AS HOMEOWNERS FROM THE CRASH GET BACK ON THEIR FEET, THERE IS NEW DEMAND FOR NONPRIME LOANS TO KNOCK THEM BACK ON THEIR ASS

Here we go again…

“For so long people have known or thought that if their credit was not pristine, they had no opportunity to buy a house, and the way real estate works, Realtors filter people out. They have learned to ask lots ofquestions since the crash, to ask ‘have you had a foreclosure or a bankruptcy?’ and if they say yes the Realtor says ‘talk to a mortgage lender and call me back in a couple of years when you can qualify,’ but now Realtors and lenders are learning there are some options out there for these people,” Hutchens said.

He said that a few years ago, real estate agents might have just stayed away from clients who didn’t qualify for conventional loans, but that today more and more Realtors understand that people with less than great credit might qualify for a “band aid loan and then work on refinancing later.”

With interest rates on most of its loans ranging from the 5s to the 9s, he said most borrowers intend torefinance as soon as they can. In addition to nonprime loans for people with less than perfect credit, he said Angel Oak also underwrites interest only loans for people with better credit.

Mortgage brokerage CEO jailed for stealing homes, renting them back to struggling homeowners

And not one big bank exec is jailed…

The former owner and chief executive officer of a California mortgage brokerage will spend nearly the next eight years in federal prison after pleading guilty to charges that he falsely promised to help distressed homeowners avoid foreclosure.

But instead of actually helping the struggling homeowners keep their homes, David Singui, and his company, Direct Money Source, stole the equity in the homes and served as the homeowners’ impostor landlord for a period of years, the U.S. Attorney’s Office for the Central District of California said this week.

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Goldman Sachs subsidiary continues snapping up non-performing loans from GSEs

For the fourth time in 2016, and the second time in a week, MTGLQ Investors, L.P., a “significant subsidiary” of Goldman Sachs, is the winning bidder for a pool of non-performing loans from one of the government-sponsored enterprises, increasing its total amount of loans bought from Fannie Mae and Freddie Mac further beyond $2 billion.

According to the Securities and Exchange Commission, Goldman Sachs owns, directly or indirectly, at least 99% of the voting securities of MTGLQ Investors, L.P.

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