More woes for the sub-prime mortgage market :: What it means for investors
Earlier this month I commented on how players in the sub-prime market were taking a beating.
Why I’m annoyed with USAA
I’ve been a USAA member for seventeen years, since I was a junior at West Point (USAA is the financial institution dedicated to serving our Armed Forces).
A new image for the Real Estate Bubble?
Okay, here’s a new way of looking at things: perhaps irrational exuberance isn’t the bane that we thought it was. Okay, maybe investors took a financial bath by loading up on tulip bulbs back in the 1600’s or shares of pets.com in the 1990’s - but hey, they were contributing to the greater good!
“Subject To” Real Estate Investing
I have heard a lot lately about “Subject To” real estate investing. “Subject To” is when you purchase an investment property subject to existing financing. The seller keeps the current loan on the property in place and a separate agreement is signed to make it available to the investor and eventually the buyer’s use.
Time is ripe for Houston investors…
…how’s your market?
From time to time I contribute pieces to publications on investing in real estate.
Massachusetts announces a new hurdle in the foreclosure process
Yesterday Massachusetts became the first state to take an aggressive move in blocking foreclosures when Governor Deval Patrick announced measures to protect homeowners facing foreclosure.
More News on Subprime Lending
Citigroup, the largest bank in the United States, announced today that earnings fell about 60% from last year at this time due largely to losses sparked by the U.S. subprime mortgage mess. Citigroup will write down loans estimated at $1.3 billion on subprime related assets.
Exactly what does this mean? For the consumer, not great news. Subprime lending is being blamed for the unprecedented surge in foreclosure activity around the U.S., partially responsible for the drop in consumer confidence. Countless media commentary is advising average homeowners not to buy a new home for at least a year. If you have your house on the market, expect to cut your asking price significantly if you want to sell your home.
Buying with zero cash down. Is it really possible?
The first time you see the ad Scotia Bank 100% Mortgage Program, you may ask yourself…What’s the catch?
Perhaps Scotia Bank still requires the 20% down, but gives you the option of a line of credit?
OR…they really offer to finance you 100% BUT with rates a lot higher than the regular mortgages?
Mortgage reform will impact investors in more ways than one
Much has been written on the ongoing push for legislation to protect consumers in the wake of the unfolding sub-prime collapse.
New Century Mortgage throws in the towel
It seems a bit anticlimactic now, but New Century Mortgage Corporation have declared bankruptcy according to an announcement today on their website.