Friday, November 2, 2007
Wednesday, October 17, 2007
Foreclosures USA a Nationwide Problem
High risk sub-prime mortgages were made in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to more affluent suburban areas.
A report by The Wall Street Journal indicates that from 2004 to 2006, when home prices reached record highs in many parts of the country, more than 2,500 banks, thrifts, credit unions and mortgage companies made a combined $1.5 trillion in high-interest-rate loans. Most sub prime loans, which are extended to borrowers with sketchy credit or stretched finances, fall into this basket.
While sub-prime mortgages may have typically been thought of as an offering to those with low incomes or spotty credit the actual data contradicts common assumptions. High rate lending also rose sharply in middle class and wealthier communities as well. Many saw the mortgage packages offered as an answer to rising prices.
Wlth real estate prices rising, aggressive lending, and relaxed credit standards many got into homes that they really could not afford thinking that they could sell or refinance later. Now, with prices failing and credit tightening many are ready to walk away from their homes as they face foreclosure.
Adding to the problem many were offered second mortgages or piggyback loans that were used to cover down payments.
Loans to speculative real estate investors have added to the problem as well such properties are at a higher risk than a primary residence.Believe it or not many current renters are in danger of foreclosure as eager investors can no longer make payments.
Due to the fact that many lenders were not required to report pricing details until 2004 many may not know that they are in potential trouble. With billions of adjustable loans set to adjust thru 2008 there seems little end in sight.
How to Help Solve the Foreclosure Problem<
Wednesday, October 10, 2007
Mortgage job losses on the Rise....
Mortgage industry layoffs rose Wednesday and have jumped dramatically of late as surging home foreclosures and a credit squeeze force home lenders across America to scale back business.
Ailing mortgage companies have announced thousands of job cuts in recent weeks as the slump afflicting the industry has worsened and funding for fresh home loans has become harder to obtain.
Accredited Home Lenders Holding Co., based in California, became the latest mortgage firm Wednesday to unveil job losses, saying it was cutting 1,600 jobs due to the "ongoing turmoil" sweeping the industry.
The company specializes in subprime mortgages, or home loans granted to people with patchy credit. Subprime loans make up the majority of troubled property loans resulting in foreclosure.
John Challenger, the chief executive of Challenger, Gray Christmas, a private firm that monitors America's job market, said over 11,000 layoffs have been announced since Friday, including employment losses at financial companies impacted by housing- and credit-related woes.
"What's remarkable about these job cuts is just how quickly they've come. Many of these companies have just turned on a dime," Challenger said.
He compared the job losses roiling the mortgage industry to technology industry layoffs after the dot.com bubble burst in 2000, and other deep job cuts during the 1991-1992 recession.
Employment losses sweeping the mortgage industry have accelerated rapidly this month.
Arizona-based First Magnus Financial, a national mortgage lender, filed for bankruptcy.protection late Tuesday after informing almost 6,000 staff they had lost their jobs.
Capital One Financial Corporation, a big bank and loan company based in northern Virginia near Washington, said Monday it was closing down a mortgage business it operates with the loss of 1,900 jobs.
American Home Mortgage Investment Corp., one of America's biggest mortgage companies, announced around 6,000 job losses on August 3 before filing for bankruptcy protection three days later.
The company cited the "extraordinary disruptions" that have swamped the housing and mortgage markets in recent months.
On a smaller scale, Wall Street investment bank and broker Bear Stearns cut 240 positions in its mortgage business this month.
Other redundancies have also occurred at General Electric Co.'s mortgage firm, WMC Mortgage, and at HR Block Inc.'s mortgage business this year.
Countrywide Financial -- America's biggest mortgage firm -- is also trimming its headcount.
The job cuts picked up this month after several Wall Street banks endured multibillion-dollar trading losses in mortgage-backed securities.
The trading losses triggered fears about the financial health of the multitrillion-dollar mortgage industry and led panicked investors to shun mortgage-backed securities.
The financial scare, which also sparked volatile moves on US and global stock markets, has led banks to tighten their lending standards making it harder for mortgage firms to access fresh funds.
Rising home foreclosures, which some estimates suggest have topped one million properties so far this year, have also added to the mortgage industry's woes.
