Banks are facing the inevitability of bankruptcy modification of mortgages.Banks have fought the notion of what is called a cramdown, saying that giving bankruptcy judges the ability to modify first mortgages will drive up borrowing costs for everyone.Supporters of cramdowns point out that modifications are no more costly than bankruptcies.To get the support of Citigroup, the only major bank that has spoken out in favor of bankruptcy modification, supporters of the proposal agreed to limit the cramdowns to existing mortgages. Banking industry lobbyists want to further limit the cramdowns to subprime loans taken out between 2002 and 2007. “To the extent that anything is ultimately passed, we would certainly want to limit that damage,” says Steve O’Connor, head lobbyist for the Mortgage Bankers Association.
Source: Business Week, Theo Francis
Unfortuntly another friend has lost their home due to foreclosure. I wish I would have known they were going through this… I would have wanted to help with either assisting them obtain a Loan modification or via Short-Sale..
If you are facing Foreclosure- please allow me the opportunity to help you. Email or call anytime: firstname.lastname@example.org and let’s begin the process and discuss your options. There is no cost to you for my services- my commission is earned AFTER the sale of your home and paid by the bank. I work with a Real Estate attorney to give you the best possible service.
What’s a Short-Sale?
A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Examples: If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full.
Barack Obama on Tuesday became the 44th president of the United States.
Following a swearing-in ceremony witnessed by hundreds of thousands of onlookers in Washington, D.C., and millions more who watched on television, the new president acknowledged there there will be challenges ahead, but that he will seek to confront those issues without partisanship or divisiveness that has recently pervaded national politics.
“Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered,” Obama said.
The full text of Obama’s speech is available here.
Simultaneous with Obama’s swearing in ceremony, the White House rolled out a new Web site at the previous address, www.whitehouse.gov, which includes details on all aspects of the president’s agenda, including his plans for the economy. The site also has a blog and a section devoted to the White House itself.
The NATIONAL ASSOCIATION OF REALTORS® plans to work with Congress and the Obama administration to pass an economic stimulus plan that is expected to include many components championed by NAR to improve housing.
NAR’s Housing Stimulus Plan includes both legislative and regulatory fixes. Its focus includes keeping mortgage interest rates low, boosting home buyer confidence, and reducing the current foreclosure rate. It also asks that regulators be encouraged to help financial institutions resolve problems in the short-sale process, make it easier for servicers to modify existing loans, remove unreasonable underwriting guidelines and insist that credit reporting agencies correct errors promptly.
Source: NAR, CNN.com
What a special day… we also heard a special prayer from Dr. Joseph Lowery– I couldn’t help but smile while driving on Joseph Lowery Blvd in West End today .. The West End has so much history!
Great starter home for one ready to roll up his/her sleeves! Huge lot, new heating system easy access to public transportation- SIDE WALKS 🙂 . Make your best & highest- you could be in your new home by Valentines Day!
Search: AVON for additional photos
**Piano Lesson $25 for 8 week class!! Children 7-12yrs** Additional students are needed to begin the classes!!
The vision of the West End Performing Arts Center is to continue to support the Fulton Council’s mission of enhancing the quality of life of all Fulton County Citizens through the delivery of quality arts education and performing arts programs and providing access to under served populations. In addition to supporting the Council’s mission, the West End Performing Arts Center will continue to support local and community artists, develop new and maintain existing partnerships with community groups and other arts organizations and create programs that embrace a changing West End Community.
Mon.-Thu. 9 a.m-8 p.m.
Fri. 9 a.m.-5:30 p.m.
Sat. 9 a.m.-3 p.m.
- Theater Genre:
- African American, Children’s Theater, and Community Theater
- Literary Event Type:
- Book Author Readings
In suburban Chicago in 1893, Frank Lloyd Wright, America’s most famous architect, designed the first Prairie-style house, and it’s still a common style throughout the Midwest. Prairie houses come in two styles–boxy and symmetrical or low-slung and asymmetrical. Roofs are low-pitched, with wide eaves. Brick and clapboard are the most common building materials. Other details: rows of casement windows; one-story porches with massive square supports; and stylized floral and circular geometric terra-cotta or masonry ornamentation around doors, windows, and cornices. (Realtor.Org)
Any Prairie’s in Atlanta? I need pictures
Cool website: www.Prairiemod.com (love this site)
Photo © Kenneth C. Zirkel / iStockphoto.com
The Frederic C. Robie House in Chicago is widely considered Frank Lloyd Wright’s finest example of the Prairie style. It was built in 1909.
Some cities that were hardest hit by the real downturn are experiencing mini sales booms.Las Vegas real estate properties are down 28 percent in price, but sales of homes are up 15 percent.
Motivated buyers accounted for 64 percent of Las Vegas sales in October, says Radar Logic, a derivatives firm. That’s the highest rate in the country.
“There’s a pretty active housing market, it’s simply at a lower-priced inventory,” says Michael Feder, chief executive of Radar Logic. “And there are now bidding wars taking place over homes in foreclosure.”
Phoenix and San Diego are reporting similar experiences.
“We’re clearing out the bad news,” says Kiva Patten, a director at Merrill Lynch specializing in housing derivatives.
“By the end of 2010 – that’s where we’re calling the bottom in the forward market. You’re going to get a small price appreciation in 2011,” says Patten. “It’s not like the turn is 10 percent per year, it’ll be something like 3 percent or 4 percent.”
Here are the cities where experts say it makes the most sense to buy now.
- Las Vegas
- Sacramento, Calif.
- San Diego, Calif.
- Los Angeles
- San Francisco
- Washington, D.C.
- San Jose
Source: Forbes, Matt Woolsey