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banks: What's the Safer Loan? - 08/04/09 06:49 PM
I recently have had 2 clients trying to decide between putting the smallest down payment possible on a house or putting extra money down on that house for safety and peace of mind. Currently, the smallest down payment possible is 3.50% for a FHA loan unless you are a veteran and qualify for a Veterans loan with no money down. 
I want to deal with the emotional question which loan is safer: a loan with 10% or more down or a loan with 3.50% down? If we were to poll Americans on this exact question, I would bet that 90% of … (1 comments)

banks: What Passes For An Appraisal Today - 07/31/09 02:40 PM
As I wrote about yesterday the new Home Valuation Code of Conduct or HVCC is wrecking havoc on thousands of buyers and sellers of real estate in its first two months. According to a recent survey by NAR 37% of their agent members had already experienced a lost sale due to this new rule in just the first two months of this rule. Today, I want to cover two things: first, what passes for an appraisal today and second how to protect yourself or your clients.
I was talking with my best appraiser Jim Boehm this week about the HVCC and … (0 comments)

banks: Denver's Improving Real Estate Market - 11/07/08 12:12 PM
In October the inventory of unsold homes in Denver plummeted by 20.1% from October 2007 inventory levels. This October there were 23,120 unsold homes available; last October there were nearly 29,000 homes for sale in the Denver metro area.
Somewhat surprisingly the number of homes placed under contract in October was only down 3% from October 2007 levels as 4,504 homes were placed under contract. For all the rotten economic news in September and October I expected that this number would be down by 20% or more. But, people are still buying homes in Denver. Why? Prices have dropped and there … (2 comments)

banks: Mortgage Mess Part 12--Deregulation at Fault? - 10/28/08 12:10 PM
Besides the forcing of the Community Reinvestment Act or CRA on steroids onto Fannie and Freddie and thousands of banks by President Clinton's administration and the complete lack of oversight by Congress over Fannie and Freddie because of the $200 million doled out to Congress members and their favorite special interests by Fannie and Freddie, there are three more things those dastardly politicians did to help create this mess.
First, in 1999 Congress overwhelmingly passed the Gramm-Leach-Billey Act aka the Financial Service Modernization Act. This act partially repealed the Glass-Steagall Act of 1933 which had prohibited commercial banks from operating investment … (0 comments)

banks: Mortgage Mess Part 6--Great Intentions - 10/21/08 10:06 AM
Great Intentions
Now we begin to uncover the fifth party responsible for this Mortgage Mess and this party has the most fault in my opinion. It is our elected officials and this goes all the way back to 1977.
In 1977 President Carter signed into law the Community Reinvestment Act or CRA, which was a noble idea to end "redlining". Redlining is when banks open branches in low-income or minority areas; but do very little lending in the area, starving the neighborhoods of capital and the ability to buy homes.
The CRA was written to force banks to lend to borrowers … (0 comments)

 
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Lonnie Glessner

Littleton, CO

More about me…

America's Mortgage LLC

Address: 6534 S. Broadway, Littleton, CO, 80121

Office Phone: (303) 993-2367

Cell Phone: (303) 881-6374

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