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"Government Influence"
The five banks – Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally Bank (formerly GMAC) – reached agreement in a multi-state deal to provide $25 billion to struggling homeowners in various categories. Some homeowners will get some relief through this settlement but most will not. The agreement only affects borrowers whose [...]
Continue Reading →The Fed announced today that it was going to keep short-term rates low through the end of 2014. This announcement should allow for businesses to plan for the future and it should also allow interest rates on long-term mortgage loans to remain low as well. The policy comes amid mixed signals in the economy. [...]
Continue Reading →If you follow the political landscape at all, I'm sure that you were hearing during mid-December more than enough about the Payroll Tax Cut Extension that the Democrats in the Senate approved for two months, and the Republicans in the House were trying to get approved for a 12-month period. President Obama and Harry Reid [...]
Continue Reading →The Mortgage Disclosure Improvment Act (MDIA)that went into effect in July, 2009 was intended togive consumers protection against new mortgageterms being disclosed just prior to the closing of thetransaction. The intent is good. There had been too many “baitand switch” strategies perpetrated on borrowers byunscrupulous mortgage originators. Originators would encourage a loan application forterms that [...]
Continue Reading →We are finishing up a trying year in the mortgagebusiness. After last year’s near-death experiencewith economic calamity, the federal governmenthas been doing everything it can to prevent anychance of a recurrence of the events that led tothe “mortgage meltdown”. Because the government is so involved in theprocess, it is important to understand that thelenders are [...]
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