http://activerain.com/blogs/sobehynes This blog is for informational purposes regarding California, Orange County, Los Angeles, San Diego, Riverside, San Bernardino Home Loans. It also includes information about loan modifications. None of the information on this site is provided as legal advice, and all loan modifications including California loan modifications are referred out to Attorneys. This site is a site of opinion only. en-us http://activerain.com/blogsview/1697694/fannie-freddie-to-delist-from-nyse-from-your-orange-county-loan-officer <p>Fannie and Freddie are government backed entities that keep mortgages moving, allowing homeowners to purchase homes.  The plans are to delist their shares from the New York Stock Exchange.</p> <p>The companies' regulator, the Federal Housing Finance Agency, said Wednesday that it expects Fannie Mae and Freddie Mac shares to trade on the Over-the-Counter Bulletin Board.<img title="ff" src="http://stevehyde.files.wordpress.com/2009/10/statue-of-liberty.jpg" height="225" alt="dfddf" width="341" style="margin: 10px; float: right; border: black 8px solid;"></p> <p>Fannie, Freddie, VA, and FHA have backed almost 97% of home mortgages this year.  In the past it was the folks on Wall Street that hedged their beats but pulled out of the market years ago when they did not have enough liquidity to support the asset.  We soon saw the tightening of the mortgage market with Wall Street gone and now mostly left with government sponsored programs which took over Fannie and Freddie in 2008.  If it was not for these programs we would have had a severe crash.</p> <p>The move to delist the shares isn't a surprise since Fannie has had a $1 average price level for 30 trading days. NYSE rules require a company to take action to boost its share price or delist.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Wed, 16 Jun 2010 10:01:58 -0400 http://activerain.com/blogsview/1697694/fannie-freddie-to-delist-from-nyse-from-your-orange-county-loan-officer http://activerain.com/blogsview/1678980/laguna-beach-events <p><strong>Upcoming Laguna Beach Events and News!</strong></p> <p style="text-align: center;"><img src="http://www.marionmeyergallery.com/gallery/mathie/Simplifying_Fate_40x60_Mathie_2010.jpg" height="200" alt="1" width="300" style="border: 1px solid black; margin: 10px;"></p> <p style="text-align: center;">Simplifying Fate by Christopher Mathie</p> <p style="text-align: center;"> </p> <p>The <strong>Marion Meyer Contemporary Art Gallery </strong>is hosting a new exhibit titled "Ascension". The exhibit hosts artists Candice Eisenfeld, Christopher Mathie, Lisa Lala and Sylvia Torres and will be at the gallery until July 15th. For more information, directions or a preview of the art, visit the gallery's website at <a href="http://www.marionmeyergallery.com/" target="_blank">http://www.marionmeyergallery.com/</a></p> <p> </p> <p><strong>Jazz Concert at the Hotel Laguna</strong></p> <p>Starting June 9 Hotel Laguna will be hosting a <strong>Jazz concert</strong> every other Wednesday and ending on September 5th. New bands will be playing every week, so the avid jazz enthusiast can experience a wide range of styles and rythms at every event. The concert begins at 6pm and lasts until 8pm at the Hotel Laguna Rose Garden. For information or reservations for 8 people or more, call 715.9713 or email info@lagunabeachlive.org</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 04 Jun 2010 17:13:12 -0400 http://activerain.com/blogsview/1678980/laguna-beach-events http://activerain.com/blogsview/1678676/laguna-beach-to-review-new-business-practices <p style="text-align: center;"><img src="http://frankdaltonart.com/images/cycling.jpg" height="276" alt="1" width="416" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p>This week the Laguna Beach City Council has voted in favor of using $93,000 on promoting new business and providing services and information for existing businesses in hopes of drawing new shops and restaurants to the city. So far, sales tax revenue for the city has been dow 25% from last year, a result of too many vacant storefronts and fewer visitors brought on by the recession.</p> <p>Historically, Laguna Beach has been notorious for its strict regulations and the difficulty of getting a business approved in the city. While Laguna's greatest asset is its small town artist community reputation, its also been the biggest hinderance to new business moving in. Most of the money approved by the city council will be used for a business consultant who can give the city council ideas on how to promote a business friendly environment while keeping the city's small town image.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 04 Jun 2010 14:37:45 -0400 http://activerain.com/blogsview/1678676/laguna-beach-to-review-new-business-practices http://activerain.com/blogsview/1677476/sawdust-festival-to-team-up-with-honda-for-summer-promotion <p>Laguna Beach's famous Sawdust Festival will team up with Honda and radio station MYFM this summer to promote the art fair via a raffle for a 2011 Honda TRZ. The Sawdust Festival is known for its iconic art stands where local vendors display their wares, the well known live glass blowing display and, of course, the sawdust floors. While the Sawdust festival has never paired up with a corporate sponsor before, it hopes the $5 raffle tickets for the new car will bring more visitors to the fair in what is shaping up to be a busy summer. If you are looking for fun live events, music and art, check out the Sawdust Festival in Laguna Beach, CA at <a href="http://www.sawdustartfestival.org/" target="_blank">http://www.sawdustartfestival.org/</a></p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Thu, 03 Jun 2010 20:29:01 -0400 http://activerain.com/blogsview/1677476/sawdust-festival-to-team-up-with-honda-for-summer-promotion http://activerain.com/blogsview/1676981/housing-prices-up-in-may-from-your-orange-county-loan-officer <p><strong>Good news</strong> for homeowners that have been hit hard by declining home prices! In a report by<strong> Clear Capital</strong>, a real estate data research firm, <strong>housing prices have increased</strong> 5.8% in May 2010 from last year, which is the biggest gain in housing prices since 2006. According to the report by Capital, last May housing prices had dropped 19.3% from the previous year.