loans: Well, It's a Done Deal. Bank of America has Purchased Countrywide! - 07/01/08 11:53 AM
July 1st is Bank of America's Legal Day One in the Purchase of Countrywide
It is a Done Deal. Bank of America has completed the purchase Countrywide. Now Bank of America will focus on merging the 2 companies. The Bank of America's mortgageheadquarters will now be located in Calabasas, California.
… (13 comments)
|
loans: A Very Simple View of Our Sub prime Crisis. Chap 3. Wall Steet Investment Banks. - 06/28/08 02:00 PM
This is a continuation of my post on the sub prime mortgage crisis. There were several groups or industries that in their own way had a role in creating the current liquidity crisis , the downturn in both the real estate and financial markets. One key element in this crisis is … (4 comments)
|
loans: A Very Simple View of Our Sub Prime Crisis: Chapter 2 - Banks - 06/16/08 02:05 AM
This is a continuation of my post on the sub prime mortgage crisis. There were several groups or industries that in their own way had a role in creating the current liquidity crisis , the downturn in both the real estate and financial markets. One key element in this crisis … (5 comments)
|
loans: A Very Simple View of Our Sub Prime Crisis: Chapter 1 - Mortgage Brokers/Loan Originators - 06/16/08 02:03 AM
This is a continuation of my post on the sub prime mortgage crisis. There were several groups or industries that in their own way had a role in creating the current liquidity crisis that lead to the downturn in both the real estate and financial markets. One key element in this crisis is … (1 comments)
|
loans: A Very Simple View of Our Sub-prime Crisis. Who is to Blame? - 06/15/08 11:54 AM
Introduction: Key Players in the Sub-Prime Crisis
The sub-prime mortgage crisis is an ongoing problem which continues to demonstrate itself with our current liquidity crisis. There were early warnings as early as 2000, during the final months of the Clinton administration, when Treasury official Gary Gensler noted that sub-prime … (110 comments)
|
loans: Alan "AJ" Nisen's About Page - 06/14/08 02:25 AM
Who I AM
Demand continues to grow for qualified and adaptable Mortgage Loan Officers that can deliver results, stay accountable, and offer a high level of personal service. How do I know? Because I am that kind of Mortgage loan officer and demand for my expert can-do work ethic … (0 comments)
|
loans: Did you Know the FHA/VA is Green? Energy Efficient Mortgages. - 06/02/08 04:37 PM
Did you know that the federal government supports Energy efficient mortgages (EEMs) by insuring them through FHA or VA programs? These EEM mortgages can be used by homeowners to finance a variety of energy efficiency measures, including renewable energy technologies in a new or existing home. The EEM FHA/VA mortgages allow … (4 comments)
|
loans: Bank of America Earns Top Mortgage Servicing Ratings - 05/31/08 01:20 AM
Have you every received new mortgage coupons in the mail? Yes, your mortgage just got sold again. If you are tired of this or want better service, you should pick your mortgage carefully. Having a good mortgage servicer is another good reason for borrowers to consider Bank of America as their … (6 comments)
|
loans: What Type of Loan Are You Qualifing For? Prime? Alt-A? Sub-prime? - 05/30/08 12:28 PM
The whole world knows that we are in a credit crisis mainly caused by sub-prime debacle. What is a sub-prime loan? What other types of loans categories are there besides sub-prime? In this post I am not going to tell you how we got into the sub-prime crisis, but will define the … (2 comments)
|
loans: Bank of America's Merger with Countrywide Continues.... - 05/29/08 01:41 PM
On February 4th, 2008 Bank of America and Countrywide Financial announced David Sambol, Countrywide's president and chief operating officer, will lead the combined consumer mortgage business, pending regulatory approval and once the planned merger with Countrywide is complete.
New York Senator Chuck Schumer was outraged by this appointment. Senator Schumer even … (6 comments)
|
loans: Mortgage Relief is One Step Closer! - 05/20/08 11:25 AM
Senator Dodd's (D-Conn) Senate Banking Committee passed a bipartisan bill - 18 for and 2 opposed - that allows the Federal Housing Administration (FHA) to back up to $300 billion in new loans for homeowners facing foreclosure. The bill targets those homeowners who would be considered too risky to qualify for a fixed-rate, government-insured … (4 comments)
|
loans: Bank of America Is On Track to Merge with Countrywide 3rd Quarter 2008 - 04/23/08 12:23 PM
New Home Lending Guidelines for the merged Bank of America / Countrywide Mortgage operations Post Acquisition
April 22nd, 2008, Bank of America Announced their new Home Lending Guidelines for the merged Bank of America / Countrywide Mortgage operations after the acquisition of Countrywide. They made their announcement before the Federal Reserve in … (8 comments)
|
loans: WAMU To Close Wholesale Mortgage, Morph Retail Mortgage into Branch Banking - 04/07/08 08:53 PM
WAMU is another casuality from the Sub Prime Crisis. I really am sorry to see wholesale go and retail downsize. In a statement from WAMU, "We will conduct our mortgage production business through our retail banking stores and our consumer-direct channels, which includes telephone and online sales." I know there will … (6 comments)
|
loans: For Mortgages When Purchasing Your Home, WHAT ARE SELLER CONTRIBUTIONS?" - 03/26/08 11:35 PM
In today's real estate market, buyers typically have the upper hand over sellers. In this situation buyers can ask for a number of concessions including what is called "Seller Contributions".
