Wells Fargo joined the other large banks in announcing plans to pay back our TARP money. Banks are complaining that they can’t attract top talent with their compensation structures capped.
TARP: Troubled Asset Relief Program – maybe that is one acronym that we can forget. Wells Fargo may avoid the label of being the [...]
Entries Tagged as ‘Uncategorized’
December 15, 2009
Wells Fargo To Pay Back TARP Funds
December 14, 2009
Obamanomics crosses over into my area and acts “Stupidly”
The Obama administration should take a step back and look at FHA when it comes to Fannie Mae, Freddie Mac and the current economy. So let’s put this is prospective here, Obama, the Obama adviser’s, Barney Frank nor Andrew Cuomo understand the real issue. The real issue here is the 4.1 trillion in lost [...]
December 9, 2009
This Week in the Mortgage Industry
A little off topic here – Misguided Media Issues
Well we have all by now heard the radio commercials advertising rates at 4.875% for 30 years with no fees. How can they do this? Well the answer is clear they can not do it unless you fit the prefect scenario. What they do not tell [...]
December 4, 2009
November Housing Inventory Snapshot
November Housing Inventory Snapshot
Average List Price
Median List Price
Average Days On Market
Los Angeles County, CA
Single Family under $600K
$336,282
$325,000
106
Single Family over $600K
$1,397,671
$990,000
128
Condo/Townhome under $400K
$235,200
$229,990
107
Condo/Townhome over $400K
$628,920
$529,900
101
Orange County, CA
Single Family under $1M
$583,137
$575,000
101
Single Family over $1M
$3,150,032
$1,995,000
157
Condo/Townhome under $600K
$309,521
$299,500
104
Condo/Townhome over $600K
$1,178,023
$949,999
157
Riverside County, CA
Single Family under $700K
$234,827
$199,900
139
Single Family over $700K
$1,323,163
$999,000
163
Condo/Townhome under $500K
$140,456
$124,900
122
Condo/Townhome over $500K
N/A
N/A
N/A
San Bernardino County, CA
Single Family under $700K
$204,397
$164,900
138
Single [...]
December 4, 2009
Politics and the Mortgage Industry Cross Again
Well what a week. Why is Obama continuing to make statements about the mortgage industry without all of the facts? Obama is shaming lenders for not doing Loan Modifications which must make one of his largest supporters squirm. Obama received huge amounts of money from George Soros. We all remember Sen. Chuck Schumer making [...]
November 23, 2009
Temporary Guidance for Condominium Policy
Below is a letter issued by the Federal Housing Commissioner, David Stevens, addressing the FHA Condominium Policy.
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, DC 20410-8000
ASSISTANT SECRETARY FOR HOUSINGFEDERAL
HOUSING COMMISSIONER
November 6, 2009 MORTGAGEE LETTER 2009-46 A
TO: ALL APPROVED MORTGAGEES
SUBJECT: Temporary Guidance for Condominium Policy
In Mortgagee Letter 2009-46 B, the Federal Housing Administration (FHA) announced the permanent [...]
November 17, 2009
It is nice to see the Media back at it, or is it?
Today we are faced with an economic situation that is bleak at best for most of us. Unemployment is at an all time high, the government is spending money that they do not have, Federal Level closed door deals are being made almost hourly and yet no one is the media is covering [...]
November 16, 2009
Fed Chairman Bernanke Speaks
Bernanke sees moderate U.S. growth in 2010, ’significant economic challenges to remain & the outlook for inflation likely to remain subdued for some time’. Bernanke’s remarks on the economy were more detailed than recent statements by the policy-setting Federal Open Market Committee, but were similar in nature. Bonds improved on the news which is [...]
November 13, 2009
FHA Audit Comes Back Great!!
The FHA audit is in and it looks great when compared to Fannie Mae & Freddie Mac in our current economy. The FHA audit shows that FHA has more than double the minimum amount of capital required.
FHA mortgage guidelines continue to remain less restrictive than Fannie Mae or Freddie Mac mortgage guidelines, imagine that. FHA [...]
D Fragoso