December 2008
Subprime Losses Deepen
December 29, 2008 by Mortgage Align · Leave a Comment
There was an interesting article on the subprime mess this morning in the Dallas Business Journal.
CreditSights Inc., an independent research firm, noted that over the past year, realized losses on subprime loans that borrowers have defaulted on, have doubled to 52 percent.
“These lower recovery rates suggest that house price falls in subprime mortgages may be considerably larger than house prices indicate,” the research firm said.
First-lien subprime mortgages that were liquidated in September had average realized losses of 52 percent of the original balance, CreditSights said. A year ago, liquidated loans had an average realized loss of 26 percent.
How Much Home Can I Afford?
December 28, 2008 by Mortgage Align · Leave a Comment
The first thing you should consider when searching for new home is how much of a home you can afford. The best place to start is to look at your gross monthly income. This number is what you make per month, not what you take home (net income). Taxes or other contributions are not included in this figure.
Your Home Loan Checklist
December 27, 2008 by Mortgage Align · Leave a Comment
Before you start the loan process, be prepared to provide the following information to your loan officer.
- Address to your place of residence (past two years)
- Social Security numbers
- Names and location of your employers (past two years)
- Gross monthly salary at your current job(s)
- Pertinent information for all checking and savings accounts
- Pertinent information for all open loans
- Complete information for other real estate you own
- Approximate value of all personal property
- Certificate of Eligibility and DD-214 (for veterans only)
- Current check stubs and your W-2 forms (past two years) Personal tax returns (past two years), current Income statement and business balance sheet for self-employed individuals.
Interest rates to slip to single digits in 2009
December 27, 2008 by paragjani · Leave a Comment
NEW DELHI: Volatility in lending and deposit rates witnessed during the year is expected to end in 2
PC: Finance Ministry’s loss, Home Ministry’s gain
December 26, 2008 by bishang · Leave a Comment
In a year that witnessed the impact of one of the worst global financial crises on the Indian economy, the architect of many a budget including the famous ‘dream budget’, P Chidambaram moved out of the Finance Ministry to the neighbouring Home Ministry to deal with terrorism in the wake of Mumbai attacks.
Though it was a sort of home coming for Chidambaram, who had served the same ministry as a junior minister, in-charge of internal security 22 years ago, the Finance Minsitry’s loss is turning out to be Home Ministry’s gain.
Chidambaram had to leave the reins of the economy and as Home Minister, he lost no time to get into action and successfully piloted an important bill in Parliament for setting National Investigation Agency to effectively deal with terrorism.
The Prime Minister chose to field Chidambaram to reply to finance related discussions and he blunted the Opposition’s onslaught on economic issues in Parliament.
Having presented the last budget for 2008-09 in July, he also saw to it that two batches of supplementary demands for grants seeking to raise public expenditure were approved by Parliament.
In order to step up spending to boost growth, the Government raised the public expenditure by Rs 1.47 lakh crore, over and above the Rs 7.5 lakh crore envisaged originally in the budget.
