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Come join me on vbnightlife.com
Posted in Uncategorized on April 21, 2010 by marks300c
ARE YOU A STATE HEROE? CHECK OUT WHAT METAMERICA MORTGAGE BANKERS HAS FOR YOU!
Posted in Uncategorized with tags active rain, facebook, linkedin, twitter on February 8, 2010 by marks300cACTIVE DUTY or RETIRED MILITARY, POLICE, HOSPITAL WORKERS, EMT WORKERS, AND TEACHERS………,
CLICK ON THE STATE HEROES LINK BELOW AND SEE WHAT KIND OF STIMULUS PACKAGE METAMERICA HAS FOR YOU.
http://www.metamerica.com
Mark S Rivers (Markus)
5151 Bonny Road
Suite 210
Virginia Beach Va. 23462
(757) 498-4488 ext 1059
NMLS # 232820 Company # 39177
PRE-QUALIFIED vs. PRE-APPROVAL ……”a first time buyer’s story”!
Posted in Uncategorized on February 4, 2010 by marks300cshow details 3:47 PM (6 minutes ago)
Mark S Rivers
Home Mortgage Consultant
MetAmerica Mortgage Banker
Phone: (757)498-4488 ext-1059
Fax: (757) 213-9420
marks@metamerica.com
The Difference Between Pre-Qualification and Pre-Approval
Pre-qualification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower’s income, existing debt, accumulated savings and whether or not there is a co-borrower. Signature(s) allow the loan consultant to run a credit report and begin to determine what loans are good candidates for this particular client. However, there are literally thousands of loan programs available. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.
Pre-approval is a written documentation that proves the borrower has full support of a lender. It means the form 1003 Uniform Residential Loan Application has been completed and reviewed by an underwriter. Based on the borrower’s income, debt ratio and savings, the underwriter will provide a dollar amount this borrower is eligible for. Now the borrower has the convenience of shopping for a home in the price range agreed upon by the lender.
Pre-approval allows potential homeowners to shop as cash buyers, and that means negotiating power. Sellers will take an offer from a pre-approved shopper much more seriously and may even accept a lower bid because they know the financing is in place and the deal is secure.
HUGE NEWS FOR THE BUY & FLIP INVESTORS
Posted in Uncategorized on January 18, 2010 by marks300cHUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant propertiesWASHINGTON – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today ann…ounced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homesSee More
GET THE FACTS….JACK!
Posted in Uncategorized on January 7, 2010 by marks300c
Mark S Rivers (Markus)
Home Mortgage Consultant
MetAmerica Mortgage Banker
Phone: (757)498-4488 ext-1059
Fax: (757) 213-9420
marks@metamerica.com
www.metamerica.com
Mortgage News
First-Time Homebuyer Tax Credit Extended & Expanded
On November 6, 2009, President Obama signed a bill into law that immediately extended the popular tax credit program offering up to $8,000 for qualified first-time homebuyers (FTHBs) into the first half of 2010.
The bill also instantly expanded the program, offering up to $6,500 in tax credits for qualified repeat home buyers, swinging open the door for even more qualified homebuyers to take advantage of this valuable opportunity at a time when mortgage rates are still near historical lows.
First-Time Buyers
For FTHBs (defined as someone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title), the basic rules remain the same, with one important exception – higher income limits are now in place, increasing the pool of potential buyers eligible for the tax credit of up to 10% of the purchase price or up to $8,000. This is money that does not have to be repaid as long you stay in your new home for at least 36 months.
Single tax filers who earn up to $125,000 are now eligible for the total credit amount. Those who earn more than this cap (but less than $145,000) can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap (but less than $245,000) can receive a partial credit.
Repeat Buyers
The new homebuyer program offers an exciting new opportunity missing from the previous incentives – a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. This gives those who already own a qualifying residence some additional reasons to take advantage of lower home prices and interest rates and finally move up to the home of their dreams.
Important Deadlines
Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.
Get the Facts
There are other important rules and guidelines you must meet to qualify for this great opportunity. So, if you or someone you know has missed out on the first two home buyer tax credit programs in the last two years, don’t wait. Give us a call today. We’ll gladly review your situation and see if you can benefit from this new and improved program.
