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finance: How You Can Manage Your Risks Under "HERA" - 01/05/09 01:27 PM
The Mortgage Bankers Association provides a useful "Housing and Economic Recovery Act of 2008" (HERA) Resource Center.
"As you know, on Wednesday, July 30, 2008, President George W. Bush signed major housing legislation, Public Law 110-289, the "Housing and Economic Recovery Act of 2008 (HERA)."
HERA includes reform of government sponsored enterprise (GSE) regulation that will dynamically affect FNMA and FHLMC, and modernization of the Federal Housing Administration (FHA). These are, of course, the essential sources of most of the home mortgage financing in America. Unless you only deal with all cash buyers, you need to be up to date on … (0 comments)
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finance: The Banking Situation Explained - 10/06/08 12:29 PM
Based on an email received from a friend today, here is a horse racing analogy for you. Just add the appropriate number of zeros to these figures and it will be a closer, though still not a perfect match to the banking situation. Still, I think it is closer than what Congress is using to explain the problem to the public.
George is at the race track and bets $2 on a horse to win.
Two guys observe this bet and Fred says to Samuel, "I'll bet you $5 that George wins his bet."
Nearby are William and Bob. William says: … (0 comments)
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finance: And the dance continues... - 07/22/08 12:39 PM
How about that! A new subprime lender discovered by Beal Bank, and they appear to be a bit put out by the discovery too.
According to the Washington Post (07/22/08) P. D2,
"FDIC Sued Over Subprime Loans: The Federal Deposit Insurance Corp., which insures U.S. bank deposits, made subprime mortgage loans to borrowers in 2001 and 2002 that violated guidelines, according to a lawsuit by Beal Bank. The FDIC made the loans after it took over Superior Bank as conservator in 2001 and operated its subprime mortgage business, according to court documents. Beal Bank sued in 2002, saying about a quarter … (2 comments)
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finance: Another Bank Bites the Dust - 07/09/08 04:17 PM
In the news today, IndyMac Bank depositors want their money back. So they've started a run on the bank to close their accounts and get what cash they may have, even those under the FDIC insurance limit. This follows Monday's announcement that IndyMac would shut down the mortgage lending operations. These were the heart of the bank's income and profits just as recently as a year ago. Most of its retail mortgage branches were sold to Illinois-based Prospect Mortgage for an undisclosed price.
Hard to remember that a year ago IndyMac Bank stock was $30.00/share. Two years ago it was at … (7 comments)
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Bruce Forge
Irvine,
CA
More about me…
iNET Realty, Inc.
Address: 2450 Dupnt Dr, Irvine, CA, 92612
Office Phone: (714) 376-4488
Cell Phone: (714) 376-4488
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