</p> <p>Clear Capital's report attributed the gain in prices to <strong>homebuyer tax credit</strong> which increased interest in buying homes and therefore an increase in prices. While the tax credits have come to an end, the current crisis in the European Union and resulting low interest rates in the United States has kept interest in purchases high. Additionally, the report lists the lower saturation rate of <strong>REO property</strong> as an additional reason for higher prices. Usually REO properties are sold for lower prices than a normal home sale, which brings down home values in the surrounding areas as well. Investors and first time buyers have taken advantage of these low prices and as a result percentage of properties on the market that are REO has dropped almost 14%. Lets hope this trend continues and we stay on the road to recovery! (As soon as unemployment gets fixed of course!)</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Thu, 03 Jun 2010 15:27:48 -0400 http://activerain.com/blogsview/1676981/housing-prices-up-in-may-from-your-orange-county-loan-officer http://activerain.com/blogsview/1668246/laguna-beach-events-for-early-june-from-your-orange-county-loan-officer <p>Here's some more exciting news and events for <strong>Laguna Beach, CA</strong> for the first couple of weeks in June!</p> <p><strong>See Rita Rudner at the Laguna Beach Playhouse!</strong></p> <p style="text-align: center;"><img src="http://gb.fs.boldernet.net/0/0/142/142693-450.jpg" height="200" alt="1" width="200" style="margin: 10px; vertical-align: middle; border: black 1px solid;"></p> <p>Rita Rudner will be performing at the Laguna Beach Playhouse this weekend May 29th and 30th! If you are looking for lots of laughs while spending the holiday weekend in a great beach town, this is an excellent opportunity for you! For more information and ticket prices, visit <a href="http://www.lagunabeachplayhouse.com">www.lagunabeachplayhouse.com</a></p> <p> </p> <p><strong>"Mythos of Being" Clay Sculpture Exhibition</strong></p> <p>Debuting on Laguna Beach's Thursday Artwalk June 3, William Catling's "Mythos of Being" exhibition will be displayed at the Art Cube Gallery in downtown Laguna Beach. Catling is known for his vivid sculptures that bring an uncanny lifelike aspect to clay sculpture.</p> <p> </p> <p><strong>National Trails Day</strong></p> <p>Crystal Cove Park will be teaming up with REI in an effort to restore the trails of Crystal Cove. Activities include clearing black mustard, trail maintenance and the elimination of illegal trails. If you're looking to give back to the community and spend the day outside at a breaktaking park along the coast, contact Winter Bonnin at (949) 376-7200 or email at <a href="mailto:wbonnin@parks.ca.gov">wbonnin@parks.ca.gov</a></p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 28 May 2010 19:10:51 -0400 http://activerain.com/blogsview/1668246/laguna-beach-events-for-early-june-from-your-orange-county-loan-officer http://activerain.com/blogsview/1667702/laguna-beach-memorial-weekend-dui-checkpoints-orange-county-loan-officer <p>As we all know from living in Laguna Beach, regular checkpoints are advertised in our papers.  So, here is the latest in our papers for this weekend!  The Laguna Beach Police Dept will conduct a DUI/Drivers License checkpoint on Saturday from 9 p.m. to 3 a.m. It'll be the second of four planned checkpoints this year.<img title="dddd" src="http://blog.1800duilaws.com/wp-content/uploads/2009/10/DUI-Checkpoint-1.jpg" height="154" alt="dd" width="293" style="margin: 10px; float: right; border: black 8px solid;"></p> <p>A press release from LBPD stated: "In an effort to reduce the number of persons killed or injured in alcohol related crashes, DUI checkpoints are conducted in order to identify offenders and remove them from the roadways. They are also a means of educating the public on the dangers of impaired driving."</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 28 May 2010 13:40:27 -0400 http://activerain.com/blogsview/1667702/laguna-beach-memorial-weekend-dui-checkpoints-orange-county-loan-officer http://activerain.com/blogsview/1662509/excess-housing-inventory-what-does-it-mean- <p>In <strong>Morgan Stanley</strong>'s new finance report, <em>Housing Market Insights</em>, the investment bank estimates that at the rate of current home sales, it would take 47 months for us to clear the "<strong>shadow inventory</strong>" of houses. What exactly is the shadow inventory? Morgan Stanley's method of calculating the shadow inventory includes all loans 90 days or more behind on their payments, most loans that are 30-60 days behind, and properties that are already <strong>foreclosure</strong>. In short, unless they go through a successful<strong> loan modification</strong> or <strong>short sale</strong>, there is a strong possibility of the house going into foreclosure and ending up on the market at auction. Morgan Stanley estimates there are approximately 8 million homes in the shadow inventory at this time.</p> <p>Of course when these homes end up on the market, they inflate an already large supply of homes on the market which can drive down home prices further. Your basic economic sense should tell you that lower prices should lead to more homes being purchased, right? Unfortunately, this isn't necessary the case for us at this time. Banks have made it difficult to get credit for a home purchase unless the borrowers have stellar credit, which is hard to come by these days. Additionally, with <strong>unemployment </strong>still a giant albatross around our necks, people are less willing and less able to make big investments and instead are buckling down and playing it safe.