If you know anyone who is looking to buy, sell or refinance a home, please forward their name and telephone number to us. We will happily provide the same high level of service that we have provided to you. The greatest compliment you could possibly give us is the referral of your friends and family.
Finance News
5 Tips for Safe Online Shopping
by Cameron Huddleston, Kiplinger.com
Shopping online is a great way to find deals. But, if you’re not careful, you could be putting your personal information at risk of being stolen by identity thieves.
There are several steps you can take to protect yourself while shopping – or doing anything – online. Follow these tips to protect your personal information while buying gifts this year.
1. Never shop online from a public Wi-Fi connection. Hackers can tap into Wi-Fi connections at hotspots, such as coffee shops, airports and hotels, to capture your personal information. If you must use public Wi-Fi, you can download for free the AnchorFree HotSpot Shield to hide your IP address while you’re online and protect your computer from snoopers. Also, never use a public computer to shop or check accounts online.
2. Don’t use your smartphone to shop. Hackers can use the same tactics for tapping into your smartphone as they use for your laptop or PC.
3. Don’t use your debit card for online shopping. If hackers steal your debit-card information and raid your bank account, you must report any misuse within two days to get the same $50 limited liability as you would with a credit card. Miss that deadline but report your loss within 60 days and you could be liable for up to $500. After 60 days, your liability is unlimited.
4. Shop online only at known retailers. Don’t let a search engine pick a site for you because it could be bogus. Even if you’re using a site that you think is legitimate, look for security labels, such as VeriSign and Cybertrust, and for https:// to appear in the url on pages that prompt you to enter personal information. Also consider downloading McAfee’s free SiteAdvisor, which tests sites for dangerous downloads, spamming and more.
5. Don’t click on pop-up ads. Hackers recently have posted bogus ads with malicious software on legitimate sites (NYTimes.com, for example).
Reprinted with permission. All Contents © 2009 The Kiplinger Washington Editors. www.kiplinger.com
MetAmerica Mortgage Bankers
Apply Now | Contact Us | Call Today +1 800 538 8701 MetAmerica is dedicated to helping people save money.Home Reverse Mortgages Informational VideosForeign National Loans Find A Loan Getting StartedBuy A HomeRefinanceHome EquityApply Online Online ApplicationOur Loan ProcessGetting StartedAwardsTools and Resources FAQsCalculatorsVideosAbout Us TestimonialsNewsCareers Career ListingsApplyContact Us Find A Branch Fort Myers OfficeHeathrow OfficeRaleigh OfficeRichmond OfficeSarasota OfficeVirginia Beach Office MetAmerica resources include financial calulators, online loan application, and a number of Television Commercials discussing your mortgage options. We invite you to view our channel. more… Save Money on your Mortgage NOW! First-time Homebuyer? Refinancing? Home Equity Loan? There has never been a better time to save! Founded in 1995, MetAmerica is a full service Lender operating in the Southeastern region of the United States. With over half a billion in mortgage loans closed each year by its members, MetAmerica is one of the most successful Mortgage Banking stories in America today. Specializing in strong customer relationships, highly service oriented loans by design to fit each particular customer’s current needs. Loans for refinance, purchase, debt consolidation, investment properties, condos and the Foreign National market are all available. News Features Updated ——————————————————————————– Along with a modernizing of our site design MetAmerica is pleased to present a more comprehensive resorce for economic news. With a focus on information that affects mortgage rates, MetAmerica CEO Roger Slaalien delivers regular commentary at www.metamericablog.com + Home | Reverse Mortgages | Foreign National Loans | Apply Online | Tools and Resources | About Us | News | Careers | Contact Us © 2009 MetAmerica Call Us Today +1 800 538 870
Street Smarts
Holidays Without the Stress
It’s the most wonderful time of the year – yes, but for many it can also be the most stressful time of the year as well. With this in mind, here are a few simple tips for stress-proofing your holiday season.
Be generous…to yourself – The holidays are a time of giving and gratitude, but don’t forget about yourself and your health. Stress has been proven to be bad for your heart, heart rate, blood pressure and can make certain chronic diseases, like arthritis and diabetes, even worse. So don’t let shopping be your only exercise this holiday season. Schedule some time for yourself once a week at the gym. Splurge on a yoga class or two, or just allow yourself time for a quiet walk or jog around the block. After all, the best gift you can give your family is a happier, healthier you!
Plan for success…not perfection – We’ve all heard about “the best laid plans of mice and men,” but nowhere in that famous poem is perfection mentioned. This holiday season, yes, plan ahead and avoid stressful surprises that can pop up and ruin your events. But, at the same time, expect some surprises, and give yourself permission to let some things slide.
Give…and receive – A great way to cut down on stress is to share the load. Volunteering to help others will help you keep your mind off your responsibilities and remind you of how good it feels to give. But remember, this works both ways. Allow others that same opportunity. Let them help you when you need it. You just might find that these “opportunities” create the best, most enduring holiday memories.
Home News
Tips for Hiring a Contractor
The Better Business Bureau (BBB) consistently ranks contractor fraud as its number one complaint. Don’t be a victim. If you (or someone you know) is thinking about hiring a contractor, please read or share these tips straight from the BBB before signing anything.
Obtain bids (from at least three licensed contractors) based on building specifications, quality of materials, labor and time to complete the project.
Ask for customer references, and be sure to contact them. If possible, check out previous work.
Contact the Better Business Bureau (BBB) for a report on the contractor and review site thoroughly for further advice.
Ask to see the contractor’s pocket license and another form of ID.
Call the Contractors State License Board to see if the license is valid and if a bond is in place.
It’s very important that your contractor have property damage and personal liability insurance coverage, and, if the contractor has any employees, workers’ compensation. Insist that the insurance broker send you certificates of insurance.
Remember, a contractor may not ask for more than ten percent of the total contract price, or $1,000 (or two percent or $200 in the case of swimming pools), whichever is less, as a down payment. (Insist upon a lien release from all subcontractors and suppliers before you pay for any work).
Anything you sign may constitute a contract. Before you sign a final contract, be sure it includes the following:
the name, street address (not just a post office box), and local telephone number of the contractor;
if you must obtain a loan to pay for the project, that the agreement is valid only if you obtain financing at a given rate;
a written description of all work to be done, including a detailed description of the kind and quality of materials to be used;
a bid based on the job, not by the unit;
a price breakdown for both labor and materials;
starting and completion dates;
the schedule for releasing payments to the contractor;
a written statement reiterating any oral promises made by the contractor or sales representative, including any warranties on materials or labor;
that the contractor will obtain the necessary building permits.
Don’t sign a completion certificate until you’re satisfied that the job has been completed according to the contract and inspection has been completed by local building authorities.
Facts and Figures
Is Graduate School Worth the Cost?
With a tougher job market, more and more current college students and returning students are enrolling in graduate school for advanced degrees in an effort to stay competitive. However, with increasing education costs and a national unemployment rate above 10%, is the cost of higher education really worth it? Here are some interesting facts and figures to help you decide if graduate school is right for you.
How much will it cost?
According to data from April 2009 by the National Postsecondary Student Aid Study (NPSAS), the annual total price of attendance for full-time students in master’s degree programs at public colleges and universities averaged $28,375. At private, not-for-profit institutions, the total price was about $38,665.
How will I pay?
Nearly three-fourths of all master’s-level students and 86% of all doctoral students received some type of financial aid in 2007–08. According to the NPSAS data, more than half of all graduate students had an average cumulative debt totaling $34,910. This figure does not include the 40.2% of graduate students who still owed on undergraduate loans, with an average amount of $21,217.
Employer Support?
About one-quarter (25.9%) of all master’s-level students received financial support from their employers in 2007–08, either in the form of tuition waivers or tuition reimbursements. The average amount of employer aid received was only $5,245.
Table of Contents
· Mortgage News
· Finance News
· MetAmerica Mortgage Bankers
· Street Smarts
· Home News
· Facts and Figures
· Five Quick Tips
· Did You Know?
· Quote of the Day
· · Trivia Challenge
· Book Review
Did You Know?
The coffee bean is not actually a bean; it’s a pit of a fruit that resembles a bean, 2000 of which are needed to make a pound of coffee.
Don’t get blindsided by tough interview questions. Practice these tough questions with a trusted friend:
Question 1: What are your weaknesses?
Question 2: Why did you leave your last job?
Question 3: How do you deal with criticism?
Question 4: Where do you see yourself in five years?
Question 5: What is the riskiest thing you have ever done?
Quote of the Day
“You are born with two things: existence and opportunity, and these are the raw materials out of which you can make a successful life.”
– Charles Templeton
Trivia Challenge
The first TV show to be put into reruns was?
Leave it to Beaver
I Love Lucy
The Lone Ranger
Superman
Call (757)498-4488 ext-1059 or email us at marks@metamerica.com with the correct answer, and your name will be entered into our quarterly drawing to win dinner and movie tickets for two!
Book Review
Finding Happiness in a Frustrating World
by Jim Johnson
Based entirely on research from peer-reviewed journals and randomized controlled trials, Jim Johnson’s Finding Happiness in a Frustrating World is an easily read story that reveals what is known about the science of happiness. More importantly, at the end of this short book (less than 100 pages), all the concepts are pulled together into one practical, step-by-step plan that can be put into action immediately. Finding Happiness in a Frustrating World is an excellent tool to help you keep life from driving you crazy.
Finding Happiness in a Frustrating World is available at www.amazon.com.
About the author:
A physical therapist for over 18 years, Jim Johnson has written many books based completely on published research and controlled trials including, The Multifidus Back Pain Solution, Treat Your Own Knees, The Sixty-Second Motivator, Treat Your Own Rotator Cuff, and Exercise Beats Depression. His books have been translated into other languages and thousands of copies have been sold worldwide.
Learn more about Jim at www.bodymending.com.
Thank You
As always, we wish to thank our clients who have been kind enough to refer business to us. We appreciate the opportunity to provide excellent service to your family, friends, and co–workers.
Realtors, Brokers, Investors, having a hard time getting your mortgages closed “FAST”? Metamerica is a Mortgage Banker (NOT A BROKER) with in house underwriting, processors, and title experts. VA NC & FL “SUPER FAST CLOSINGS” Ask for Markus (757)-498-4488 ext -1059 Metamerica is liscensed by the Virginia State Corporation Commission (Liscense # MC-598)
You are receiving this email as a result of your ongoing business relationship with Mark S Rivers. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.
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Mark S Rivers
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© Copyright 2009. All About News, Inc.
DON’T FIX THE BLAME, FIX THE PROBLEM!
Posted in Uncategorized on January 7, 2010 by marks300c
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By: Reuters
At a hearing last fall, U.S. Treasury Secretary Timothy Geithner told lawmakers that he and his team were working to put the $700 billion financial bailout fund “out of its misery.” But some in Washington now see a second, backdoor bailout in its place.
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On Dec. 24, the Obama administration announced it was extending an unlimited credit line to mortgage finance agencies Fannie Mae and Freddie Mac, which would keep them afloat no matter how high their losses.
Representative Dennis Kucinich, an Ohio Democrat who was an early opponent of Obama in the 2008 presidential race, thinks the move is backdoor way to help banks, and a congressional subcommittee he leads is investigating the Treasury’s decision to cover unlimited losses at the housing finance companies.
“This new authority must be used responsibly and for the benefit of American families,” Kucinich said. It “cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U. S. taxpayers and acting as a backdoor TARP.”
That’s exactly what Treasury is doing, says Dean Baker, co-director of the Center for Economic Policy Research in Washington.
“This looks like the original TARP,” Baker said, referring to $700 billion financial rescue fund, known officially as the Troubled Asset Relief Program.
The original bailout program, devised by former Treasury Secretary Henry Paulson, “was a plan to help the banks restore their capital position by buying bad assets at and above market price, and that looks like what Fannie and Freddie will be doing if they are incurring losses of this magnitude.”
The Treasury’s announcement said the unlimited credit line for the two government-controlled companies would be in place through the end of 2012, weeks after Obama would face voters if he seeks a second term.
The Treasury also said it was scrapping plans for the two agencies, which play a role in funding three-fourths of all U.S. residential mortgages, to reduce the size of their investment portfolios. The 2010 limits on their portfolios, in fact, would allow their investment holdings to grow.
Call to Arms
Kucinich is not the only one on Capitol Hill up in arms. House Energy and Commerce Committee Chairman Henry Waxman, a California Democrat, said he doesn’t like the idea of a “blank check” for Fannie and Freddie.
And Darrell Issa, the top Republican on the House Oversight and Government Reform Committee, called it “a continuation of the bailout policies that have mortgaged away the future solvency of our country.”
As the financial crisis unfolded in 2008, Paulson announced that the mortgage agencies would get an explicit guarantee from the federal government: $100 billion each. The Obama administration doubled that in early 2009 to $200 billion each.
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5.40%
4.98%
Combined, Fannie and Freddie have so far tapped about $111 billion.
Until the 2008 announcement, investors had seen their congressional charter and existing line of credit with Treasury as an implicit guarantee of support from the federal government.
The Obama administration now hopes its new, unlimited and even more explicit guarantee will bolster investor confidence and bring private sector buyers back into the market to help hold down mortgage costs.
But mortgage rates are expected to rise in the coming months as the Federal Reserve ends its $1.25 trillion program to purchase mortgage-backed securities at the end of this quarter. Freddie Mac sees the average rate on a 30-year, fixed-rate mortgage rising to 6 percent by the end of the year.
Higher mortgage rates could smother any emerging rebound in the still-fragile U.S. housing market, and a further decline in home prices could likely create more foreclosures.
That would leave many banks with even weaker portfolios. Banks could dump their toxic mortgage assets onto Fannie Mae and Freddie Mac, since their portfolio loan limits are now capped at $810 billion by the end of this year.
They had earlier been set to be 10 percent lower than 2009 year-end levels. Fannie said on December 28 its mortgage investments ended November at $752.2 billion, down 4.9 percent from the end of 2008.
Freddie Mac’s mortgage investment portfolio shrank in November to $761.8 billion, a 5.8 percent decline for the first 11 months of the year, the company said December 23. December figures are not yet available.
Treasury officials have said their move to allow unlimited losses for three years is merely precautionary. But the Center for Economic Policy Research’s Baker said, “you only take precaution against conceivable events in the world.”
He adds that it is hard to imagine that Fannie and Freddie would have losses of more than $400 billion from mortgages originated before September 2008, suggesting the agencies are incurring losses on what they have bought since 2008, “which should raise a lot of eyebrows.”
The administration said it plans to lay out a vision for the future of the two agencies in the president’s fiscal 2011 budget proposal in February. But officials caution against expecting too much detail.
Copyright 2010 Reuters. Click for restrictions.
Topics:Bailouts | Politics & Government | Timothy Geithner | TARP | Mortgages | Credit | Subprime Lending | Housing | Real Estate
Companies:Freddie Mac | Fannie Mae
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A RENTERS MARKET?
Posted in Uncategorized on January 7, 2010 by marks300cBy NICK TIMIRAOS
Apartment vacancies hit a 30-year high in the fourth quarter, and rents fell as landlords scrambled to retain existing tenants and attract new ones.
The vacancy rate ended the year at 8%, the highest level since Reis Inc., a New York research firm that tracks vacancies and rents in the top 79 U.S. markets, began its tally in 1980.
Rents fell 3% last year, according to Reis, led by declines in San Jose, Calif., Seattle, San Francisco and other cities that had brisk growth until the recession.
In New York City, the vacancy rate improved by 0.1 percentage point for the second straight quarter, but around 60% of rental buildings dropped their rents in the fourth quarter from the previous quarter. Effective rents — which include concessions such as one month of free rent — fell 5.6% in New York last year, the worst since Reis began tracking the data in 1990.
FAQ: Renting vs. Owning
Landlords now must entice tenants to renew leases. “We’ll shampoo their carpets. We’ll paint accent walls. We’ll add Starbucks cards,” said Richard Campo, chief executive of Camden Property Trust, a Houston-based real-estate investment trust that owns 63,000 units. He said the first half of 2010 should be “pretty ugly,” but was optimistic the sector would pick up later in the year.
Few markets have been spared. During the fourth quarter, vacancies increased in 52 markets, while they improved in 17 and stayed flat in 10. Vacancies increased most sharply for the year in Tucson, Ariz.; Charlotte, N.C.; and Lexington, Ky.
![[Miami Average rent: $992]](https://i0.wp.com/s.wsj.net/public/resources/images/NA-BD266_APARTM_DV_20100106194717.jpg)
ReutersMiami average rent: $992Vacancies are tied to unemployment, because many would-be renters move in with family members or double up during a downturn. Apartments have been squeezed because younger workers, who are more likely to rent, have experienced the brunt of job losses during the downturn.
Landlords were also hit last year by competition from a wave of new supply that hit the market. The 120,000 units that came onto the market last year, including some busted condo projects that had to be converted to rentals, represented the most new construction since 2003, according to Reis.
Many of those developments had secured financing before credit markets seized up. The credit crunch has frozen most new development, which means that new apartment completions should fall by half in 2011. That’s one potential silver lining for apartment owners: The limited new supply should give them the ability to boost rents quickly whenever job growth returns.
— Drew Khilyuk
“If you are renting a place, now might be a good time to renegotiate that lease,” said Victor Calanog, director of research for Reis, who added that the sector could see a recovery in the second half of the year, buoyed by either job growth or at least the perception that the economy was turning around.
Such oversupplied markets as Florida, Phoenix and Las Vegas are hurting, even though housing sales have picked up. “Landlords aren’t benefiting because jobs aren’t recovering,” said Hessam Nadji, managing director at Marcus & Millichap, a real-estate firm.
Marcus & Millichap is to release a separate report on Friday that forecasts a further 2% to 3% drop in apartment rents over the next year, most of which will be concentrated over the next six months. The report forecasts Washington, D.C., will be the healthiest rental market in 2010 for the second straight year.
Government efforts to prop up the housing market also threaten the apartment sector by making it easier for some renters to buy homes. Some landlords have reported a slight uptick in renters moving out to buy homes. Around 13% of Camden Property’s move-outs last summer left to buy homes, up from 11% at the beginning of the year. But that is still roughly half of the rate seen during the housing boom, when mortgage standards were much looser. “During the housing boom days, you had people who weren’t qualified to rent but could buy a half-million-dollar home,” said Alexander Goldfarb, an analyst at Sandler O’Neill & Partners LP.
Thanks to falling home prices and record low mortgage rates, it now costs less to own than it has in the past decade on a mortgage-payment-to-rent basis. But falling rents are expected to offset some of the recent improvement in affordability, making renting more attractive than owning in some markets.
Write to Nick Timiraos at nick.timiraos@wsj.com
Posted in Uncategorized on December 30, 2009 by marks300c
MetAmerica resources include financial calulators, online loan application, and a number of Television Commercials discussing your mortgage options. We invite you to view our channel. more…
 |
 |
There has
never been
a better time
to save!
CALL MARKUS TODAY (757)-498-4488 ext 1059
Founded in 1995, MetAmerica is a full service Lender operating in the Southeastern region of the United States. With over half a billion in mortgage loans closed each year by its members, MetAmerica is one of the most successful Mortgage Banking stories in America today. Specializing in strong customer relationships, highly service oriented loans by design to fit each particular customer’s current needs. Loans for refinance, purchase, debt consolidation, investment properties, condos and the Foreign National market are all available.
News Features Updated
Along with a modernizing of our site design MetAmerica is pleased to present a more comprehensive resorce for economic news. With a focus on information that affects mortgage rates, MetAmerica CEO Roger Slaalien delivers regular commentary at www.metamericablog.com
MetAmerica is licensed by the Virginia State Corporation Commission (licensed # MC-598)
// // //
BRIAN BRADY’S GOT A POINT. ARE YOU CONCIRNED?
Posted in Uncategorized with tags active rain, facebook, linkedin on December 29, 2009 by marks300cDecember 28th, 2009 by Brian J. Brady
Mortgage rates have been steadily climbing, from a low of 4.5% around November 27, 2009 to above 5% on December 22, 2009. For the past two months I’ve been warning that this will eventually happen. It’s not because the economy is recovering; it isn’t recovering. The reason mortgage rates will rise to 6% or above, sooner rather than later is because that is the “natural” market.
About a year ago, the Federal Reserve announced a $1.25 Trillion mortgage rates subsidy, by purchasing mortgage-backed securities in the open market, through March, 2010. Right before the subsidy was announced, mortgage rates were at or above 6%. The subsidy was referred to as Bernanke’s “nuclear option” meaning he was using an extraordinary monetary stimulus to keep mortgage rates artificially low.
