federal reserve rules for lending - 09/28/09 07:35 AM
Although these rules were mad in 2008 i thought it might be useful to post them because they go into effect this week on October 1st 2009

The Federal Reserve Board on Monday approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending.  The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices.  The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction. 
The final rule, which amends Regulation Z (Truth in Lending) and was adopted … (0 comments)

INTEREST RATE DIRECTION - 09/24/09 08:54 AM
below is a partial release from the federal reserve the bold part has to with their purchase of mortgages. so far this year the federal reserve has purchase just shy of 50% of the marketing home home loans. by the statement you can interpolate that the federal reserve is not positive the open market will come in and fill the purchasers it has made it will be interesting to watch
 
With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the Committee expects that inflation will remain subdued for some time.
In these … (0 comments)

market numbers through september 15th 2009 - 09/17/09 01:07 PM
below is the market performance so this year in the Billngs/ Yellowstone County area. the $8,000 first time buyer has brought activity ti the market place that will slow when it is gone. essentially if you have not entered in to contract by the end of October it will be hard to meet the dead line of November 30th to be closed. over all the year has performed decently when the events are taken in consideration

 
 
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FIRST TIME BUYERS CREDIT/LOAN - 09/01/09 10:14 AM
the hour glass is is running and time will soon be gone for the first time buyer to take advantage of the $8,000 dollar credit. the first time buyer credit ends on November 30th 2009. for a first time buyer to take advantage they must have their purchased closed by midnight November 30th 2009. doing some calculations as to timing within the the market and financing changes it puts the date that you must have a purchase agreement in place to October 31st 2009. why you might ask do i need to have a buy sell in place by then. 1. … (0 comments)

IRS mortgage interest deduction - 09/01/09 09:54 AM
 
High Mortgage Interest Payments May Be Useful to Pursue Potential Nonfilers and Underreporters
 
Among the widely reported factors contributing to the high default rate in the home mortgage industry are individuals who may have assumed mortgages requiring payments that exceeded their ability to pay. We recognize that, given the current state of the economy, many individuals are struggling to meet their mortgages and other financial obligations. Nevertheless, a large number of individuals are paying a significant amount of mortgage interest and either are not filing tax returns or are filing tax returns indicating their income is not sufficient to … (0 comments)