City's Loan

There are some helpful tips today in the Orange County Register for homeowners who are searching for ways to catch up on their mortgage payments and to avoid foreclosure.Here’s the quick list:Talk to your lender as soon as possibleGet financial counselingConsider selling before foreclosure is finalThe overriding theme of the article, which was written with the help of industry experts, is to act fast.We couldn’t agree more — the quicker a distressed homeowner reaches out for assistance, the more options he or she will have from which to choose.And, if for some reason a resolution cannot be agreed upon to ...

The subprime fallout has made the once-slam-dunk home loans more difficult to obtain. While some neighborhoods continue to be very active, other areas have slowed considerably.In addition, the first notion of "back to school" already has hit many second-home owners who are beginning to schedule the "winterization" of the family cabin. Instead of going through another off-season with little use and significant maintenance, some owners will use the last few weeks of the summer season to show -- and hopefully sell -- the family getaway, raising for-sale real estate inventory levels in popular areas.If your house or cabin already ...

National Mortgage News will run an interview Monday with Countrywide CEO Angelo Mozilo. In the interview, conducted Thursday, Mozilo tries to "clarify misconceptions in the media about why consumers are going delinquent on their mortgages. He blames a majority of the problem on job losses and sagging home prices -- not ARM resets," says NMN editor Paul Muolo."Resets are not the issue," Mozilo told NMN.Well, yeah... resets weren't an issue as long as home prices kept going up -- you just refinanced into another loan. Hopefully, NMN asked Mozilo why Countrywide cutback ARM production from 19.3 billion in August ...

The End is Near! The sky is falling! George Bush said things are great so it must be true. Ben Bernanke isn’t sure whether things are great so keeps lowering interest rates and crushing the dollar in the process. Your friendly banker knows things are not great. Your above average Foreclosure/Short Sale Investor is buying foreclosure properties at prices that are phenomenally low and feels like this foreclosure craze is the start of something big.Who is right? Maybe all of them and maybe none but I tend to side with the foreclosure investor. Not since the Great Depression has the ...

Well, you’ve probably heard by now that the Fed lowered rates by .25. So what does that mean? A couple of points to think about:1. What the Fed lowers is the shortest of the short term rates and it typically helps home equity loans but doesn’t matter much to mortgage rates.2. Why did they lower rates? Because the financial markets are hurting and they needed to at least appear to help out the economy and the markets. Just this week (and it’s only Tuesday at 5:00) we’ve seen UBS announce 10 BILLION in writedowns (losses) and Washington Mutual announced 1.4 ...

The number of national foreclosure filings was up 4% in February as Nevada reported the highest state foreclosure rate for the second month in a row with a 24% monthly increase from January, according to RealtyTrac.A total of 130,786 foreclosure filings were reported during the month, down 4% from January’s revised total but still up 12% from February 2006. The national foreclosure rate stood at one foreclosure filing for every 884 U.S. households in February, according to the foreclosure tracking company.RealtyTrac considers default notices, auction sale notices and bank repossessions as foreclosure filings."Based on our numbers for the first two ...

Of course it is bleak and things will continue to look awful throughout the economy for many years. The impact is very real. I receive weekly updates on a small food bank I support in Los Angeles and the numbers of people seeking a warm meal have increased 300-400% over last year. But, I would argue that humanity has overcome unbelievable odds and WON! During the black plague in Europe half the population died within a 50 year period. info here. Stay strong, fight and we will overcome our current financial crisis. Afterall, it is a human problem that we ...

We speak to dozens of folks that are some way or the other waiting for rates to get lower than the 5% 5Y or 5.75% 30Y Fixed 2 million dollar jumbo they were quoted. Of course, who doesn't want a lower cost on something. Especially a budget item that represents roughly 20-30% of household income. But several factors could make waiting a disaster.Home values continue to fall and your equity is diminished thus resulting in cash required to close. Primarily because loan to value levels in general within the jumbo mortgage market require at least 20% or more equity. Depends ...

The Federal Reserve key interest rates another half-percentage point. The move was expected after last week’s surprise cut in an emergency session failed to rally markets and quiet recession chatter.The central bank has lowered rates five times for a total of 1.75 percentage points since September, including the aggressive 0.75 percentage cut last week - the first time the Fed lowered rates in between meetings since the 2001 terrorist attacks..The Fed’s decision to cut rates further Wednesday afternoon comes on the heels of disturbing economic reports published hours earlier. The reports indicate a sharp slowing of the economy.U.S. economic growth ...

This has been a dramatic week on Wall St. We have seen multi-billion dollar losses disclosed from almost all global banks. CEO's at Citigroup and Merrill Lynch have been sacked because of mortgage losses and unacceptable risk management. The shoe dropped when the 100 billion dollar M-LEC super conduit that CITI and other banks were working to setup with the US Treasury dept stalled. I wonder why. Heard in the back alley of Wall St,"Psss, hey I have a box here of mortgage paper that we modeled to be worth $20 billion. Would you loan us money against it? We ...