Question by DearAbby: Who is at fault for the Subprime Mortgage Crisis?
I’ve heard opinions that the subprime mortgage crisis is the result of predatory lending, buy more about prostate uneducated borrowers, over-valued homes, and a lack of government regulation. What do you think is the main cause? Are there other causes than the ones I mentioned? How do we avoid this situation in the future?
It sounds like there are a lot of groups to blame, but how do we keep this sort of crisis from recurring?
Best answer:
Answer by Greg S
Basically it is the fault of people loaning money to people that were high risk. And people that couldn’t afford loans taking them anyway. In both cases the root cause is greed.
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Question by Fantasy Dominator: FHA/Ameridream assistance?
Whats the good & bad for these programs? My Husband and I have less then perfect credit so I heard that we should think about these 2 options…opinions? We are in the market for a foreclosed home (As MI tops the list)…for example we seen 1 home that would usually sell for $ 148, sildenafil 000 for $ 72, check 000)–Insane but true.
Best answer:
Answer by Miss V
The first person to determine if you qualify for FHA would be a mortgage lender. FHA’s minimum downpayment may be 3% of the loan which can be added to the loan if you don’t have the cash. Ameridream seems to be a ‘gift’ program that will assist with downpayment assistance however, as with most gift programs, the cost is added to the loan.
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Atlantic Coast Financial Reports First Quarter 2014 Results
-Net income improved to $ 0.2 million or $ 0.01 per diluted share versus a net loss of $ 2.0 million or $ 0.81 per diluted share in the year-earlier quarter. … As John has stated, advice we already have seen a turnaround in earnings and asset quality. It's also …
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BUSINESS IN BRIEF 4/5
… system this year will undergo continuous restructuring. Therefore, site he stated that profits and size cannot be the top priority, but greater emphasis should be laid on risk management and business model streamlining to prepare for a leap in the post …
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Comptroller of the Currency, Federal Reserve System, FDIC Seeks Comments …
The proposed rule would apply to all banks, savings associations, bank holding companies, and savings and loan holding companies (banking organizations) that are subject to the agencies' advanced approaches risk-based capital rules (advanced … Click …
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Student Loan Borrowers' Costs To Jump As Education Department Reaps Huge …
Some White House officials are said to support a student loan refinancing scheme, here proponents said, seek but President Barack Obama has not yet publicly endorsed it. The Education Department, information pills on the other hand, has told some refinancing supporters that a …
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FHA at center of scoring dispute
OMB, the Office of Management and Budget, was decidedly bullish in writing President Barack Obama's new budget and predicted a better than 9 percent earnings rate on FHA premiums. CBO, the Congressional Budget Office, was more cautious at 5.3 …
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BP left exposed as Russia warns of sanctions
The Obama administration has already extended the sanctions blacklist to Rosneft's chairman, Igor Sechin, a former KGB officer and chief architect of Russia's energy strategy. A group of 20 … They must refinance an estimated $ 10bn a month. Chris …
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Disaster in the age of McMansions: America's dangerous addiction to suburban …
A Rockville, medical Maryland, treatment mother who allowed her ten-year-old to take the public bus to school risked an investigation for child abuse. Other parents …. Homeowner associations, pharm once rare outside the wealthy neighborhoods that could bear their operating …
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Homeowners can challenge state's plan to use eminent domain
Q: We are selling our home next month, at which time our FHA mortgage will be paid off. I just read that the FHA will no longer charge us … Benny L. Kass is a practicing attorney in Washington and Maryland. No legal relationship is created by this …
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Homeowners can challenge eminent domain compensation
Q: We are selling our home next month, at which time our FHA mortgage will be paid off. I just read that the FHA will no longer charge us … Benny L. Kass is a practicing attorney in Washington and Maryland. No legal relationship is created by this …
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Question by devon: Can I refinance after bankruptcy? any service related to this?
Best answer:
Answer by falsi fiable
You will need to wait a bare minimum of two years following bankruptcy. However, malady most lenders won’t touch you for at least 5 or more years.
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Question by Mohammad Iqbal: i don’t have cradit and my income 300 dolar a week . can i have 10000-15000 personal loan?
i live in new york
Best answer:
Answer by Go with the flow
Personal loans are extremely hard to get.
You basically have to have long term employment for over a year and sufficient salary.
You do not meet either requirement.
Plus, approved banks do not make personal loans for under $ 3,000.
Anything online you see for this will be a scam.
The online loan scam is so easy to operate a baby could do it.
You’ll see some scammers advertising here later on. Don’t fall for them.
Pawn shops? Any in your are?
You can take stuff you own and get cash for things.
Take your ID, and if the item is of value, expect to be fingerprinted.
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Question by sophie: About buy a house in Florida?
Hello Everyone
I just need some help. My plan for this year its for me to buy a house, approved but before i do i wanna what to look for. Because i don’t wanna get in to something that’s would be to much for me. i want 4 bedroom , ask 2 bath ,and a big space under $ 120,000.00. Is that possible…….help please . And if your can help me look for that house i be so happy. I’m in florida so i wanna find that house in coral springs close to my families. Help make my dream come true please…..God would pay you back.
Thank you for everyone help.
Best answer:
Answer by angela
Go to www.realtor.com and type in Coral Springs Florida for the location. You can also specify 4 bedrooms and 2 baths and put a maximum price of $ 120,000. It will show you anything that is available in that area that meets your criteria.
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Do you mean this year as in 2009 or next year as in 2010. Either way the first thing you need to do is find out what you are able to purchase. This can only be done by getting pre-approved for a mortgage loan through a local mortgage broker or banker. Buying a house is a step by step process, this is the first step. Once this step is taken the others will fall in place for you.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
“FIGHT ON”