The Washington Post has conducted a poll for the past 3 years, asking random adults questions about mortgages, foreclosures and their sense of financial security. For example, in December of 2008, 37% of those surveyed said they were very concerned or somewhat concerned about making a mortgage payment or rent. That percentage jumped to 46% by February of last year. Last month, the percentage of people concerned about their ability to keep a roof over their heads is 52%.
I mean, let's face it, this is not terribly astonishing news because every day we are hit between the eyes with more foreclosures, more short sales, more loan modification failures, higher unemployment numbers, and it doesn't seem to be improving much. An interesting aspect of the survey is that the percentage who were not concerned at all fell from 41% in 2008 to 28% in 2010. About 1,000 adults were sampled.
More Articles by Elizabeth Weintraub:
- Should You Do a Short Sale or a Foreclosure?
- Why Walking Away From Your Home Should Be a Last Resort
- What is Jingle Mail?
Technorati tag: washington post poll
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
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A Mortgage bank specializes in originating and/or servicing mortgage loans.
A mortgage bank is a state-licensed banking entity that makes mortgage loans directly to consumers. The difference between a mortgage banker and a mortgage broker is that the mortgage banker funds loans with its own capital.
Generally, a mortgage bank originates a loan and places it on a pre-established warehouse line of credit until the loan can be sold to an investor such as Fannie Mae, or Freddie Mac. The process of selling a loan from the mortgage bank to another investor is referred to as selling the loan on the secondary market.
Mortgage banks frequently use the secondary market to sell loans because the funds received pay down their warehouse lines of credit which enables the mortgage bank to continue to lend. A mortgage bank is not regulated as a federal or state bank and does not take deposits from consumers or businesses. A mortgage bank raises some equity which it uses to guarantee the warehouse line and the bulk of the funds are provided by the warehouse lender.
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