Rhonda Porter on 11 6, 2009 | No Comments
This is the first Friday of the month and if you've been reading my rate post for a while, you know this means that The Jobs Report was released this morning. The data from the Jobs Report revealed worse than expected data with unemployment at 10.2% and 190,000 non-farm payroll jobs lost in October. We now have the highest unemployment since 1983. Those employed also…
Read MoreARDELL on 11 5, 2009 | 5 Comments
Well it's all approved and just needs the President's Signature, so I think we can pretty much call this Homebuyer Credit Bill a done deal. I am not going to call it an extension of the $8,000 cred…
Read MoreRhonda Porter on 11 5, 2009 | 21 Comments
In a press release this morning, Fannie Mae announced a new program for homeowners who are facing foreclosure and who do not qualify for a loan modification: Deed for Lease. Distressed homeowners would complete a deed in lieu of foreclosure back to the lender anad then rent their home from the lender at market rate. Leases may be up to 12 months followed with a month to month option. Jay Ryan, Vice President of Fannie Mae says: "This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, an…
Read MoreARDELL on 11 5, 2009 | 11 Comments
I rarely write on investor topics, because most of my topics come from recent issues discussed with one or more of my clients. But this week I was speaking with one of the few investor clients I choos…
Read MoreTim on 11 4, 2009 | 30 Comments
Recall those episodes where Jerry Seinfeld grits his teeth and in one exasperated and frustrated breadth says, "Neeeewman!" Similarly, so do title and escrow staff in dealing with lender funding conditions and other challenges that seemingly are for no other purpose but to drive us to the closet for our straight-jackets. Unfortunately, some conditions cannot be easily met at the moment the request comes over the fax or e-mail. Some require work that delays closings. Or, in extreme cases a condition can completely shut down all other transactions you are working on for a couple of h…
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