City's Loan

Stated income loans are still available in Lake Tahoe. As of October 1, the rules have been changed regarding stated income loans. However, Lake Tahoe has many homes that are either second homes or rental properties. Second homes and rental properties are exempt from the new laws regarding stated income loans. If you own or want to buy a second home or rental property in the Lake Tahoe area, there are stated income loans available for:   up to 10 million unlimited cash-out flexible credit scores  up to 75 percent of the property value bridge financing I can help homeowners and homebuyers with stated income loans, as well ...

I am writing this on Election Day, and I have been mulling over what it must feel like to go to bed and realize that you may be the next President of the United States. Pretty cool. If you win, you get great perks: a couple of 747’s, a nice house with plenty of staff, great travel, and a huge advance on your memoirs in 4 to 8 years. Unfortunately, whoever wins today will assume office at a calamitous time, when the financial underpinnings of the world economy are terribly fragile. However, a little closer to home, the next President ...

The long awaited guidelines have been released.In our opinion very few loans will qualify and few people will want the financing. Fannie Mae is cherry picking the very best jumbo loans. Deal breakers for high-cost areas are the fact that 2nd mortgages can't be paid off using this program(item 7).1. Fixed rates can be sold to Fannie on or after April 1; ARMs on or after May 1. The loan has to be closed on or after March 1 to be subject to the following rules; inventory loans (closed from last July to March) have to be subject to a ...

I have long hated this mortgage product. I am a big proponent of getting an old fashioned fixed rate. I completely understand the purpose of this loan structure, but in no way did the 12% of people that did them last year really understand the product. We usually see people get the picture about a year in when the balance has skyrocketed. Unfortunately, the NEGAM is the payment they could afford not the interest only. In addition, with the financial engineering in these products people buy the idea of the NEGAM payment and don't notice the high note rate which ...

Fannie Mae put out a research piece highlighting the spread in the jumbo market vs the conforming "government guaranteed" paper. As you can see that the spread widened to about 1% and now is drifting down. The reason for the improvement is the market is repricing risk and we have seen improved jumbo mortgage rates especially for money good credits. These are the lower loan to value,higher FICO, and solid income loans. We continue to see higher rates for high loan to value scenarios. Most lenders/investors aren't doing 2nd's above 80%. WAMU and Indymac are out of this market. The ...

Four times annually, the Federal Reserve surveys 84 banks around the country regarding their general lending standards.One of the survey questions asks about current mortgage lending standards and whether it's getting harder, or easier, to get approved for a home loan.In the most recent survey, 75 percent of the banks said they're making it harder for "prime" borrowers to get a home loan. That means you, Mr. Lawyer. And, Dr.Doctor.A six-figure income with A-plus credit won't get you carte blanche with the bank anymore. Lenders stopped fighting over the right to collect your interest payments months ago. Today, they're more ...

Standard and Poor's released their report on various RMBS(jumbo mortage loan pools), we read the report and wanted to highlight a few of the more interesting points related to jumbo loans. The percentage of delinquent prime jumbo RMBS transactions issued in 2004 climbed to 7.97% in November, up from 7.8% in October. Delinquencies in the 2005 vintage increased to 10.65% in November from 10.2%. For the 2006 vintage, delinquencies grew to 15.25% from 14.67%, and for the 2007 vintage, delinquencies increased to 14.74% in November from 14.24%, according to the report Unfortunately, for the banks(read:US GOV) and investors that bought these loan ...

Given the daily rush of news, I think a lot of careful analysis gets lost. Thinking about Countrywide's conference call almost a month ago, these slides are very valuable in thinking about where housing and the mortgage industry could be heading. Countrywide services about 20%+ of all mortgage paper in this country. So they have a remarkable opportunity to analyze the specific loan performance of various types of credit and mortgages from conventional to jumbo and the exotics that we may never see again(i.e. option arms and 2/28 ARMs.) Please post your insightful comments. Enjoy this info and give it ...

Government Bailouts of hundreds of banks, GM, Medicare, Wars in Iraq and Afganistan. But who actually is paying for it? Aside from putting it on the big goverment charge card we have with the US Treasury, someone has to pay the tab every year. Nice infoporn from Mint.com below. Click to enlarge. Who's Paying the Tab?

NEW YORK, Sept 11 (Reuters) - Some 57 percent of mortgage broker customers with adjustable-rate loans were unable to refinance into a new loan to avoid higher monthly payments in August, a national survey reported on Tuesday.The poll of 1,744 brokers in the last week of August found that subprime borrowers had trouble refinancing mortgages because loan programs were no longer available, according to a statement from Campbell Communications, the Washington-based research firm that conducted the survey. Prime borrowers were impeded by appraisals and high loan-to-value ratios, it said. Original ArticleThe fear within the industry has risen dramatically. Many ...