But Challenger said there could be a silver lining in the cloud for laid-off workers, noting that mortgage firm layoffs are spread across America and not hitting just one city or state.
"Unemployment has been steady at between 4.4 and 4.6 percent for almost a year now ... near full employment which will help to absorb these job losses," he said.
I found this interesting, as the current market will likely get worse before it gets better. One friend I have in the mortgage business, who is working at a golf course. There will be people who face foreclosure and just need a little help. Current or former mortgage brokers might consider looking at the loss mitigation industry to help others and themselves. It might be something they had not thought of, but certainly worth looking at. It sure beats waiting tables.
New Job Opportunities for Mortgage Brokers
Ailing mortgage companies have announced thousands of job cuts in recent weeks as the slump afflicting the industry has worsened and funding for fresh home loans has become harder to obtain.
Accredited Home Lenders Holding Co., based in California, became the latest mortgage firm Wednesday to unveil job losses, saying it was cutting 1,600 jobs due to the "ongoing turmoil" sweeping the industry.
The company specializes in subprime mortgages, or home loans granted to people with patchy credit. Subprime loans make up the majority of troubled property loans resulting in foreclosure.
John Challenger, the chief executive of Challenger, Gray Christmas, a private firm that monitors America's job market, said over 11,000 layoffs have been announced since Friday, including employment losses at financial companies impacted by housing- and credit-related woes.
"What's remarkable about these job cuts is just how quickly they've come. Many of these companies have just turned on a dime," Challenger said.
He compared the job losses roiling the mortgage industry to technology industry layoffs after the dot.com bubble burst in 2000, and other deep job cuts during the 1991-1992 recession.
Employment losses sweeping the mortgage industry have accelerated rapidly this month.
Arizona-based First Magnus Financial, a national mortgage lender, filed for bankruptcy.protection late Tuesday after informing almost 6,000 staff they had lost their jobs.
Capital One Financial Corporation, a big bank and loan company based in northern Virginia near Washington, said Monday it was closing down a mortgage business it operates with the loss of 1,900 jobs.
American Home Mortgage Investment Corp., one of America's biggest mortgage companies, announced around 6,000 job losses on August 3 before filing for bankruptcy protection three days later.
The company cited the "extraordinary disruptions" that have swamped the housing and mortgage markets in recent months.
On a smaller scale, Wall Street investment bank and broker Bear Stearns cut 240 positions in its mortgage business this month.
Other redundancies have also occurred at General Electric Co.'s mortgage firm, WMC Mortgage, and at HR Block Inc.'s mortgage business this year.
Countrywide Financial -- America's biggest mortgage firm -- is also trimming its headcount.
The job cuts picked up this month after several Wall Street banks endured multibillion-dollar trading losses in mortgage-backed securities.
The trading losses triggered fears about the financial health of the multitrillion-dollar mortgage industry and led panicked investors to shun mortgage-backed securities.
The financial scare, which also sparked volatile moves on US and global stock markets, has led banks to tighten their lending standards making it harder for mortgage firms to access fresh funds.
Rising home foreclosures, which some estimates suggest have topped one million properties so far this year, have also added to the mortgage industry's woes.
But Challenger said there could be a silver lining in the cloud for laid-off workers, noting that mortgage firm layoffs are spread across America and not hitting just one city or state.
"Unemployment has been steady at between 4.4 and 4.6 percent for almost a year now ... near full employment which will help to absorb these job losses," he said.
I found this interesting, as the current market will likely get worse before it gets better. One friend I have in the mortgage business, who is working at a golf course. There will be people who face foreclosure and just need a little help. Current or former mortgage brokers might consider looking at the loss mitigation industry to help others and themselves. It might be something they had not thought of, but certainly worth looking at. It sure beats waiting tables.
New Job Opportunities for Mortgage Brokers
Tuesday, October 9, 2007
Foreclosures Spreading Nationwide.
Over 45,166 homeowners filed bankruptcy to stop their home from going into foreclosure in the last 30 days across the U.S.
Listed Here are the top 20 cities with the most bankruptcy filed in
the last 30 days. Many of these will be heading into foreclosure soon.
