In San Diego homes are buy one, get one free

Posted by Morgan on Jun 2nd, 2008
2008
Jun 2

No joke. In San Diego you’ll get a second home for free with the purchase of another (more expensive home). If that isn’t a sign that the market is still terrible in San Diego I don’t know what is, and if you’re trying to sell your own home you certainly can’t compete with that. I’m sure we’ll see more of this type of sales strategy by builders looking to stay solvent and drop debt as fast as possible - amazing.

Thanks to Peter Viles at the LA Times for this gem:

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Announcing Housing Wire Magazine

Posted by Paul Jackson on Jun 2nd, 2008
2008
Jun 2

I’m very excited to let HW readers know that today we’re unveiling the next step for Housing Wire as a publication — Housing Wire Magazine, the first independent monthly to cover all of mortgage finance. We’ll be launching the inaugural issue of this ground-breaking publication in August, but are offering a chance to subscribe early at a substantial discount: just $79 gets you the magazine for an entire year.

So many thousands of you have followed the growth of Housing Wire since this site first began as a blog more than 18 months ago (yes, it’s been that long!). And many of you have asked how you can help, even offering up donations in this site’s early days.

By subscribing to HW Magazine, you’ll be helping to offset the substantial printing and distribution costs that go with launching any print publication. And you’ll be helping put together a magazine that really matters for this industry. One that can help chart the course of public policy and legislation during a critical juncture in our industry’s history, as only an independent publication can do.

So, what’s changing online? Absolutely nothing; if anything, we will be expanding well beyond what you now see, thanks to an intrepid group of investors now backing the growth of the Housing Wire franchise.

But it’s what’s new in print that has me excited so much and so often, that I’ve been finding sleep hard to come by recently.

The idea for the magazine is rooted in some pretty simple realizations: many trade publications have become too niched for their own good, either carrying currency with lenders, but not with investors and bond traders; or reeling in all of ABS, leaving MBS coverage in the dust as the secondary market froze up. Many have also utterly failed to cover the issues that matter, as well, choosing instead to run long-winded product advertisements penned by various marketing directors or principals of firms that are inevitably among the publication’s advertising base.

That’s no way to run a true publication. Not one that’s worth reading, anyway.

We’re setting what I think is a bold course to redefine what it means to be a trade publication, bringing our independent focus and hard-news approach into a magazine that anyone involved in buying, selling, trading or managing mortgages will find hard to put down; even those investing in financial firms with mortgage banking operations will find value each month.

Each and every month, the magazine will bring readers market coverage you won’t find elsewhere:

  • Issue-centric key features exploring vital — and sensitive — industry issues in-depth, including interviews with some of the industry’s foremost thought leaders and expert thinkers.
  • Current statistics spanning primary and secondary mortgage markets, put into full historical perspective.
  • An in-depth look at, and analysis of, housing trends in key local markets.
  • Departmental coverage spanning the entire mortgage industry: primary and secondary mortgage markets, as well as servicing and default management.
  • A look “behind the balance sheets” of key industry participants.
  • Monthly commentary and opinion from some of the industry’s most knowledgeable voices and analysts.
  • A look around the blogosphere, covering the minds and muses that make up where we think some of the best journalism in the industry lives.
  • Much, much more — including quarterly special reports, and a distressed assets directory, the mortgage industry’s first.

In short, we’re taking the bold step of producing a next-generation publication for an industry undergoing immense and likely permanent change. I don’t think there has been a publication quite like this — EVER — and I’m unbelievably excited to finally be able to make it a reality.

Our first issue will publish in August. For those subscribing right now, we’re offering an up-front $79 annual rate for the publication — and if you’ve read anything else in the industry, particularly in the secondary markets, you know that this price is a literal steal.

So here’s the sales pitch: subscribe today, because that $79 rate won’t be around much longer. And thanks so very much for your support over the past year.

all the best,
Paul Jackson
Publisher, Housing Wire

P.S. — Multiple subscription orders are available by calling us at 817-745-4579, if corporate subscriptions are your sort of thing.

