Zillow Mortgage Market recently reported some alarming – but not surprising – news. Buyers still don’t know how to do mortgage math. More specifically: ■ 44% admitted they were not confident in their comprehension of the mortgage process; ■ 57% did not understand how adjustable rate mortgages (ARMs) work; ■ 34% were not aware loan… CONTINUE
More MERS Messieness
He’s baaaaaaack! A week away for vacation, and look what happens! As we’ve pointed out before, there is a conflict between California Appellate Courts and the Federal Bankruptcy Courts in California with respect to the authority MERS has to assign notes and deeds of trust. Looks like the California Appellate Courts are going to hold… CONTINUE
Feds to the Market: Let’s Kill High End Real Estate Sales!
The New York Times recently reported that “high value” homes are going to lose government support in the secondary mortgage market – and that that loss will likely further deteriorate the real estate recovery. It was right. “By summer’s end,” it reported “buyers and sellers in some of the country’s most upscale housing markets are… CONTINUE
Permanent loan modification refusals coming to a location near you!
Oh how I do LOVE first tuesday. Here’s their latest take on Bank of America’s “new and improved” loan modification centers. (And, while they don’t use the word ‘bullshit’ – which I would – they come pretty darn close!) “Six new Bank of America (BofA) mortgage help centers will be opened in Los Angeles, San… CONTINUE
You’re Gonna be Liable – I “Guaranty” It…
Deeds of Trust on commercial real estate are often accompanied by personal guaranties – agreements between borrowers, or more likely the principals of the borrower-entity, and the lenders. Much like the debt collectors seeking redress of sold out seconds in residential real estate, banks are going after guarantors. Aggressively. Frequently even before the banks go… CONTINUE
REOs Sales to Dominate Market till 2017?
A recent article (( http://firsttuesdayjournal.com/reo-resales-in-ca/ )) in first tuesday, a California real estate centric on-line magazine (with views that match mine – most of the time) predidcts REO sales to remain above thier historical 9% until 2017. I bet they are right. Prices continued to drop in CA this year – with about an average… CONTINUE
2 to 1. That’s the balanced ration between agents and brokers in CA.
2 to 1, agents to brokers. That’s the current ratio. “Back to normal,” says first tuesday. You betcha. The 5 to 1 ratio – from the “good old days” (?) when you could get a real estate license if you were breathing, are long LONG gone. Thank the gods. “When you compare the number of… CONTINUE
The American Dream – Or Was that Nightmare?
In a recent ‘first tuesday‘ article about the “American Dream” ft wrote: “California’s response to the relationship between homeownership and the health of a community differed from national results, which is not surprising since the state has been hit much worse by the housing crisis than the rest of the country. Seventy-seven percent of Californians… CONTINUE
How much medicine can the sick housing market stomach?
Strictly speaking… Defining the qualified residential mortgage (QRM) is testing the mettle of the government’s commitment to stability in the real estate market. QRMs, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), are loans meeting low-risk standards which exempt lenders from having to retain any part of these loans in their… CONTINUE
Q1 2011 Foreclosure Stats. It isn’t any better. Yet.
firsttuesday online reports that “40% of all California resale activity in the first quarter of 2011 can be attributed to real estate owned (REO) inventory — 3% lower than the same period in 2010. REO resales varied significantly from county to county, from rates as low as 12% in San Francisco County to as high… CONTINUE
CHASE-ing what matters — Small Business Customers?
It was recently reported that “Chase plans to lend $12 billion to U.S. small businesses in 2011, a 20 percent increase over its 2010 commitment. ‘Small business owners are not only our neighbors, but also the entrepreneurs that hire half of the employees in the United States,’ said Michael Cleary, CEO of business banking in… CONTINUE
Fannie and Freddie Get Their Act Together. Almost. Sortof.
Lance Churchull writes: “One thing I have wondered about in the past is why the two government-sponsored entities, Fannie Mae and Freddie Mac, found it necessary to have different rules for short sales, but then I remembered that the “G” in GSE stood for government and, of course, the government usually makes things more complicated… CONTINUE
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