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Mortgage Essay Topics & Paper Examples

Mortgage

1. In 1932, the federal government’s intervention in the market for home ownership was desirable. Not only was it desirable, but it was needed. It has been the federal government’s desire to have every American become a part of the American dream and be a homeowner. In 1932 President Hoover signed the Federal Home Loan Bank Act to establish a series of discount banks for home mortgages. This would assist in increasing the likelihood of Americans owning a home and not feeling that they were restricted because of financial pressures. Fannie Mae, Ginnie Mae, Freddie Mac were created to help bail out banks that had a growing number of defaults in mortgages. These three enterprises made it possible for banks…

Mortgage Fraud

According to the Federal Bureau of Investigation (FBI) mortgage fraud as a material misstatement, misrepresentation or omission relied on by an underwriter or lender to fund purchase or insecure a loan. In other words, it is a fraudulent practice used to obtain mortgage financing. It can be as simple as falsifying information to obtain the loan or to a more difficult scheme involving several parties with the intent of defrauding a financial institution and other parties of money through a mortgage loan. Mortgage Fraud has continue to increase due to poor economic conditions, liberal underwriting standards and declining house values. The FBI has reported that for the fiscal year ending Sept 30, 2010 there were $3. 2 billion in losses…

Mortgage Loan Payment Calculator

The monthly payments for such a loan would be $990. 58. Over the life of the loan, therefore, the total payments add up to $356,608. 80 with interest at $221,608. 80, which is calculated in the following manner: $990. 58 x 360 = $356,608. 80. From this is taken the initial cost of the house or the loan’s principal: $356,608. 80 – $135,000 = $221,608. 80. The amortization schedule given for this loan shows a very slightly different total for the interest paid: $221,609. 58. However, this represents a difference of less than one dollar. b. In the event that an extra payment of $5000 will be made regularly in January of every year, calculations yield the following results: Instead…

Psychological Effects on Subprime Mortgage Crisis

The day of owning a home was a wonderful experience that Janet Wilson discovered after closing on her first home. She’s a single mother with two sons and when her loan officer explained that her mortgage loan would be approve and she felt her dream of homeownership will be reality. The closing costs were at a minimum due to the loan officer explained it would be an easy closing with low out of pocket costs. Janet worked for a healthcare organization for several years and was able to save enough money to buy needed furniture for her home. Janet enjoyed her new home and finally felt the independence and accomplishment in her life. At 45 years old, she waited a…

Home Mortgage Loan

Shopping around for the best mortgage is a process similar to the acquisition of any other product. A borrower should first shop around for the best loan, then compare the terms, rates and costs being offered. Finally, the borrower should negotiate for the most advantageous deal. The first step is to obtain information from various lenders. It is important to be aware of the different types of lenders, such as banks, mortgage companies and credit unions. The terms of the mortgage may vary with the type of lending institution. As such it is advisable to consider several institutions. It is also important to determine whether or not the person or institution being dealt with is acting as a lender or…

Maceda and Recto Law

These two laws are relevant and are very often the issue of many court cases. Both laws govern the sale of property by installments. The Recto Law, which forms part of the Civil Code, covers installment sales of personal property while the Maceda Law governs installment sales of real property. The Recto Law The Recto Law comprises Articles 1484 to 1486 of the Civil Code. It was added to the Civil Code to prevent abuses in the foreclosure of chattel mortgages, such as when mortgagee-creditors foreclosed mortgaged property, bought them at a low price (on purpose,) then prosecuted the mortgagor-debtors to recover the deficiencies. In the event a buyer of personal property defaults by failing to pay two or more…