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    • Mortgage Rates Above 5% as 2009 Ends December 31, 2009
      The year ends with mortgage rates just over 5%, according to mortgage giant Freddie Mac [[FRE]]. According to Freddie’s weekly survey, the 30-year fixed-rate mortgage (FRM) averaged 5.14% with an average 0.7 point for the week ending Dec. 31. The rate is up from last week’s 5.05% and from the same last year when it averaged [...]
    • HUD Eliminates 1% Cap on FHA Mortgages December 31, 2009
      The US Department of Housing and Urban Development (HUD) removed the 1% origination fee cap on loans insured by the Federal Housing Agency (FHA), according a mortgagee letter sent out this week. HUD made the change to remain consistent with the Real Estate Settlement Procedures Act (RESPA), which will require mortgage lenders to disclose to borrowers [...]
    • A look back: HW’s Top Stories of 2009 December 31, 2009
      The end of the year is upon us — and what a year it’s been! Here’s a look at the top 5 most-read stories from HW this year. A Game of Credit Cost Smoke and Mirrors at Wells Fargo? Paul Jackson, April 9, 2009 This story about potential lurking credit costs at WFC caught the collective imagination of [...]
    • UK Home Prices Climb 5.9% in 2009: Nationwide December 31, 2009
      Home prices in the UK climbed 5.9% in 2009, according to a report from the Nationwide Building Society. The average price of a home in the UK landed at £162,103 ($257,105) to end the year with an 8.9% rebound from their lowest point in February 2009, according to Martin Gahbauer, Nationwide’s chief economist. Prices in the UK [...]
    • Treasury Pumps $3.8bn More Into GMAC December 31, 2009
      The U.S. taxpayer now owns a majority interest in GMAC Financial Services, which this week received a capital infusion of $3.79bn from the US Treasury Department. The latest government-led effort to bolster GMAC’s capital base comes as part of a year-end effort to close a capital shortfall, per government stress tests conducted in May 2009. The [...]

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Confessions of a Subprime Lender

Posted on July 25, 2008 by paradigmdefault

 
After reading about Richard Bitner’s recent book entitled “Confessions of a Subprime Lender” I faced the possibility that this section of our generation will be known for our economic blunders. Then the thought occurred to me that we could either be known for our amaziing ability to screw up, or we could be known as [...]

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Press Release

Posted on July 7, 2008 by paradigmdefault

New Default Servicer Focuses on Broker-Centric Model

DENVER, June 19 /PRNewswire/ — Paradigm Default Services, LLC. announced today that it has initiated REO, third-party servicing designed to serve the needs of clients and investors who are awash in a sea of sub-prime foreclosures nationwide. Paradigm is both an operational platform for handling lender acquired properties and [...]

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