City - Count - Total Percentage
Atlanta - 2377 - 4.31%
New York City - 2088 - 3.79%
Chicago - 2049 - 3.72%
Detroit - 1994 - 3.62%
Los Angeles - 1842 - 3.34%
Memphis - 1718 - 3.12%
Cleveland - 1440 - 2.61%
Dallas - 1332 - 2.42%
Indianapolis - 1163 - 2.11%
Philadelphia - 1120 - 2.03%
Birmingham - 1024 - 1.86%
St Louis - 983 - 1.78%
Nashville - 856 - 1.55%
Denver - 832 - 1.51%
Tampa - 818 - 1.48%
Miami - 655 - 1.19%
Houston - 635 - 1.15%
Milwaukee - 628 - 1.14%
Columbus - 622 - 1.13%
Las Vegas - 610 - 1.11%
Given these widespread foreclosures and bankruptcies,
Can YOU See the Opportunity to help people by Learning How To Become a Foreclosure Loss Mitigation Consultant
Listed Here are the top 20 cities with the most bankruptcy filed in
the last 30 days. Many of these will be heading into foreclosure soon.
City - Count - Total Percentage
Atlanta - 2377 - 4.31%
New York City - 2088 - 3.79%
Chicago - 2049 - 3.72%
Detroit - 1994 - 3.62%
Los Angeles - 1842 - 3.34%
Memphis - 1718 - 3.12%
Cleveland - 1440 - 2.61%
Dallas - 1332 - 2.42%
Indianapolis - 1163 - 2.11%
Philadelphia - 1120 - 2.03%
Birmingham - 1024 - 1.86%
St Louis - 983 - 1.78%
Nashville - 856 - 1.55%
Denver - 832 - 1.51%
Tampa - 818 - 1.48%
Miami - 655 - 1.19%
Houston - 635 - 1.15%
Milwaukee - 628 - 1.14%
Columbus - 622 - 1.13%
Las Vegas - 610 - 1.11%
Given these widespread foreclosures and bankruptcies,
Can YOU See the Opportunity to help people by Learning How To Become a Foreclosure Loss Mitigation Consultant
Foreclosure Consultants Needed For Loss Mitigation
If you have been paying attention, you know that a record percentage of U.S. homeowners are facing foreclosure and many more are falling behind on monthly house payments. Foreclosures and mortgage delinquencies number in the millions. According to reports, consumer debt, foreclosures, bankruptcy filings and mortgage delinquencies are higher than at any other time in history. Families are losing their homes at record rates, and experts are predicting higher numbers this year. The only viable option for most of these homeowners is loss mitigation.
The Loss Mitigation / Foreclosure Industry needs your help! The foreclosure problem is spiraling out of control across America due to interest rate increases that are causing Adjustable Rate Mortgage (ARM) payments to rise by 30%, 40% and as high as 50%. The other major causes are Predatory Lending and American jobs are still continuously being outsourced to other countries. National mortgage defaults and Foreclosures statistics are at 30 year highs and rising rapidly.
Loss Mitigation is the art of helping delinquent homeowners, in or close to foreclosure, to save their home. How? By representing them and negotiating on their behalf with the lender; using government and non-government programs and regulations, and other proprietary techniques to resolve the delinquency and keep them in the existing mortgage and home. Our vision is to provide homeowners in every city across America with an ethical, effective alternative to foreclosure and home loss.
Our flagship product is the Loss Mitigation Consultant Program, called LMC for short. This one-of-a-kind, step-by-step educational program is designed to give you the training, support, tools and resources you need to become a successful Loss Mitigation consultant.
Loss Mitigation Consultants can generate income utilizing our multiple income stream strategies while learning to become a Certified Loss Mitigation Consultant.
We provide the finest training and marketing tools, resources and live support. We don't just give you an opportunity and leave you alone to stumble along.
Our program is designed for people with no experience in sales, financing, real estate, marketing, business or consulting. This program was developed by experts to provide the training, and other tools other programs do not provide.
Loss Mitigation is the tool to get you in the front door of Real Estate Investing. Yes, this can be a very lucrative opportunity. Here's the bottom line. We have genuine products and services that help people. We help people like you earn a lucrative income and Together, We help families across America save their homes.
Continue to the link to learn More
www.Foreclosure Consultant.biz
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