Everett, WA

Yes. Instead of doing the heavy lifting and figuring out how to work out loans for the folks still employed Fannie has decided to become a landlord. Instead of foreclosing they will lease to folks for one year then month to month there after.

How they set the rent or how things get fixed in a timely manner or even how they evict people are details nobody knows. It is safe to say knowing our government Fannie Mae does not know but sounds good doesn't it? Just like the other failed programs.

Unfortunately if you live in an area where home sales are brisk there will be less inventory because Fannie isn't foreclosing on homes that perhaps should be foreclosed on. (I don't believe that will be a problem in most areas unfortunately)

The real tragedy from where I sit is the government cannot come up with a loan work out plan and force anybody to play along (it seems) so this is the solution. I wonder if lobbyists have anything to do with this....hmmm.

So here we go again and what a mess.

I wish us all well.

I have just been resuscitated after the shock and awwweeee of the news I'm about to tell you. Our government.....the government....yes our government actually did something that will help stimulate the economy and keep this little thing we call a country breathing.

Not only did they extend the tax credit for new homebuyers ($8,000) it now offers a $6500 tax credit for repeat buyers or buyers moving up (how do you move up when prices are down?).

This tax credit will end in June 2010 and all contracts must be in writing by end of April. I wonder if the record number of foreclosures in a quarter in American history had to do with it....HMMMMM.

Anyway that is good news and I have posted an excellent site that gives you full details.

http://www.federalhousingtaxcredit.com/

IRS Form 5405:

http://www.irs.gov/pub/irs-pdf/f5405.pdf

I will be glad to assist you toward your next home purchase. We lend in 47 states and look forward to working with you.

I wish us all well.

Online Loan Modification Help For Washington

According to recent reports, nearly 6 million Americans are now behind on their mortgage payments or in foreclosure while many more are spending their saving and retirement accounts just to stay afloat. Most of us in Washington are now feeling the growing pressure in these troubles times, and a growing number of websites are popping up to offer free online loan modification help to troubled homeowners who qualify for the Obama Plan.

Washington homeowners now struggling with financial crisis can get a loan modification in order to modify the terms of the loan to make it more affordable. The majority of homeowners in Washington state now qualify for savings with a mortgage loan modify under the Obama Plan, which demands that a borrower’s monthly payment cannot exceed 31% of your gross monthly income. Homeowners are recommended to qualify for help under the Obama Plan online, in order to explore your options. By modifying your loan, you can lower the interest rate; eliminate part of the principal; correct defaults, and other loan mitigation to avoid foreclosure.

The loan modification process involves heavy negotiation, large amounts of paperwork, accurate scheduling, and usually lengthy delays. Thankfully for homeowners, there are now a number of servicers offering to help borrowers through the loan modification application process, and provide free help online. Borrowers may acquire a submission-ready document, and supporting financial materials, which can be mailed or faxed to the lender to be considered for a modification.

Numerous companies offer “free” services, which are not actually free, billing themselves as an alternative to law firms and other companies offering to mediate between homeowners and their lenders for a fee. However, only a small percentage of borrowers facing foreclosure have been awarded a home loan modification, and homeowners attempting to modify alone are even less likely to succeed.

Mortgage servicers with experience in securing a successful loan modification are now the greatest chance for borrowers to get their modify done. These servicers, being linked between distressed borrowers and lenders, are in the best position to rework the terms of loans under the Obama administration’s $50-billion mortgage-modification program.

With Obama's HAMP Program, borrowers can immediately begin the process of saving their home and explore the options and benefits they now qualify for. Every Washington homeowner should immediatly confirm whether or not you qualify for the Obama Loan Modification Program!

For everyone watching mortgage rates in Everett, Washington I have put together this mortgage rate information. The mortgage rate graphs will update from data on my website http://seattle.rateswire.com. Mortgage rates have been changing a great deal lately and I want you to know these changes and how your mortgage rate and costs are actually determined. For your mortgage related questions I am a short drive south on I5 or Highway 99!