FHA mortgage

Posted by fhamortgage on Jun 2nd, 2008
2008
Jun 2

If you're in the market to buy  FHA mortgage  property in Los Angeles, with loan interest rates as low as they've been in 40 years, there's never been a better time to buy a home then now!

Are you looking to buy a home in Los Angeles?  It is a good idea to get approved for a loan first, before you start shopping with your Real Estate Agent. Your real estate professional will require that you already have your Pre- Approval letter so you may submit it with your purchase offer.  At minimum, get pre-approved, not just "pre-qualified".

Beautiful southern California, including the coastal areas of Los Angeles, San Diego, Santa Barbara, Long Beach, Newport Beach, Oxnard and Laguna Beach.

Inland southern California, including the inland areas of Palm Springs, Twenty Nine Palms, Bakersfield, Burbank, Pasadena, and Fresno.

The next step is to find the best Los Angeles mortgage broker, who will work out the best financing for you, by offering the lowest mortgage rate. Whether you're purchasing a new home, refinancing, or looking for a home equity loan, this process is simple, takes only a few minutes and puts the power of competitive bidding in your corner.   Another option is to browse and compare Los Angeles mortgage rates using online recourses   where you will find the lowest mortgage rates from hundreds of mortgage companies updated daily. Once you have found a mortgage rate that satisfies your home loan needs, contact the mortgage company and get started on financing your future!

The nest step is to figure out how much of a mortgage you can afford. This is one of the key criteria banks look at when they approve your home loan. And considering the expensive housing market in California and especially in Los Angeles, the level of home affordability is a very important thing to determine. You can sample the mortgage calculator, a tool that is provided on line by some mortgage brokers; and that allows you to have an idea how large of a home loan you can afford for your new Los Angeles home; approximately how much you will pay each month on your Los Angeles home loan depending on the interest rate and loan amount.

As prices in Los Angeles continue to rise, the more trouble potential homebuyers are running into when searching for affordable property, spawning the increasing demand for low cost loans and home financing programs in Los Angeles. Going directly through the Los Angeles Home Loan professional, you may be offered the low cost and no money down mortgage loans and home financing, regardless of your credit.

California Interest only mortgage

Los Angeles Pay Option mortgages

Low cost mortgage loans

No Money Down Loans

Los Angeles Cash-out refinance

No Income No Asset Loans

Los Angeles Jumbo Loans

Hard Money Loans

Los Angeles County Debt Consolidation

0 Down Loans

Los Angeles Problem Credit refinance

Bad credit loans

Los Angeles Home Financing

Interest only loans

PPE Platform Goes Mobile with Real-Time Data

Posted by Paul Jackson on Jun 2nd, 2008
2008
Jun 2

If one industry technology firm has its way, loan officers won’t have to tell customers “let me get back into the office and check those rates for you” for very much longer — instead, they’ll be able to access product and pricing information via their mobile phone, in real-time.

Nebraska-based Mortech, Inc. said Monday morning that it had launched Marksman Mobile, a hybrid CRM/PPE solution that is the first real-time mobile PPE solution available on the market.

The new mobile platform moves Mortech’s core PPE Marksman platform to BlackBerries, iPhones or smartphones, enabling users to log into their unique Marksman accounts via a web-enabled device; the mobile app gives lenders and loan officers the ability to access rates, product & pricing information in real-time and immediately respond to business critical data.

“The current market has made it increasingly difficult for lenders to close deals,” said Don Kracl, president of Mortech, Inc. “With heightened regulations and weary buyers, our customers are looking for ways to increase close ratios and cut costs. This new platform enables our users to keep a close on eye on the market and increase sales via a cell phone.”

Existing Marksman users will have access to the new mobile platform for no additional charge, Kracl told Housing Wire. The decision to go mobile was one that the company acted quickly on, after its existing correspondent lending customers pushed the tech provider to offer a mobile solution, he said.

“We first started planning the release in October and November of last year,” he said. “Development began in February.”

Beyond its PPE capabilities, it’s the platform’s built-in mobile CRM that Kracl thinks will really help loan officers respond to leads more quickly. The company had already built its own custom CRM and tied it to its PPE platform at the request of customers, he said; many were finding themselves overwhelmed with online leads.

