May 2009

Seeking Commercial Default "Think Tank"

Posted on Saturday, May 30, 2009

With $2 trillion in commercial mortgage financing coming due between now and 2012, limited refinance funds (in spite of TALF), and PSA and REMIC rules restricting modification options, the calls from concerned commercial property owners and manager clients, many of whom like so many resideitial prop...

Cram Downs

Posted on Thursday, May 28, 2009

Wondering if any of my bankrputcy attorney friends out there care to chime in on the defeat of the cram down?...

Mortgage Fraud Amnesty

Posted on Sunday, May 24, 2009

What about an amnesty period until the end of this year for anyone - mortgage brokers, realtors, borrowers, anyone - who participated (knowingly or unknowingly) in mortgage fraud. Coming clean voluntarily now could carry a pre-established fine schedule payable over time to help subsidize this mes...

Encourage Americans to Own "Free and Clear"

Posted on Sunday, May 24, 2009

Washington should be encouraging this type of decisions making by giving us all more incentives to do it. *Maybe special tax write offs for folks who elect to pay of their loans quicker or own their homes from and clear. *Maybe bailout money to help make the rates on 15 year loans even lo...

Encourage Owning "Free and Clear"

Posted on Sunday, May 24, 2009

FINALLY the mortgage industry is reporting an increase in 15 year fixed rate mortgages. Let's face it, the main reason any of us would get a 15 year loan over a 30 year loan is because we want to own our home free and clear as soon as possible. What an amazing concept! Granted 15 year mortga...

Countrywide Settlement

Posted on Sunday, May 24, 2009

Several months into we're getting a glimpse of how lawsuits against subprime lenders may play out. Bank of America is stepping up for Countrywide. Perhaps the worst hit loans were Countrywide's risky negative amortization products. 42 states have signed on to the settlement estimated to impact 39...

Food for Thought

Posted on Friday, May 22, 2009

Here are some more benefits of homeownership Home owners are more satisfied and happier than renters. Homeowners' children do better in school, are more likely to finish high school, and less likely to become pregnant as teens. Voting is higher among homeowners than renters. Property v...

Summary By State

Posted on Friday, May 22, 2009

The following list of foreclosure mediation programs was provided by the American Bar Association: Foreclosure Mediation Programs Connecticut: The legislation mandates that homeowners facing mortgage foreclosure on primary residences may request mediation at no charge to them. The following link...

Scary Stats

Posted on Friday, May 22, 2009

1 kid in every classroom in American currently lives in a home thats in foreclosure. 43% of us spend more than earn 52% of us live paycheck to paycheck 42% of us don’t have enough liquid assets to support 3 months Lenders lose 20 to 60 cents on the dollar on each foreclosure. Typically...

Making Homes Affordable - Notes on Latest Additions

Posted on Friday, May 15, 2009

$75 Billion Making Homes Affordable • Refinances and Modifications • 8 weeks now • Helped 50K people so far • “Holes” in plan Borrowers who can’t afford 31% criteria, HAVE to get rid of property. Increasingly more borrowers unemployed – can’t quality Properties in markets where values k...

Invesntory and REOs

Posted on Tuesday, May 12, 2009

Home inventory is down 21% compared to last year but that doesn’t include REOs. FNMA is biggest REO owner, currently listing only about 35 to 50 % of their REOs at any given time. Banks list about 60% of theirs. They’re estimated to have 765,500 REOs now and expected to peak at 1.3 million late 2...

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