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Watch CBS News Videos Online‘ >Loan Modification Ca Housing Crisis

“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

FREE Mortgage Loan Audit by Trained Attorney’s.  REDUCE YOUR PAYMENTS,  Interest, or Amount you Owe & KEEP YOUR HOME!! Do You want Competent Attorney’s toHOLD Your Lender(s) Accountable for Things they may have did Wrong in your Loan(s) regardless of if your behind or not? That’s Right You do NOT have to be behind to have your Loan Audited for FREE! Are You Behind in Payments? Going Through Foreclosure? Are Your payments, Interest or Loan Balance toHigh? Do you Owe More than your home is worth?Do You Want to keep your Home, but just can’t afford or want tosee if we can lower yourmonthly payments with no Penalties to you?
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Many Loans are Full of Mistakes made by lenders or contain Violations which can make your Lender(s), do one or more of the following: Reduce what you Owe, Adjust your Interest Rate or even lower your payments and STOP Foreclosure!And If you are Not behind But want a FreeAudit to see what, if anything, you can do to save money, WE DO THAT ALSO for FREE!  You have nothing to lose, but tons to gain.
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Has your lender told you that they can not modify your mortgage loan until you are in default?  Don’t let them ruin your credit by falling into this trap..
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Publisher- Michael Kench Uncategorized Amp, Attorneys, Avoiding Foreclosure, California Homeowners, Competent Attorney, Educational Specialist, Email, Facing Foreclosure, Foreclosure, Foreclosures, Free Mortgage, Interest Rate, Lenders, Loan Balance, Loan Documents, Loan Modification, Loan Mortgage, loan-modification-ca, Loans, Los Angeles, Lower Your Payments, Mortgage Attorney, Mortgage Broker, Mortgage Loan, Notice Of Default, Orange County, Principal Balance, Real Estate Investor, Riverside, San Diego, San Francisco, South Bay, Thousands Of Dollars, Truth In Lending, Truth In Lending Act

Home Affordable Refinance rules:

The program applies only to loans that are owned or guaranteed by Fannie Mae or Freddie Mac.

The property must be an owner-occupant of a detached house, condominium, duplex, triplex or four-unit residential property. (Fannie Mae’s and Freddie Mac’s rules may allow exceptions to this rule.)

The borrower must not have made a loan payment more than 30 days late in the last 12 months or missed a payment if the loan was originated fewer than 12 months ago. (If a borrower who was delinquent or have made a payment more than 30 days late during the prior 12 months may qualify for the Home Loan Modification Ca program.)

The new mortgage lien cannot exceed 105 percent of the appraised value of the property.

If the borrower has a second loan, that loan isn’t counted toward the 105 percent limit. The second loan must remain subordinate to the new first mortgage.

The interest rate on the new mortgage will be the current listed market rate.

The borrower may be charged fees, points or other refinancing costs.

The new mortgage home loan cannot have a prepayment penalty or balloon payment tacked on to the end of the loan term.

The borrowers income will have to qualify to afford the new mortgage payments

The existing loan balances will not be reduced and may increase by adding on refinance and escrow fees.

If a borrowers has existing private mortgage insurance, or PMI, will be required to continue that insurance on the new loan.

There will be no PMI or private mortgage insurance on news loans.

A list of participating lenders can be found at the Home Affordable website or you can go to http://homeloanrefinanceonline.info

Documents required for the new home affordable refinance mortgage loan program are as follows.

1. Paycheck stubs, alimony, child support or other income-related documents.

2. Recent income tax return including w-2 statements  for all borrowers.

3. Second and Third loan notes and payment coupons secured by the property.

4. Financial statements-Account numbers, balances and monthly minimum payments on credit cards, student loans, car loans, personal loans and other debts.

5. Mortgage coupon of existing loan

6. Copy of Hazard Insurance declaration page

Important reminder the Home Affordable Refinace program will terminate on June 10, 2010.

Publisher- Michael Kench Uncategorized Alimony Child Support, Balloon Payment, Escrow Fees, Fannie Mae, First Mortgage, Home Loan Mortgage, Income Tax Return, Info Documents, Listed Market, Loan Balances, Loan Modification, Loan Notes, loan-modification-ca, Loans, Mortgage Home Loan, Mortgage Lien, Mortgage Loan Modification, Mortgage Loan Program, Mortgage Payments, New Mortgage, Owner Occupant, Paycheck Stubs, Payment Coupons, Private Mortgage Insurance

How Can A Loan Modification Ca Agreement Help You?

Can a loan modification Ca agreement protect your home from impending foreclosure? The answer is yes, it can. A loan modification takes place when a lender accepts to alter the terms and conditions of your existing loan. The idea is to make the payments reasonable for you so that you can pay off the loan with ease.

Loan modification programs are now being provided by numerous lenders and financial service providers to assist people who are facing foreclosure or experiencing difficulties to get even with their mortgage payments. As a consequence of the present economic scenario, increasing numbers of people are being compelled to search for a means so that they can prevent losing their homes.

A loan modification agreement is not the same as a forbearance agreement. A loan modification Ca agreement works as a solution for borrowers who would not have the capacity to pay off their current loans whereas a forbearance agreement offers relief to the borrowers to solve their short-term financial difficulties.

Federal loan modification programs rework the terms and conditions of your existing mortgage in such a way that it enables you to make reasonable mortgage payments and live in your home. If you became unemployed for a limited period of time, then these programs might incorporate summing up your missed payments at the end of your loan term. 

A reduced interest rate is another type of loan modification. Some years back, a number of activities in the mortgage market were not entirely considered as principled and if you had fallen prey to any of them, you might have a more than usual interest rate. In such a situation, the loan can be adjusted to incorporate a reduced interest rate and as a consequence, a reduced payment.

One more popular type of loan modification Ca program is switching the form of loan that you have. When you have an adjustable rate mortgage, the loan modification company might permit you to switch your existing loan to a fixed rate mortgage. Most probably, you would have reduced payments and the amount of payment would be equal every month and would not vary according to the prime rate.

When you have the risk of losing your home, there are options to prevent foreclosure. You should not hang around searching for a solution to avoid foreclosure and instead go for loan modification.

Publisher- Michael Kench Uncategorized Adjustable Rate Mortgage, Borrowers, Consequence, Economic Scenario, Existing Mortgage, Facing Foreclosure, Federal Loan, Financial Difficulties, Financial Service Providers, Forbearance Agreement, Interest Rate, Lenders, Loan Modification, Loan Term, loan-modification-ca, Loans, Mortgage Loan, Mortgage Market, Mortgage Payments, Period Of Time, Prey, Principled