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That said, we want to make sure that we’re writing about the issues that matter most to you. If you have an idea for a story, or would like us to look into an issue that we haven’t yet discussed, feel free to let us know.

You can get in touch with us in a couple different ways. First, you can click the “Contact Us” link at the top-right portion of the blog, you can leave a comment on any one of our stories, and lastly, you can send us a message through our main site, HSH.com.

We look forward to hearing from you.

To balance both their struggles and success in the market, the FHA announced “a set of policy changes” back in January that were designed to both strengthen their shaky capital reserves, and to enable the administration to aid in housing’s recovery. For the most part, the changes amounted to an increase in the up-front mortgage insurance premium (MIP).

“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner [David] Stevens.

However, it seems the FHA’s changes weren’t enough for some. Among the changes announced two months ago, an increase to the FHA’s industry-low standard of 3.5% down wasn’t among them. Here’s why:

An increase in down payments to 5%, from the current minimum 3.5%, would limit new FHA-backed loans by 40%, equivalent to 300,000 fewer home sales, according to testimony that FHA Commissioner David  is set to deliver on Thursday.

“We share the goal of increasing equity in home purchase transactions, but determined after extensive evaluation that such a proposal would adversely impact the housing market recovery,” Mr. Stevens says in his testimony.

Yet, the FHA’s notion that getting more borrowers into their system is the answer to their problems is at odds with one lawmaker who says that kind of reasoning is why the FHA is in trouble already:

“It’s that sort of rationale that got us into the problem in the first place, that we need to be chasing the borrowers to prop up our system,” says Rep. Scott Garrett (R., N.J). “That’s what got us here in the first place.”

Rep. Garrett said he plans to submit an amendment to the FHA’s bill that would increase minimum down payments to 5%. Republicans introduced a separate bill on Wednesday that would make many of the changes proposed by the agency and create additional oversight. But that measure wouldn’t increase minimum down payments.

Should the FHA raise their down-payment requirements? Should they raise their annual MIP, too? What other changes should they make?

However, the reality is that without bill collectors, there would be no way that unsecured personal loans would be available, let alone bad credit unsecured personal loans, let alone unsecured personal loans that have a relatively low fixed interest rate and manageable repayment schedule.

Unsecured Personal Loans Are a Pure Numbers Game

In order to understand how important bill collectors are to the food chain of unsecured bad credit personal loans, it is essential to realize that the decision whether or not to offer this high risk brand of credit is entirely dependent on the data that banks and lenders collect regarding two main factors:

– The default rate of personal loans

– The settlement rate after personal loans have defaulted

Bill collectors make a direct impact on both of those all-important numbers. Because of this, bill collectors make a direct impact on the decision-making of lenders who make these high risk loans.

Without bill collectors to track people down and make sure repayment rates are decent, even after defaults, there can be no doubt that unsecured personal credit would be extremely hard to come by, and possibly impossible for the bad credit borrower.

Bill Collectors and the “New Normal” of Pretty Much Everyone Drowning In Debt

One of the most popular reasons for taking out an unsecured personal loan is to consolidate high interest credit card debts into one monthly payment. Meanwhile, millions of Americans are simply in too far over their heads to address their debt problems in any comprehensive way. Bankruptcies happen.

In this environment, the behavior of bill collectors has, by and large, been adjusted. Of course there are still those bill collectors who think they’re Don Corleone, but there is also a softer approach that many bill collectors apply to good effect.

For example, collection agencies that are contracted by credit card companies and personal lenders may be given increased ability to negotiate debts in order to settle debts once and for all. Bill collectors may be authorized in such cases to reduce debt amounts in return for immediate payment of a portion of the debt.

This “room for negotiation” reality is certainly something to keep in mind when dealing with today’s breed of bill collector.

