Home Mortgage Guide

new product soon? – The New RMBS Investor Meets Due Diligence 2.0 – by JACOB GAFFNEY – … Sue Allon of risk manger Allonhill is honest when she says she now believes the first RMBS …
Read Rest of Mortgage Related: Due Diligence 2.0, Housing Prices, Mortgage Assignments, Deficiency Judgments, Phoenix, Negative Convexity, Servicing Performance, Delinquencies, Forensic DD, Shadow Inventories, 5 more

Mulholland Drive is a home to some rich and famous personalities. Living on this renowned expensive and exclusive place has always been a hard to reach dream for many people. But lately, one could often find lots for sale in Beverly Hills that are just light on the pocket. The decline in real estate prices is a dream come true for those who wanted to live along the neighborhood of some celebrities.
If you wonder why a lot of individuals would be thrilled about the lots for sale along this area of Beverly Hills, then you should be familiar with Mulholland …
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Post off-topic ideas, links and Craigslist finds here. Please visit the HBB Forum.
Read Rest of Bits Bucket For January 31, 2010

 
Interesting weekend reading.
 
 
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The Las Cruces Sun News reports from New Mexico. “Verde Realty has scrapped plans for a city-size residential and commercial development on almost 24,000 acres it owns in Santa Teresa. In 2005, Verde announced plans for the 25,000-home master-planned community on mostly vacant desert at the edge of West El Paso. ‘We previously developed a small portion of the Santa Teresa property, but we no longer intend to pursue large-scale development of this land,’ Verde stated in documents filed last week with the SEC.”
“Other developers may be interested in that land, but ‘I don’t see a demand for …
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In order to prevent foreclosures, homeowners throughout California are attempting the loan modification process. The state of California deals with approximately 80,000 to 90,000 foreclosure filings per month. Recently, a new law passed stating that a lender is required to offer the homeowner a comprehensive loan modification program or give a 90 day notices before initiating the foreclosure process.
More Details:
The lender’s loan modification program needs to fulfill certain criteria that includes reduction of monthly payments below homeowner’s 38% income. In addition, extending terms of loans or reduced interest rates for next five years are other possibilities that can be used …
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Post off-topic ideas, links and Craigslist finds here. Please visit the HBB Forum.
Read Rest of Bits Bucket For January 30, 2010

To Our Clients, Colleagues and Friends,

Lots of mortgage bankers talk about buying a bank, but aside from this writer, very few have ever done it.   So a huge round of applause to Rob Hirt , owner of RPM Mortgage, for closing on his purchase of Darien Rowayton Bank in Darien, Ct.  We advised RPM on his acquisition plans in the very beginning of the process, but we take very little credit.  It was all a result of Rob Hirt’s persistence, doggedness and …
Read Rest of The Garrett, Watts Report (January 29, 2010)

“Free advice is well worth the price.” Keep that in mind the next time you ask someone in Secondary Marketing if you should lock today or wait.
Freddie Mac announced a change to their condo policy for loans with application dates on or after February 1. Companies who sell to Freddie “may only use FHA condominium project approval to determine the eligibility of FHA and …
Read Rest of Freddie’s Condo Guidelines; AVMs & Mortgage Banking; Jawboning on the End of the Mortgage Purchase Program

It’s Friday desk clearing time for this blogger. “Spanish Trail, one of Las Vegas’ most affluent gated communities, is starting to feel the pinch of the recession. Some residents are outraged that Spanish Trail association directors have started a $4.1 million remake of the landscaping and plan to collect a $3,350 special assessment from each homeowner over the next two years to pay for it. Alex Forgette, a retired California lawyer, said he would like to buy a new Mercedes but is driving a 4-year-old Lexus because of the hard times. ‘The economic downturn has hit Spanish Trail …
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