History buffs know that the dollar slang term “buck” came about in the mid-1700’s when deerskin were used for currency. Here in the U.S., during the Confederacy’s existence, paper money was not only issued by the central Confederate government in Richmond but also by the individual Southern State governments, local municipalities, numerous private banks and [...]

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  U.S. Mortgage Brokers Get Criminal Check, Tests Under New Rules – By John Gittelsohn – California mortgage brokers face closer scrutiny as the state adopts a federal law aimed at curbing the fraud and abuse that helped decimate the housing market.  Brokers in the nation’s most [...]

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MORTGAGE COMPLIANCE The government program established to assist homeowners in distress continues to under perform, with  91,118 trial modifications under the Home Affordable Modification Program (HAMP) being canceled in June and of those more than 70% had been in a trial period for six months or longer. Based on [...]

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Half the e-mails that I received yesterday were from investors improving their rates.Mortgage-backed security prices containing current coupon (rate sheet) mortgages closed the day better by .375- .5 in price, and the 10-yr hit 2.89% – the lowest since April 2009. Bonds rallied after Federal Reserve Chairman Ben Bernanke’s “uncertain” economic outlook supported the notion [...]

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