Mike Berrios's (mberrios) Blog

If My Mortgage Lender Fails, Are My Payments Still Due?   Thursday, federal regulators seized mortgage lender Washington Mutual.   The Seattle-based thrift became the third "big name" lender to close its doors since July, joining IndyMac and Lehman Brothers. In 2007, these 3 lenders represented a...

We have a new number "one" that has joined the list of growing bank failures.   Indy Mac was 32 Billion in Assets and WAMU is about 325 Billion in Assets.  I wonder if a new website like "implode o meter" that kept track of mortgage lenders that failed will begin to keep track of banks that fail....

I guess you can say we had our own hurricane blow through Wall street this weekend, given the news this morning about Lehman Brothers filing for bankruptcy and Merrill Lynch being acquired by BofA.  Added to this we have AIG, a large insurance company asking for a federal loan in excess of 40 bil...

Economy `Slow' in Most of U.S., Fed Says in Beige Business across most of the U.S. was ``slow'' last month, while almost all Federal Reserve districts reported pressure to raise prices because of higher commodity costs, the central bank said in its regional economic survey. Consumer spending was ...

Concerns About FHA Loan Quality for the HOPE program.   - Remember every lender now is concerned about loan quality and the loan performing as agreed.  The issue down the road is whether will be aggressive on indemnifications for loan losses.  Quality is extremely important on every loan you orig...

GMAC Closes 200 Retail Loan Offices, and Wholesale Operation We mentioned this morning in the pricing email about this announcement from GMAC, but here is the actual article. Not good news if you are employed by this company. GMAC will stop originating through its wholesale lending subsidiary, sh...

In response to the passing of HR 3221, this update announces FHA's new Mortgage Insurance Premiums for the period of October 1st, 2008 through September 30th, 2009. FHA's Risk Based Premiums that went into effect on July 14th, 2008 will be on hold till October 1st, 2009.   Here are the 6 things y...

Hello Everyone,     We received notice from the City of Rancho Cucamonga they have been awarded additional funding for this fiscal year July 08 to July 09.  Please contact us if you have any questions.  Please note that these funds are first come first serve.  Homes must be in the attached area a...

The Mortgage Market's Abnormal Reaction To July's Producer Price Index Reading   The Producer Price Index is a business inflation meter and it's now up 9.8 percent annually. This is a huge number for PPI and represents the highest year-over-year rate of inflation since 1981. Normally, blowout inf...

Mortgage Insurance Rates Skyrocket (For Homeowners That Still Qualify)   Private Mortgage Insurance (PMI) is an insurance policy paid to a lender in the event that a homeowner defaults on his home loan.  With the growing number of mortgage defaults nationwide, mortgage insurers are finding their ...