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“We had the greatest asset bubble in history and now that bubble is bursting. The single biggest piece of the bubble is the U.S. mortgage market and we’re probably about halfway through the unwinding and bursting of the bubble,” Tilson explains. “It may seem like all the carnage out there, we must be almost finished. But there’s still a lot of pain to come in terms of write-downs and losses that have yet to be recognized.”

In 2007, Tilson teamed up with Amherst Securities, an investment firm that specializes in mortgages. Amherst had done some financial detective work, analyzing the millions of mortgages that were bundled into those mortgage-backed securities that Wall Street was peddling. It found that the sub-primes, loans to the least credit-worthy borrowers, were defaulting. But Amherst also ran the numbers on what were supposed to be higher quality mortgages.

“It was data we’d never seen before and that’s what made us realize, ‘Holy cow, things are gonna be much worse than anyone anticipates,’” Tilson says.

“The defaults right now are incredibly high. At unprecedented levels. And there’s no evidence that the default rate is tapering off. Those defaults almost inevitably are leading to foreclosures, and homes being auctioned, and home prices continuing to fall,” Tilson explains.

“What you seem to be saying is that there is a very predictable time bomb effect here?” Pelley asks.

“Exactly. I mean, you can look back at what was written in ‘05 and ‘07. You can look at the reset dates. You can look at the current default rates, and it’s really very clear and predictable what’s gonna happen here,” Tilson says.

“How big is the potential damage from the Alt As compared to what we just saw in the sub-primes?” Pelley asks.

“Well, the sub-prime is, was approaching $1 trillion, the Alt-A is about $1 trillion. And then you have option ARMs on top of that. That’s probably another $500 billion to $600 billion on top of that,” Tilson says.

Source: 60 Minutes

Publisher- Michael Kench Uncategorized Amherst, Array, Borrowers, Carnage, Cbs, Cbs News, Detective Work, Investment Firm, Loan Modification, Loans, Losses, Mortgage Backed Securities, Mortgage Market, Mortgage Meltdown, Mortgage News, Mortgage Online, Online Loan, Primes, Quality Mortgages, Tilson, Wall Street

Home Affordable Modification Program

President Obama’s Mortgage Modification Program - Do You Qualify?
Published by mortgageloanmodification October 15th, 2009 in Finance.
Obama’s $75 Billion Modify Mortgage program can seem like a dream come true for many people who are at risk of losing their biggest investment - their home. But how do you know if you even qualify?
Even if you’ve been turned down by your bank in the past, you can still apply for this San Diego mortgage modification program. If you are two or three payments behind, or you foresee financial hardship in the near future, you can apply and get your mortgage payment reduced.

Here are the basic guidelines you need to adhere to in order to qualify for the mortgage loan modification plan:

The home that you live in must be your primary residence
Your total mortgage balance must be less than $730,000
Your monthly payment must equal 31% or more of your total monthly income.
Your mortgage must have commenced before January 1, 2009
Check If You Qualify.
You will obviously have to provide proof of your income and expenses in order to be considered for Obama’s Mortgage Loan Modification plan. Make sure you have all your documents, tax receipts, copies of bills, etc. to make your San Diego Ca Mortgage application. This is an extremely important step, as every applicant will be approved on a case-by-case basis.

Interested homeowners are encouraged by the U.S. Treasury Department to apply for Obama’s Home Loan Modification Plan and lenders are expecting a surge of applicants. There is no cost to apply, but it is advisable to take some time and learn everything you can about the process and what you can do to increase your chances of being accepted.

One way to increase your chances of being approved is to download The Complete Mortgage Loan Modification Guide. For a minimal charge, you will be guided step by step on what you need to do to apply, how to fill out the necessary forms, calculate your debt ratio and putting everything together in a professional looking package that you can take to your lender. This is your chance to get back on the path to financial independence.

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Source Pcql.com

Publisher- Michael Kench Uncategorized Case Basis, Complete Mortgage, Debt Ratio, Financial Hardship, Home Loan, Interested Homeowners, January 1, Lenders, loan-modification-ca, Minimal Charge, Mortgage Application, Mortgage Balance, Mortgage Loan, Mortgage Loan Modification, Mortgage Loans, Mortgage Mortgages, Mortgage Payment, Mortgage Program, San Diego, San Diego Ca, San Diego Ca Mortgage, san diego mortgage, Tax Receipts, Three Payments, Treasury Department, U S Treasury, U S Treasury Department