There’s been a bit of talk in some circles about how new, lower “high balance conforming loan limits” that go into effect on October 1st going to somehow dramatically affect the local housing market (presumably in a bad way). In order to get a sense of scope on how many sales might be affected by…
Tag: banks
Reader Question: Refinancing an Underwater Mortgage?
A reader emailed me with an interesting question about refinancing an underwater mortgage: Do you think I can convince my lender to refinance my underwater 30-year mortgage to an underwater 15-year mortgage? Obviously another lender would have no motivation to take over a bad investment. But arguably it could be advantageous to my lender. They’re…
Have You Given Big Banks the Boot Yet?
With the slimy moves, big fees, and generally anti-customer attitude of big banks, I find myself wondering who bothers with them anymore, and why? Over in the Weekend Open Thread, Pegasus points out a story in yesterday’s New York Times: U.S. Is Set to Sue a Dozen Big Banks Over Mortgages The federal agency that…
Best Place to Stash Some Cash?
With the stock market swinging wildly up and down, real estate prices still falling in many markets, and banks paying basically zero (or worse) on savings accounts, I’m curious what the readers think about where’s the best place to keep one’s cash today. Let’s assume you just want to hold the money and avoid losing…
Mortgage Junk Mail Hall of Shame
Almost as soon as my mortgage was recorded in the public record, I started getting a delightful new breed of junk mail delivered to my home: Mortgage junk. These particularly sleazy companies employ a number of really shady practices in thier mailings, including: Putting the name of my mortgage broker on the envelope Misleading phrases…