“We’ve seen leads come in at 3 o’clock in the morning,” Kracl said. “The whole idea was to enable our customers to efficiently manage and respond to potential consumer clients, quickly.”

By making the Marksman CRM platform available for mobile access, the company said it expects it can help loan officers respond to incoming leads even more quickly than before. Customers who tested the platform ahead of its launch said that the ability to work while mobile has been a huge advantage.

“I was able to get rate and pricing information to one my prospects instantly from my iPhone,” said Allen Cravello, president of American Capital Corporation. “Having this type of access outside of the office gives us the needed edge to respond quickly to our leads.”

For more information, visit http://www.mortech-inc.com.

Wachovia Ousts CEO Thompson

Posted by Morgan on Jun 2nd, 2008
2008
Jun 2

The Wachovia board ousted CEO Kennedy Thompson, blaming him for write-downs that have cost the company half its market value over the last year. Thompson was the lead architect on the purchase of World Savings (a/k/a Golden West) which was a leading Option ARM lender in California right at the peak of the housing bubble. When that deal went down any sane person had to wonder what was he thinking. From Bloomberg on Thompson’s removal:

Wachovia Corp. ousted Kennedy Thompson as chief executive officer of the fourth-largest U.S. bank after the board blamed him for losses that cost the lender more than half its market value in the past year. The stock fell as much as 4.5 percent.

Chairman Lanty Smith was appointed interim CEO, the Charlotte, North Carolina-based company said today in a statement that cited “a series of previously disclosed disappointments and setbacks” for the change.

Separately, Washington Mutual Inc. said its CEO will step down as chairman.

Wachovia stripped Thompson, 57, of the chairman’s title on May 6 after shareholders — incensed by the company’s first quarterly loss since 2001 — demanded his removal at April’s annual meeting.

A four-member search committee headed by Smith will seek a replacement to deal with fallout from rising mortgage defaults and writedowns tied to subprime home loans.

“This company was run under Ken Thompson without very good controls,” Gerard Cassidy, an RBC Capital Markets analyst, said in a Bloomberg TV interview. Chances are even that Wachovia will seek a new CEO from outside the bank because there isn’t a clearly designated successor, Cassidy said.

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Mortgages brokers

Posted by mortgagesbrokers on Jun 2nd, 2008
2008
Jun 2

If you're in the market to buy mortgages brokers  property in Los Angeles, with loan interest rates as low as they've been in 40 years, there's never been a better time to buy a home then now!

Are you looking to buy a home in Los Angeles?  It is a good idea to get approved for a loan first, before you start shopping with your Real Estate Agent. Your real estate professional will require that you already have your Pre- Approval letter so you may submit it with your purchase offer.  At minimum, get pre-approved, not just "pre-qualified".

Beautiful southern California, including the coastal areas of Los Angeles, San Diego, Santa Barbara, Long Beach, Newport Beach, Oxnard and Laguna Beach.

Inland southern California, including the inland areas of Palm Springs, Twenty Nine Palms, Bakersfield, Burbank, Pasadena, and Fresno.

The next step is to find the best Los Angeles mortgage broker, who will work out the best financing for you, by offering the lowest mortgage rate. Whether you're purchasing a new home, refinancing, or looking for a home equity loan, this process is simple, takes only a few minutes and puts the power of competitive bidding in your corner.   Another option is to browse and compare Los Angeles mortgage rates using online recourses   where you will find the lowest mortgage rates from hundreds of mortgage companies updated daily. Once you have found a mortgage rate that satisfies your home loan needs, contact the mortgage company and get started on financing your future!

The nest step is to figure out how much of a mortgage you can afford. This is one of the key criteria banks look at when they approve your home loan. And considering the expensive housing market in California and especially in Los Angeles, the level of home affordability is a very important thing to determine. You can sample the mortgage calculator, a tool that is provided on line by some mortgage brokers; and that allows you to have an idea how large of a home loan you can afford for your new Los Angeles home; approximately how much you will pay each month on your Los Angeles home loan depending on the interest rate and loan amount.

As prices in Los Angeles continue to rise, the more trouble potential homebuyers are running into when searching for affordable property, spawning the increasing demand for low cost loans and home financing programs in Los Angeles. Going directly through the Los Angeles Home Loan professional, you may be offered the low cost and no money down mortgage loans and home financing, regardless of your credit.

