July 10, 2009
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These no doc loans will probably make a comeback that caters to individuals who do not work traditional jobs where they are stuck for 10-20 years going through the same routines. If you are a freelancer and know how to tax-shelter lots of money, then these types of loans are great to help you on the road of home ownership.
http://www.businessinsider.com/mortgage-bankers-bring-back-the-no-doc-loan-2009-7
A different take on no documentation mortgage loans. A mortgage product that encourages fraud by all parties?
http://market-ticker.org/archives/1199-Mass-Mortgage-Fraud-Is-Coming-Back.html
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Government insured mortgage loan applications higher than private mortgage applications as borrowers see easier access to loans that have less down payment requirements. Generally if you qualify for a government loan, it is always the better deal as private lenders are looking to make the extra buck.
http://www.bloomberg.com/apps/news?pid=20601103&sid=auNBuE3UfkQ4
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Fund managers put in $500 million, and can instantly double their money interest free to $1 billion to play the treasury market. Really amazing game to play if you can raise that kind of cash. It is a win win situation for the fund managers who will be taking managing fee right off the top from taxpayer money just for matching the funds.
Unfortunately, if you are working class, you will not be able to participate in this game where the rich gets richer.
http://www.bloomberg.com/apps/news?pid=20601087&sid=agt0DDxEov6g
Government page with full details pertaining to the PPIP program.
http://www.financialstability.gov/roadtostability/publicprivatefund.html
July 9, 2009
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Tulare County is not one of the lucky areas that come out of the mortgage crisis with a faster recovery. Instead figures from Corelogic shows a near double compared to the same period last year. This trend is still common across the country.
http://www.visaliatimesdelta.com/article/20090709/NEWS01/90709023/Foreclosures++mortgage+delinquencies+up+in+county
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Fir Tree raised $400 million from investors to invest in mortgage securities that may have undiscovered long term value. The fund will ride out short term swings as the mortgage market stabilizes. Maybe some D rated mortgage back bonds are really AAA rated. Only time will tell.
http://online.wsj.com/article/BT-CO-20090709-716890.html
