I really need good options on how to refinance a home mortgage with negative equity. Currently my mortgage wont allow me a refinance. Any options on what i could do?
Sorry, there are no options. None.
How to refinance a home mortgage with negative equity?
Can someone explain the following terms: subprime mortgage bond, credit default swap, and shorting?
I would appreciate simple definitions/explanations for each. I have read the Wiki articles, but I am still a bit confused. I understand that in subprime mortgages the borrowers do not have a strong credit histories. However, I do not understand what exactly subprime mortgage bonds are, or why people used to buy so many of them.
I’ll try to keep it simple…(had to edit original post)
Subprime mortgage bond, aka a Mortgage Backed Security (MBS): Lenders or holders of subprime mortgages "pool" a large number of these mortgages together and then sell off "interests" in the pool in the form of bonds, that pay principal and interest based on the cash flows from the "underlying" mortgages. Since the subprime mortgages themselves (the "underlyings") often were made at higher interest rates than other credit-worthy borrowers’ loans, the bond payments reflected these higher rates and were thus more attractive to investors (who could tolerate risk) than "regular" MBSs. Sometimes the bonds (represented / backed by the pool of loans) were split into what’s called "tranches" (pronounced "traunch"). For example, the 1st tranche would have priority of payments and would thus sell at a relatively low interest rate (because of the priority of claim, they were the less risky tranche). The second tranche would be second in line to receive payments, and thus riskier and thus they demanded a higher rate of interest be paid to the investor. A third tranche (say out of three tranches total) would be last in line to receive payments – the riskiest tranche, and thus an even higher interest rate must be paid (nearly junk bond rates). These tranches, depending on how the bond is set up, could involve an ownership interest in just interest payments, principal and interest payments, or just principal payments. This leads us to WHY they were bought – often for yield, sometimes for security (as in owning the first tranche), and sometimes to "match" an investors cash flow needs on a "timing" basis (i.e. receive payments to time with bills that needed to be paid). Wall Street got even more creative with MBS. As an example, lets say Firm C bought several 1st tranches from many different issues of the MBSs (pools of mortgages). They then might "pool" all the tranches they owned and create another investment vehicle – a pool of portions of pools -> a Collateralized Debt Obligation (CDO), and then sell off interests in THAT pool of portions of pools, and so on. An additional "reason" they were purchased was that investors believed that despite the poor underlying credit quality, they believed housing prices would continue to rise and that even if a borrower defaulted, they could re-coup their money when the "manager" of the MBS foreclosed and re-sold the house. As we know now, that was a bad assumption. Additionally, they perceived that there was less risk in owning a $1m portion of a pool of mortgages than owning one $1m mortgage. (Also, the ratings agencies – i.e. Moody’s, Standard & Poors, improperly gave these MBS very good ratings (especially the lower # tranches) because the default risk was spread out, and they did not look at the credit-worthiness of the underlying borrowers. These "false" ratings helped to create a strong market for these investments.)
CDS – Say Party A owns $10m in mortgages – buys a CDS, pays say 50 basis points ($50,000 a year) to “insure” against a default, from Party B. If the loans default B pays A the face amount of the mortgages or just the default amount depending on how the contract is written. Party B can then hedge its exposure by entering into a CDS with another party, and so on.
Shorting: A way to profit from the decrease in a stock price. A borrows B’s stock (say for 2 weeks, A pays B a small fee) and sells it to C, say at $100, hoping that the price will go down. Say stock price in 2 weeks is $95. A buys the stock at $95 and gives it back to B. A has just made $5($100 – $95), less the small fee. If the stock price increases above $100, say $120, A loses money ($100 – $120 = -$20).
Is it better to work with a housing counselor or directly through mortgage lender for modification?
My lender is taking forever and asking for documents over and over, I feel like I"m getting the run around sometimes. Is it better to be working with them or through a housing counselor I get letters from in the mail? Or ideally a lawyer but I can’t afford one. I’m in foreclosure and want to save my house by getting my payments lowered. My mortgage balance is higher than what my house is worth so selling is not an option. I feel stuck.
i suggest trying a modification company like National Association of Homeowner Advocates. they helped me get a loan modification when BoA kept giving me the same run around BS that your lender is giving you as well. call them up at 888 954 6736 and see what your options are. good luck
The ‘Best’ Mortgage Rates?
Should shopping for the “best rate” really be your #1 objective anymore? Everybody can offer “the lowest rate” but where will that leave you in a few years when your term is up? Visit www.therobcampbell.com/rate to find out what you should REALLY be shopping for.
Duration : 0:2:29
The Application Process for a Home Mortgage in MN
The application process on how to get pre-approved for a mortgage when you are applying for a mortgage.
Duration : 0:3:7
Financial Crisis Explained Subprime Mortgage
Jp4kerosinahttp://gdata.youtube.com/feeds/api/users/jp4kerosinaEducationFinancial, Crisis, Explained, Subprime, Mortgage, YouTubeFinancial Crisis Explained Subprime Mortgage
Duration : 0:7:44
Banks Commence Wholesale Unsolicited Mortgage-Debt Forgiveness-Zerohedge.com
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I have had it with the way the world is beginning to turn out. The more thing “change” the more they stay the same. If we are to survive as an intact species real-authentic change must occur and that starts simply with the individual whose thoughts & actions will reflect into society and begin to change the whole of humanity, but not before the individual changes themselves. Saying, “I believe” or “I am born again,” or “I am Saved,” is no longer enough we need more then professions by lips. We need actions and change that is permanent, not fleeting and flees at the 1st sign of difficulty or temptation.
