2006/Images/back.gif- 102 smart90.com/tvimagazine/2007/1407/109SpringMadness04HNMA.htm




A SPRING ISSUE - MARCH - tviNews Events -109 - TVInews Spring Madness Issue. Click For TVI'news HNMA the secret of getting a mortgage without a social security number, and FICO - "FAIR ISSACS" IS HE REALLY FAIR? -- "BOA, The Tortfeasors" MORE

with tviNews lookRadio




























































• 02. More $$ Tricks
03. Fair Issacs
Related Stories

200704TopCDOsGary46w.jpgSPRING MADNESS - CDOS
SPRING MADNESS - 02 / Tricks

SPRING MADNESS - 03 / Hedge Funds

.200704TopCDOsGary300w.jpg1. Feature Story / HNMA the secret of getting a mortgage without a social security number, and FICO. Is "FAIR ISSACS" -- REALLY FAIR, OR IS myfico.com just another money making credit scam out of Texas?
••• As the co-author with attorney, Melvin Belli, of the Financial LegalCorp secrets found in "BofA, the Tortfeasor", (1993) -- it was very difficult to reach the member belonging to the HNMA, because it required them to read a legal book in English. So, in todays world of key words I've had to change my headliners to a catchy phrase like: "HNMA The Hispanic National Mortgage Assn. -- no SS# needed."
• • Imagine you're a mortgage lender, and somebody comes to you with no Social Security number. Would you hand him a bunch of money to buy a house?
••• Don't let the name HNMA fool you. Although it calls itself an "association," HNMA is a privately held, profit-making enterprise. And though it's focused primarily on the Latino community, the company's aim is to provide home loans &emdash; at rates much closer to prime than sub-prime &emdash; to a range of immigrants and others historically locked out of the market.
••• There's "a huge business opportunity" in lending to folks who "fall out of the typical box," Simpser says. What HNMA has done is create "a new box that fits these borrowers."
••• HNMA isn't alone in trying to get beyond a standard credit score to evaluate people's ability to pay their mortgage on time. According to some estimates, more than 50 million consumers don't even have a score because their credit files, as compiled primarily by three big data-collection companies, are short on information or altogether nonexistent.
••• In such cases, mortgage giant Fannie Mae has issued guidelines that call for examining how faithfully a person has paid the rent and the phone bill over the previous 12 months. And Fair Isaac Corp., whose credit scores are used by most mortgage lenders, and other outfits have been experimenting with alternative ratings derived from a would-be homeowner's checking and savings accounts, utility payments and other factors.
••• A number of community banks, meanwhile, have also begun to master the nuances of lending to those without long credit histories. They've learned to treat non-cash income (such as government meal vouchers) as a positive and to not necessarily consider a peripatetic employment pattern as a negative. They see regular payments sent to family members in Mexico or Central America as a sign of financial stability. And they appreciate that it may take multiple members of a household to meet a loan obligation.
••• While using similar criteria, HNMA claims to have gone even further: The company says it has devised an unorthodox mortgage underwriting system that's more comprehensive and culturally sensitive than anything out there --and, in an important leap, to have automated the whole shebang. Its goal is to give financial institutions an efficient way to turn out a high volume of good, solid loans to non-traditional borrowers.
••• Just how effective all this is remains to be seen. HNMA has been in the market for only about six months, backing roughly $200 million in mortgages for 1,650 customers thus far.
••• But the company is advised by an impressive group, including former federal Housing and Urban Development secretaries Henry Cisneros and Jack Kemp. And it has established joint ventures with Deutsche Bank and Wells Fargo & Co.
Part 02 - / Those who've been pushing for a more robust - and responsible -- mix of financial options for people with low and moderate incomes are intrigued by what's been rolled out.
••• How HNMA fares is "enormously dependent on the quality of their model" and that "has yet to be proven," says Ellen Seidman, director of the Financial Services and Education Project at the New America Foundation (the think tank where I also work). But Seidman, who was briefed by HNMA representatives in the last few weeks, believes "the concept makes a lot of sense."
••• If nothing else, HNMA's foray into the mortgage industry is an excellent reminder that the troubles afflicting the sub-prime sector -- as punctuated by Irvine-based New Century Financial Corp. teetering on bankruptcy -- shouldn't become an excuse to abandon efforts to extend credit to the underserved. The mess is mainly the result of tens of thousands of brokers who, in hot pursuit of their next commission, seduced these people with perilous, adjustable-rate mortgages whose interest rates can hit as much as 15%. In some instances, the payments due on these time bombs can rise nearly 50% overnight.
••• Too often, the ARMs being sold were "fundamentally flawed," says Paul Leonard, director of the California office of the Center for Responsible Lending, a research group that figures nearly 20% of sub-prime mortgages originated in the last two years will end in foreclosure -- the most dismal showing ever in the modern home-loan market. "They were designed to be refinanced when times were good and foreclosed on when times were bad." On top of that, Leonard adds, underwriting standards became so lax, "if you could fog a mirror you could get a loan."
••• Not surprisingly, a chorus is now calling for tighter regulation of all aspects of the sub-prime business. And surely this makes sense. Some who received loans over the last few years never should have qualified. And those who will remain dependent on this segment of the market deserve mortgages that aren't going to blow up on them.
••• But there's another remedy, as well: Find ways to channel people who aren't serious risks to the lender &emdash; but whose creditworthiness can't easily be measured &emdash; into more conventionally priced mortgages.
••• "If many of these borrowers had had prime loans" with more favorable interest rates and lower fees attached, "there wouldn't be such a problem" today, says Bob Gnaizda, policy director at the Greenlining Institute, a Berkeley-based organization that advocates on behalf of poor and minority communities. "Nobody should fall through the prime sieve" into the sub-prime soup if they don't have to.
••• This is precisely the philosophy driving HNMA, which was started in November 2003 by Luis Maizel, a who has long managed fixed-income investments for institutional clients and wealthy individuals. The 56-year-old -- who was known by his friends as "The Calculator" when he was growing up in Mexico City &emdash; soon brought in Simpser, 32, a Mexican-born, Stanford-educated entrepreneur. He oversaw the team that honed the underwriting model and developed the related technology. That took 2 1/2 years.
••• Now, HNMA has built relationships with about 25 credit unions, community banks and other lenders that originate mortgages (typically 7% to 9%) using its underwriting system.
••• Even if all goes smoothly -- and there are no guarantees -- Simpser acknowledges that the company has a lot to do before it reaches its objective of acquiring $5 billion worth of mortgages in the next three to five years. "There's a learning curve," he says. "We're trying to understand a culture."
••• But so far, so good. The rate of loan payments running more than 30 days past due is only about 1%. And best of all, nobody's ARM has been twisted.
••• Rick Wartzman is an Irvine senior fellow at the New America Foundation. He is reachable at rick.wartzman@latimes.com.

