Subprime Money Market | Declining Values St. Louis MO
March 12, 2008
The mortgage crisis, real estate crisis, subprime money market collapse, whatever you want to call it, has been plaguing the real estate industry especially on the coast. I hate to be the bearer of bad news, but now the Mid-West is going to be feeling the effects even harder. There is one more obstacal you will have to contend with when buying or selling a home in St. Louis, Missouri, declining real estate values. Most investors now consider the entire St. Louis area a declining market.
In the recent weeks we have had strict penalties in place for credit scores below, mortgage insurance restrictions, and now the declining market alerts are a big deal. For some investors most investors a 5% reduction to lending will be in effect across the board. Some areas in the country are limiting loan amounts to 80% of the appraised value. There are a lot of other restrictions out there. It is more important than ever to work with a St. Louis local mortgage banker that you can be confident in.
Fed moves to stimulate economy, $200,000,000,000!
March 11, 2008
The Federal Reserve announced today that they will expand their securities lending. The move they have decided to make basically upgrades mortgage backed securtities. Through the Term Securities Lending Facility the FED loan up to $200 billion worth of Treasury Bonds Read more
Fannie and Freddie adopt new appraisal requirements
March 4, 2008
Monday an agreement was announced between Fannie Mae and Freddie Mac, the buyers of over 60% of the nations mortgage loans. After a one year probe from New York’s attorney general and the two parties have decided to revamp their appraisal requirements. Cuomo said banks can “Immediately adopt the new code and clean up appraisal fraud in the mortgage industry or stop Read more
Bush signs the Stimulus Package… Now What?
February 13, 2008
It’s official. George Bush has signed the stimulus package. What does that mean for mortgages? There has been a lot of talk about the “Conforming Loan Limit” raising to $700,000+. Read more
News Flash | The conforming loan limit raises to $650,000
January 24, 2008
We have heard rumors that the approved economic stimulus package will have a clause to temporarily raise the conforming loan limit to $650,000 in high cost areas. This is an amazing opportunity Read more
California Home Buyer Sues Agent
January 22, 2008
David Streitfeld of the New York Times is reporting that Marty Ummel, a home buyer in California is sueing her Real Estate Agent for advising her to buy at an over inflated price. She claims that her agent Read more
“Footsie’s” $116,000,000,000 stock market decline!
January 21, 2008
Londons leading stock index the FTSE [footsie] declined 323.5 points or 5.5%. That is the biggest 1 day loss since the September 2001 attacks. Some people are calling today “Black Monday.” The crash is being blamed Read more
Citigroup may write down $24,000,000,000!
January 14, 2008
CNBC is reporting that Citgroup could write down as much as $24 Billion in losses and up to 24,000 employees Read more
