By Don | November 25, 2008
In conjunction with the Fed’s announcement today to pump $800 billion more into our financial markets, interest rates dropped almost a full percentage point before pulling back. Finally, some good news for home buyers thinking about getting into the market!
By Don | November 20, 2008
The California Association of Realtors (CAR) recently published parameters for loan modificatons offered by various institutions. Every program is different, and obviously every homeowner situation is different. But lenders are now beginning to reach out aggressively to contact homeowners with troubled or potentially troubled loans. They are:
By Don | November 14, 2008
The FDIC today unveiled a plan (see the plan here) to help about 2.2 million troubled loans from entering foreclosure. Acknowledgeing the massive scale of the mortgage crisis, and the “extremely slow” pace of current soluntions, FDIC chair Sheila Bair is floating this massive plan as a solution, but it would appear the plan isn’t meeting with support from within the current Bush administration. However, the Democrats appear more willing to consider proposals such as this plan the FDIC is putting forth. Stay tuned…!
By Don | November 13, 2008
The following was copied from a California Association of Realtors email this morning:
FHFA ANNOUNCES “NEW” CONFORMING LOAN LIMITS
The Federal Housing Finance Agency (FHFA) on Friday announced that the “new” conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,750 limit. Loan limits for many areas of the state do not reach this lower threshold and are dramatically reduced from 2008. Read the rest of this article »
By Don | November 13, 2008
Fannie and Freddie’s announced their loan mod program yesterday. To be eligible, a homeowner must:
The program is due to kick in December 15th.