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Tue, 25 May 2010 14:53:24 -0400 http://activerain.com/blogsview/1662509/excess-housing-inventory-what-does-it-mean- http://activerain.com/blogsview/1656815/tarp-projected-cost-lowered-an-additional-11-4bn <p>In what appears to be some good news for those who were against the <strong>Troubled Asset Relief Program (TARP)</strong> bailout, the Federal Treasury has released figures indicating that the projected cost of the <strong>TARP </strong>bailout has been lowered to $105.4 bn, down from the previous $11.4bn from the previous estimate. Reasons for this lowering of TARP costs are many, including a better than expected return on money invested in shares of bailed out companies.</p> <p>According to the Treasury, the cost of the <strong>Making Home Affordable</strong> and <strong>Home Affordable Modification Program</strong> <strong>(HAMP)</strong> dropped from an estimated $75 bn to just $22 bn, perhaps a reflection of the lenders' underwhelming participation in the programs.</p> <p>Additionally, banks who took TARP funds paid back their loans much more quickly than expected in an effort to get out from under government and Treasury regulations placed on them after they recieved the infusion.</p> <p>The Treasury also reported a much better than expected return on <strong>Citigroup </strong>shares that the government recieved for bailing the troubled institution out. The projected cost of bailing out insurance giant <strong>AIG </strong>has also been far less than expected, adding to the lower overall cost of TARP.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 21 May 2010 17:55:16 -0400 http://activerain.com/blogsview/1656815/tarp-projected-cost-lowered-an-additional-11-4bn http://activerain.com/blogsview/1655345/late-may-laguna-beach-events <p style="text-align: center;"><img title="1" src="http://pics4.city-data.com/cpicc/cfiles32614.jpg" height="375" alt="1" width="500" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p> </p> <p>Here are a few exciting events for Laguna Beach, CA!</p> <p> </p> <p><strong>Artist Eye Gallery Hosts "The Art Lover's Cookbook"</strong></p> <p>From 4-7pm May 21st, Artist Eye Gallery will host two of its artists featured in "The Art Lover's Cookbook", a collection of recipies and art from Orange County artists. Take this opportunity to meet and have your books signed by artists Nancy Swan and Karin Schnell and other artists featured in the book while browsing the gallery's collection. For information on "The Art Lover's Cookbook" you can visit www.artloverscookbooks.com or visit the gallery's website at <a href="http://r20.rs6.net/tn.jsp?et=1103420663404&amp;s=2693&amp;e=001KBHTkuYkeTaF-Uzb-LunFAnwnVGMxARoYhKedHGfiPpdEPZKEAJ4GlyLnN2Uy-3x3DVU8ZjeYRZ389bnxdP1tW1GlVlcemVL_vQENRpDopgkpHZwDUtpVqWswilzVTF4" target="_blank">artisteyelagunagallery.com</a></p> <p> </p> <p><strong>Whitney Gallery Hosts the Spring Show</strong></p> <p>Marc Whitney's new Spring collection is on display at the Whitney Gallery in downtown Laguna Beach starting May 22nd. Whitney is known for his beautiful depictions of every day objects that create their own unique kind of art. Check out some of Whitney's work at www.marcwhitney.com .</p> <p> </p> <p><strong>"Happy Go Local" Writer Booksigning at Laguna Beach Books</strong></p> <p>On May 23rd at 4pm author Linsly Donnelly will be signing and discussing her book about sustainable and affordable family living "Happy Go Local: The Smart Mom' Guide to Living a Happy (and Sustainable!) Life".For contact information visit www.lagunabeachbooks.com</p> <p> </p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Thu, 20 May 2010 21:15:09 -0400 http://activerain.com/blogsview/1655345/late-may-laguna-beach-events http://activerain.com/blogsview/1643664/california-default-rates-fickle-dependant-on-home-values <p>Credit Reporting agency <strong>Fitch Ratings</strong> has reported that default rates in <strong>California </strong>vary drastically between regions and are largely based on the home values in the area. The report shows that areas that did not have large gains in home values during the housing boom are generally experiencing fewer foreclosures than areas whose home values skyrocketed during the boom and are now on the decline. Of course this makes sense because buyers who got into the market while it was hot are now hugely underwater on their loans with the decline of the housing market. Many of these borrowers have chosen to stop making payments on their homes because they don't see the sense in paying a loan that is sometimes 150% more than their home is worth now.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Thu, 13 May 2010 19:31:02 -0400 http://activerain.com/blogsview/1643664/california-default-rates-fickle-dependant-on-home-values http://activerain.com/blogsview/1643291/laguna-beach-news-and-events-from-your-orange-county-loan-officer <p>Here are some exciting new events for Laguna Beach, CA for the month of May!</p> <p style="text-align: center;"><img title="1" src="http://i12.photobucket.com/albums/a218/GD_obsessed33/Laguna-Beach-CA.jpg" height="193" alt="1" width="288" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p><strong>Dawson Cole Fine Art Hosts Sculptor Richard MacDonald</strong></p> <p>Sculptor Richard MacDonald will be attending his exhibition "Platinum + Unique: A Body of Work - Exclusive, Rare, Platinum" at Dawson Cole Gallery in Laguna Beach May 15th from 8-10pm and May 16th from 12-3pm.