Part 03 / FICO - "FAIR ISSACS" HIS HE REALLY FAIR, OR IS myfico just another money making scam out of Texas? -- U.S is number ONE source of Credit infomation fraud, and FICO of Texas is part of the money making problem, firm says, the government sezure study group, NBS100.com
• • The United States generates more malicious computer activity than any other country, and sophisticated hackers worldwide are banding together in highly efficient crime rings, according to a new report.
• • Researchers at Cupertino, Calif.-based Symantec Corp. also found that fierce competition in the criminal underworld was driving down prices for stolen financial information.
• • Criminals can buy verified credit card numbers for as little as $1, and they can buy a complete identity -- a date of birth and U.S. bank account, credit card and government-issued identification numbers -- for $14, according to Symantec's twice-yearly Internet Security Threat Report, to be released today.
• • Researchers at the security software company found that about a third of all computer attacks worldwide in the second half of 2006 originated from machines in the U.S.
• • As a breeding ground for threats such as spam and malicious code, the U.S. easily surpasses runners-up China, which generates 10% of attacks, and Germany, which generates 7%.
• • The U.S. also leads in "bot network activity." Bots are compromised computers controlled remotely and operating in concert to pump out spam or perform other nefarious acts.
• • The legitimate owner of the computer typically doesn't know the machine has been taken over. The phenomenon is largely responsible for the increase in junk e-mail in the last six months.
• • Spam made up 59% of all e-mail traffic Symantec monitored. That's up 5 percentage points from the previous period. Much of the spam was related to stock picks and other financial scams.
• • The U.S. is also home to more than half of the world's "underground-economy servers" &emdash; typically corporate computers that have been commandeered to facilitate clandestine transactions involving stolen data and may be compromised for as little as two hours or as long as two weeks, according to the report.
• • The study marks the first time Symantec researchers have studied the national origins of computer attacks. The report focused on attacks during the last half of 2006 on more than 120 million computers running Symantec antivirus software. The company operates more than 2 million decoy e-mail accounts designed to attract messages from around the world to identify spam and phishing activity.