But, what are seller contributions? What can seller contributions are used for? What happens to any seller contributions not used?Seller ContributionsWhat … (10 comments)
|
loans: Regulatory Changes Allow Freddie and Fannie to Buy More Loans!!!! - 03/20/08 09:48 AM
Federal regulators have relaxed the GSE's (Fannie Mae and Freddie Mac) capital requirements. How will this help us? First, Fannie and Freddie provide liquidity to the secondary market for loans in two ways: by buying and holding mortgages and mortgage-backed securities (MBS) as investments, and by securitizing and guaranteeing large pools … (1 comments)
|
loans: Mortgage Dynamics: Why the 10 Yr Treasury Fails as Benchmark to Track Rates - 03/19/08 01:29 PM
The Treasury has long been the benchmark for tracking mortgage rate movement, i.e. 30 year fixed vs. 10 year Treasury. Based on the market over the last couple of months, that has not happened. The folloing graph will give you perspective on why the models are not following the traditional pattern.
30Y … (4 comments)
|
loans: Fannie Mae's Guidelines for Jumbo-Conforming Mortgages - 03/15/08 08:06 PM
There is no guarantee that the rates on jumbo-conforming loans will be low enough to attract borrowers. Rates will be set by the market; not the government, not the banks. I believe the most likely outcome will be premium price add-on to jumbo-conforming mortgage rates so rates end up somewhere between … (0 comments)
|
loans: Dear Mr. Borrower Applying for a Mortgage - 03/15/08 03:05 PM
Mr. Borrower, Applying for a mortgage is stressful under the best of circumstances. Even experienced borrowers feel a little twinge of anxiety at the thought of taking on hundreds of thousands of dollars worth of debt. The mortgage approval process is forgiving of many things; there are certain actions or non-actions that can … (4 comments)
|
loans: Finding a Mortgage: Ten Tips for First Time Homebuyers - 03/14/08 11:29 PM
What You Should Know in Finding a Mortgage Before Buying a Home
Before you start looking for a home, you should get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans. The lenders like myself will take an application, process the loan documents, and see the … (2 comments)
|
loans: FHA and the Nehemiah Down Payment Assistance Program! - 03/13/08 01:34 AM
Nehemiah Program
The Nehemiah Corporation is "a community development corporation specializing in homeownership, affordable housing and community development." The Nehemiah Program, founded in 1997, is the largest privately funded down payment assistance program (DPA) in the country and has helped a quarter of a million families buy homes.
Nehemiah provides gift funds for … (1 comments)
|
loans: Mortgage Programs for First Time Home Buyers - 03/12/08 11:00 AM
Everyone likes a bargain. Even First-Time Home Buyers! The simple definition of a first-time home buyer is someone who has not taken a mortgage interest deduction in the last 3 years. It's not surprising that first-time home buyers are beginning to take notice of current housing prices.
Lending standards are getting stricter … (1 comments)
|
loans: FHA Loans: The First-Time Home Buyers Loan of Choice! - 03/12/08 10:59 AM
FHA (Federal Housing Authority) Loans. Remember the New Temporary Mortgage Limits:
The number of FHA borrowers has grown substantially in the last year. FHA only requires a 3% down payment. The down payment can be a gift from friends or family or can be seller credits through several down-payment-assistance programs for first-time home buyers like the Nehemiah Down Payment Assistance … (1 comments)
|
loans: CalHFA: A California First TIME Home Buyer's Prgram With Up to 100% Financing - 03/12/08 10:59 AM
CalHFA: California Housing Finance Agency
The California Housing Finance Agency's goal is to provide affordable housing opportunities to low and moderate income first-time homebuyers. This is accomplished by offering low, fixed interest rate mortgage products, along with down payment and closing cost assistance. Combining CalHFA's programs with … (4 comments)
|
loans: The ACORN Program - Not Just for Fisrt-Time Home Buyers - 03/12/08 10:58 AM
ACORN is a National non-profit Housing program with goals to provide free housing counseling directed toward achieving homeownership for low to moderate income homebuyers. ACORN accomplishes their goal by providing one-on-one mortgage loan counseling, first-time homebuyer classes, and works with lending partnerships to obtain affordable mortgages for their clients.
