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May 24, 2010

"It's harder these days to get a mortgage Even with FHA backing own money is required Payments may not exceed 33% And at least a 620 credit rating must generally be provided Analysts are generally speaking in agreement with Washington's claim that much of he blame for America's foreclosure crisis should be fairly and" ...

Imported from external blog 

 

My view; According to interviews with financial industry insiders, it is harder to get loans these days, even for people with good credit. Why?

In the opinion of this financial insider,  lenders still think homes are risky loans, even for good credit risk customers. These large banks like B of A and Wells Fargo are getting taxpayer money at a cost to them of .25%, in practically unlimited quantities. They then turn around and buy US Bonds/Treasuries that pay 3-4%, and pocket the difference. There is zero risk in Treasury bonds.. 

But then the money that these banks invest in US bonds is serving to finance all of the things that the US government has to borrow money for, and cannot afford to pay for, like the war in Iraq, Afghanistan, and the hundreds of military bases overseas, not to mention social welfare payments to companies like Exxon, which paid zero taxes last year, while making 60 Billion in profits. Meanwhile, what I have seen is that US citizens cannot borrow money to buy homes, because banks will turn them down for all kinds of silly reasons, that have nothing to do with the borrower or basic qualifying. 

My question is this; This 'free' money is borrowed from the Federal Reserve, right?  The Federal Reserve does not hand out money for free, as they are not a charity, right? The Federal Reserve is a private for profit organization, right? This means that we, you and I are being charged for this money being given away for free to the banks. They charge US taxpayers interest, which is at this point I believe somewhere in the range of 4%. Doesn't this mean that the US taxpayer is being soaked? ... Remember the story of robbing Peter to pay Paul? This is just one opinion of course.. What are your thoughts on this matter? 

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Posted: May 24, 2010 3:59pm
Jan 26, 2010

HUD Suspends Rules on Flipping Foreclosures

Measure to help bring stability to home values and accelerate sale of vacant properties

"In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties....."  

Rest of the story; http://www.american-apartment-owners-association.org/blog/2010/01/25/hud-suspends-rules-on-flipping-foreclosures/

 

This rule is good for one year and starts on Feb 1, 2010. So it expires on Feb. 1, 2011. 

 

 

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Posted: Jan 26, 2010 9:20am
Mar 10, 2009

This week, we have a chance to do something about our plummeting home values and get real help for struggling families at no cost to taxpayers. The Senate is expected to vote on a bill that will let homeowners facing bankruptcy restructure their mortgage payments -- as they can already do with other kinds of debt -- in order to stay in their homes. Waves of foreclosure bring down everyone's values.

We have real momentum. The House just passed the measure last week. But many of the big lending institutions and banks are fighting it tooth and nail. These are the same lenders who’ve gotten billions in taxpayer bailouts for making bad loans in the first place!

Tell your Senators to support a strong mortgage modification bill!

This proposal won’t cost taxpayers one cent, and it won’t let homeowners off the hook. Rather, it gives them a chance to stay in their homes while continuing to pay their mortgage.

Right now, bankruptcy courts can modify loans for commercial real estate, vacation homes, yachts and luxury cars. But families on the verge of losing their only house don't get the same options to restructure their loan. The bill would let bankruptcy judges modify mortgages for a primary residence, encouraging lenders to work with homeowners first to restructure loans before foreclosing.

So far, the largely voluntary efforts to get banks to restructure home mortgages aren't working, despite huge infusions of taxpayer cash. And some of those financial institutions who got us into the mortgage mess are trying to weaken the bill before the vote!

Tell your Senator to stand up for struggling families, and pass a strong bill!

Foreclosed homes destroy neighborhood values, and further hurt our economy at a time when it needs real help. This bill won’t help speculators or those trying to make a fast buck. It helps hard-working homeowners who may have been lured into predatory loans, suffered economic hardships, or who are overwhelmed by medical expenses, save their homes from foreclosure. And it costs no taxpayer money.

Let’s get our economy back on track with common-sense fixes. After you take action, please forward this on to friends and family so they can lend their voice to this important effort to save our home values.

Sincerely,

Pam Banks
DefendYourDollars.org
A project of Consumers Union
1101 17th Street NW, Suite 500
Washington, DC 20036

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Posted: Mar 10, 2009 6:56pm
Feb 18, 2009

Alan Greenspan gave an Economic Outlook speech that was shown on C Span.. here are his predictions.......

This is the most gloomy set of statistics he has ever seen in his lifetime. 
Predicting another 10 percent drop in home prices
Says global output is still in free fall, and will take time to recover as inventory that is in excess is sold or disposed of.. In other words, no recovery until this happens. 
No recovery until home prices stabilize.
3 month Libor bank to bank rate is 100 basis points where it should be 10. This is a worrying number... 
If interest rates keep going up, then recovery could be slowed down or stopped. 
Banks will need more bailout money before they can recover. 
Interest rates may increase if money supply is expanded, which is what is happening now, in my view. 
He said that banks used to have 50 of their assets in reserve, but this dropped steadily until now, when assets in reserve were very low. This caused the current crisis... 
In my words, he is saying that banks started gambling and spinning the Roulette Wheel since the 1980s, when money was leveraged about 40 times.. In other words 40 dollars were loaned out for every 1 dollar in deposits in the bank... When those forty dollars went bad and could not be collected, then there was nothing left in the bank to cover the bad loan... This is happening all over the globe, as toxic complicated loans were packaged and sold, after being mixed up with stocks, futures and other garbage that had no value by companies like the ones that recently had to go and get corporate welfare in order to survive. Taxpayers are now being asked to cover the bad debts of gamblers...
 
...
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Posted: Feb 18, 2009 4:35pm
Jan 18, 2008

If anyone knows someone looking for a part time or full time position in a team centered company that REALLY values diversity and offers rapid advancement to management, send them to me or send me a resume, subject line (financial services) with a focus on one of the career paths below.

Our firm is looking for positive, team oriented individuals ages 18 to 70 for our rapidly expanding offices located all across the United States. It is possible to work from home. Free training is offered. A real estate or insurance license is helpful, though not required.
 
Contact me if you are interested in finding out more about a career in the financial services arena, which may include one or more of the following career paths; credit counseling,  legal services, finance, loans, real estate, consulting, counseling, money management, training, management, recruiting, HR, human resources, mortgages, investing, speaker, coaching, sales, marketing, online marketing, wealth management, asset management, property management, loan officer, real estate agent, broker, insurance, or preventing foreclosures.


 

 
 
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Good H.
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