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It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
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Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
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Government: Our Way or Pay $20 Billion
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Government: Our Way or Pay $20 Billion
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Government: Our Way or Pay $20 Billion

February 24, 2011 (Chris Moore)
mortgage-loanmod-image
In what some might misconstrue as blackmail, the Wall Street Journal is reporting that the Obama Administration is trying to push through a settlement over mortgage-servicing breakdowns that would force America’s largest banks to pay for principal writedowns in mortgage loans or face penalties of over $20 billion.

According to people familiar with the matter, the administration is seeking a commitment from mortgage servicers to reduce the loan balances of troubled borrowers who owe more than their homes are worth. If a settlement can be reached to the liking of all the state and federal agencies that have been pursuing and considering legal action against the mortgage servicers, the banks would have to pay more than $20 billion in fines or fund a comparable amount of loan modifications for distressed borrowers.

So far most loan modifications have focused on shrinking monthly payments by either lowering interest rates or extending loan terms or both. Forcing the banks to lower principal amounts could result in even more chaos as borrowers who previously have been able to afford there homes could possibly stop paying their mortgages in the hope of being rewarded with a smaller loans.

And as far as we are concerned, it’s morally unfair to the many more homeowners who didn’t allow themselves to get in this position in the first place.

The deal doesn’t create any new government programs to implement the principal writedowns but instead relies on the banking industry to devise their own modifications or use the existing government programs like HAMP to meet the government’s requirements.

So far the deal is considered fluid as any agreement would have to be approved by a litany of government agencies, the state attoneys general, bank regulators, and the banks themselves.

“Nothing has been finalized among the states, and it’s our understanding that the federal agencies we are in discussions with have not finalized their positions,” said a spokesman for Iowa Attorney General Tom Miller, who is spearheading a 50-state investigation of mortgage-servicing practices.

Under the administration’s proposed settlement, banks would have to bear the cost of all writedowns rather than passing them on to other investors. The settlement proposal focuses on pushing servicers who mishandled foreclosure procedures to eat losses by writing down loans that they service on behalf of clients.

Bank executives point out that principal cuts don’t necessarily improve payment patterns and have told parties involved in the talks that reductions could raise new complications. Banks have been overwhelmed by the amount of foreclosures which lead to the so-called “robo-signing” controversy as they tried to process as many foreclosures as quickly as they could to rid themselves of their toxic housing inventories.

And even though the banks have come under increasing criticism for their handling of the foreclosure crisis, let’s not forget that twice as many private loan modifications have taken place through the banks than those through government programs like HAMP. Banks concerns that principal cuts don’t necessarily equate into improved payment performance can be easily justified as nearly 20 percent of all loan modifications have defaulted within the first year of the modification’s completion with some studies suggesting that as many as 60 to 70 percent of all loan modifications will eventually default again. Will lowering a borrower’s principal really change those patterns?

However, if a single settlement can’t be reached, banks could face the prospect of separate civil actions from state attorneys general along with different federal agencies which could seek smaller penalties through regular enforcement channels.

Tags: Obama administration, loan modifications, mortgage servicers, principal writedowns, mortgage loans, foreclosure procedures

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 24, 2011 (Chris Moore)
mortgage-loanmod-image
In what some might misconstrue as blackmail, the Wall Street Journal is reporting that the Obama Administration is trying to push through a settlement over mortgage-servicing breakdowns that would force America’s largest banks to pay for principal writedowns in mortgage loans or face penalties of over $20 billion.

According to people familiar with the matter, the administration is seeking a commitment from mortgage servicers to reduce the loan balances of troubled borrowers who owe more than their homes are worth. If a settlement can be reached to the liking of all the state and federal agencies that have been pursuing and considering legal action against the mortgage servicers, the banks would have to pay more than $20 billion in fines or fund a comparable amount of loan modifications for distressed borrowers.

So far most loan modifications have focused on shrinking monthly payments by either lowering interest rates or extending loan terms or both. Forcing the banks to lower principal amounts could result in even more chaos as borrowers who previously have been able to afford there homes could possibly stop paying their mortgages in the hope of being rewarded with a smaller loans.

And as far as we are concerned, it’s morally unfair to the many more homeowners who didn’t allow themselves to get in this position in the first place.

The deal doesn’t create any new government programs to implement the principal writedowns but instead relies on the banking industry to devise their own modifications or use the existing government programs like HAMP to meet the government’s requirements.

So far the deal is considered fluid as any agreement would have to be approved by a litany of government agencies, the state attoneys general, bank regulators, and the banks themselves.

