Smart Borrower Blog

Archive for December, 2007

Equifax Unveils Its New ARM Predictor

Equifax, the credit reporting agency, has unveiled is new ARM predictor to help lending institutions determine if a person applying for a loan is to be placed into the sub prime category, and thus receive an ARM mortgage.   Consumer advocates fear that this will not only spook lending institutions, but hurt borrowers as well. Previously, a lot of borrowers who qualified for a conventional mortgage were lured into an ARM, making it more profitable for the lender.   Now they are doubly hurt by this newest strategy.   Even if situations are such that Equifax or other credit reporting... more »

Bush Administration Closer To Mortgage Relief

As reported earlier, the Bush administration is pushing Hope Now, an alliance to help people facing foreclosure, to be finalized.   The administration is moving quickly on this, and on Monday, Treasury Secretary Henry Paulson will deliver the outlines of the plan to a national housing conference. Talks on this subject have involved the big players - Citigroup Inc., Wells Fargo & Co. and Countrywide Financial Corp. What they wish to see is to extend for a number of years the lower, introductory rates that were offered on sub prime mortgages, loans.   These are typically offered to those with... more »