1. Refinancing can do more than lower mortgage rates and reduce payments: Although these are the primary reasons for refinancing a mortgage loan, it may also be possible to take additional cash for debt consolidation, home improvements, and other needs.
2. Refinancing requires paying closing costs: It’s easy to estimate savings when comparing mortgage rates, but don’t forget to factor in closing costs and lender fees.
3. How long it takes to realize savings on refinancing: This is an important question, and it also relates to your future plans. If you’re planning to move within a couple of years, refinancing may not be worthwhile. You can estimate a break even period by dividing estimated costs by the amount of monthly savings you’ll realize by refinancing. For example, if your closing costs are $3000 and you save $200 a month on refinancing, it will take approximately 15 months to break even on closing costs. When estimating or making calculations involving closing costs, please keep in mind that actual closing costs can vary from initial estimates. Mortgage calculators are helpful, but can only provide general estimates.
4. Refinancing can eliminate adjustable rate mortgage (ARM) and “exotic” mortgage features: Refinancing to a fixed rate mortgage (FRM) can stabilize your monthly payments, and depending on the features of your current mortgage, may also help with paying off your mortgage sooner. If your mortgage allows for negative amortization (adding unpaid interest to the mortgage balance), interest only payments, or is adjustable without “caps” on adjustments, refinancing to a standard fixed rate mortgage eliminates risks and fluctuating monthly payment amounts.
5. Current home value and mortgage loan amounts impact refinancing: If your home value has fallen since you bought your home or last refinanced, qualifying for conventional refinancing may be challenging. Although mortgage lenders typically refinance for no more than 80% of your home’s current value, you may qualify for refinancing through FHA loan programs. If you currently have an FHA mortgage, the agency’s streamline refinance program can provide no cash out refinancing with less documentation than traditional refinance mortgages.

Review mortgage quotes carefully and make note of questions and concerns. Mortgage lenders can help find refinancing options meeting your needs and budget.

The Subprime Lending Business Survives, Even Thrives – Time
If you can’t put 30% down on your house, you’re not going to get a loan.” In auto lending, however, bad credit doesn’t seem … Still, borrowers have to pay more to get those loans. The interest rate on loans to finance purchases of used cars for …

US foreclosures drop 2nd straight month in Feb … – Reuters
… because of its failure to adequately address negative equity or “under water” mortgages. Negative equity has been one of the biggest banes of many home owners’ lives, making many unqualified for home loan refinancing and preventing some from …

Tax Evasion Investigations Underway Regarding TARP – HoweStreet.com
Inquiring minds are reading the SIGTARP Quarterly Report To Congress . The report is a massive 224 pages long. I will do my best to condense it down to the critical highlights involving Fraud, Money Laundering, Insider Trading, etc. Let’s start with …

Housing Bubbles, Global Household Leverage, Why Fed’s … – HoweStreet.com
Inquiring minds are reading an interesting document by the San Francisco Fed called Global Household Leverage … price appreciation, the average homeowner extracted about 25 to 30 cents in cash via home equity borrowing, which was used primarily for …

Financial Services – PR.com
Home Insurance.com Wilmington, NC With over 16 years … com AR FHA-101 provides comprehensive information on FHA Loans and FHA Refinance Mortgages as well as mortgage lending services. An FHA loan provides… Financial Advice London, United Kingdom …

Home loan demand nudges higher in latest week – YAHOO!
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for … of homeowners, making many unqualified for home loan refinancing and preventing some from selling …

Champion man gets 1 year in jail for fraud on mortgages – PITTSBURGH TRIBUNE-…
Matthew Yurchison used his mother to defraud a mortgage company as part of a money-laundering scheme that bilked banks, finance companies and title insurance firms out of more than $800,000, according to federal prosecutors. The 37-year-old Champion …

McAllen’s real estate market still sluggish – McAllen Monitor
Second, the few home buyers out there can?t get loans … going to the mortgage company first ? the best loans, the cheapest rates,? Cavazos said. ?If you?ve got cash and a good amount of cash, you can handle (the balloon mortgages.)?

Refinancing 101 – WTVF
Whether you are looking to reduce your rate, shorten your loan term to 20, 15, or 10 years, or borrow extra money for home improvements, refinancing may be right for you. When searching for refinance loans, do your homework by taking the time to …

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