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House bill may worsen climate for subprime borrowers
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Vague rules create risk for lenders, higher costs for consumers
Jack Guttentag
Inman News
In the wake of the subprime crisis, the market has turned against all except "cream-puff borrowers" -- those with no weaknesses. The cream-puffs can borrow today on pretty much the same terms as before the crisis. But borrowers with blemishes on their applications are paying much higher prices and face a much higher risk of... |
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House bill targeting payments to brokers unenforceable
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Part 2 of 2: Let borrowers control yield spread premiums
Jack Guttentag
Inman News
(This is Part 2 of a two-part series. Read Part 1.)
YSP abuse, as explained in my first column, arises when mortgage brokers steer borrowers into high-rate loans on which the broker collects a rebate from the lender, without the knowledge of the... |
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Payments to brokers don't always involve 'steering'
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Part 1 of 2: Let borrowers control yield spread premiums
Jack Guttentag
Inman News
(This is Part 1 of a two-part series.)
The Mortgage Reform and Anti-Predatory Lending Act of 2007 (HR 3915) is now winding its way through Congress. According to the bill's sponsor, Rep. Barney Frank, D-Mass, one of its important objectives is to prevent mortgage brokers from steering borrowers into higher-cost... |
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Biweekly payment programs: use lender's or make your own?
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Key factor is whether payments are credited biweekly or monthly
Jack Guttentag
Inman News
"My husband and I get paid biweekly. This year I made sure the mortgage payment was made every other paycheck. Next pay day (Oct. 26) I will be making the December 2007 payment. I figure I will be making one extra payment per year at this pace. My husband wonders whether or not this will really work to our... |
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Analyzing CMG's early-mortgage-payoff program
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Benefits abound with Home Ownership Accelerator
Jack Guttentag
Inman News
Two years ago I wrote a fairly critical piece about CMG Financial's Home Ownership Accelerator (HOA) loan program that did not do it justice. HOA is fairly complicated and this time I took a harder look.
HOA is a permanent mortgage that has some features found only in a demand deposit account at a bank and other features similar to those... |
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