“Nothing has been finalized among the states, and it’s our understanding that the federal agencies we are in discussions with have not finalized their positions,” said a spokesman for Iowa Attorney General Tom Miller, who is spearheading a 50-state investigation of mortgage-servicing practices.

Under the administration’s proposed settlement, banks would have to bear the cost of all writedowns rather than passing them on to other investors. The settlement proposal focuses on pushing servicers who mishandled foreclosure procedures to eat losses by writing down loans that they service on behalf of clients.

Bank executives point out that principal cuts don’t necessarily improve payment patterns and have told parties involved in the talks that reductions could raise new complications. Banks have been overwhelmed by the amount of foreclosures which lead to the so-called “robo-signing” controversy as they tried to process as many foreclosures as quickly as they could to rid themselves of their toxic housing inventories.

And even though the banks have come under increasing criticism for their handling of the foreclosure crisis, let’s not forget that twice as many private loan modifications have taken place through the banks than those through government programs like HAMP. Banks concerns that principal cuts don’t necessarily equate into improved payment performance can be easily justified as nearly 20 percent of all loan modifications have defaulted within the first year of the modification’s completion with some studies suggesting that as many as 60 to 70 percent of all loan modifications will eventually default again. Will lowering a borrower’s principal really change those patterns?

However, if a single settlement can’t be reached, banks could face the prospect of separate civil actions from state attorneys general along with different federal agencies which could seek smaller penalties through regular enforcement channels.

Tags: Obama administration, loan modifications, mortgage servicers, principal writedowns, mortgage loans, foreclosure procedures

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 24, 2011 (Chris Moore)
mortgage-loanmod-image
In what some might misconstrue as blackmail, the Wall Street Journal is reporting that the Obama Administration is trying to push through a settlement over mortgage-servicing breakdowns that would force America’s largest banks to pay for principal writedowns in mortgage loans or face penalties of over $20 billion.

According to people familiar with the matter, the administration is seeking a commitment from mortgage servicers to reduce the loan balances of troubled borrowers who owe more than their homes are worth. If a settlement can be reached to the liking of all the state and federal agencies that have been pursuing and considering legal action against the mortgage servicers, the banks would have to pay more than $20 billion in fines or fund a comparable amount of loan modifications for distressed borrowers.

So far most loan modifications have focused on shrinking monthly payments by either lowering interest rates or extending loan terms or both. Forcing the banks to lower principal amounts could result in even more chaos as borrowers who previously have been able to afford there homes could possibly stop paying their mortgages in the hope of being rewarded with a smaller loans.

And as far as we are concerned, it’s morally unfair to the many more homeowners who didn’t allow themselves to get in this position in the first place.

The deal doesn’t create any new government programs to implement the principal writedowns but instead relies on the banking industry to devise their own modifications or use the existing government programs like HAMP to meet the government’s requirements.

So far the deal is considered fluid as any agreement would have to be approved by a litany of government agencies, the state attoneys general, bank regulators, and the banks themselves.

“Nothing has been finalized among the states, and it’s our understanding that the federal agencies we are in discussions with have not finalized their positions,” said a spokesman for Iowa Attorney General Tom Miller, who is spearheading a 50-state investigation of mortgage-servicing practices.

Under the administration’s proposed settlement, banks would have to bear the cost of all writedowns rather than passing them on to other investors. The settlement proposal focuses on pushing servicers who mishandled foreclosure procedures to eat losses by writing down loans that they service on behalf of clients.

Bank executives point out that principal cuts don’t necessarily improve payment patterns and have told parties involved in the talks that reductions could raise new complications. Banks have been overwhelmed by the amount of foreclosures which lead to the so-called “robo-signing” controversy as they tried to process as many foreclosures as quickly as they could to rid themselves of their toxic housing inventories.

And even though the banks have come under increasing criticism for their handling of the foreclosure crisis, let’s not forget that twice as many private loan modifications have taken place through the banks than those through government programs like HAMP. Banks concerns that principal cuts don’t necessarily equate into improved payment performance can be easily justified as nearly 20 percent of all loan modifications have defaulted within the first year of the modification’s completion with some studies suggesting that as many as 60 to 70 percent of all loan modifications will eventually default again. Will lowering a borrower’s principal really change those patterns?

However, if a single settlement can’t be reached, banks could face the prospect of separate civil actions from state attorneys general along with different federal agencies which could seek smaller penalties through regular enforcement channels.

Tags: Obama administration, loan modifications, mortgage servicers, principal writedowns, mortgage loans, foreclosure procedures

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS