WHY PEOPLE MOVE Among those who moved between 2009 and 2010, Census said almost 44% of them (16.4m) did so for housing-related reasons, such as the desire to live in a new or better home or apartment. Thirty percent moved for family reasons (including marital status), and 16% for employment. In 2010, 37.5m people 1
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78 Failed Banks In 2010 Five more banks disappeared Friday, bringing the total to 78. Bank of Florida Corp.’s three lenders were closed by regulators today who sold about $1.2 billion in deposits to EverBank Financial. Out west, City National (Los Angeles) enveloped Sun West Bank (Las Vegas), and in Sacramento Granite Community Bank became
I am very excited, because last night I received news that I had won $5 million in the Netherlands lotto! Unfortunately I will receive $5 a year for a million years… Seriously, not a day goes by that I don’t receive some e-mail like, “Wherein your email address emerged as one of the online Winning
Having a home office can be difficult. Last week my daughter came in and told me that, due to cost cutting measures, the board of directors was considering replacing me: with voice mail. “In fact, Dad,” she continued, “if things don’t pick up around here, every day would be casual Friday for you – you
“Holy Good Faith Estimate, Bat Man!” Here are HUD’s answers to all your questions about the new Good Faith Estimates & RESPA. In the old days, hurricanes were named after women. Why? Because when they arrive, they’re wet and wild, but when they go, they take your house and car. We now have Hurricane Bill
First I find out that TANG (the orange drink that I was raised on) was not developed in space or for astronauts. It actually came along a year before NASA was created, and marketing wizards tied the two together! Now Cheerios is under fire. The FDA posted a warning letter to General Mills saying that
In Joseph Heller’s “Catch-22”, Milo Minderbender sets up a syndicate for selling seven-cent Maltese eggs to the mess halls at a price of only five cents an egg while still making a profit. How? Seven-cent Maltese eggs cost the sellers in Malta four and one-quarter cents each to procure. Milo is actually buying the eggs
Contents of Stimulus Bill The $790 billion economic stimulus plan is on track for vote today in the House, and the Senate will either vote later today or over the weekend. There will be $4 billion to repair and make more energy efficient public housing projects; $2 billion for the redevelop foreclosed and abandoned homes;
Citi + Morgan Stanley To Be Called CITIMORG According to current financial reports, a deal to combine the brokerages of Citigroup and Morgan Stanley — which would give Citi more cash, and Morgan Stanley more manpower — appears just days away. In light of the new venture with Morgan Stanley, the new entity name will
WSJ reports today that midsized lenders have stepped into the gap left by some of the larger firms hard hit by the credit crunch. According to the story: “Jay Brinkmann, chief economist for the Mortgage Bankers Association, says many medium-size mortgage lenders are well-positioned for the turbulent environment because of their specialization in loans sold
These are exciting times! This story just came across the news wires: *SOMALIAN PIRATES APPLY TO BECOME BANK TO ACCESS TARP *PAULSON: TARP PIRATE EQUITY IS AN `INVESTMENT,’ WILL PAY OFF *KASHKARI SAYS `SOMALI PIRATES ARE ‘FUNDAMENTALLY SOUND’ *Moody’s upgrade Somali Pirates to AAA *HUD SAYS SOMALI DHOW FORECLOSURE PROGRAM HAD `VERY LOW’ PARTICIPATION *SOMALI
Thank you Judy S.: I don’t know if Adolph Hitler ever discussed Ron Paul, granite countertops, or AIG, but this is one clever video. Downey Savings In Trouble Rumors, and facts, are suggesting that Downey Savings is on the ropes. More Mortgage Application Disclosures Coming What will loan agents be doing in a year? How
Jay Leno mentioned that, “Former President Jimmy Carter blasted President Bush, blaming the financial crisis on him. Carter called this the worst financial crisis since…the Carter Administration.” (Thank you Jonathan K.) ING To Increase Down Payment Requirements ING, who originates either entirely or mostly wholesale business, will soon be cutting their LTV’s. Their release stated,
Islamic finance firms help Muslim customers buy homes without compromising their religious principles. Islam forbids charging interest in the belief that it exploits people, but it allows making money off actual goods. Usually the home buyer purchases their home jointly with the “finance company”, and then pays rent and eventually buys the company out of
There are millions of clever folks out there, and believe it or not some aren’t even in mortgage banking! The website name says it all, but anyone who likes cats, and especially those that don’t, should check out this site. Goldman Sachs came out with a great research piece reminding us how the increases in