When Mortgage Servicers Make Mistakes

I have a new mortgage servicer and my experience has been nothing but an annoying nightmare. Perhaps this is a good time to review what the federal government says about mortgage servicers. A key point is professionalism and no surprises. When mortgage servicers make mistakes, records get lost, payments are processed too slowly, or servicer …

Mortgages with PMI past due at alarming rate

It has been said that mortgages with PMI insurance are generally prime loans. Although I doubt the validity of that assessment, the number of borrowers with PMI attached to their loans, and in some form of defualt, continues to rise. Borrowers who opted to carry Private Mortgage Insurance (PMI) on their homes set a record …

Our children pay the high price of financial folly

President Clinton repealed the Glass-Steagall Act which had prevented the coupling of investment banking and lending. Following President Clinton, George W. Bush proved to be very pro-business, but at a high cost to the average consumer. Intelligent Americans realized consumer spending and risky lending practices would come with a very high price. The full impact …