There’s been a lot of rhetoric coming from both sides of the congressional aisles these days; from Democratic and Republican parties and even a few in between. But recently the media has begun reporting government shutdown fallacies as facts. I’ve stayed out of this very heated political discussion for obvious reasons, but when a client recently sent me this article Shutdown impact: Tourists, homebuyers hit quickly from of all places the Associated Press, I just had to respond.
President Obama calls on Congress to expand HARP to ALL homeowners.
In his June 1, 2013 weekly address to Americans posted to the White House Youtube channel the president made the following assertions about the US economy.
- Businesses have created nearly 7 million new jobs over the past 38 months.
- An auto industry that was flat lining is once again the heartbeat of American manufacturing – with Americans buying more cars than we have in five years.
- Within the next few months, we’re projected to begin producing more of our own crude oil at home than we buy from other countries – the first time that’s happened in 16 years.
- Deficits that were growing for years are now shrinking at the fastest rate in decades. The rise of health care costs is slowing, too.
- And a housing market that was in tatters is showing new signs of real strength. Sales are rising. Foreclosures are declining.
- Construction is expanding. And home prices that are rising at the fastest rate in nearly seven years are helping a lot of families breathe a lot easier. Continue reading President Obama Urges Congress to expand HARP to ALL Homeowners
Mortgage rates are as low as they have ever been. As a mortgage loan officer, one of the most frustrating things that a homeowner pondering refinancing their home can say to me is “I’m going to wait for rates to go lower”. In spite of the net tangible benefit that is in from of them today, it leaves me wondering exactly what information they are privy to that I am not. In reality this statement is akin to the same flawed thinking that real estate always goes up in value and never loses value that got millions of homeowners across America into the mess that we presently find ourselves in. Continue reading Five Reasons You Should Be Ashamed of Your 5% Mortgage Rate
Today the federal government announced new rules that may allow homeowners who are struggling borrowers to refinance their mortgages at today’s ultra-low rates by reducing monthly payments for some homeowners. The goal is that the monthly savings could provide a modest boost to the economy. It is important to note this help is NOT available to persons struggling to make the payments, in other words if you are behind on your payments you need not apply. Continue reading Important Changes to Home Affordable Refinance Program (HARP)
Obama: “Subprime lending immoral, not illegal” http://ow.ly/6PE2P
Today the president took a question from a reporter who asked him why his administration had failed to file suit or enforcement action against corporate leaders for the 2008 financial crisis that ultimately led to numerous bank, insurance, auto-maker and state bailouts. To that the president replied…
“If someone has engaged in fraudulent actions — if they have violated laws on the books, they need to be prosecuted,” President Obama said. “One of the biggest problems about the collapse of Lehman, the financial crisis and the subprime lending fiasco is that all of that stuff wasn’t necessarily illegal.” Continue reading Obama: Subprime lending immoral, not illegal
Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand.
This post is intended to be an overview of what additional inspections and verification a homeowner or seller can expect in the mortgage application process for a home in a declared disaster area. Continue reading FEMA Declared Disaster Area – Loan Application in Process