mortgages raleigh: Does Wake County Care if Fannie Belly Flops?? - 07/11/08 01:54 PM
Secretary Paulson and Bernanke followed each other speaking on Capitol Hill. In his prepared speech to the House Financial Services Committee, Sec. Paulson made these comments about Fannie Mae (FNMA) and Freddie Mac (FHLMC)... "Their regulator has made clear that they are adequately capitalized." Paulson said the two government sponsored enterprises are "working through a challenging period."
Yeah, I can see where losing 70% of your stocks value this year would be challenging!
But if you don't own STOCK in Fannie and Freddie - does it really matter to the average citizen in Wake County? I would argue that it does.
Since the … (2 comments)
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mortgages raleigh: Commodities Market and Rates - 04/18/08 03:36 PM
I'm Still on the prowl for lower mortgage interest rates... If you've read this blog before, you know that I think George Soros is one of the smartest guys in the room. Goerge was back in the news today helping me understand what happened to rates this week!
According to Bloomburg, "Billionaire George Soros said the boom in commodities is still in a "growth phase'' after prices for oil, wheat and gold rose to records.
"You have a generalized commodity bubble due to commodities having become an asset class that institutions use to an increasing extent,'' Soros said today at an … (5 comments)
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mortgages raleigh: We Have So Much To Unlearn! - 04/16/08 04:08 PM
The Times They Are A Changin'... Again. Seems like every time I think I've figured out what the "rules" are for making a mortgage loan, I have to re-learn them! There's no getting free from this!!
Mortgage Insurance Companies Announced Sweeping Changes, and more are on the way.
Standard A Paper Underwriting Guides:
LTV's > 97% are no longer eligible for MI regardless of FICO score or AUS decision. LTV's > 80% and FICO < 620 are no longer available for MI regardless of AUS decision. Investment propertis with LTV > 90% are no longer eligible for MI. Recent Additions for … (7 comments)
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mortgages raleigh: Lock 'Em If You Got 'Em! - 04/15/08 07:55 AM
So it's Gonna' Be ROCKIN' TODAY!!
I did a post yesterday about GREEN - and how the COMMODITIES market was messin' with my MOJO for Rates to Go DOWN! (This just in... Wholesale Prices Soar 1.1% on Food, Energy Costs)
WELL... everybody commented on the fact that it wasn't the poor farmer's fault they were making more for planting corn. Got it. Not the Farmer's Fault. Need to Reduce Consumption...
But I'm just a lowly loan officer. I genuinely (pretend to) care about the farmers... But what I REALLY want to know is...
WHEN ARE RATES GOING TO HIT 5.0% … (18 comments)
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mortgages raleigh: Has "Green" Gone Bad?? - 04/14/08 09:15 AM
The health of the world ECOLOGY and ECONOMY are unexpetedly diverging as we learn more about the global need to thoughtfully plan the use of our resources. The unintended consequence of a global push for "Green" is a shift in farmland use. With the rise in the demand for ethinol, farms world wide switched crops from grain and rice to corn. According to the BBC (and others) this shift caused global rice prices to go up over over 70% in the last year triggering an alarming problem for already impoverished nations.
The increase in this most basic comodity is already affecting … (9 comments)
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mortgages raleigh: Another Great Reason To Use a REALTOR - 04/10/08 10:14 AM
The Wall Street Journal found a section of the real estate market that's making some agents rich! In the article published April 9, they focus on several agents across the country that help buyers find deals in foreclosed property - many of the banked owned properties are not listed in MLS (or Realtor.com) so it's more difficult for a potential buyer to find these properties on their own. The article also highlighted several ways agents are differentiating themselves from others - including using BUS TOURS.
"One question is how to advertise these homes. Some brokers like Mr. Braniff think buyers sniff … (6 comments)
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mortgages raleigh: He Really Hates It When I Say That - 04/04/08 09:52 AM
I work and live with my husband, Steve... which can be tricky. This morning, as we were waiting on baited breathe for the Jobs numbers to be reported (I've been told we don't have a life because I really dig this stuff!)...
I jumped up - Threw my fist in the air and said,
"I TOL YA' SO!... HA!"
For those of you who might not remember... I wrote a blog that says...
