|
| |
mortgages: End of the 30 day escrow - 08/17/09 08:53 PM
Maybe you've heard - the government is coming to help protect you.
For example, on July 30 a new disclosure act became law. In order to protect you the borrowing, home buying, public, your selected lender must provide you with a Truth-in-Lending (TILA) statement detailing the costs you should expect to face when financing real estate. You have three business days to review this material. Add to that an estimated three day mail transit period and you will need to wait SEVEN days before your lender is allowed to collect any fees from you (except a nominal credit report fee) and … (4 comments)
|
mortgages: 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)
|
mortgages: We're From the Government and We're Here to Help! - 09/10/08 06:28 PM
Heard that line before. Never seems to work out quite the way it was promised up front. One wise mentor maintains that there is an inverse law at work in government. Whatever the government tries to do, the reverse happens. There are myriad examples, but the bottom line seems always to be that the incentives are inverted.
Business people have a constant measure of success or failure. If they spend more than they make, the business dies. You don't have to wait for a committee to tell you that. But in government, the more you spend, the better your promotion will … (4 comments)
|
mortgages: FNMA & FHLMC - still in the news - 09/09/08 04:52 PM
Much more about the developing situation around these two former GSE entities in the news today. When these two agencies were first birthed by Congress about 40 years ago, the goal was to bring order and stability to the mortgage lending activity in America. Prior to their creation, mortgage lending was mostly a function of local banks and savings banks, with some insuring activity available from VA and FHA. These were the days of 20% cash down payments and your choice of 30 year or 15 year fixed rate amortization loans. Life was pretty simple then. Home ownership rates were climbing … (2 comments)
|
mortgages: FNMA & FHLMC Bite the Dust - 09/08/08 04:38 PM
Dateline - Washington DC
Two interesting bits of news in from the Potomac. This first item from the Washington Post...
U.S. Seizes Control of Mortgage Giants Washington Post (09/08/08) P. A1; Irwin, Neil; Goldfarb, Zachary A.
"The federal bailout of Fannie Mae and Freddie Mac involves putting the companies under conservatorship and placing the Federal Housing Finance Agency in charge of their operations and appointment of senior managers. The government has dismissed Fannie Mae and Freddie Mac's CEOs--who will, however, assist in the transition--and will provide capital, if necessary. The plan also calls for a cut in the stake of current … (4 comments)
|
mortgages: Lender of Last Resort - 07/14/08 12:53 PM
The news is everywhere that the government will not allow FNMA and FHLMC to fail. Instead the Federal Reserve will offer funds at the same rate that the big banks pay and the loans will all be guaranteed by congress. Maybe.
Obvious problem with this solution is that, contrary to popular opinion, the government does not have any money, earns no income to speak of, and seems unable to manage critical issues such as concealing concubines, balancing the budget, and uniting in the defense of the country. Odd group of failures, one thinks.
Politicians strive prmarily to remain in office. Events … (3 comments)
|
|
|
|
|
|
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
Email Me
 Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)