The goal of my work is as follows:
1. Shatter the Left/Right paradigm by dismissing any remaining doubt that there is a difference between Democrats/Republicans. They have successful run a train on the American people by playing the old good cop/bad cop routine for years. One side will run as far towards tyranny as the people will allow, only to “Hand the Baton Off” to the other on the far side of the elections.
2. Shatter the paradigm that the Constitution never was relevant & now that the “president” can unilaterally declare a US citizen a terrorist, order his assassination, without judicial review, legislative oversight, or administrative appeal. This is proof that the 5th & 14th Amendment right to life liberty, & property reads as void, and no constitution is worth anything, if one is not alive to enjoy its restraint of the state, period.
3. Shatter the paradigm that we have a functional court/justice (JUST-US) system in the US.
5. Shatter the paradigm that the “Republic” is able to be saved. Sorry folks there never was a republic, so it is beyond being saved by Democrats, Republicans, Tea Party Patriot, Truthers, Constitutionalists, etc… It was never ours to begin with:
“But, indeed, no private person has a right to complain, by suit in court, on the ground of a breach of the Constitution. The Constitution, it is true, is a compact, but he is not a party to it. The States are the parties to it. And they may complain. If they do, they are entitled to redress. Or they may waive the right to complain.”
-Padelford, Fay & Co. vs. The Mayor and Aldermen of the City of Savannah. 14 Georgia 438, 520
The Constitution was ordained and established by the people of the United States for themselves, for their own government, and not for the government of the individual States…The people of the United States framed such a government for the United States as they supposed best adapted to their situation and best calculated to promote their interests.
-John Barron v The Mayor and City of Baltimore 32 U.S. 243 (1833)
7. Shatter the paradigm that if we can just get rid of the bad guy, even if we have to use violence, everything is going to be good. It is an incontestable fact that one become the polar opposite of what they resist to the degree that they hate the object of their scorn. Being consumed with hatred for someone trying to take your freedom is the mirror, exact in every way (but opposite of, think the left hand is the mirror image of the right, but they are not the same) of someone trying to fight for freedom. One is fighting to impose the freedom of the state, the other trying to impose the freedom over the state. There will never be a victory in opposition. The only victory will come in synthesis, and transcending the illusory of duality. For more information please see: http://gnosticteachings.org/
Lastly, I wanted to decode the number 666.
In tarot the 6th Major Arcana is Indecision. We have 3 main centers of consciousness in the body, the head, the heart, and the sex. We have filthy minds, filthy hearts, and filthy sexual drives. We have not made the decision to be true to our higher self. As such, we have 6 in the head/mind, 6 in the heart/emotion, and 6 in the sex/sexual impulse.
For more information on this, and more than can be covered in a lifetime visit:
http://gnosticteachings.org/
Together we can make a change.
Together we can make a difference.
Duration : 0:3:49
Rage Against the Machine “Killing in the Name Of” (Housing Bubble Crisis) Parody
The economic bubble in the housing market can’t be blamed on one group alone. Most American’s got greedy starting with the banks, wallstreet, underwriters, and even down to “Joe the Plumber”.
Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of now even. On December 30, 2008 the Case-Shiller home price index reported its largest price drop in its history. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets.[2] In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble “the most significant risk to our economy.”
-Music arranged and performed by the “Domenator”
for music services please email domenator@me.com
LYRICS:
Some of those up in this nation, caused the housing deflation.
Some of those up in this nation, caused the housing deflation.
Some of those up in this nation, caused the housing deflation.
Some of those up in this nation, caused the housing deflation.
Huuuuuuu!
Buying in the name of
Buying in the name of
You got a sub-prime mortgage
You got a sub-prime mortgage
You just bought when they told ya
You just bought when they told ya
You got a sub-prime mortgage
You got a sub-prime mortgage
You just bought when they told ya
You just bought when they told ya
You got a sub-prime mortgage
You got a sub-prime mortgage
You just bought when they told ya
You just bought when they told yaaaaaaaaaa
Fannie mae and freddy mack, they’re holding you down while they’re your crack.
You’re sportin a frown, upside down, and the banks got your money they’re jumpin’ around.
Franklin Raines he cooked the books, took his gains and got off the hook.
Underwriters didn’t look, from lenders to Wall Street they’re all crooks.
Some of those up in this nation, caused the housing deflation.
Some of those up in this nation, caused the housing deflation.
Some of those up in this nation, caused the housing deflation.
Some of those up in this nation, caused the housing deflation.
Huuuuu!
Buying in the name of
Buying in the name of
You try to keep your composure
But youre under foreclosure
and you wait for your bailout,
but you cant get your mail out (repeat 3x)
Now you’re under control…..
Countrywide n’s Wallstreet guys, ain’t only to blame you’re part of the pie.
You couldn’t buy, no money supply, how did you think you could even apply?
no money down, adjustable rates, how can you sit there and not carry weight.
dont just hate, those bank rates, you’re also part of this great debate.
You’re schmucks, too, and you all just smell o’ greed. (repeat)
Duration : 0:3:9
Service First Mortgage-Thomas L Holyfield Longview TX Loans
Your home ownership dreams can become a reality with Thomas L Holyfield and Service First Mortgage in Longview, Texas. A local company run by local folks, they give each and every client personalized attention, and stand by their side through every step of their mortgage process.
Visit us http://www.yellowpages.com/info-451988613/Service-First-Mortgage-Thomas-L-Holyfield?from=youtb
Duration : 0:1:13
Mortgages : How to Become a Mortgage Broker
A mortgage broker is a person who basically brokers a loan between a lender and a borrower. Discover if a state requires a license to become a mortgage broker with tips from a licensed mortgage broker in this free video on personal finance and real estate.
Expert: Adriel Torres
Contact: ultimatecredittoday.com
Bio: Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker.
Filmmaker: Christopher Rokosz
Duration : 0:1:13