Kay, my lovely Mensa wife, reads the San Diego Union Tribune from cover to cover every morning while I peruse the funny papers; blessed is SDUT to offer two full pages. You can immediately see it is a perfect marriage because we never have cause to fight over the morning paper.
While Kay is concerned with pesky facts, (she never loses an argument) I pursue a funny papers inspired overview where there is much to be learned. Below are some selections from Thursday, November 5, 2009.
Take Dilbert for example, In three small panels Scott Adams teaches us three life lessons, maybe four.
In Leaf Zone Ahead and Falling Leaves Next Ten Feet Glenn McCoy in Duplex illustrates the future of nanny Government protection. Not shown are future signs at every restaurant table "chew slowly by order of the President" and signs in our bathrooms, posted at the exact average eye level of all inhabitants. "brush teeth for 60 seconds, or else". A camera will record compliance.
Guys who read the comics section know how to treat their woman and are known throughout the feminine world as better lovers. Try it out yourselves. Guys, next time you are doing the singles bar scene, let it be known that your sensitivity to feminine needs was derived through years of diligent funny paper study. You will never leave another bar alone.
Nest Heads provides younger people and a few middle aged a reason to get flee the nest and buy a home which is good for the economy and more importantely... good for all of us on AR.
I think we have covered a large number of human concerns today; we learned that politicians and criminals are similarly motivated, that government is here to protect us, a proper sharing technique and how to be special.
For those who wish to be surperior humans, my sincere advice is broken into three parts :
More than a month ago on Monday, October 5, The FHA Taxpayer Protection Act of 2009 - HR 3706 - authored by Rep. Scott (Goober) Garrett (R-NJ) was introduced to Congress.
If passed It would increase the minimum down payment for FHA insured mortgages from 3.5% to 5% and the law would prohibit financing FHA closing costs. BUT WAIT there is more!
One tiny fact looms large and questions the Congressman's competence to propose any laws governing FHA is that FHA already no longer allows closing costs to be computed in the loan amount. This changed last year. See FHA Regs 4155 page 35
This ill advised, poorly researched, legislation will not help our recovering market or even our future mortgage stability. FHA is not the culprit or even one of the culprits in the recent mortgage fiasco. That blame lies at the feet of sub-prime mortgages and Wall Street greed.
FHA, with a 3% downpayment had been stabile source of financing for almost 80 years. Actually, because closing costs used to be computed in the loan the previous LTV was more like 2.25%. The minimum down payment was recently increased to 3.5%.
If you feel Congressman Garret's bill must be defeated then email your congressman at: Congressional Email
P.S. I know it serves no intelligent purpose to Gooberize Congressman Scott but it makes me feel good.
Rate Lock Advice and Mortgage Market Update
November 6, 2009, 1:30 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
Today has been an extremely volatile session. After reaching a Morning low of -2/32, MBS prices turned higher again and are now up +8/32, above 9:45 ET pricing of +5/32. MBS Prices were helped by a higher than expected Unemployment Rate of 10.2%. The number of jobs lost in October was -190K, close to the consensus.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.01% at 5.07% on Nov.6
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.719% Down 0.009%.
10 Year Treasury currently 3.50% Down -0.07%
DJI Stocks Closed today at $10,023.42, Up 17.46, 0.17%
European and Asian Markets Up 0.373%
Nymex Crude Oil currently $77.65 Down $1.97
The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. FHA is back in the spotlight. They didn't produce the audit that was due yesterday. Another credit tip from Kim Castro! See TBWS Video
Rates 11-06-09, 9:45 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 1.00, APR 4.901%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
Rate Survey Discover where you will find the best rates
Education is the Only Effective Consumer Protection
Senate Passes the First Time Buyer Tax Credit Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com
October 2009, Rate Lock Advice and Mortgage Market Update
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR
Rate Lock Advice and Mortgage Market Update
November 6, 2009, 9:00 AM PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
It has been an extremely volatile session this morning. After reaching a recent low of -2/32, MBS prices turned higher again and are now up +7/32, above 9:45 et pricing of +5/32.
Initially, MBS Prices moved higher after the Unemployment Rate jumped to 10.2%, which was higher than expected. The number of jobs lost in October was -190K, close to the consensus.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.02% at 5.06% on Nov.6
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.719% Down 0.009%.
10 Year Treasury currently 3.510% Down -0.06%
DJI Stocks $10,014.35, Up 8.39, 0.08%
European and Asian Markets Up 0.373%
Nymex Crude Oil currently $77.35 Down $2.27
The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. FHA is back in the spotlight. They didn't produce the audit that was due yesterday. Another credit tip from Kim Castro! See TBWS Video
Rates 11-06-09, 9:45 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 1.00, APR 4.901%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
Rate Survey Discover where you will find the best rates
Education is the Only Effective Consumer Protection
Senate Passes the First Time Buyer Tax Credit Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com
October 2009, Rate Lock Advice and Mortgage Market Update
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR
Fannie Mae is implementing the Deed for Lease instead of Foreclosures
FANNIE MAE NEWS RELEASE - September 5, 2009
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) is implementing the Deed for LeaseTM Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.
"The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," said Jay Ryan, Vice President of Fannie Mae. "This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities."
The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.
To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.
Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.
For additional information about the Deed for Lease Program, including full details on program eligibility, please review the Guide Announcement on www.efanniemae.com.
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Make Experience Your Advantage. Bill has closed thousands of home loans since 1970 as a FHA and VA Specialist. Bill's mortgage classes have taught lending to hundreds of loan officers and Realtors.
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