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Why 'silent' second mortgages are so risky
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Lenders most likely to be holding the bag
Jack Guttentag
Inman News
The term "silent second" is used to describe self-serving or perhaps fraudulent schemes where house sellers accept second mortgages as part of a sale transaction, without the full knowledge of the first mortgage lender. The "silence" refers to the absence of full disclosure to the first mortgage lender.
The smaller of the frauds arises when... |
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Stricter lending rules impact today's borrowers
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Changes in the subprime market
Jack Guttentag
Inman News
Bad news has been emerging from the subprime market every week, as the trade press reports one lender after another in trouble. As of April 16, 2007, National Mortgage News, a trade publication, counted 32 subprime lenders that had become "defunct" since early 2006.
The good news is that many subprime lenders remain. According to the trade... |
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Adjustable-loan shocker hidden in fine print
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Why doesn't payment rate match interest rate?
Jack Guttentag
Inman News
"I have recently heard advertisements for mortgages with the disclaimer that the 'payment rate is not the interest rate.' How does that work?"
The interest rate is the rate used to calculate the amount of interest the borrower owes the lender each month. The payment rate is the rate used to calculate the amount of the payment the... |
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A new watchdog, better home-loan disclosures
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Part 6 of 6: The bad mortgage
Jack Guttentag
Inman News
(This is Part 6 of a six-part series. Read Part 1, Part 2, Part 3, Part 4 and ... |
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Overcharges run rampant in home loans
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Part 5 of 6: The bad mortgage
Jack Guttentag
Inman News
(This is part 5 of a six-part series. Read Part 1, Part 2, Part 3 and Part... |
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