The economic downturn has more Americans shifting to smaller homes. For example, Bernie Madoff just traded a 3,500 square foot penthouse for a 9 x 10 windowless studio in lower Manhattan. And for anyone needing financing on larger homes, it appears that Bank of America is truly “ruling the roost” when it comes to jumbo
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The other day my 14-yr old daughter told me that she had decided to become a vegetarian. I told her, “Well, that’s too bad. I guess that you’ll miss eating Animal Crackers in your lunch.” She is still puzzling over that one. If you don’t know what color to paint that last bathroom in your
A jumper cable walks into a bar. The bartender says, “I’ll serve you, but don’t start anything.” Today’s Market News The GDP is the sum of all goods and services produced in the U.S., and is considered to be the best indicator of economic growth. The first revision to the 1st quarter GDP came out
Two antennas met on a roof, fell in love and got married. The ceremony wasn’t much, but the reception was excellent. Many loan agents seem to think that declining markets policies, embraced by investors, will soon go away, and point to Freddie & Fannie’s recent announcements 95 and 97% LTV’s. But in my narrow field
It is said that 90% of reverse mortgages are HECM’s (Home Equity Conversion Mortgage). Will the meltdown in home values affect holders of HECM FHA-backed reverse mortgages? HECMs come with a Federal Housing Administration guarantee that protects the lender and the homeowner from falling property values. Therefore, if the loan balance exceeds the value of
Anyone who has been in a car and seen a bike on a city street, watch the video below. That includes all of you that are reading this on your Blackberry in your car right now. Now down to business. Here’s a graph of the correlation (or lack thereof) between Fed Funds and mortgage rates.