Chicago Mortgage Company

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Chicago Mortgage Company

Community Reinvestment Act

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The Community Reinvestment Act (CRA) of 1977 signed into law by Jimmy Carter and subsequently enhanced by Bill Clinton in 1995 can be seen as the instrument that has brought the financial world to its knees.

This is a prime example of misplaced compassion. With the INTENTION of helping less fortunate people achieve the dream of owning home, the people who promulgated this law have clearly no clue as to how a market works and bought into the communist axiom of  "From each according to his ability, to each according to his need"

These good INTENTIONS have ruined many people and harmed millions more as the markets attempt to rectify the inequity placed upon it by GOVERNMENT REGULATION enhanced by greedy businessmen and POLITICIANS! Will this so called bailout fix this? Only time will tell. Seems that throwing this obscenely huge amount of money at a problem that no one has a clue how to fix and to also give these funds to the very people who have a hand in the problem might not be the best thing to do.

The video below is a high speed compendium of the history of this mess and the players who have their fingerprints all over it.

 

 

mortgage crisis barney frank bill orielly

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Bill O'Reilly gives it to Barney Frank on the mortgage crisis

 

 

mortgage meltdown

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Chicago Mortgage Company

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Welcome to Chicago Mortgage Company.

The purpose of the Chicago Mortgage Company website is to provide education to our readers about mortgages, home equity loans, refinancing and a look at events affecting your mortgage or your ability to get a mortgage.

It can be very confusing if you're currently in the market for mortgage. With the unprecedented turmoil in the markets many people have questions as to whether or not they would even be able to get a mortgage or refinance their home. Since the rules have changed in the industry is sometimes difficult to get answers to these questions.

Let's start off first by defining what exactly a mortgage is. Wikipedia defines as follows:

"A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.[1]"

In the United States as well as most countries around the world the mortgage is the instrument used for most real estate purchases. It is a contract entered into by a borrower and a lender where the lender provides funds to a borrower for the purpose of purchasing real property. The note which the lender gives the borrower is secured by the property being financed. The borrower is then obligated to meet the conditions of the loan or face foreclosure upon said loan.

Types of Mortgages

In recent years there has been a vast array of mortgage insurance that a borrower could choose from. These mortgages ranged from fixed 15 and 30 year mortgages to adjustable rate mortgages, interest-only mortgages and other flavors of the month.

Other mortgage types are used for refinancing loans, getting home equity, and also a reverse mortgage option.
 

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