The mortgages … (1 comments)
|
loans: Are The Fed's Able To Keep Mortgage Rates Down? - 03/01/08 03:01 PM
Rising Mortgage Rates
The Federal Reserve (Fed's) in trying to bail out the credit crisis have run into a problem: mortgage rates have gone up!
Since September, the Feds have reduced its target for short-term interest rates by 2.25 percentage points to 3%. But mortgage rates are actually rising. I realize that mortgage … (4 comments)
|
loans: BANK OF AMERICA CHARITABLE FOUNDATION ANNOUNCES $250,000 IN ADDITIONAL GRANTS TO CALIFORNIA HOUSING NONPROFITS HELPING FAMILIES STAY IN HOMES - 03/01/08 12:30 PM
Aid to Nonprofits in Stockton, Sacramento, Inland Empire and Bakersfield part of $750,000 ongoing foreclosure prevention effort in California
Bank of America is doing some very important work in California, as part of our ongoing efforts to address the mortgage crisis, keep people in their homes, and help working families achieve financial … (0 comments)
|
loans: Economic Stimulus Package-GSE/FHA Update - 02/29/08 04:46 PM
February 29th 2008As previously communicated, the President signed the Economic Stimulus Package on February 13th, 2008, and gave HUD 30 days to publish the new temporary high cost loan limits for Fannie Mae, Freddie Mac and FHA.
Key Updates/Timeline:HUD will publish temporary high cost loan limits for the GSEs (Fannie Mae … (0 comments)
|
loans: Freddie and Fannie Are Able To Buy More Mortgages!!!! - 02/27/08 11:24 AM
We are getting some excitement in the credit market. The Office of Federal Housing Enterprise Oversight (Ofheo) have removed limits on the amount of mortgages Fannie Mae and Freddie Mac can buy as of March 1st, 2008. Fannie Mae and Freddie Mac will now be allowed to buy more mortgages which … (4 comments)
|
loans: Bank of America Supports Senator Dodd's Plan to Help Mortgage Crisis - 02/26/08 02:22 AM
Bank of America backs Senator Dodd's plan to buy up Loans at a DiscountBank of America officials have warned congress that up to $739 billion in mortgages are at risk of default in the next five years, and that the government intervention is needed. This is why Bank of America supports Senator … (3 comments)
|
loans: Moving a Parent into your Home? A Missing Tip!!! - 02/25/08 05:19 PM
My Number One Tip to Prepare Moving a Parent into your Home!I read an article this morning that included five tips (Consumer Reports Money Advisor which I have copied below) to prepare moving an elderly parent into your home. This article caught my attention because I may have to move my … (2 comments)
|
loans: Town Hall Theatre Fundraising Gala: Ticket Available Now!! Lafayette California - 02/25/08 02:18 AM
TOWN HALL FUNDRAISING GALATICKETS AVAILABLE NOW! 5 days only - buy your Gala tickets for $75 ($10 off!). Ticket prices up up to $85 on March 1st.
Also, purchase 5 raffle tickets for $40, for your chance to win a night's stay and spa package at the Lafayette Park Hotel! You … (0 comments)
|
loans: The Great Downsizing in Contra Costa County: Seniors on the Move!!!! - 02/24/08 12:32 AM
Senior Citizens are the fastest growing demographics in most Contra Costa cities. Us baby-boomers are just starting to get to retirement age. Now that the kids have moved out of the house, do we really want to spend all our free time cleaning and doing yard work? Do we want to … (1 comments)
|
loans: When "The Man" (in this case lady) Comes to Collect Your Mortgage Payment - 02/23/08 02:12 AM
I can imagine adebt collector or collection agency coming to my door to ask for a mortgage payment I do not have. There has to be enormous internal emotional pressures and family trumoil. The following is about a landlord but you will get the idea.