</p> <p>For a preview of some of MacDonald's work or more information on the receptions, visit www.dawsoncolefineart.com</p> <p> </p> <p><strong>Sorrento Bar &amp; Grill Pairs with Stone Brewing Company</strong></p> <p>Laguna Beach's Sorrento Bar &amp; Grill is pairing up with Stone Brewing Company on May 19th for a special dinner event. Sorrento chef Ryan Adams introduces a pub style 5 course menu based on his sustainable and local style. Stone Brewing Company will be providing beers meant to compliment the flavors of the dishes, and a brewing expert from Stone Co. will be on hand to answer any questions about their beers and brewing process. The cost per seat is $40, and reservations can be made calling Sorrento Grill at (949) 949-8686 or visiting www.sorrento-grille.com .</p> <p> </p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Thu, 13 May 2010 15:20:49 -0400 http://activerain.com/blogsview/1643291/laguna-beach-news-and-events-from-your-orange-county-loan-officer http://activerain.com/blogsview/1643220/save-the-whales-rally-in-laguna-beach-ca <p class="ecxMsoNormal"><span class="caption"><strong><span style="color: black;">May 23^rd</span></strong></span><span class="ecxapple-converted-space"><strong><span style="color: black;"> </span></strong></span><span class="caption"><strong><span style="color: black;">- Help Save the Whales! Make Your Voice Count!</span></strong></span><span style="color: black;"><br> </span><span class="caption"><strong><span style="color: #ff1346;">ATTEND THE MAIN BEACH DEMONSTRATION TO</span></strong></span><span class="ecxapple-converted-space"><strong><span style="color: #ff1346;"> </span></strong></span><span class="caption"><strong><span style="color: #ff1346;">SAY NO TO KILLING WHALES.</span></strong></span></p> <div></div> <div> <div> <div> <p class="ecxMsoNormal"><span style="color: black;"> </span></p> </div> <div> <p class="ecxMsoNormal"><span class="caption"><strong><span style="color: red;">Sign our online petition at:</span></strong></span><span class="ecxapple-converted-space"><span style="color: black;"> </span></span><span style="color: black;"><a href="http://www.wanconservancy.org/whale_volunteer.htm" target="_blank">http://www.wanconservancy.org/whale_volunteer.htm</a></span></p> </div> <div> <p class="ecxMsoNormal"><span style="color: black;"> </span></p> </div> <div> <p class="ecxMsoNormal"><span class="caption"><span style="color: black;">The U.S. has announced efforts to broker an agreement to</span></span><span class="ecxapple-converted-space"><span style="color: black;"> </span></span><span class="caption"><strong><span style="color: black;">allow commercial whale hunting for the first time since 1986</span></strong><span style="color: black;">.</span></span><span style="color: black;">  Quotas for<span class="ecxapple-converted-space"> </span><span class="caption">Gray Whale hunting could kill up to 145 whales every year for 10 years, without review or population estimates.</span>  Enforcement of these quotas would be up to the nations who have been violating the current moratorium on commercial whaling (Japan, Iceland and Norway.)</span></p> </div> </div> </div> <p class="ecxMsoNormal" style="margin-bottom: 12pt;"> </p> <div> <p class="ecxMsoNormal"><span class="caption"><span style="color: black;">Help us ask President Obama to oppose the (IWC) proposa</span></span><span style="color: black;">l to allow commercial whaling to resume.  The President campaigned to be a leader in conservation -<span class="ecxapple-converted-space"> </span><strong>we need to hold him to that pledge</strong>!</span></p> </div> <div> <p class="ecxMsoNormal"><span class="caption"><strong><span style="color: red;">Join us on May 23^rd</span></strong></span><span class="ecxapple-converted-space"><strong><span style="color: red;"> </span></strong></span><span class="caption"><strong><span style="color: red;">at Main Beach!</span></strong></span></p> </div> <div> <p class="ecxMsoNormal"><span style="color: black;"><br> 10:00 AM - Congregate on the cobblestone area to the left of the historic lifeguard tower, right of Greeters Corner Restaurant at 329 South Coast Hwy in Laguna Beach. <span class="ecxapple-style-span">There is metered street parking (you'll need quarters) or park at the <a href="http://events.ocregister.com/laguna-beach-ca/venues/show/1156896-glenneyre-parking-structure" target="_blank">Glenneyre Parking Structure</a> (two-story brick structure) and walk a couple short blocks to the protest.  </span></span></p> </div> <div> <p class="ecxMsoNormal"><span style="color: black;"><br> For more information, visit:<span class="ecxapple-converted-space"> </span><a href="http://www.wanconservancy.org/" target="_blank">http://www.wanconservancy.org/</a></span></p> </div> <div> <p class="ecxMsoNormal"><span style="color: black;">For a full list of locations, visit:<span class="ecxapple-converted-space"> </span><a href="http://www.wanconservancy.org/whale_locations.htm" target="_blank">http://www.wanconservancy.org/whale_locations.htm</a></span></p> </div> <div> <p class="ecxMsoNormal"><span style="color: black;">Sign the petition:<span class="ecxapple-converted-space"> </span><a href="http://www.wanconservancy.org/whale_volunteer.htm" target="_blank">http://www.wanconservancy.org/whale_volunteer.htm</a></span></p> </div> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Thu, 13 May 2010 14:47:39 -0400 http://activerain.com/blogsview/1643220/save-the-whales-rally-in-laguna-beach-ca http://activerain.com/blogsview/1641788/first-time-homebuyers-made-up-almost-50-of-purchases-in-2009 <p>The <strong>National Association of Realtors </strong>released figures this week indicating that first time homebuyers made up 47% of all purchases in 2009. With the extensions to the <strong>homebuyer tax credit</strong> and still historically <strong>low mortgage rates</strong>, first time buyers took advantage of the benefits and raised the first time homebuyer share of home purchases 6%, from 41% in 2008.