4. Related Stories

The California Public Employees' Retirement System, for example, has steered clear of CDOs in recent years, said Curtis Ishi, a senior investment officer at the pension fund.
••• "We need to understand the management and how they produce returns," Ishi said. CDOs, he said, require "quite a bit of analysis."
••• CDOs - "Collateralized Debt Obligations", or MORTGAGE POOLS are home mortgages used as collateral, and in the 80s created a $600million dollar fiasco, which sent many mortage heads to prison. "Getting a handle on CDOs is a complex challenge," reports the LA Times. MORE CDO MORTGAGE POOL STORY.

Collateralized debt obligations with a home mortgage, or CDOs, have been a hot product with many big investors for many years: says Troy Cory-Stubblefield, co-author of "BOA, The Tortfeasors". "In fact, in recent years Hedge Funds Collateralized by China U.S. Treasury Bonds have been used to help monitized the mortagage pools, and why not? It's their money. --SEE MORE ABOUT The Tortfeassors, AND MELVIN BELLI STORY.

TVI Magazine is not responsible for the content of external InterNet sites

More Articles • Converging News MARCH 2007 / TeleCom BuyOuts, Spinoffs and Asset Seizure Boom

Respectfully Submitted
Josie Cory
Publisher/Editor TVI Magazine
 TVI Magazine, tviNews.net, YES90, Your Easy Search, Associated Press, Reuters, BBC, LA Times, NY Times, VRA's D-Diaries, Industry Press Releases, They Said It and SmartSearch were used in compiling and ascertaining this Yes90 news report.
 ©1956-2007. Copyright. All rights reserved by: TVI Publications, VRA TelePlay Pictures, xingtv and Big Six Media Entertainments. Tel/Fax: 323 462.1099.

We Preserve The Moment

Return ˆ To Top  



Smart Daaf Boys - Products
Troy Cory Show / DVDs VRA TelePlay


We Preserve The Moment
Yes90 tviNews S90/ A SPRING ISSUE - MARCH - tviNews Events -109 - TVInews Spring Madness Issue. HNMA the secret of getting a mortgage without a social security number, and FICO - "FAIR ISSACS" HIS HE REALLY FAIR, OR IS myfico just another money making scam out of Texas? • / Feature Story / • 109SpringMadness01Fico.htm / Smart90, lookradio, nbs100, tvimagazine, vratv, xingtv, Ddiaries, Soulfind, nbstubblefield, congming90, chinaexpo, vralogo, Look Radio, China Expo, Soul Find, s90tv, wifi90, dv90, nbs 100, Josie Cory, Publisher, Troy Cory, ePublisher, Troy Cory-Stubblefield / Kudoads, SinTrends, Sin Trends, Photo Image665, Google Video / YouTube Movies troy cory show duration:medium:free - 4 min - Television With No Borders

Legal Notices Copyright Information
How Do We Do Business?
Tel 323 462-1099
Return ˆ To Top

110 / HiTech


"Follow The Money"




Google KudoAds



Smart Daaf Boys
Troy Cory Show

Hong Kong Triad /
"Jockey Club"
Follow The Money

SmartDaaf Boys

TVI Magazine
Back Issues -Available - Rare 50 Years of TeleCom History and TimeLines


Celebrity Scene News Events, Finance Executives Presented by TVI Magazine


Video On Demand VRA TelePlay Shows and WebCast


Smart Daaf Boys
Troy Cory Show

Using Soul Find RFID Chips to Rapidly IIdentify People.


Getting prepared for the 100th Year of Radio Frequencie & "Wireless Cemeteries"


Universal Office
Join the World of "WiFi , Land-lines and money transfers"


 Returnˆ To Top
















120 PIXELS 3 columns



ˆ•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• STRETCH••••Your••••v-Image