Cecilia Rouse, member of the Council of Economic Advisers, takes questions from the readers of Black Enterprise, theGrio, and Jack & Jill Politics on Wall Street Reform and how the new consumer protections will affect African American communities often targeted by predatory lending.
KCBS’ Barbara Taylor questions City’s attempt to hold mortgage lenders accountable for loans already done, especially if many are packaged and sold on the secondary markets. Paul Leonard of the Center for Responsible Lending responds. *** PRESS RELEASE *** MAYOR NEWSOM AND ASSESSOR-RECORDER TING CALL ON BANKS TO HELP PREVENT FORECLOSURES AND SUBPRIME MORTGAGE DEFAULTS San Francisco, CA — In an effort to keep San Francisco homeowners in their homes, Mayor Gavin Newsom, Assessor-Recorder Phil Ting, Supervisor Sophie Maxwell, and Supervisor Tom Ammiano today announced that they have asked major financial institutions to sign an agreement outlining specific measures aimed at tackling the increasing number of foreclosures and mortgage defaults in San Francisco. City officials have given financial institutions until November 30 to respond to the request. “San Francisco residents should not have to suffer the same fate as countless other families who have lost their homes across the nation because of predatory lending practices,” said Mayor Newsom. “I ask the financial community to help protect the American dream and be good partners in keeping families in their homes and in San Francisco.” The request letter asks financial institutions to pledge to increase outreach to at-risk homeowners, including identifying and contacting borrowers at risk of default at least six months in advance of an approaching interest rate reset, and to modify loan terms for borrowers who have made …
Buying a home with bad credit? Knowledge is your key to being successful. The Bad Credit Guide to Homeownership can Buying a home with bad credit Some people prefer the do it yourself credit repair method we will take away the hassle and help repair your bad credit National Auto Approval…
Karen Mills, Administrator of the US Small Business Administration, addresses the International Franchise Association on February 8, 2010, in San Antonio, Texas. Video courtesy of the International Franchise Association.
First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy. There are a …
00 Tax Credit for First Time Home Buyers with Low Down Payment. Lender Finance Program with Low Payment and Fixed Interest Rate on FHA Mortgage and Government Assistance. Go To realestatemarketingthisweek.com Part 8 (Excerpt) Analyzing tax returns for self employed and small business owners; Use a Mortgage Planning Expert Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees. Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back. I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income. In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a …