Category Archives: New York

What Caused The Housing Boom & Bust?

I’m reading this new book by economist Thomas Sowell — The Housing Boom and Bust. From 2000 to 2005, the average home price in the United States increased by one-third. Millions of Americans began using their homes as ATMs, getting … Continue reading

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Using Reverse Mortgages To Buy Homes

Few lenders offered this option until recently. They’re waiting on the government to issue appropriate underwriting guidelines. Reverse mortgages can’t buy co-ops in New York, which is slowing the introduction of this financing to this populous state. The New York … Continue reading

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No Refinancing Spree In New York

Mortgage rates have dropped, leading to a boom in refinancing everywhere in the US but New York. In the first three months of this year, refinancing applications jumped 92% from a year ago but they are only up 6% in … Continue reading

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Finding A Mortgage

You have a credit score of over 700 and you can put money down. You should be able to get a mortgage, but these are not normal times. The NYT reports Feb. 1 about the difficulties finding a mortgage in … Continue reading

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New York Mortgage Troubles

From the New York Times: Squeezed by the tightening credit markets, a New York State agency that provides subsidized mortgages to first-time home buyers stopped offering discounted interest rates this week and started looking for new sources of funds. Officials … Continue reading

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New Yorkers Grapple With Housing Bill

Bob Tedeschi writes: The conforming limit, more commonly known as the “jumbo” limit, is the threshold above which Fannie Mae and Freddie Mac cannot buy loans from lenders. When borrowers meet certain qualifications, like minimum down payments and credit scores, … Continue reading

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New York’s Mortgage Crisis

From the New York Times: That, analysts said, has helped Mr. Cuomo essentially circumvent a federal regulatory setup that prevents states from regulating nationally chartered lenders. Under the agreement, they cannot buy a mortgage from a lender unless the home … Continue reading

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Mortgage Brokers Seeing Gloom

Bob Tedeschi writes: NEW YORK’S borrowers could notice a different tone in their discussions with mortgage brokers in coming months, as brokers adjust to a new state law that seeks to stem foreclosures. Among other things, it says that brokers … Continue reading

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Shaking Up The Finance Industry

From the New York Times: Since taking the job last year, Mr. Cuomo has extracted settlements from credit ratings firms and student lenders and trained his sights on banks that played a crucial role in the mortgage crisis. Mr. Cuomo … Continue reading

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New York Real Estate

From NYTimes.com: PROFESSIONALLY, Carlos Vargas trains financial executives on managing mergers and developing investment strategies. Having such expertise didn’t hurt when it came time for his own recent entrepreneurial move: the sale of his West Village co-op apartment. “It was … Continue reading

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