</p> <p>Additional figures provided by the report indicated that single women made up 25% of all <strong>first time homebuyers</strong>, with men making up 12% of all buyers. Married couples made up 49% of first time buyer purchases and unmarried couples made up the remaining 12% of buyers.</p> <p>The report also showed that single women made up 17% of the repeat homebuyer market, with single men making up 8%. Married couples made up 69% of all repeat buyers, and unmarried couples were the remaining 5%.</p> <p>Another interesting fact the report showed was that the biggest growth in first time buyer rates was in the Western United States with a 10% increased, followed by the South and Midwest.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Wed, 12 May 2010 17:55:58 -0400 http://activerain.com/blogsview/1641788/first-time-homebuyers-made-up-almost-50-of-purchases-in-2009 http://activerain.com/blogsview/1640015/2010-brings-almost-twice-as-many-foreclosures-for-fannie-mae <p>In a report on last quarter<strong> Fannie Mae</strong> has reported almost twice as many foreclosures as the previous quarter. Fannie Mae now holds above $12 billion in single family foreclosures, up from $6.5 billion last year. Additionally, Fannie Mae's foreclosure rate is at 1.36% almost triple from the 2009 rate.</p> <p>According to the report by Fannie Mae, the large increase in foreclosures is due to continued unemployment, low housing prices and uncertainty in the progress of the economic recovery. The report also lists the southeast as the hardest hit region, followed by the midwest and the western states.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Tue, 11 May 2010 18:44:38 -0400 http://activerain.com/blogsview/1640015/2010-brings-almost-twice-as-many-foreclosures-for-fannie-mae http://activerain.com/blogsview/1639891/wells-fargo-posts-gains-in-2010 <p><strong>Wells Fargo</strong> has annouced that it posted a $2.5 billion profit in the first quarter, despite the fact that home loan originations are down for the year. Overall, Walls Fargo has made $21.4 billion in 2010, up 2% the same time last year. According to the bank, revenue from debit cards, insurance, and other loans has made up for the shortcomings in the housing market. In addition, Wells Fargo is beginning to see profit from its Wachovia acquisition in 2008.</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Tue, 11 May 2010 17:29:14 -0400 http://activerain.com/blogsview/1639891/wells-fargo-posts-gains-in-2010 http://activerain.com/blogsview/1607078/political-pressure-is-on-to-cut-principal-balances-from-your-orange-county-loan-officer <p>I have bloged about this subject before and the <a href="http://www.christinehynes.com" title="Orange County Home Loans" target="_blank">political pressures to reduce principal balances</a> for those severely underwater.  As we know in the real estate profession, value are up and down just like the stock market.  Sometimes we are in the black and others in the red, but we just wait out the ride, as it is our homes and the American Dream!  The difference this time is that the numbers are staggering for those underwater.  We have not seen these numbers in the past and then there is also the creative loans, from negative amortization to ARMS that are adjusting.  Coupled with the job market and homeowners unable to make mortgage payments is just adding fuel to the fire, and I am only naming a few.<img title="wew" src="http://www.scps.k12.fl.us/grants/_img/citigroup-logo.gif" height="151" alt="wwe" width="250" style="margin: 10px; float: right; border: black 1px solid;"></p> <p>Executive from the nation's four largest banks - <a href="http://www.christinehynes.com" title="Orange County Home Loans" target="_blank">Bank of America, Citigroup, Wells Fargo, and JPMorgan Chase</a> - pushed back against that pressure Tuesday at a House Financial Services Committee hearing. They argued to lawmakers that reducing mortgage principal only makes sense for a handful of borrowers with high-risk loans, and that a large-scale principal forgiveness program could have dire ramifications for the future of housing finance and consumers' access to credit.  Aren't we already experiencing this with loan modifications?</p> <p>I do realize the implications to the banks, and millions upon millions of phone calls they would receive if this flood gate is opened.  I do believe their phone systems may just shut down and that their is just not enough staff to handle picking up  phones all day, maybe a way to create more jobs?  A new stimulus package?  I can easily take a leap to loan modifications and how unsuccessful they have been on a large scale.  It would probably be a similar situation, few are helped as many applications are submitted so they can all hurry up and wait, and wait and wait as many banks still see profits up to 40%.  Did you know the average business in the US is lucky to show 10 to 15% profit!</p> <p>This pressure to <a href="http://www.christinehynes.com" title="Orange County Home Loans" target="_blank">reduce principal balances</a> will continue on a political level as it is also a means to force the banks to modify more loans.  As we know, this issue is not dead!</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Mon, 19 Apr 2010 09:03:53 -0400 http://activerain.com/blogsview/1607078/political-pressure-is-on-to-cut-principal-balances-from-your-orange-county-loan-officer http://activerain.com/blogsview/1604711/wamu-mortgages-almost-unregulated-by-ots <p class="MsoNormal" style="text-align: center;"><img src="http://thedealsleuth.files.wordpress.com/2008/07/wamu-logo.jpg" height="149" alt="1" width="261" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p class="MsoNormal">In an investigation by the Senate Permanent Subcommittee on Investigations, testimony has revealed that the <strong>Office of Thrift Supervision</strong>, a federal agency tasked with overseeing lenders, had been negligent in its oversight of <strong>Washington Mutual</strong>’s underwriting of <strong>subprime mortgages</strong>. Additionally, it failed to enforce regulations set down by the FDIC and may have even ignored fraudulent practices by the bank.