Credit and Debt Blog

Hundreds of mortgage professionals have been arrested within the past week, with most arrests occurring Wednesday, June 18. According to the FBI, there may be as many as 1,400 additional investigations, which could lead to many more arrests for fraud.

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Holders of adjustable rate mortgages (ARMs) that are facing a reset (dramatic increase) in their rates and monthly payments should consider refinancing with a fixed rate mortgage loan. Actions by the Fed to cut short-term interest rates should hold mortgage rates low for the next several months.

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I hear some people say that credit counseling is just like bankruptcy. Others say that you cannot get a loan if you are on a debt management plan. There is so much incorrect information being discussed, and regrettably, it is often by professional mortgage loan officers and bankers. Let’s bury the hatchet on those old [...]

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Washington Mutual was accused of pressuring home appraisers to provide inflated values. Now New York Attorney General Andrew Cuomo is expanding the investigation to include Fannie Mae and Freddie Mac, who purchased or guaranteed many of these loans. According to Brian Faith of Fannie Mae, “if the examiner determines we own or guarantee mortgages with [...]

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New York Attorney General Andrew Cuomo accused a major real estate appraisal company of colluding with First American and Washington Mutual. The company eAppraiseIT may have been pressured to provide inflated home appraisals, a violation of federal law. His accusations hint at a more widespread practice that would explain the widespread problems in the subprime [...]

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Tired of getting those pre-approved card offers? You may have found that you can opt out of these offers by calling 888-5-OPT-OUT. This works across all 3 main credit bureaus. Some mortgage brokers say that this has another unintended affect. They claim that it can give you a couple of extra points on your credit [...]

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