I wanted to take a moment and wish everyone a Happy Thanksgiving. I hope you all have a chance to relax and spend some quality time with your family and friends.
Take Care,
Kimberlee
Wednesday, November 26, 2008
Wednesday, November 19, 2008
Wednesday, November 12, 2008
Citigroup Plans to Rescue 500,000 Home Owners
Citigroup Inc. announced Monday that it is putting a moratorium on most foreclosures as it reaches out to 500,000 home owners who are not currently behind on their mortgages but who are deemed to be a potential risk.
The company will assign 600 salespeople to assist the targeted borrowers by adjusting their rates, reducing principal, or increasing the term of the loan.
Citigroup reported losses in the last four quarters. Monday’s action is designed to stem the flow of red ink.
"Typically the lender loses the most money when a house goes into foreclosure," says Barry Zigas, director of housing policy at the Consumer Federation of America.
Source: The Associated Press, Sara Lepro (11/10/08)
The company will assign 600 salespeople to assist the targeted borrowers by adjusting their rates, reducing principal, or increasing the term of the loan.
Citigroup reported losses in the last four quarters. Monday’s action is designed to stem the flow of red ink.
"Typically the lender loses the most money when a house goes into foreclosure," says Barry Zigas, director of housing policy at the Consumer Federation of America.
Source: The Associated Press, Sara Lepro (11/10/08)
Monday, November 10, 2008
Wednesday, November 5, 2008
Buyers With Great Credit Scores in Driver's Seat
Daily Real Estate News | November 5, 2008 | Share
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.
"There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat,” says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.
Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.
Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can’t get the best interest rate on a mortgage.
Source: BusinessWeek, Lauren Young (11/03/2008)
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.
"There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat,” says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.
Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.
Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can’t get the best interest rate on a mortgage.
Source: BusinessWeek, Lauren Young (11/03/2008)
Tuesday, November 4, 2008
Good News for Some Borrowers
Daily Real Estate News | November 4, 2008
Action Suggests Seriousness on Refinancings
JPMorgan Chase & Co. has announced that it will rewrite 400,000 mortgages from Washington Mutual totaling $70 billion, following in the footsteps of Bank of America Corp.'s plans to rewrite 400,000 mortgages from Countrywide beginning next month.
JPMorgan Chase will reduce interest rates, suspend payments for a time, refinance mortgages through programs that write down loans to current home values, and halt foreclosure proceedings for borrowers who qualify for such assistance.
SMR Research President Stuart Feldstein expects the program to make an impact because Bank of America/Countrywide and JPMorgan Chase/Washington Mutual account for 29.2 percent of the nation's mortgages, and another 22.6 percent are tied to Citigroup Inc. and Wells Fargo & Co.
"You don't need all of the nation's 8,000 mortgage lenders to make these announcements," notes Feldstein. "You only need a handful to influence the majority of the mortgage market."
Source: Sacramento Bee, Jim Wasserman (11/04/08)
Action Suggests Seriousness on Refinancings
JPMorgan Chase & Co. has announced that it will rewrite 400,000 mortgages from Washington Mutual totaling $70 billion, following in the footsteps of Bank of America Corp.'s plans to rewrite 400,000 mortgages from Countrywide beginning next month.
JPMorgan Chase will reduce interest rates, suspend payments for a time, refinance mortgages through programs that write down loans to current home values, and halt foreclosure proceedings for borrowers who qualify for such assistance.
SMR Research President Stuart Feldstein expects the program to make an impact because Bank of America/Countrywide and JPMorgan Chase/Washington Mutual account for 29.2 percent of the nation's mortgages, and another 22.6 percent are tied to Citigroup Inc. and Wells Fargo & Co.
"You don't need all of the nation's 8,000 mortgage lenders to make these announcements," notes Feldstein. "You only need a handful to influence the majority of the mortgage market."
Source: Sacramento Bee, Jim Wasserman (11/04/08)
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