February 2009

Prices Still Declining

Posted on Saturday, February 21, 2009

The S&P/Case-Shiller home-price index show no area experienced year-over-year price gains, the eighth straight month that has happened. Phoenix, Las Vegas and San Francisco continued to lead decliners, with year-to-year drops over 30%. In 20 major metropolitan areas, home prices dropped 18.2% from t...

Issues of the Top of Mortgage Servicer's Minds...

Posted on Wednesday, February 18, 2009

At a recent (Feb 17 to 20th) conference and expo held in Tampa, Florida by the Mortgage Banker's Association for national mortgage servicing companies, the topics for discussion included; Servicing government loans Mortgage litigation;current trends and issues Loan level analytics Next generat...

The Problem With Modifications

Posted on Wednesday, February 18, 2009

Many borrowers are defaulting on newly modified loans. Some call modifications a band-aid approach. 1.A BIG LOAN BY ANY NAME IS STILL A BIG LOAN. A modification addresses mortgage loan terms such as the interest rate and amortization period. A modifications to reduce principal are still rare...

Thoughts on Reforming the Mortgage Industry

Posted on Tuesday, February 17, 2009

FIX THE MORTGAGE BUSINESS Borrower/Broker Education Develop a true borrower/even broader financial education program that actually teaches and benefits originators to send customers to. Require objective financial teacher to approve loan too/provide incentive to borrower if this person approv...

Shar of Income, Taxes by Income Class

Posted on Tuesday, February 17, 2009

2000 2005 Income Class Share of Income Share of Income Taxes Share of Federal Taxes Share of Income Share of Income Taxes Share of Federal Taxes Top 1% 17.8 36.5 25.5 18.1 38.8 27.6 Top 5% 30.7 56.2 41.4 31.1 60.7 43.8 Top 10% 40.6 67.7 52.2 40.9 72.7 54.7 Bottom 40% 12.6 -0.5 5...

Minimum Income By Class

Posted on Tuesday, February 17, 2009

Income Class Minimum Income (Calendar year 2000) Minimum Income (Calendar year 2005) Top 1% $581,800 $615,500 Top 5% 245,600 252,600 Top 10% 181,400 184,800 Top 60% 60,600 61,000 Note: Minimum income is for 4-person household measured in inflation-adjusted 2005 dollars. Source: Congression...

Percent of Loans in Default and Foreclosure

Posted on Tuesday, February 17, 2009

By the end of 2008, slightly more than 9 percent of all mortgages in the United States were either delinquent or in foreclosure, according to the Mortgage Bankers Association. The number of loans in foreclosure hit a new record of 2.3 million last year, more than double the volume in 2006, and indus...

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