NEW RULES FROM DODD-FRANK'S CONSUMER FINANCE PROTECTION BUREAU ABOUT TO DEVASTATE AMERICA AND USHER IN A NEW DARK AGE Okay, that’s a bit dramatic. But, it’s not totally untrue. (How’s that for word-smithing!) The CFPB is the Consumer Finance Protection Bureau created by Dodd-Frank [Wall Street Reform and Consumer Protection Act] (2010). The […]
New Mortgage Guidelines Squeeze Divorcing Borrowers Perhaps the headline title doesn’t sound urgent enough. So, how about this? Fewer Divorced Borrowers Qualify for Home Loans or Good Luck Getting A Mortgage If You’re Divorced Highlights – ALERT – URGENT ALERT! - No more 3 months of “pay history” for child or spousal support to […]
Here is an email I received from a family law attorney last week. She succinctly stated the particulars of a case and then generalized the questions - perfect for a format like this. It deals with what some people are calling Qualified Assumptions (QA's). Hi Noel, I hope you are doing well. I had an […]
Thank you for the great feedback on last week’s Texas Cash Out article. A few, very good questions have come out of last week's post (http://divorce-mortgage.blogspot.com/2012/08/do-you-know-facts-about-texas-cash-out.html) and I would like to address them here. What is the difference between an EQUITY LIEN and an OWELTY LIEN? An EQUITY LIEN means cash has been paid to someone on […]
DO YOU KNOW THE FACTS ABOUT TEXAS CASH OUT FINANCING? …and how it affects divorcing homeowners… Noel Cookman, 2012-08-22, Grapevine, Texas Much of my time these days is consumed by two retired politicians, Dodd (retired and banned from lobbying for another few months) and Frank (finishing out his last term). I have my own nicknames for […]
The Effect of Dodd-Frank on Divorcing Citizens Part 3: Appraisals and Property Valuation Dodd-Frank (Wall Street Reform and Consumer Protection Act) is the most sweeping legislation affecting the financial industry to come out of congress since Glass-Steagall (The Banking Act of 1933). Not even its repeal with Gramm-Leach-Bliley Act in 1999 comes close. As Charlie […]
BUREAUCRATS STRIKE AGAIN - NEW APPRAISAL REGS INCREASE COSTS AND WAIT TIMESOnce again, Fannie and Freddie have come up with a massive bureaucracy which legitimacy is suspect and has no clear path to usefulness. UAD and UCDP compliance increases costs of appraisals and how long it takes to obtain one. Definition: This new Uniform Appraisal […]
The Effect of 1Dodd-Frank on Divorcing Citizens - Part 1: QRM Michelle Malkin's quick 2analysis of Dodd-Frank is spot on: "Dodd-Frank, the 2,300-page financial "reform" monstrosity spearheaded by Capitol Hill corruptocrats, turned 1 this week. It made too-big banks bigger. It made too-risky incentives riskier. It made a lousy economy lousier. Billed as a "consumer […]
The Effect of Dodd-Frank on Divorcing Citizens - Part 2: LO Compensation Dodd-Frank is the most sweeping legislation affecting the financial industry to come out of congress since Glass-Steagall (The Banking Act of 1933). Not even its repeal with Gramm-Leach-Bliley Act) in 1999 comes close. As Charlie Gasparino remarked in horror on his program a […]
Is There Such A Thing as a Bad Loan? A Call for Sanity in the Housing Meltdown Debate Noel Cookman, August 11, 2011 I have devoted this blog to issues that affect folks at the intersection of divorce and mortgage finance. And this post is no different except that the information is applicable to virtually […]
