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Blog entries tagged with "credit crunch":
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The mortgage mess has now spread to the auto industry called....
Where and when is this credit crunch going to stop. I don't know the answer do you? I think it will stop with a new administration. One that will not run the federal deficit to $490 billion dollars or 20% higher than our commander in chief said it would be just … (0 comments)
A few years ago, the sun was bright and the wind was strong. And while we were never the perfect partners, we still understood that both the Reator Ship (the SS CrazyMarket) and the mortgage ship (the SS LooseLending) needed to make it to shore for a real estate transaction to … (75 comments)
Most of us have heard of the bigger fool theory as it relates to investment property, especially with flipping. Let's take Florida as an example. During the real estate boom, "investors" would buy a condominium in the pre-construction phase and resell it for more after it was completed, often … (4 comments)
Indymac, the nation's largest independent mortgage company after the recent purchase of Countrywide by Bank of America, stated today that it was slashing its workforce by over half and ceasing almost all forward-looking mortgage lending.
REO flood in 2009!
As a mortgage professional I find it frustrating that the national media is constantly bombarding us with reports regarding the credit crunch as it pertains to home mortgages. Here in the Midwest, it is true lenders have tightened their standards but for the most part if you have a job history … (0 comments)
It is no surprise that the banking sector is feeling the pinch right now, amidst a massive nationwide credit crunch, among thousands of new monthly foreclosures and credit card defaults. Standard and Poor recently has downgraded the entire banking sector because of their massive writedowns against credit losses for mortgages and … (0 comments)
Residential Real Estate Statistics for Montgomery County, PA:
In the past several years in real estate every home seller basically got their price, no one lost, and everyone won. Listing agents postured and thought they were God’s gift to sellers...they weren’t. They were just order takers for a real estate fix that was driven by 100% credit. No money, … (32 comments)
Ripe & Ready, Fast & Heady, he ran for his life ... but life had moved on...
Is the HOME OWNERSHIP ACCELERATOR Loan the best loan in the United States today - and should you consider using it - to buy or refinance your home?There is a new mortgage loan available in Denver Colorado (and 41 other states) that combines the effectiveness of a 15 year mortgage loan … (1 comments)
(re-published from my blog Sweet Home Chicago )
Business has picked up in Tucson, and I'm grateful. My phone rang earlier, though, and the person on the other end was surprised that a loan request had been denied by his bank. He was hoping that as a broker, I could help him. 
bad dayBecause of Bank Declines!
I got the word last night that WAMU is shutting down it's wholesale operations effective June 13th. Another one bites the dust in this as-of-yet bottomless pit of a credit crunch. The last day to submit loans electronically is April 10th. Lots of good people out of jobs! Prayers and best … (3 comments)
The Mortgage Adviser
The Mortgage Adviser
Acorn is a political organization that is trying to help with the foreclosure crisis. Here is some information I cut from their website:
There are many factors that have contributed in creating a crisis in the credit markets. We haven't seen the end yet, we're still learning about what created the problems we're facing now.This system of loan origination is highly organized, and more recently some investment products were created that allowed financial institutions … (9 comments)
The news has been filled with daily accounts of the credit markets demise and the effects of the collapse on the finance and real estate industries. But does the financial collapse of the credit markets hurt your chances of getting a Reverse Mortgage? To get a better idea of any effects the credit … (0 comments)
The mortgage industry has been as volatile as ever lately--especially with interest rates, loan programs and the housing market in general. Unlike the past, we are in unchartered territory as far as economic models go.
When will the downturn/decline end? That is the trillion dollar question isn't it? I hear it about everyday, as I am sure you do too. While there is no magic answer for this question, there are always those who claim to have it. Like with this video, Mark Fleming who is … (2 comments)
This offer is good for any group looking for a guest speaker in the Maryland, DC, Virginia area. 
I am sure you have been hearing about the "Foreclosure Crises" and the "Credit Crunch" from the news reports. I mean who hasn't seen the doom and gloom in the media.
Since September 2007, the Federal Reserve has lowered the Fed Funds Rate by 1.000%. 
