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If there are 300 million people in America, and likely less than 100 million mortgages, a buy out of less than 100 million could stop the leveraged mortgage meltdown. Why not stop it at the source and only spend 100 million instead of the billions?
Math isn’t one of your strong points is it. Do you think the 100 million mortgages are only worth 1 dollar each??
And how about getting a job and taking care of your own instead of sticking your hand out for something that you haven’t worked for or deserve?
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Duration : 0:3:30
In other words, are the values of just the faulty sub-prime mortgages being affected, or are the values of all American mortgages affected?
The average house is worth half what it was 3 years ago, regardless of what kind of mortgage is against it.
Mortgages are actually much more reasonable now because people who could never afford to buy at the previous level can now buy a house for less than what rent is costing them per month.
The President speaks after Housing Refinance Roundtable with real people who have benefited from renegotiating their mortgages and explains how millions of others can take advantage of his Making Home Affordable plan.
(public domain)
Duration : 0:6:55
and if so, what percent of the mortgages do banks usually keep to themselves? thanks!
It depends on the bank. Local community banks tend to keep almost all of their mortgages because they regard them as part of their relationships with their borrowers/depositors/customers.
More national banks that draw in deposits from a larger area and make loans broadly tend to take their "cut" and pass the loans on to the public as repackaged tranches. This will be less the case in the future than it was in the past since the quality of the passed-on "packages" turned out to be less known than was thought.
Making Money in mortgages – Analysis and Discussion with Christopher Harms of CapitalSource Finance (Taking Stock)
Duration : 0:5:36
I would like to buy default mortgages from banks. How can I locate a seller of these notes?
I do NOT want to buy foreclosed houses. I want to buy the mortgages from loan pools. I do NOT want specific properties. I want under-performing mortgage/note packages. Banks sell them to rid themselves of toxic loans. I would like to buy default mortgages from banks. How can I locate a seller of these notes?
You can buy foreclosed houses at auctions for such houses. But the mortgages for these houses have been securitized and sold off to various investors in packages that are very difficult to unravel. It’s not clear who owns which mortgage. The banks quite often only service the mortgages. But they don’t own the mortgages themselves.
It’s not possible to buy individual mortgages that are tied to specific addresses. You can only buy these securitized packages that are difficult to value accurately. Because you can’t identify individual mortgages in these packages and determine which mortgages are in default and which ones are not.
The mortgage crisis that helped trigger the US recession is hurting more than just home owners. An increasing number of tenants are being forced out as well. That is because once the banks take possession of a home, they evict whoever is in it – even if they’ have never missed a month’s rent.
Al Jazeera’s Tom Ackerman reports on the plight of one such family in the Midwest state of Indiana.
Duration : 0:2:43
January 21, 2009
Maxine Waters deals with the marathon in contacting banks to refinance mortgages.
Duration : 0:7:51