</p> <p class="MsoNormal">Senator Carl Levin, chairman for the subcommittee, said that not only did <strong>OTS</strong> regulators fail to address ever increasingly risky <strong>mortgages </strong>despite the fact that they did not fall within acceptable regulations but that OTS regulators also impeded efforts by the <strong>FDIC </strong>to enforce regulations. FDIC inspector general Jon Rymer also testified to the committee, saying that the FDIC declined to enforce regulations because procedure required the FDIC to rely on OTS supervision, which had already proven faulty.</p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Sat, 17 Apr 2010 14:22:25 -0400 http://activerain.com/blogsview/1604711/wamu-mortgages-almost-unregulated-by-ots http://activerain.com/blogsview/1604618/fannie-mae-shortens-wait-time-after-deed-in-lieu <p class="MsoNormal"> </p> <p class="MsoNormal" style="text-align: center;"><img src="http://www.condodomain.com/blog/wp-content/uploads/2009/03/fannie-mae.gif" height="103" alt="1" width="191" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p class="MsoNormal">Today <strong>Fannie Mae</strong> announced the decision to shorten the time a borrower has to wait before they can qualify for a mortgage after a <strong>short sale</strong> or <strong>foreclosure</strong>. These new guidelines come a week after the government’s <strong>Home Affordable Foreclosure Alternatives (HAFA)</strong> program hit the market, and Fannie Mae hopes the new guidelines and HAFA program will work together in an effort to get borrowers back in homes as soon as possible.</p> <p class="MsoNormal">Normally, borrowers are required to wait four years after a foreclosure before they can apply for a mortgage again, and at least two years after a <strong>deed in lieu of foreclosure</strong>. With the new guidelines, borrowers can be approved for a new mortgage two years after a deed in lieu of <strong>foreclosure </strong>provided they have a 20% down payment.</p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Sat, 17 Apr 2010 12:56:30 -0400 http://activerain.com/blogsview/1604618/fannie-mae-shortens-wait-time-after-deed-in-lieu http://activerain.com/blogsview/1591873/-rethink-change-from-your-laguna-beach-loan-officer- <p>Here are some exciting upcoming events in Laguna Beach promoting sustainable living and healthy lifestyles!</p> <p style="text-align: center;"><img src="http://www.destination360.com/north-america/us/california/images/s/laguna-beach.jpg" height="200" alt="1" width="250" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p><strong>Rethink Change:</strong></p> <p>What: A forum to discuss changing lifestyles, ways of thought and our community in order to adapt and embrace the changes reflected in the world at large. Speakers include Michele McCormick, PhD, psychologist, Kevin Buck, M.A., Executive Coach with Emergent Success an Joanne Allen-Situ, M.B.A., Sustainability Strategist.</p> <p>Where: Anneliesse School, 20061 Laguna Canyon Road, Laguna Beach, CA</p> <p>When: 6:30-8:30 PM April 19th, 2010.</p> <p> </p> <p><strong>Lightbulb Exchange:</strong></p> <p>What: Exchange your incandescent lightbulbs for energy efficient CFL lightbulbs for FREE!</p> <p>Where: <strong></strong></p> <ul> <li><strong>Anneliese Schools:</strong></li> <li>Aliso Campus, 21542 Wesley Drive </li> <li>Manzanita Campus, 758 Manzanita Drive </li> <li>Willowbrook Campus, 20062 </li> <li> <strong>Laguna Canyon Electric Cyclery</strong>, 900 North PCH </li> <li> <strong>Green Cube</strong>, 264 Forest Avenue </li> <li> <strong>La Sirena Grill</strong>, Aliso Creek (Albertson’s) Shopping Center </li> <li> <strong>Yogaworks</strong>, Aliso Creek (Albertson’s) Shopping Center </li> </ul> <p>When: April 1-23, 2010</p> <p> </p> <p><strong>FRESH Screening</strong></p> <p>What: Screening of the documentary FRESH, a film about the food we eat.</p> <p>Where: Regency Laguna South Coast Cinemas</p> <p>When: 7-9 PM, April 22, 2010</p> <p>Tickets can be purchased for $10 at www.brownpapertickets.com  or at Laguna Cyclery at 240 Thalia St., Laguna Beach</p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 09 Apr 2010 15:43:20 -0400 http://activerain.com/blogsview/1591873/-rethink-change-from-your-laguna-beach-loan-officer- http://activerain.com/blogsview/1591779/lawsuit-alleges-discriminatory-lending-by-wells-fargo <p class="MsoNormal" style="text-align: center;"><img src="http://wallstnation.com/files/u179/wells_fargo.gif" height="164" alt="1" width="164" style="vertical-align: middle;"></p> <p class="MsoNormal">In a lawsuit backed by the testimony of two former <strong>Wells Fargo</strong> employees, the bank is accused of targeting minority neighborhoods in Memphis, Tennessee with higher rate loans as opposed to the white neighborhoods in the city. The practice of targeting disadvantaged borrowers with riskier loans is known as “<strong>reverse redlining</strong>”.</p> <p class="MsoNormal">According to the lawsuit, 43% of Wells Fargo’s <strong>foreclosures </strong>are in minority neighborhoods, despite that these neighborhoods make up only 15% of the bank’s portfolio in the city. The lawsuit also says that Wells Fargo originated more high cost loans in minority areas and lower cost loans in white neighborhoods. While this could be attributed to borrowers in white neighborhoods having better credit, the linchpin of the lawsuit is testimony from <strong>two former Wells Fargo employees </strong>who say that they were told to specifically target minority neighborhoods for <strong>subprime mortgages</strong>.