Monthly Archives: April 2009

Basic Reasons To Refinance

* Cut your monthly payment * Pay off your mortgage more quickly * Reduce your interest rate * Combine two mortgages into one Here’s more: If you have sufficient equity, you can merge your first and second mortgages, and then … Continue reading

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Corporate Loan Default Rising To Level Of Great Depression

Angelo Mozillo in 2007 noted that the mortgage market was seeing defaults at a rate not seen since the Great Depression. This remark was the first official announcement of our mortgage meltdown and Countrywide stock went in the toilet. This … Continue reading

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We Are Two Years Into The Mortgage Crisis

The flood of defaults and evictions hasn’t slowed. It’s only getting worse. Legislators want to do something. Many of their plans will cost a lot of money and reward inefficient economic behavior. In the first quarter of this year, 800,000 … Continue reading

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The Commercial Real Estate Crunch

The real estate crisis began with subprime loans in CA and FL and Nevada and AZ but now it has spread across the nation and commercial property values are plunging. This Bloomberg article says beware of a dramatic level of … Continue reading

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Mortgage Brokers, Small Lenders Unhappy With Implementation Of New Obama Refinance Plans

According to the AP, such small lenders and brokers say they are being left out of the current refinance rush. Fannie Mae and Freddie Mac own or guarantee almost 31 million mortgages – more than half of all U.S home … Continue reading

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California’s Foreclosure Woes

It’s bad in the Sunshine state, as well as in Florida, Arizona and Nevada. In the first three months of 2009, there were twice as many foreclosures in the San Francisco Bay Area as compared to a year ago. The … Continue reading

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Commercial Property Values Plunge

The Boston Globe reports that you can buy commercial property at a steep discount. This is the latest shoe to drop in the housing crisis. Many stores can’t meet their loan payments and are not able to refinance either. One … Continue reading

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The Refinance Rush

The U.S. government is doing everything it can to encourage people to refinance to save their homes, even if they owe more on their home than it is worth. Lower interest rates are also driving this refinancing boom. Average home … Continue reading

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Fewer People Moving For Fewer Jobs

Fewer people moved residences last year than any year since 1962 says this New York Times article. I’m not sure that people today are less willing to move for a good job. From what I hear, there are fewer good … Continue reading

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What To Do Before You Refinance

The Chicago Tribune reminds you to check your credit score, your home equity and value, your current interest rate and make sure you can document your income. Lenders demand more evidence than ever before they make loans. No more liar … Continue reading

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