Joe Grano, a known Wall Street heavy-weight, in an interview on CNBC today calls the recent government solutions to the mortgage and housing crisis “band-aids” and calls for a permanent solution including 50 year mortgages. Joe Grano discussed many reasons and possible solutions to the financial, credit, and housing market instability. The most intriguing for [...]

Treasury Secretary Hank Paulson in a speech today speculates a correction in dropping home prices is only months away. Paulson believes the worst will be behind us “in months rather than years”. Home Inventories Secretary Paulson laid his reasons why he thinks housing price drops will be over soon. He states home inventories of 10 [...]

US GDP and jobless statistics out today are a double whammy for homeowners. US GDP for Q2 reported by the Commerce Department at a 1.9% annual rate below the 2.3% expected. GDP is a measure economists use to determine if the economy is growing or contracting. US GDP Showing Recession Even though the 1.9% shows [...]

A Mortgage Bank is just one type of company you can use to get a mortgage. Some people hear the word bank and automatically think bigger and safer so they would pick a bank over a broker for their mortgage. Mortgage Bank Definition A mortgage bank is a retail mortgage originator that sells loans directly [...]

Bi weekly mortgage payments are another way to pay extra principal and therefore pay down your principal faster. You can do this with a company or by yourself. Biweekly Mortgage Payments Definition A bi-weekly mortgage payment is when you break up their mortgage payment in half and pay it every two weeks instead of the [...]

Financial Title owned by parent company, Mercury Companies Inc. are ceasing operations in California. The Financial Title closings come after another title subsidiary, Alliance Title, closed all California offices in May. According to Jim hailbun, President of United Title of Texas who said in the San Jose Business Journal, “Mercury is closing all of its [...]

United Title owned by Colorado parent company, Mercury Companies Inc. are in trouble again. This time it will mean closing of some Texas offices after a big batch of California closings a few months back. If we remember back in May, Mercury Companies closed title offices in California under the name Alliance Title putting 2,000 [...]

The President signed into law the so called mortgage relief bill, H.R. 3221, which really should be called the Fannie Mae and Freddie Mac Relief Bill. This bill will bring no mortgage relief to anyone other than investors in GSE debt and stock holders. In an AP report, White House spokesman Tony Fratto said, “We [...]

The Housing Economic Recovery Act of 2008 became law today and I am sad to say it will offer no help to consumers, home owners, or foreclosure victims. As with most political solutions to economic events, the new law has more bark than bite. In an interview on Bloomberg (see video below), Thomas Atteberry of [...]