From the monthly archives:

March 2008

Bear Stearns CEO Sells His Holdings For $61.3 Million

March 28, 2008

If you are looking for a street price for Bear Stearns stock price I guess this may give you a hint…
Source: http://www.huffingtonpost.com/2008/03/27/bear-stearns-ceo-sells-hi_n_93790.html
NEW YORK — Bear Stearns Cos. Chairman James Cayne on Thursday sold his holdings in the embattled investment bank ahead of its expected acquisition by JPMorgan Chase & Co.
Cayne sold 5.66 million shares for [...]

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Billionaire invests $1.1 Billion in Sub-prime Mortgages

March 19, 2008

This got missed due to the Bear Stearns circus…..
Option One Mortgage sold for $1.1 Billion
Billionaire investor Wilbur Ross has reached an agreement to acquire the mortgage loan servicing business of H&R Block’s Option One Mortgage, forming the second largest mortgage servicing company in the United States.
The $1.1 billion deal adds to the acquisition by WL [...]

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Flat Fee Mortgage

March 19, 2008

Please read up on the Flat Fee Mortgage if you are considering a future as a mortgage broker.

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Did Bear Stearns Fail due to Sub-prime Mortgages last summer?

March 19, 2008

Did Bear Stearns fail due to sub-prime mortgages way back last Summer?
Found this from JULY 2007
Bear Stearns admits two subprime mortgage funds are worthless
Submitted by cpowell on Wed, 2007-07-18 01:05. Section: Daily Dispatches
By Joey Bel Bruno
Associated Press
Tuesday, July 17, 2007
NEW YORK — Bear Stearns Cos. told clients Tuesday that a meltdown in the subprime [...]

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Ooops. There goes your Domain Name

March 12, 2008

More Bad news
I know you people in the mortgage and real estate industry are near the end of your rope but I must take a moment to impart more bad news. There is pending legislation that would jeopardize your domain name(s) and force you to publish your home address if you work from home [...]

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2008 FHA Loan Limits

March 7, 2008

FHA Mortgage Limits
Web Form Interface
https://entp.hud.gov/idapp/html/hicostlook.cfm
Raw Data File Formats
http://www.hud.gov/pub/chums/file_layouts.html

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FHA Loan Limits Economic Stimulus Act of 2008

March 7, 2008

March 6, 2008
TO: ALL APPROVED MORTGAGEES
SUBJECT: Temporary Loan Limit Increase for FHA
This Mortgagee Letter provides information on Federal Housing Administration single family mortgage limits as a result of enactment of the Economic Stimulus Act of 2008 (“the Act”). These limits are effective for mortgages endorsed for insurance on or after the date of this mortgagee letter [...]

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Slimy Appraisers blamed for Mortgage Mess?

March 3, 2008

An a move to “clean up the mortgage mess” Fannie and Freddie will require tougher standards for appraisers – most notably the mortgage broker can no longer hire the appraiser
Fannie and Freddie agreed to a new code that would govern appraisal selection, compensation, conflict of interest and other issues. Under the code, mortgage brokers [...]

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Fannie Mae Introduces HomeSaver Advance

March 3, 2008

Fannie Mae Introduces HomeSaver AdvanceTM;
Mortgage Workout Option Designed to Help Delinquent Borrowers
https://www.efanniemae.com/sf/servicing/pdf/homesaveradvance.pdf
WASHINGTON DC — Fannie Mae (FNM/NYSE) announced today that, as part of its HomeStayTM initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option — HomeSaver AdvanceTM.
HomeSaver Advance is designed to [...]

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