier mortgage decisions are proving to…

Yesterday Merrill Lynch announced it’s first quarterly loss in 6 years with the excuse their subprime mortgage exposure cost them $7.9 Billion, $3 Billion more than expected - marking Merrill’s gut-punch as the “Worst Hit”…

I was interviewed last week by a reporter for the Atlanta Journal Constitution, Bill Torpy, who published an article critical of “no-cost’ mortgage advertisers like Lenox Financial.

The article published on September third in the…

This is another scamming retail mortgage provider: the new home builder mortgage company. These companies are subsidiary mortgage banks owned by the new home builder. They will never broker a loan.

New home builders figured…

Congress passed and the President signed into law recently the tax deductibility of mortgage insurance premiums.

Halleluiah!

This is huge! I know I make a big deal about what most of you would almost surely ignore. The…

President Bush in a press conference yesterday outlined a plan to help subprime borrowers facing upward rate adjustments (and potentially foreclosure because of the rate increases) some hope. Sadly, after a little investigation…it was all…

On Friday, the government unemployment report proves a housing crisis created recession is upon us. A housing crisis triggered recession, sadly, I’ve been predicting for years.

This new unemployment report showed Americans out of work…

Press Play!
When President Bush signed the Economic Stimulus Act into law making jumbo mortgages GSE insurable, he may have unwittingly pushed our GSEs, Fannie Mae and Freddie Mac, already on tilt, over the edge.…

Freddie Mac, a company responsible (along with the other GSE, Fannie Mae) for the sound underwriting standards of conventional, prime mortgages, decided last week to tighten it’s underwriting. This Freddie Mac tightening of underwriting standards…

The housing crash currently in it’s infancy will soon grow up into an economy killing monster that the Federal Reserve has no weapon strong enough to defeat. A housing crash is unlike a stock market…

Larry Kudlow earlier this month stated during an interview with David Walker that the Community Reinvestment Act “created subprime loans”. Larry Kudlow in this interview is really pushing the agenda attempting to help minority groups…

Finally I am getting some support for my long standing prediction the GSE’s, Fannie Mae and Freddie Mac, are on the verge of collapse. Tuesday the New York Time publish an article which I believe…