</p> <p class="MsoNormal">The lawsuit seeks damages under the <strong>Fair Housing Act</strong>, and Wells Fargo denies any wrongdoing in the case. Depending on the weight of the testimony provided by the two former employees, it should be interesting to see how this case shapes up.</p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 09 Apr 2010 14:52:45 -0400 http://activerain.com/blogsview/1591779/lawsuit-alleges-discriminatory-lending-by-wells-fargo http://activerain.com/blogsview/1591511/bitner-to-congress-banks-at-fault-for-subprime-mortgage-crisis-from-your-orange-county-loan-advisor <p class="MsoNormal"> </p> <p class="MsoNormal" style="text-align: center;"><img src="http://watercharity.org/images/capitol.jpg" height="200" alt="1" width="300" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p class="MsoNormal">HousingWire associate publisher and former subprime lender <strong>Richard Bitner</strong> testified to the <strong>Congressional Financial Crisis Inquiry Commission</strong> on the reasons behind the <strong>subprime mortgage collapse</strong> on Wednesday in an effort to explain just who was responsible for the collapse that eventually led to a world wide economic crisis.</p> <p class="MsoNormal"><img src="http://www.thedigeratilife.com/images/housingbubbleburst.jpg" height="102" alt="1" width="176" style="border: 1px solid black; margin: 10px; float: left;">While much of the blame has been placed on borrowers for taking out loans they could not afford or the loan officers that gave them their loans, Bitner made it very clear to the congressional committee that the <strong>banks were ultimately to blame for the crisis</strong>. His reasoning behind this was that although borrowers took out loans that were not sustainable, the lack of responsible underwriting from the banks allowed these borrowers to be approved for these loans. Additionally, Bitner counts the <strong>securitization of mortgages</strong> as a major contributor to the increased popularity of the subprime market, which eventually led to its downfall.</p> <p class="MsoNormal">Bitner says that with the introduction of <strong>mortgage-backed securities</strong>, banks were no longer directly responsible for the loans they serviced. In the past, banks directly provided the funds they were lending, and thus had a more vested interest in the loan’s success and assessed the risk of the loan carefully. With the introduction of the securities, the banks became the middle men in the process, only providing the <strong>underwriting </strong>and maintenance of the loan while private investors and firms provided the capital.</p> <p class="MsoNormal">With the influx of new capital from investors, <strong>banks took more risks</strong> with their mortgage programs. The <img src="http://billdunlap.files.wordpress.com/2009/03/subprime2.jpg" height="193" alt="1" width="250" style="border: 1px solid black; margin: 10px; float: right;">results of this diffusion of interests were that banks were less willing to restructure loans that became unsustainable and that each individual player in the <strong>mortgage </strong>process could point the finger at someone else when a loan went bad. Bitner claims that while the introduction of mortgage backed securities added an unprecedented amount of capital for subprime mortgages, it also led to irresponsible underwriting practices and the eventual collapse of the market.</p> <p class="MsoNormal">Many people have blamed loan officers and borrowers for the irresponsible loans they took out as a reason for the collapse of the housing market. In his statement, Bitner acknowledges that the popularity of<strong> subprime mortgages</strong>, competition for these loans, and potential for large commissions led many loan officers to fudge the numbers of their borrower’s income or debt to income ratios. Bitner also says that the rules regulating these practices were few in most states, and that little could be done to reign in these loan officers.</p> <p class="MsoNormal">Of course, the check on all of this is supposed to be the underwriting department of the loan servicer. As stated before, the sheer volume of money available to these banks and the competition between them for loans led them to promote ever more <strong>risky loan packages</strong>. Bitner lists multiple programs such as <strong>Countrywide’s 100% income stated loan</strong> as a prime example of the risks banks were willing to take on their loans. While stated income loans were by no means exclusive to Countrywide, the low credit requirements (620 for self employed borrowers, 640 for wage earners) for Countrywide’s specific program was unheard of. Added to the problem of <strong>lower qualifying credit scores</strong> were the emergence of loans which required no down payments and lax proof of income and rental history requirements. As Bitner puts it, “When borrowers with bad credit, no money, no verifiable income, and no history of paying rent were approved for mortgages, there should be no surprise that loans defaulted.”</p> <p class="MsoNormal">For a full transcript of Richard Bitner’s statement to the Congressional committee, visit this <a href="http://fcic.gov/hearings/pdfs/2010-0407-Bitner.pdf">link</a>.</p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Fri, 09 Apr 2010 12:29:40 -0400 http://activerain.com/blogsview/1591511/bitner-to-congress-banks-at-fault-for-subprime-mortgage-crisis-from-your-orange-county-loan-advisor http://activerain.com/blogsview/1590031/end-of-mbs-program-brings-fewer-refinances <p class="MsoNormal"> </p> <p class="MsoNormal">With the end of the government purchase of <strong>mortgage backed securities</strong>, rates have begun to climb and as a result, <strong>applications for refinances have gone down</strong> significantly from last week’s numbers.