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Bugs
18 years ago

I disagree that nothing is
I disagree that nothing is happening. I’m seeing banks tightening up their underwriting and appraisal criteria quite a bit. Some of these lenders who have been running real loose have been straightening up a just in the last 30 days. It’s refreshing to see some concern about compliance with rules that have been ignored for a long time. The percentage of ARMs right now is apparently dropping like a rock, and most of the banks are just now taking more steps to comply with the letters issued by the feds in 10/2003 and 03/2005.

All of this comes not a moment too soon, either. It’s really too bad that safety and soundness don’t become
priorities with the feds until it’s too late. We’re still paying off the losses from the last S&L bailout.

MANmom
18 years ago

Rich and Bugs,
While

Rich and Bugs,

While browsing through new home communities this week, I noticed that on top of the already huge price paid for new homes, there is an increasingly large extra payment for various expenses that adds to one’s monthly mortgage, those being Mello-roos, HOA, Schools, etc. Do mortgage brokers take these add-on fees into account when they fund a loan? Some of these add up to more than $500 per month – this has to affect the borrower’s bottom line. I saw one for over $600, and they are paid for 20 to 30 years. What effect, Oh Professor, does this have on the overall housing numbers, the price comparisons, etc. Could you please shed some light on one of the landed poor?

LookoutBelow
18 years ago
Reply to  MANmom

Although its getting to be
Although its getting to be all the rage in banking now, by tightening the credit requirements…its unfortunately too late. Those and most banks will be bankrupt when the economy stumbles. In the last great depression (nothing great about it!) at least 1,800 banks went bankrupt in less than 18 months.

Expect the same this time around.

Anonymous
Anonymous
12 years ago

In fact, banks have been
In fact, banks have been under pressure from regulators to raise more funds from retail depositors who are less likely to suddenly withdraw their cash. However, the costs of this more stable form of bank funding are rising, too. For example, the so-called time deposits – which require customers to keep their money in the bank for a minimum period to gain access to a favorable interest rate – rose to their highest level since April 2009, just after the Bank slashed rates to current lows. Rates offered to business customers to keep funds on deposit are also at their highest levels since May 2009.
http://ameriloansearch.com/

Anonymous
Anonymous
11 years ago
Reply to  Anonymous

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