"The Economist at MBA say that we should all be watching the weakness in the SERVICING industry - as they feel this could be a leading indicator of … (10 comments)
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mortgages raleigh: How to Write a Contract With A DAP - 03/30/08 04:38 PM
First off - A DAP is the "mortgage babble term" for DownPayment Assistance Programs. "Home sellers can help buyers pay closing costs by giving a portion of their proceeds back to the buyer at closing. The amount of seller assistance that's allowed depends on the type of loan the buyer is getting." There are laws and rules and regulations on many levels regarding WHAT a Seller can "give" a Buyer - and Sellers are not allowed to give home buyers downpayment funds. That's where the charities saw an opportunity and the gift assistance programs stepped in, providing a "work around" of … (15 comments)
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mortgages raleigh: Did Paulson Lie? - 03/30/08 03:03 PM
I read several economic and political blogs - and this headline caught my attention...
"My Nomination for Lie of the Year"
From the New York Times:
"Mr. Paulson is clearly taking a stand against critics who support even stricter regulations, while rejecting any notion that the crisis in financial markets or the collapse of Bear Stearns can be laid at the administration's doorstep. In a draft of a speech to be delivered Monday, he declares: "I do not believe it is fair or accurate to blame our regulatory structure for the current turmoil."
So what does Paulson think caused the credit crisis? Martians?"
The impending news … (8 comments)
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mortgages raleigh: Earth Hour March 29th - 03/26/08 09:08 AM
I was reading the Cary News - and some of my neighbors are excited about Earth Hour this weekend!
I had not heard about this - but I think it's something my family will participate in too!
"On March 31 2007, for one hour, Sydney made a powerful statement about the greatest contributor to global warming - coal-fired electricity - by turning off its lights. Over 2.2 million Sydney residents and over 2,100 businesses switched off, leading to a 10.2% energy reduction across the city. What began as one city taking a stand against global warming caught the attention of the world.
In … (2 comments)
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mortgages raleigh: Jon Stewart on Recession - 03/25/08 08:36 AM
Okay - so you've probably already seen this (especially if you are a big Jon Stewart Fan Like WE ARE) ... I wrote to Matt Heaton today and asked him to help us out with some insight. Figured he has one of the "bigger" brains when it comes to this stuff, unlike perhaps Mr. Bush!
… (9 comments)
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mortgages raleigh: Countrywide Exec Finds New Job - 03/24/08 07:28 AM
This just in... " A number of former Countrywide Financial Corp. executives are forming a firm to take advantage of the massive unwinding of the mortgage-securitization business, The Wall Street Journal reported." How interesting! They've figured out how to create an "exit strategy that makes them smell like roses!
"Former CFC President Stanford Kurland and colleagues are forming Private National Mortgage Acceptance Co., or PennyMac, to buy not mortgage securities but rather whole mortgage loans, the Journal reported. PennyMac plans to buy the mortgages cheaply, work with borrowers to restructure them, and then resell them at a profit as interest-earning mortgages, the … (14 comments)
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mortgages raleigh: Homebuyers: Don’t Ignore Your Emotions - 03/20/08 05:52 PM
Today, more that ever, real estate experts advise consumers to detach their emotions from one of e biggest financial moves of their life, reminding us that there’s a difference between a “home” and a “house.” I read about one California architecture professor who urges buyers to make sure those emotions get their due.
Clare Cooper Marcus, author of “House as a Mirror of Self” (Conari Press, $24.95), counts a box of crayons among her preferred tools to draw out deep-seated feelings about homes. Before you start looking at new house, she suggests that everyone in the family separately doodle a sketch of … (6 comments)
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mortgages raleigh: 6 Ways to Stop Worrying! - 03/18/08 08:57 AM
This is one of those "Do as I say, Not as I do," deals...
There's a lot to worry about right now. As a sales person who covers a fairly large county - gas prices drive ME crazy and then there's the news media helping me out every chance they get - NO WONDER I'M NOT SLEEPING!
But there are some great strategies that can help you manage when things get overwhelming:
1. Set aside time to worry. That's right - schedule time to worry. Maybe it's that 15 minutes on the way to the bank - or maybe it's during … (23 comments)
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mortgages raleigh: Buy a House - Get a Raise! - 03/07/08 01:14 PM
Have you filled out your taxes yet? Are you getting a refund? NO?!?! You might need to buy a house!
Many times we talk to homebuyers (especially first time home buyers) who tell us that they "want to keep their payments around where they are now." Meaning that if they are paying $1200 a month in rent - they feel confident that they can afford a house payment of $1200... And that's very logical - except - they're comparing Apples to Oranges.
When you buy a house - it helps the economy - and UNCLE SAM gives you a TAX Advantage - … (3 comments)
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mortgages raleigh: Suzy ORMAN on Real Estate - 01/08/08 02:28 PM
Thought this was interesting... spoke with a client yesterday who said she wasnted to SELL - but SUZY said DON'T! Tried to explain to the seller that we don't live in one of "those" areas...
… (16 comments)
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