You can find AJ Nisen on … (0 comments)
|
loans: Mortgage Bailout? Don't throw the "Tax Payer" out with the Water? - 02/21/08 11:05 PM
You know the Office of Thrift Supervision (OTS - don't you like acronyms)? The OTS has authority over federal savings and loan lenders. The OTS unveiled a plan to help mortgage borrowers in trouble, but only those borrowers who hold mortgages with federal savings and loan lenders. The plan suggests their lenders … (0 comments)
|
loans: Bank of America's President Floyd Robinson Announced Project Lifeline to Help Distressed Borrowers - 02/19/08 01:19 PM
Today, Bank of America played an important role in a major national effort to assist homeowners in danger of losing their homes. Appearing with U.S. Treasury Secretary Hank Paulson and U.S. Housing and Urban Development Secretary Alphonso Jackson, Bank of America's Consumer Real Estate and Insurance Services Group President Floyd Robinson … (2 comments)
|
loans: Delinquent in Your Mortgage Payment? Don't Run! Don't Hide! - 02/17/08 07:45 PM
Are you delinquent in your mortgage payments? If you are, Don't Run, Don't Hide!
HUD and Mortgage lenders are trying to find delinquent homeowners. In particular, they are trying to find homeowners who have not returned phone calls and letters. THIS IS NOT AND ATTEMPT By LENDERS or HUD TO COLLECT or PUNISH! … (1 comments)
|
loans: Lafayette California was Named After General Marquis-de Lafayette - 02/16/08 03:24 AM
It may or maybe not be obvious, but the city of Lafayette California was named after General Marquis-de Lafayette. Last year when the City of Lafayette celebrated the Marquis-de Lafayette's 250 Birthday, a french camera crew came to the city of Lafayette and did a Video Profile. It is kind of … (0 comments)
|
loans: Taxes Taxes those Stinking Taxes in Lafayette California - 02/16/08 02:47 AM
Lafayette California:Taxes Taxes Taxes. No more Stinking Taxes. Or maybe we do need more taxes. We have the lowest number of police per capita, we currently have $24M in current road repair that needs to be done immediately, there are cries for more parking, senior living and serives, parks, and the … (0 comments)
|
loans: Generations in Jazz 8th Annual Festival in Lafayette California - 02/16/08 02:15 AM
2008 Lafayette Jazz FestivalMarch 6-9, 2008
@ Bentley School Theater (directions) and the Acalanes Performing Arts Center
Click HERE to purchase thickets!
March 6th 7:00 p.m. - Rossmoor Big Band w/ special guest performance by Mary Fettig and the Bentley Jazz Ensemble with Brian Pardo and Mic Gillette March 7th 7:00 p.m.- Jamie … (0 comments)
|
loans: Generations in Jazz Foundation in Lafayette California - 02/16/08 01:54 AM
Lafayette is considered the top destination west of the Mississippi to learn Jazz, an original American art form. Why? Because of the Jenerations in Jazz Foundation, their workshops and volunteers like Bob Athayde, Music Director at Stanley Middle School, Tom Carter and countless others.
Generations in Jazz Foundation History
The Generations in Jazz Foundation formed the … (0 comments)
|
loans: There Is HELP for the Delinquent Borrower! - 02/14/08 06:42 PM
I have talked with too many borrowers in the last several months that are or are about to go into delinquency. It is not an easy conversation. Most borrowers do not know what their options are. I think that walking should be a last resort. I am pretty sure that all … (7 comments)
|
loans: Don't Make Foreclosure Worse for Yourself. - 02/14/08 06:15 PM
Hey, DEFAULT is a bad situation but don't make it any worse for yourself. I talk with too many borrowers facing mortgage default. I am not an expert but I do try to steer them in the correct direction. Here are a few pointers to think about. HUD has put together … (3 comments)
|
loans: Focus On Seniors: A Day Long Symposium On and For Seniors - 02/10/08 01:49 AM
The demographics overall but especially in our high cost areas are showing the average residence is getting older every year. Yes, Us baby boomers and our parents are aging. This statistic is very dramatic in our high housing cost communities because our young cannot afford to move into towns like Lafayette, Orinda, … (0 comments)
|
loans: What or Who Are Fannie Mae and Freddie Mac? - 02/09/08 07:43 PM
Freddie Mac (FHLMC) and Fannie Mae (FNMA) are two housing government-sponsored enterprises (GSEs). These GSEs were chartered by Congress (The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 or more commonly known as The GSE Act) to create a secondary market for residential mortgage loans. They are considered "government-sponsored" … (0 comments)
|
loans: Do You Want To Know How Mortgage Rates Are Determined? - 02/08/08 05:46 PM
No one simply "sets" rates. Rates are primarily determined by the market through supply and demand. The market buys and sells bonds or other debt instruments all the time. The United States (US) to fund the government has the Treasury auction debt (typically the 5, 10, and 30 year US Treasury … (3 comments)
|
;)
Links;)
Tags (Tag Cloud);)
Archives