WAMU (Washington Mutual) pulled the plug on its subprime division. WAMU owned Long Beach Mortgage since it purchased it 10 years ago. Long Beach was ranked 5th among all subprime wholesalers in the third quarter. It had a 64% decline in table funding through brokers this year from the same period … (1 comments)
Experts say that the credit crunch is showing signs of easing. But what is alarming is oil prices to $100 a barrel. Unemployment is up and the unemployment rate is at 5%, the highest since December of 2005, the .03% raise is the largest one month raise in 12 years. … (4 comments)
Criticized for not doing enough to stave off foreclosures, the White House seems prepped to put on a full-court press in dealing with the housing crisis.View the Entire Article Here
Should we expect our government to step in on the current foreclosure crisis? Or should we simply let the markets and … (8 comments)
Warren Buffett and Hillary Clinton at San Francisco 
With all the talk about a housing "bubble" with falling home sales and home values and now the subprime debacle, some of us may be losing sight of the abundant opportunities that this offers for realtors and buyers, alike. In fact these opportunities extend to seller, as well, as home prices … (0 comments)
I saw some testimony from Mark Scarberry of the American Bankruptcy Institute on C-SPAN tonight and he was discussing proposed legislation that would allow "stripdowns" of mortgages -- a stripdown being a modification to the mortgage that reduces the amount of the debt to the fair market value of the property … (4 comments)
The credit crunch and subprime meltdown creates affordable ownership opportunities for the middle class
Imagine if you were fully approved by a lender to purchase a property, wrote and offer that was accepted and ratified, but then was told at the 11th hour that your loan was rejected because of where the property was located. That's right. It has nothing to do with you or … (1 comments)
Posted: August 23, 2007
Depends on who you ask is the simple answer. Many commercial analytics are showing a property decline in parts of the country, although others are showing a general increase. No matter who you ask the answer could be different depending on how they evaluate their data. Apartments have decreased, Retail property … (1 comments)
Major banks made it much tougher for all types of customers to get loans over the past three months, according to the Federal Reserve's quarterly survey of bank lending officers.
Thank you Attorney General Andrew Cuomo, you are making it your mission to make an already bad situation even worse. Cuomo, the grim reaper, Bringing death to all ye mortgage industry!
Why is it that people are shocked that after walking on the edge of the garbage dump, they go home smelling like a garbage dump?
Should the Feds lower the interest rates? This is the question of the day. With the deep slump in housing, a lingering credit-crunch and rising oil prices, this will only weaken consumer spending and consumer confidence for months to come.
As I look at our local market and see inventories rising and sales dropping I wonder why. 
So with all the changes in the loan industry and the credit crunch I had a few questions and I thought active rain would be a good place to post. What is the lowest downpayment possible on a home purchase and an investment purchase. In particular I am interested in loan … (3 comments)
… (0 comments)
Find Mortgage Lenders, Use Calculators & more!Virtuoso-of-Real-EstateToday, 05:49 AMThe Mortgage Center has been designed to help you with the financing aspects of your home purchase. Here you'll find valuable tools that make shopping for a mortgage and selecting a lender easier then ever before.Today's Current RatesMortgage Rate AveragesProgram Rate Change30 Year … (0 comments)
With the 50 basis point cut on the Fed Funds Rate, what is going to happen, and could it ultimately have the opposite effect?
The credit panic appeared to stabilize on Wednesday, interest rates rising a bit, but the crunch found new legs today on news of sinking retail sales. At week's end conforming mortgages are a hair under 6.5 percent, the gap to vanilla jumbos closing to roughly a 0.5 percent premium, half of … (0 comments)
More Countrywide Spectator news. Seems that we active rainers are not the only people watching the fate of Countrywide. This article on Yahoo shows how stocks rose today after Countrywide announced that it had received a needed $12 Billion in credit.
So, we’ve been hooked on the screen cast thing around here lately. First it was the podcasts, then the 30-second news clips (starring yours truly as a talking head) and now we’re on to the screen casts. In this video I cover some of the rudimentary top-level actions that got us … (2 comments)
Conforming Loan limits are currently at $417,000. Anything below that is considered conforming and anything above that is considered a non conforming loan amount and is labeled "jumbo." 
I believe the current credit crunches will have both macro & micro affect. We are likely to see a slowdown in the micro areas of real estate and related industries of mortgage banking.
We are also likely to see the macro affects as the real estate slowdown replicates itself into other … (0 comments)
Is the sky falling? Your favorite loan officer may tell you so. A local REALTOR® was overheard recently telling a client that this is the worst market since 1983! Is that true?
I'm going to rant a little this morning. I'm up early because I have to remove one of my listings from the MLS because it's going on the foreclosure auction block today. We tried everything to short sell this place, but no buyer to the rescue. This made me stop and take … (2 comments)
Hi Guys 
In the event you need more proof to confirm the troubles in the mortgage market, here's a subtle sign that lenders are tightening their standards.
Needless to say there have been a lot of frightened people the last couple of weeks whenever someone mentions the term "real estate," "housing," or "mortgage." While a lot of fears are warranted for those folks who unfortunately took out Adjustable Rate Mortgages without understanding the ramifications, many other fears are … (9 comments)
1. Co-op boards prevented anyone incapable of repaying a loan from buying, despite the fact that greedy mortgage brokers may have approved.
After the close of the market it was announced that Fannie and Freddie would NOT be allowed to purchase additional mortgages or to expand their portfolio. We need to watch the market on Monday morning as the markets believed that Fannie and Freddie, by buying extra loans would smooth the market … (9 comments)
And that's a direct quote from someone in Countrywide's upper management chain ... but is that necessarily a bad thing? I don't think so - and here's why.
DON'T PANIC!
Things are pretty goofy out there right now in the world of home lending. It's a nationwide phenomenon, but it only compounds difficulties were already knee deep in here in Metro Phoenix and Maricopa County. Ditto for most of Arizona, for that matter.