Phil and Terry's Blog - Archives July, 2008

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Housing and Economic Recovery Act of 2008 - 07/30/08 09:10 AM

H.R. 3221, the "Housing and Economic Recovery Act of 2008," passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following … (1 comments)

Wells Fargo takes on the Number 1 Position - 07/30/08 08:50 AM

According to numbers released by MortgageDaily.com, Wells Fargo has taken over the top spot for the largest mortgage lender in the second quarter of 2008.
The San Francisco-based bank and home loan lender pushed Countrywide out of first place by funding a whopping $63 billion during the second quarter.
Countrywide, who … (0 comments)

New Investment Tool.....New Loan Programs? - 07/30/08 08:42 AM

In news just released, the Treasury and the nation's four biggest banks on Monday said they will kick-start a market for an investment product to support home financing in the latest effort to spur a slumping housing market.
Bank of America, Citigroup , JPMorgan Chase and Wells Fargo said they planned … (0 comments)

Senate gives final approval to Housing Bill - President to sign - 07/26/08 11:34 AM

The Senate voted overwhelmingly on Saturday for final approval of a huge package of legislation that includes an ambitious program to save hundreds of thousands of families from losing their homes to foreclosure.
The housing legislation is the latest in a series of extraordinary interventions this year by the Bush administration, … (0 comments)

Home Reduced to $670,000 2/3 3000+ s.f. on 1 1/2 Acres - Pool Home with Views - 07/17/08 02:58 PM

This elegant older home is in need of a facelift to restore it's earlier elegance. The 2/3 home has a wonderful great room with floor to ceiling windows, two fireplaces, courtyard, swimming pool and spa and rear lot that can accomodate guest house. Home has had recent inspection and is in good … (0 comments)

Maximum LTV Changes For Properties In Ariz., Calif., Fla. and Nev. will go into effect on July 14th - 07/09/08 09:28 PM

Private mortgage insurance companies are further restricting guidelines on loans that they deem acceptable for them to insure (mortgage insurance is, typically required on any conforming loan over 80% LTV). To satisfy new requirements; conforming loan transactions with Loan-to-Values greater than 90% are no longer available in Arizona, California, Florida and … (0 comments)

Sedona Visitor Stats - 07/09/08 08:20 AM

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New Developments Around Sedona - 07/09/08 08:18 AM

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Payment Resets Peaking on Subprime Mortgages - 07/03/08 06:16 PM

The number of homeowners facing an increase in their subprime adjustable-rate mortgage payments will peak this summer, testing the efforts of lenders and others to keep those people out of foreclosure and stabilize the housing market.
The timing reflects the height of subprime lending in the summers of 2005 and 2006, … (0 comments)

Bye - Bye Countrywide - 07/03/08 06:14 PM

Well, it is official, as of Tuesday July 1st, Countrywide is no longer. By mid 2009, all business will be done under the Bank of America corporate umbrella. This merger for approximately 2.5 billion dollars, much less than the 30 billion dollar offer B of A was mulling over a year ago. This … (0 comments)

"Declining Market Policy" Eliminated - 07/03/08 06:13 PM

In an effort to help potential home buyers, Fannie and Freddie have eliminated the "declining market policy" that required potential home buyers' to put down more money than traditionally required when purchasing a home in areas that were shown to have a higher than average decline in ˜market' value.
It is … (0 comments)

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