California Interest only mortgage

Los Angeles Pay Option mortgages

Low cost mortgage loans

No Money Down Loans

Los Angeles Cash-out refinance

No Income No Asset Loans

Los Angeles Jumbo Loans

Hard Money Loans

Los Angeles County Debt Consolidation

0 Down Loans

Los Angeles Problem Credit refinance

Bad credit loans

Los Angeles Home Financing

Interest only loans

Home mortgage Los Angeles

Posted by homemortgagelosangeles on Jun 2nd, 2008
2008
Jun 2

If you're in the market to buy home mortgage Los Angeles  property in Los Angeles, with loan interest rates as low as they've been in 40 years, there's never been a better time to buy a home then now!

Are you looking to buy a home in Los Angeles?  It is a good idea to get approved for a loan first, before you start shopping with your Real Estate Agent. Your real estate professional will require that you already have your Pre- Approval letter so you may submit it with your purchase offer.  At minimum, get pre-approved, not just "pre-qualified".

Beautiful southern California, including the coastal areas of Los Angeles, San Diego, Santa Barbara, Long Beach, Newport Beach, Oxnard and Laguna Beach.

Inland southern California, including the inland areas of Palm Springs, Twenty Nine Palms, Bakersfield, Burbank, Pasadena, and Fresno.

The next step is to find the best Los Angeles mortgage broker, who will work out the best financing for you, by offering the lowest mortgage rate. Whether you're purchasing a new home, refinancing, or looking for a home equity loan, this process is simple, takes only a few minutes and puts the power of competitive bidding in your corner.   Another option is to browse and compare Los Angeles mortgage rates using online recourses   where you will find the lowest mortgage rates from hundreds of mortgage companies updated daily. Once you have found a mortgage rate that satisfies your home loan needs, contact the mortgage company and get started on financing your future!

The nest step is to figure out how much of a mortgage you can afford. This is one of the key criteria banks look at when they approve your home loan. And considering the expensive housing market in California and especially in Los Angeles, the level of home affordability is a very important thing to determine. You can sample the mortgage calculator, a tool that is provided on line by some mortgage brokers; and that allows you to have an idea how large of a home loan you can afford for your new Los Angeles home; approximately how much you will pay each month on your Los Angeles home loan depending on the interest rate and loan amount.

As prices in Los Angeles continue to rise, the more trouble potential homebuyers are running into when searching for affordable property, spawning the increasing demand for low cost loans and home financing programs in Los Angeles. Going directly through the Los Angeles Home Loan professional, you may be offered the low cost and no money down mortgage loans and home financing, regardless of your credit.

California Interest only mortgage

Los Angeles Pay Option mortgages

Low cost mortgage loans

No Money Down Loans

Los Angeles Cash-out refinance

No Income No Asset Loans

Los Angeles Jumbo Loans

Hard Money Loans

Los Angeles County Debt Consolidation

0 Down Loans

Los Angeles Problem Credit refinance

Bad credit loans

Los Angeles Home Financing

Interest only loans

Some foreclosure stats

Posted by Housing Wire staff on Jun 2nd, 2008
2008
Jun 2

The WSJ’s James Hagerty pumps out some interesting stats on the foreclosure market in a Monday column — even if he does make the mistake of taking recent, questionable HOPE NOW data at face value.

Some numbers:

Lenders and investors in mortgages owned about 660,000 foreclosed homes in April, up from 493,000 in January and 231,000 in January 2007, according to First American CoreLogic …

Some lenders now are cutting prices as often as every 20 days on homes that aren’t selling, said David McCarthy, chief executive officer of Integrated Asset Services LLC, a Denver-based company that helps banks value and sell REO homes …

In dollar terms, foreclosed one- to four-family homes owned by lenders whose deposits are insured by the Federal Deposit Insurance Corp. more than doubled to $8.56 billion at the end of the first quarter from $3.59 billion a year earlier.

