Happy Halloween...and rate drops! - 10/31/11 12:39 PM
Good morning and Happy Halloween! This is my favorite holiday of the year (except for my birthday, and Christmas, of course) and I will spare you of pictures of me dressed up as John McEnroe circa 1980...although I did get lots of compliments the other night. On today's agenda:  Market News, Local Trends, Zillow, Rates - The bond markets are on the mend today after taking a slight   beating last week on the perceived news of a "solution" in the   European debt crisis. Things are still shaky and there's some   investor uncertainty as China still hasn't given a decision on   whether or not they'll get involved or not. … (2 comments)

Friday Wrap Up - 10/28/11 12:22 PM
Good morning, Another week comes to a close and it seems like fall it finally here. All I know is that World Series game 6 last night was one to remember. Oh, and Europe is still a mess. So where are we today? Well, there's been a pretty big stock market rally worldwide since the conclusion of the EU summit on Wednesday. But many economists are saying that all the leaders did was buy time. It's been said that Greece will leave the Euro and other countries will follow. What a mess.... Speaking of messes, the US debt is scheduled to be downgraded again very shortly. This time, it will be done by all three major … (0 comments)

Money! Money everywhere! - 10/27/11 12:48 PM
The Federal Housing Finance Agency said they didn't support a totally new strategy to help troubled homeowners. Instead, they agreed with Obama's HARP 2.0 plan. Shocking, right? In my opinion, this plan allows an insignificant amount of those homeowners to refinance, which isn't an altogether bad thing. But, it is projected to leave about 10 of the 11 million (estimated) underwater homeowners out of the loop. It also puts the debt burden on ALL taxpayers. 
NOW, they're saying that the GSE's (Fannie/Freddie) might need JUST $142 billion in (additional) bailout money. Keep in mind they already OWE $142 billion to the … (0 comments)

MBS markets rallying, but... - 10/25/11 12:43 PM
Most of us should have seen prices get better today as a result of the temperment regarding the EU crisis. What is interesting to me is that this is weighing more heavily on investor behavior than domestic indicators, such as the Consumer Confidence index, which has plummeted.
The people drive the markets...or at least that's what's supposed to happen. The confidence index is an extremely important indicator of people's sentiments on all things related to the economy. Now, investors are the ones that play with consumers money, so I can see how the debt crisis in Europe has big ramifications for … (0 comments)

Investors are "bullish" on housing? - 10/24/11 11:47 AM
I read an article this morning about the "bull case" for housing in 2012. I see the optimism but I guess I'm more of a realist. It's just hard to see how things are going to turn around so quickly. Yes, I know that the exchange-traded funds for home builders are up 30%, and the Federal Housing Finance Agency has just announced new changes to their sponsored refinance programs that will supposedly alleviate the foreclosure market and stabilize housing prices...BUT...considering the backlog of lenders underwriting departments, the glut of inventory, and the pending "triple-dip" in foreclosures, I'm more inclined to agree … (4 comments)

Please share with your fellow homeowners - 10/21/11 01:39 PM
If you are a homeowner, don't be a victim of property fraud! It's the fastest growing white-collar crime. I've had 2 clients get burned by this. It's not fun! Go to www.propertyfraudalert.com and sign up...it's free! You'll be alerted anytime a document is recorded with your information. Pass this along to your colleagues, clients, family and friends!
… (0 comments)

Good news for homeowners? - 10/20/11 12:41 PM
It looks like a solution is close for the 10.9 million people with an "underwater" mortgage. Everyone knows someone in this position so please share.
It looks like the banks, in order to avoid serious civil liabilities from the state's attorney's general, will agree to refinance these mortgages with much less stricter guidelines than currently in place. This will hopefully give the housing market a boost, as it is expected that a good percentage of short-sales/foreclosures will be prevented.
Here's the full article...
http://www.reuters.com/article/2011/10/19/us-financial-regulation-mortgages-idUSTRE79H7P820111019?feedType=RSS&feedName=domesticNews
 
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New Refinance Program(s) - 10/19/11 01:37 PM
I've been reading quite a bit about the proposed new programs that the Government has been talking about. But I can't quite figure out a couple things. First, what exactly are they going to do? And second, will they help? 
Since 2009 more than 13 million homeowners have refinanced, but less than 1 million of those have been able to qualify for a HARP loan (more like 840,000 when the goal was originally 4-5 million). I personally have had to turn down a good years worth of loans that were HARP-eligible but didn't meet one of the seemingly infinite minute details. 
… (0 comments)

Ideas on solving the housing crisis - 10/18/11 12:24 PM
The Progressive Policy Institute and Economic Policies for the 21st Century, two government think tanks, recently met recently with lawmakers to discuss possible ways to solve the housing crisis.
This 5 minute VIDEO clip gives some good highlights of the day's meeting.
If you were running the show, what would you do to turn things around? I'd love to hear your ideas...
 
 
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Govt-sanctioned loan forgiveness = Big No-No! - 10/17/11 01:26 PM
I thought this synopsis was excellent. If the government decides to sanction the forgiveness of loans, it will create an even greater level of paranoia amongst lenders and therefore influence (probably in an unfair matter) their ability to lend objectively. They'll know that any agreement to lend they enter into with a consumer could be voided by the sanctions imposed by government. Can you see how this will greatly disrupt the housing industry, if not contribute to it's collapse?
Read on...
http://www.mortgagenewsdaily.com/channels/voiceofhousing/10172011-refinance-american-capitalism.aspx
 
Would love to hear your comments....
 
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Friday Wrap-Up - 10/14/11 02:03 PM
I hope it's been a good week. Despite some skepticism, I have to admit that I was not the leader of the Occupy Wall Street Movement. But what a story that has been... With that movement, and the European debt crisis, and the Iran terror plot, Israel planning to attack Iran, and a little issue known as our economy...I just know that mortgage information is at the top of your list! It was a busy week for the markets and equities rebounded nicely pushing the bond markets downward as new developments in Europe are showing some light, and Greece looks to be on the mend? Rates were sent higher off of this news, but since … (2 comments)

The Mortgage Crisis: My .02 - 10/05/11 05:41 PM
After a short hiatus, I am now back, and firing away as usual! This time, I’m going to talk about what many people have asked me about lately: the mortgage “crisis.” Coming from within the industry, I prefer to look at it as a “work in progress.” We can argue all day long on where it started (hint: NOT with loan officers!) and who’s really to blame (hint: it’s not a State), but I’m more concerned with why no one seems to really be buying homes these days. Here’s what I think:
First, the lenders. They’re the ones stuck in the … (0 comments)

 
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JP Marzano | 312-608-1555 | The Mortgage Call/Chicago Financial Svcs

Chicago, IL

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