Archive for May, 2008
Home Re Finance
May 12th, 2008
Question: How do I re-finance my parents' home if they want me to take it over?
I spoke with a mortgage broker and he said we need to do a quick claim deed first and then we can start the application process. Is that right? What if we do the quick claim deed and I don't qualify for the loan?
Answer: A quit claim is for transfer of ownership. It is effective on that day, so your parents will have to pay off the current mortgage. The best way is to call your parent's mortgage holder and ask if this is an assumable mortgage. If yes, then you are in luck. If not, then you need to pay closing costs for an actual mortgage.
Dial-A-Refinance Home Mortgages does not Work Rep. Waters
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Jordan Finance Companies
May 11th, 2008
Question: Is the FBI nonpartisan or do Democrats control them too?
FBI investigating companies at heart of meltdown
By LARA JAKES JORDAN – 30 minutes ago
WASHINGTON (AP) — The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration.
Two law enforcement officials said the FBI is looking at potential fraud by Mortgage Finance giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc.
A senior law enforcement official says the inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them.
Officials say the new inquiries brings the number of corporate lenders under investigation over the last year to 26.
Answer: Very, very nonpartisan. No political party controls the law enforcement wings of this country.
Andy Jordan's American Journey: Day 1 Montage