The REO glut is weighing on house prices in many areas, as banks tend to cut prices faster than other sellers. A new set of local home-price indexes, to be introduced this week by Integrated Asset Services, shows that the median price of homes sold in Riverside County, Calif., in April was down about 29% from a year earlier. The median price fell about 13% in Clark County, Nev., and 12% in Arizona’s Maricopa and Pima counties.

We personally find it somewhat amusing that the press has now picked up the mantra that “banks tend to cut prices faster than other sellers” — because that hasn’t been anything remotely close to gospel until very recently. In fact, what we were hearing early on in this credit mess was that many REO agents couldn’t sell because institutional sellers were too rigid and asset managers weren’t being aggressive enough in cutting prices.

Now we’re hearing that institutional sellers are among the most aggressive, as if its some sort of boring fact. In truth, it means that liquidity issues are now severe enough that many banks and other institutional sellers are having to force the issue on the sales front, while many traditional retail sellers don’t yet face that sort of pressure.

The result is the “tale of two markets” that we covered separately on Monday; watch for a flood of major press stories to follow around this issue in the next few months. Maybe even using the same Charles Dickens reference.

Rates are a risen

Posted by buyorrefi on Jun 2nd, 2008
2008
Jun 2

I went to lock rates last week for a couple clients and notice rates increased .25% last week alone and .45% over the last 2 1/2 weeks.  Times are crazy.  Most folks that have owned a home fore more then 10 years may remember the rates at 18%.  The good news was the returns on your portfolio were in the 25%. 

Fannie mae and Freddie mac came out with there new DU today.  It's official loans are harder to get.  Previous to today one could qualify for a loan with a foreclosure a year ago, as long as savings were there and the other credit stayed clean.  Now, No go for 5 years, no ifs and or buts. 

house loan LA

Posted by houseloanla on Jun 2nd, 2008
2008
Jun 2

If you're in the market to buy house loan LA property in Los Angeles, with loan interest rates as low as they've been in 40 years, there's never been a better time to buy a home then now!

Are you looking to buy a home in Los Angeles? It is a good idea to get approved for a loan first, before you start shopping with your Real Estate Agent. Your real estate professional will require that you already have your Pre- Approval letter so you may submit it with your purchase offer. At minimum, get pre-approved, not just "pre-qualified".

Beautiful southern California, including the coastal areas of Los Angeles, San Diego, Santa Barbara, Long Beach, Newport Beach, Oxnard and Laguna Beach.

Inland southern California, including the inland areas of Palm Springs, Twenty Nine Palms, Bakersfield, Burbank, Pasadena, and Fresno.

The next step is to find the best Los Angeles mortgage broker, who will work out the best financing for you, by offering the lowest mortgage rate. Whether you're purchasing a new home, refinancing, or looking for a home equity loan, this process is simple, takes only a few minutes and puts the power of competitive bidding in your corner. Another option is to browse and compare Los Angeles mortgage rates using online recourses where you will find the lowest mortgage rates from hundreds of mortgage companies updated daily. Once you have found a mortgage rate that satisfies your home loan needs, contact the mortgage company and get started on financing your future!

The nest step is to figure out how much of a mortgage you can afford. This is one of the key criteria banks look at when they approve your home loan. And considering the expensive housing market in California and especially in Los Angeles, the level of home affordability is a very important thing to determine. You can sample the mortgage calculator, a tool that is provided on line by some mortgage brokers; and that allows you to have an idea how large of a home loan you can afford for your new Los Angeles home; approximately how much you will pay each month on your Los Angeles home loan depending on the interest rate and loan amount.

As prices in Los Angeles continue to rise, the more trouble potential homebuyers are running into when searching for affordable property, spawning the increasing demand for low cost loans and home financing programs in Los Angeles. Going directly through the Los Angeles Home Loan professional, you may be offered the low cost and no money down mortgage loans and home financing, regardless of your credit.

California Interest only mortgage

Los Angeles Pay Option mortgages

Low cost mortgage loans

No Money Down Loans

Los Angeles Cash-out refinance

No Income No Asset Loans

Los Angeles Jumbo Loans

Hard Money Loans

Los Angeles County Debt Consolidation

0 Down Loans

Los Angeles Problem Credit refinance

Bad credit loans

Los Angeles Home Financing

Interest only loans

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