I received tips from two different people in the last few days about a recent change in FHA underwriting standards announced in a letter titled “Back to Work – Extenuating Circumstances” Quoting from the letter: As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable…
Tag: lending
$75K Home Was Mortgaged for Nearly Half a Million in 2007
I like to keep tabs on what’s going on in my neighborhood, and when a little house a block away was listed for rent on Craigslist (screenshot) this week, I remembered seeing it as a foreclosure on the market for sale last year. I got a little curious to know some more about this home’s…
Would demand exist for discounted stricter mortgages?
I received this interesting suggestion from a reader via email a while ago: As a reader, I’m curious what the last 5 years worth of foreclosure/loan modification programs have cost loan originators, and how much of that has been baked into interest rates as a cost of doing business (and/or would be without nearly-free money)….
Short Sales: What happens when the seller’s lender doesn’t provide a forgiveness letter for the deficiency?
A word from The Tim: This post is from long-time Seattle Bubble participant Tim Kane (a.k.a. “S-Crow”). With short sales becoming more common every month in the Seattle area, I think Tim has struck on an interesting topic that not many other people are talking about. We already know what a hassle short sales can…
Four More Washington Banks on the Unofficial Problem Bank List
Calculated Risk’s Unofficial Problem Bank List continues to increase in size, with the latest update including 576 banks across the country. This update added four more Washington State banks to the list: American Marine Bank in Bainbridge Island, Pierce Commercial Bank in Tacoma, The Bank of Washington in Lynnwood, and Viking Bank in Seattle. The…