Major Lender’s Credit Lines Slashed; Stock Takes a Nosedive

American Home Mortgage Investment Company will either have to file for bankruptcy or face restructuring.

Causes serious difficulties for thousands of homeowners.

 

House on fire

This just in.

 

[tag-tec]American Home Mortgage[/tag-tec] Investment Company is in trouble.  Their stocks are down 90 percent and they are running out of cash.

 

This could leave a lot of [tag-cat]homeowners[/tag-cat] who have loans through them in serious difficulty.

 

American Home Mortgage specialized in loans for borrowers who didn’t quite have all the qualifications for a Prime Loan. 

 

The company issued 167 billion of loans in the first quarter of 2007, and was rated as the 20th largest Alt-A lender in 2006.   

 

Read More

 

Good Credit Homeowners Now Entangled in Foreclosure Mess

Do you think it couldn’t happen again?

Some of us can remember double digit inflation and very high interest rates. People were driving cars worth less than their car loans. People in Brentwood were going hungy in their large upscale homes…

There’s a surprising twist to the nation’s  mortgage problems.Full Piggybank

 

Now the good risk, or prime loan borrowers, are getting into trouble.

 

How did this happen?

 

They took out too many “[tag-tec]second-lien loans[/tag-tec]” such as home equity and those tantalizing home equity lines of credit.

 

But did they use those funds for investments as savvy real estate investors would do?

 

Not quite. 

 

The money was basically squandered on fancy lifestyles where seven- year- olds get makeovers and  the family mom van is a leased luxury SUV costing over $40,000.  

 

And  some very wrong real estate maneuvers.

Continue reading “Good Credit Homeowners Now Entangled in Foreclosure Mess”

Warning: Always Check Your Tenants’ Credit

Here’s a warning to landlords.

Always run a [tag-tec]credit check[/tag-tec] on perspective -tag-ice]tenants[/tag-ice].

If you don’t, you’ll always regret it.

But what about this post from Foreclosure Fish which gives tenants in financial trouble the opposite advice?

Tell the TruthHere’s a warning to landlords.

 

Always run a [tag-tec]credit check[/tag-tec] on perspective [tag-ice]tenants[/tag-ice].

 

If  you don’t, you’ll  regret it.

 

But what about this post from Foreclosure Fish   which gives tenants in financial trouble the opposite advice?

 

He is telling them to avoid a [tag-cat]credit check[/tag-cat] and  gives  them several tips for doing just  that.

 

Why?

Continue reading “Warning: Always Check Your Tenants’ Credit”

How to Get Insider REO Information From Banks Without Delay

You’ve got the funds to invest. The bank has the [tag-tec]REO’s[/tag-tec]. You want to buy. They want to sell. Time is money. You want to move fast and start work on your deals.

So how come the bank won’t return your phone calls?

And when they finally do talk to you, you think you’re not getting the absolute correct bottom line price of the properties you’re interested in.

What’s the solution?

Fish Jumping

You’ve got the funds to invest.  The bank has the [tag-tec]REO’s[/tag-tec].  You want to buy.  They want to sell.  Time is money.  You want to move fast and start work on your deals.

 

So how come the bank won’t return your phone calls?

 

And when they finally do talk to you, you  think  you’re not getting the absolute correct bottom line price of the properties you’re interested in.   

Continue reading “How to Get Insider REO Information From Banks Without Delay”

Are Global Warming Celebrities Really Practicing What They Preach?

Could a backlash be coming to all those celebrities who have been preaching those holier- than- thou sermons on global warming?

What about John Tavolta with his own personal airport in his back yard?

Or Al Gore, who consumed 210,000 more kWh of electricity in 2006?

Last Sunday I drove by [tag-tec]Al Gore[/tag-tec]’s manse while strolling throughout the  Belle Meade section of Nashville. I was in the economical, yet fun H.H.R.(I’m still not exactly sure what those initials really stand for).

 

Al currently lives in the swankiest, most upscale old money neighborhood in town.  It’s very near that street I was writing about a while back with the giant flower pot in the middle of the road conveniently labeled  “no thru traffic”.

 

Why should I have not  been surprised to see all the construction going on at the Gore’s?

 

But it’s not your average room addition.  They’ve already done that.

 

In fact it looks like they have added an entire wing onto that house at some point  in  the past.

 

This time they’re installing solar panels on the roof.

 

Apparently, Al is going green, or trying to- at least on the top of his house.  And it’s quite an enterprise considering how much roof acreage they have to cover.

 

And just in time, mind you.

Continue reading “Are Global Warming Celebrities Really Practicing What They Preach?”