The Foreclosure Rescue Mirage by Andy Kroll

When people read the news they get the spin, depending on the source. For instance, one source would lead people to believe that Saxon Mortgage is the best in foreclosure prevention, mortgage modifications, and corporate citizen of the year. Others tell a different story: Fausto Ordoñez tells his story for what must be the 10th …

Almost half of all mortgages underwater by 2011 – See how

Austin Kilgore wrote an article about predictions from Deutsche Bank concerning the mortgage market and the financial position of homeowners. While we certainly saw mortgage blues on the horizon well before the summer of 2007, Kilgore’s article shocked even us. By 2011, Deutsche predicts 89% of option ARM borrowers will be underwater, up from 77% …

Can you believe Fitch ratings for Saxon Mortgage Services Inc.?

Fitch – the ratings company – has affirmed Saxon Mortgage Services Inc. ratings. Can you believe this? It certainly goes against common logic and what is reported in the news: Fitch Ratings has affirmed Saxon Mortgage Services, Inc.’s (SMSI) U.S. residential servicer ratings as follows: –Residential primary servicer rating for subprime product at ‘RPS2+’; –Residential …