</p> <p class="MsoNormal">According to the <strong>Mortgage Banker’s Association</strong>, the refinance index decreased almost 17% from last week, which is a staggering number. Additionally, refinance applications accounted for 58.7% of all applications, which is down from the 63.2% of last week.</p> <p class="MsoNormal">On average, mortgage rates on 30 year fixed rate mortgages have already risen 0.3% and 15 year FRMs have risen 0.2% from last week.</p> <p class="MsoNormal">Hopefully, this dip in mortgage and refinance applications is only a temporary function of the government <strong>MBS purchase program</strong> coming to an end. Even though rates are rising, they are still very low!</p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Thu, 08 Apr 2010 14:33:28 -0400 http://activerain.com/blogsview/1590031/end-of-mbs-program-brings-fewer-refinances http://activerain.com/blogsview/1587994/second-lien-modification-program-still-in-the-works <p class="MsoNormal" style="text-align: center;"><img title="1" src="http://images.businessweek.com/ss/08/06/0626_secondary_liens/image/intro.jpg" height="145" alt="1" width="248" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p class="MsoNormal">Despite the hullabaloo surrounding the <strong>Second Lien Modification Program</strong>, or <strong>2MP</strong>, the program still has a lot of uncertainty surrounding it. With only four major loan servicers signing on with the federal program designed to coordinate first and <strong>second lien modifications</strong>, the future success of the program is still in doubt. So far, <strong>JPMorgan Chase</strong>, <strong>Wells Fargo</strong>, <strong>Bank of America</strong> and <strong>Citigroup</strong> have signed onto the program.</p> <p class="MsoNormal">Problems with the program include the fact that the first and <strong>second lien modifications</strong> do not occur simultaneously or automatically. Involvement in the <strong>2MP </strong>program requires the consent of the borrower, and gives the homeowners another piece of paper to worry about and more forms that could be lost in the shuffle. Additionally, with only four banks signed on with the program, many first liens face complications because the second lien holder will not release the lien for modification. As noted in a previous blog, the Chairman of the House Financial Services Committee Barney Frank stated that many of these homes are so far underwater that <strong>second liens hold no real financial value</strong> to these loan servicers and are only serving to hold up loan modifications and short sales, which will lead to more <strong>foreclosures</strong>.</p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Wed, 07 Apr 2010 12:22:42 -0400 http://activerain.com/blogsview/1587994/second-lien-modification-program-still-in-the-works http://activerain.com/blogsview/1587797/struggling-homeowners-considering-strategic-defaults <p class="MsoNormal" style="text-align: center;"><img title="1" src="http://simon-smart.comhttp://activerain.com/image_store/uploads/9/0/5/6/0/ar125532158906509.jpg" height="200" alt="1" width="256" style="border: 1px solid black; margin: 10px; vertical-align: middle;"></p> <p class="MsoNormal">Many homeowners whose<strong> loans are underwater</strong> have considered<strong> strategically defaulting</strong> on their homes. Of course, underwater loans are when a borrower owes more on their loan than their home is worth. This means that many of these homeowners are discouraged and don’t see the point in continuing to pay for a loan that is far greater than the value of their homes.</p> <p class="MsoNormal">In a report by <strong>Fannie Mae</strong>, numbers show that homeowners are more likely to consider a <strong>strategic default </strong>if they know someone who has already walked away from their home. Is this so hard to believe when you see a friend get out from under their loan with (relatively) few consequences while you struggle to pay for your underwater home? Additionally, 24% of surveyed homeowners believe that their homes are <strong>underwater</strong>.</p> <p class="MsoNormal">However, even though these homeowners have considered defaulting, the large majority do not see it as an acceptable solution to their financial situations. In another poll, Fannie found that seven of ten <strong>delinquent homeowners</strong> believe they need to live up to their financial agreements and that defaulting on purpose is not an option. Most of these homeowners decided that if there was a way to stay in their homes, they would.</p> <p class="MsoNormal">In a corresponding study by <strong>Fannie Mae</strong>, it was found that homeowners who are underwater were more likely to be delinquent on their payments and more likely to consider walking away from their homes. When a home is underwater, it can be very difficult, if not impossible, to qualify for any kind of <strong>loan modification or refinance program</strong>. Again, when your home is worth half of what you owe on the loan, it is easy to see why some people may think about defaulting.</p> <p class="MsoNormal">Of course, if at all possible, borrowers need to live up to their commitments. <strong>Defaults and foreclosures</strong> not only hurt the neighborhood they occur in, but the housing economy in general. Lower home values and an excess in available homes will only further serve to delay the recovery of the housing market, whose recovery is vital to the overall economic progress.</p> <p> </p> <div class="agent_signature"> <p style="text-align: center;"><a href="http://activerain.com/blogs/sobehynes/rss">Click here to subscribe to my blog!</a></p> <p style="text-align: center;"> </p> <p style="text-align: left;"><strong>Christine Hynes</strong></p> </div> Christine Hynes - Orange County Senior Loan Consultant (American Capital Corporation) Wed, 07 Apr 2010 10:50:53 -0400 http://activerain.com/blogsview/1587797/struggling-homeowners-considering-strategic-defaults