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tighter lending: Banks Tighten Lending Despite Receiving TARP Funds - 02/04/09 09:58 AM
I received another wave of emails last week from my investors announcing an increase to their minimum credit score requirement on government loans to a 600 FICO. Unlike small product differences amongst my investors, I refer to this sort of a change as a "mass exodus" as the flee of investors from certain loan products affects mortgages offered industry-wide. See below my description of a "mass exodus".
Recognizing this market shift, I called a Broker I work with who has a client (587 FICO) writing an offer to build a home. I explained I could easily write a prequalification letter for … (3 comments)
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tighter lending: Credit-Rating Downgrades Burning Through TARP Funds - 01/08/09 10:23 AM
You've probably already heard TARP funds aren't actually buying troubled assets anymore, and if the reason why isn't confusing or irritating enough, we now find out one of the reasons why Wall Street's $700 Billion is not easing lending as originally intenteded.
From July 7th to date, there has been over $5 trillion in credit-rating downgrades in companies' mortgage-related securities, and of special concern is the accelerated rate of downgrades in 2008 ($1.84 trillion in Q4 2008, compared to $183 billion a year earlier). Ok, English please. Companies take a big hit on their income statements as their AAA-rated securities are downgraded. … (1 comments)
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tighter lending: Loose Your Job? Don't Worry, Bring the Car Back - 01/07/09 08:35 AM
The hit car manufactures are taking during our recession became very clear when I saw a Hyundai commercial promoting its Hyundai Assurance program. This promotion allows buyers to return their car within the next year if they loose their job or experience a life altering event. Wow, that's aggressive; I guess car manufactures are running into the same buyer apprehension I'm experiencing as well -- "Sorry, I can't buy right now. I'm hearing rumors of layoffs and I don't want to commit to any big purchases." I began feeling a slow down in my sales back in 2006 when lending … (7 comments)
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Nicole Lahti, Austin Texas Mortgage
Austin,
TX
More about me…
United Lending
Address: 8303 N. Mopac Bldg. A-201, Austin, TX, 78759
Office Phone: (512) 592-5468
Cell Phone: (512) 507-8312
Email Me
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