Difference between correspondent lenders and mortgage brokers

Correspondent lenders are small lenders who do have the right to extend loans on their own risk and have the necessary funds to do so. After a loan is closed a correspondent lender will rarely keep it in their portfolio, selling it to a larger wholesale lender. Sometimes it is hard for the borrower to …

A foreclosure story involving Beneficial Finance and failed HSBC short sale

Up until October 2004, my husband had steady employment as an aeronautical Engineer In early 2004 we refinanced with Beneficial Finance, a division of HSBC. Days after refinancing my husband was forced into early retirement. This also happened after hubby’s 401K plan through his employer lost 3/4 of its value. We lived carefully on a …

Wall Street by McCain – everyone is someone’s butt-monkey

Whether you call him Senator John McCain or Presidential candidate John McCain, the man is correct regarding his assement of Wall Street and the subprime mortgage crisis. “Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on,” McCain said …

Will baby boomers go broke or work until they are 80?

My wife an I are retired, and yes – we belong to AARP. We are considered to be ‘baby boomers’ although we are both retired from the military. We know some (perhaps many) people have more money in the bank than do we. We are also realistic about not having the pressures of some families, …