One year and 12 months into the 15-month game, we’re at $1.07 Trillion spent on this open market MBS purchase program. This means that the Fed still has about $150 Billion to spend in three months, so mortgage rates should stay around 5%, right? After all, the Fed only spent $80 billion/month and they have at least 2 months of money left.
Markets are discounting mechanisms meaning that traders anticipate how potent the Fed can be. The Fed is just about out of bullets and MBS traders know it. Let me try to give you an example of what the Fed did by recanting the explanation I gave, to a Del Mar Realtor, on the beach this summer
One of the most disturbing trends….
Posted in Uncategorized on December 23, 2009 by marks300c
One of the most obvious trends to me (as a result of this market rally) is the ability of the major bailed-out banks to issue equity and use the proceeds to exit government programs such as TARP. We all know the bankers behind it are in it for the money (with respect to huge bonuses, lavish vacations, and whatever else is hidden under the carpet).
It’s also a great chance to show the world that Wall Street is firmly back in control as a result of the Obama administration’s timidity in reigning in their excesses. I’m no fan of government intervention, but a law limiting the amount of leverage individuals and corporations could use would quickly and swiftly prevent the kind of blowup we saw in 2007-2008 from occurring again.
Wells Fargo (WFC) and Citigroup (C) have recently undertaken the steps to pay back the government. But in addition to Citigroup’s repayments, the IRS was kind enough to grant Citigroup billions of dollars in tax relief.
SURE….AND WHERE DOES THOSE TAX RELIEF DOLLARS COME FROM??
Wells Fargo may make a more interesting short candidate when that day comes.
You see, Wells Fargo is a huge player in the California real estate market, both from their own operations and from the acquisition of Wachovia… who at the height of the real estate market acquired Golden West, one of the nation’s premiere underwriters for Alt-A mortgages and option-ARMs (adjustable rate mortgages).
Now, it’s possible that when the major resets in these loans start to occur in 2010, they may reset lower thanks to artificially low interest rates. But most won’t, and that’ll probably drive Wells Fargo’s share price back down.
Wells Fargo’s shares have become a proxy for the California real estate market. If you think a turnaround is real, then they’re a compelling long candidate. If you think another downside is coming, look at some long-term, deep-in-the-money put options.
Thankfully, Wells has options dating out to January 2012, right around the time these resets will start to decline…
Loyalty is not the currency of the realm….anymore!
Posted in Uncategorized on December 22, 2009 by marks300c
It appears that currency is the new currency of the realm. Why do you ask? Does the systemic global economic crisis that all but sent this and many other economies into global depression ring a bell? Why then should anybody trust anyone? What will it take to bring back the once coveted loyalty aspect that all businesses need to thrive.
Don’t get me wrong, there are still those who will trust in some capacity with long-standing business/personal relationships that has been cultivated over the years. But that is becoming a dying breed to say the least.
Business in America has to change , not because it can…but because it must. We have to change less we find ourselves within the next 2 decades the third leading economy (behind China and India). How do we do this? What has to change? OUR SPENDING HABITS! We must go back from whence we came. This country use to know how to save a buck or two. Make a buck and save a quarter. Thats the way your mom and dad did it along with most Americans. They didn’t just go for the easy buck because it was there to be had. Offer my mom a buck for free, and she’d probably turn you in for loitering!
I’m pretty sure old Madoff taught us all that one shouldn’t trust another because your best friend says too…..yes!
What does Mortgage Banking look like today?
Posted in Uncategorized with tags active rain, facebook, linkedin, twitter on December 22, 2009 by marks300c
Whats a MetAmerica you might ask?
MetAmerica is the new (post systemic global economic melt down) type of Mortgage Banker (not a broker) that adheres to all of the new regulations and protocols as set forth by the Obama admistration as it relates to ridding the Mortgage Banking industry of preditory lending practices and its practioners.
Yet, MetAmerica, with in house underwriters, processors, and title experts, still gets mortgage loans approved super fast along with getting their closings done quickly with ease.
Don’t take my word for it, check them out for yourseles and you too will be amazed how well this Mortgage Banker performs, even in this slow to recover economy!
Get the answers you need. Call Markus right away at (757) 498-4488 ext 1054
MetAmerica is licensed by the Virginia State Corporation Commission license # MC-598
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