November 1, 2009
How Do You Properly Evaluate Home Values?
The current system required by Fannie Mae and Freddie Mac does not seem to be working too well.
Why not? It tends to low-ball home values, leading to fewer home sales and higher consumer fees.
Filed under Appraisals, Real Estate, fannie mae, freddie mac by Luke Ford
October 7, 2009
New Regulations To Promote More Accurate Lending Risk
Credit rating agencies were spectacularly wrong in the past few years when they tried to assess the worth of mortgage-backed securities.
When thousands of home owners can no longer afford to send in their monthly mortgage payments, all the fancy financial instruments in the world are still going to fail.
Read more on New Regulations To Promote More Accurate Lending Risk…
Filed under Applications, Appraisals, Bad Credit, Bankruptcy, Credit Line, Defaults, Derivatives by Luke Ford
October 2, 2009
House Value Appraisals Are More Conservative These Days
People preparing to sell their homes can often expect a nasty shock when they get the appraisal.
You can't get a mortgage loan unless the bank sees security in owning a home worth substantially more than the mortgage.
Read more on House Value Appraisals Are More Conservative These Days…
Filed under Appraisals by Luke Ford
September 4, 2009
Obama's HARP For Distressed Borrowers
This program is aimed at borrowers who have not missed a mortgage payment.
It is different from earlier government programs aimed at those who were late on their payments. Those plans offered mortgage modification so people could have lower monthly payments.
Filed under Applications, Appraisals, HARP by Luke Ford
May 22, 2008
U.S. Home Prices Fall 3%
May 22 (Bloomberg) —
Filed under Appraisals by Luke Ford
May 19, 2008
Is There A Good Side To Dropping Home Prices?
My Shabbats used to be ruined by sitting at someone's table and listening to them moan about the high price of Pico/Robertson real estate and how they had to sell off their first-born child to make their downpayment.
Filed under Appraisals by Luke Ford
May 11, 2008
Home Appraisals
The Chicago Tribune reports on a battle in Washington over home appraisal:
In March, Fannie Mae, Freddie Mac, their federal regulator and New York Atty. Gen. Andrew M. Cuomo reached an unusual agreement. With it, Cuomo stopped investigating the home appraisals of the big mortgage lenders in exchange for their adoption of a "home valuation code of conduct" covering all loans they purchase or securitize.
Filed under Appraisals by Luke Ford
March 23, 2008
It's Getting Tougher To Borrow Money
The Boston Globe reports that even borrowers with great credit scores are having a tough time getting the loans they want.
Lenders are increasingly cautious and conservative. They want higher down payments and higher credit scores.
Filed under ARMs, Applications, Appraisals, Bad Credit, Bankruptcy by Luke Ford
January 13, 2008
Home Appraisals
In Congress, several mortgage reform and anti-predatory lending bills have been introduced that would ban improper influence on appraisers and coercion, even on independent mortgage brokers who were not governed by existing federal rules. It would also raise the standards for licensing appraisers.
Filed under Applications, Appraisals by Luke Ford
Rosita Fields hit a dead end when she tried to refinance the mortgage on her south Minneapolis house: The appraisal came in at less than what she owed.
Read more on Eroding home appraisals latest blow to buyers, sellers…
Filed under Appraisals by Luke Ford