Thirty year fixed mortgage rates are based on wholesale 30 year mortgage rates and individual risk factors such as credit, loan to value, and occupancy. The most accurate way to track mortgage rates is to just look at the wholesale rate from Fannie Mae, Freddie Mac, or Ginnie Mae. The wholesale mortgage rate for Fannie Mae is known as the Fannie Mae Required Net Yield 30, 30 Day delivery and it is a fundamental basis for conforming 30 year fixed mortgage rates. To my neighbors in Lynnwood, Washington two miles north of me I present the history of it below:

If you who would like to know how this wholesale mortgage rate translates into the rates and costs offered to you after risk and costs are added, my 30 Year Fixed Mortgage Rate and Cost Calculator is available online and provides mortgage rate pricing and analysis for scenarios you input.

Fifteen year fixed mortgage rates show much smaller changes in daily mortgage rates. The rapid payoff of principle under a fifteen year fixed mortgage causes these mortgages to be considered much safer investments. This makes these mortgage rates lower and more stable compared to 30 year fixed mortgage rates. One wholesale 15 year fixed mortgage rate basis is below:

Adjustable mortgage rates fluctuate a great deal based on current money markets and expectations in changes to money markets. Three, five, and seven year adjustable rate mortgages are the most common and I present one wholesale 7 year ARM mortgage rate basis below:

Please keep in mind these represent the wholesale cost of money and do not include any risk or lending costs or fees. If you would like to see an example of how one of these products translate into mortgage rates and cost for your exact situation please use my 30 year fixed mortgage rate and cost analyzer to input your rough situation and fill in the comment section at the bottom with your contact information and the mortgage products you would like to see. Or just head south a few miles from Everett on Hwy 99 or I5 and see me in person!

Stephen Ching 510 LO 35993

Steve@rateswire.com or by Cell 425 344 2191

Mortgage Loan Center, LLC

22019 Highway 99 #B Edmonds WA 98026 (425) 640 9789

In his quest to appease the too big to fail banks making sure the CEO's get the bonuses promised so his campaign coffers remain flush Barney Frank is working hard to keep his promise of killing any and all competition for home loans leaving only the too big to fail banks to lend to the consumer. You know the TARP KIDS.

30 years ago the banks had their little monolopolistic operation - no competition and they were slow. The consumer was victimized because they were the only players in town until the local community based lenders (mortgage bankers/brokers) cropped up and what the consumer found was lower rates and better delivery of service.

Community based lenders (non-bank) provide 40% plus of the origination's and 50% of all FHA (HUD) loans and the reason for that is the big banks and credit unions are lousy at government loans they are flat out afraid of them based upon my personal experience.

So what is this all about? This is HR 1728 Financial Stability Improvement Act. There is a risk retention feature meaning that any lender that originates a loan must put aside a 10% reserve - in other words have a financial stake in making good loans. The concept itself is a good one and community based lenders already and always will have a stake in that but 10% is a huge number cost prohibitive and the only entities that will be able to fork out that kind of reserve is none other than....you guessed it the TARP KIDS wiping out or eliminate most of the community based lenders the result of course is the consumer pays more.

So the American consumer once again has Barney Frank to thank in a series of self serving bizarre blunders that will only build the few banks left to be even bigger to fail for the future bail outs and what about economic recovery? HAH!

On January 1st 2010 the American consumer is going to wake up to a bunch of new stuff featuring the new HUD version of the good faith estimate and the Financial Stability Improvement Act and other fantastic ideas Barney, Chris and Friends .... the same people that have been in charge of oversight and never did any over seeing....have come up with.

Man oh man if you think this is a sour grapes rant it may be but I have been in this business a long time and have seen it all until now of course and I know what it was like then and I can see the future and it stinks for the consumer. AMERICA write, call your representative....or don't. It is so bad it will be reversed once the results and the screaming starts but it will be at the expense of the middle class consumer and it will take another three years to fix. It will cost the middle class millions if not billions across the country. Chris Dodd already got his sweetheart loan from Countrywide so he's set but what about the rest of America?

The link below is a related blog confirming Mr. Franks motives. Remember there are around 3 banking lobbyists per representative so if you think there is no influence here think again.

Barney Frank & Friends lack knowledge & skill

I wish us all well.