Rate Your Mortgage – a Side by Side Comparison

On December 30, I paid mortgages on line to try and get a little break by paying “more interest” in 2009. While doing this I made “side by side” comparisons of the mortgage companies or their servicer. The mortgage companies used in this comparison were Wells Fargo, First Horizon, Saxon, and Everhome. I used statements, …

Saxon Mortgage only modified 42 mortgages, dead last

For weeks consumer advocates at watchdog organization listened to and read reports of how well Saxon Mortgage modified mortgages. Many of those reports were false or misleading. Sources such as subprime blogs echoed glowing reports from news sources. Much of the data was wrong. Saxon Mortgage permanently modifed only 42 mortgages. That is correct — …

Breaking News – Fed to monitor subprime lenders starting in 2009

This is terrrible, ironic, and unfortunately it is still required. Years ago this proposal would have saved people from HSBC Finance, Citifinancial, and many others. Needless to say this decision is many years too late: The Federal Reserve announced Tuesday that it will extend its regulatory umbrella to cover a group of lenders that includes …

Citigroup hires 1400 people while Saxon adds 30

A few months ago Morgan Stanley said Saxon Mortgage would hire “up to thirty people” to help with Saxon’s backlog. Somehow Saxon claims to lead the field with 25 percent of mortgages modified. Something is wrong with those numbers. Citigroup today unveiled data on its efforts to help people avoid foreclosure. Bloomberg reports the company’s …

Wells Fargo ghetto loans and mud people

Two former Wells Fargo subprime-loan officers say bank employees targeted predominantly black ZIP codes and churches and deceptively steered prime borrowers into subprime loans. Selling the most profitable product is, by itself, not a crime. Mortgage brokers across the United States did the same thing. In Baltimore, the city filed suit against Wells Fargo. The …