Refinancers Must Pay Taxes Early In California, the first half of regular secured property tax bills are due November 1st, and delinquent after December 10th; the second half are due February 1st, and delinquent after April 10th each year. Property taxes are interesting beasts, and although there are comparisons done by state, it is standard
ISM Index
Auto Bailout Update The three big domestic automakers are now saying they are working jointly on a new hybrid car. It runs on a combination of state and federal bailout money. Today marks the major automakers’ deadline to submit restructuring plans as part of its $25 billion bailout package. Conan O’Brien quipped, “A new study
Bank-to-Bank Rates OK, Consumer Rates Higher When I moved away from home, I quickly learned that the best way to clean a floor was to get a dog and then occasionally sprinkle meat juice around the kitchen. The dog, of course, would lick the floor, and voila! Sometimes the bond market seems to be doing
If you want a mortgage in Hungary, you’d better hurry! Their central bank deputy governor said that Hungary needs to tighten rules for mortgage loans combined with unit-linked insurance products, to reduce risks in the financial sector. Interestingly, not only are Hungarian banks predominantly owned by foreign banks, but only 30% of homes are mortgaged.
The Institute for Supply Management reported its factory index dropped to 43.5 for September, showing that the housing slump is now spreading to the manufacturing sector. According to the index, 50 is the dividing line between expansion and contraction. The September reading was the lowest level since October 2001, the period immediately following the 9/11
What coffee drinker doesn’t want to open up some market commentary and get a coupon for free coffee? (Gosh, I hope that I don’t get sued on this one!). FREDDIE MAC LOSES $821m, CUTS DIVIDEND Freddie Mac lost $821 million in the 2nd quarter after taking $2.5 billion in provisions for credit losses. Revenue fell
RESPA PRIMER “Here in California why is it that a real estate agent (through their broker of record), can refer business to another, and ask/get a referral fee, while, for a loan agent, we cannot refer business to another loan agent, and get a referral fee, even if it was paid to our broker of
I went to a seafood disco last week…and pulled a mussel. MORTGAGE INDUSTRY ROUNDUP Mortgage applications have dropped to their lowest level in six years, due to (surprise?) higher rates and restrictive guidelines. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 15% to the lowest level since
Looking for something interesting at the next foreclosure sale? Jose Canseco has abandoned his home near Los Angeles, leading to foreclosure. “He made a mathematical decision and just let it go,” said Gregory Emerson, Mr. Canseco’s lawyer. He bought the 7,300-square-foot home for $2.8 million in 2005, and his trust defaulted on mortgage payments in
Where should everyone send their loans? Send them here of course! Is FHA is really the “new subprime”? If so, if a lender gives a 95 or 97% LTV loan and the market declines by 10%, then what? One reason for the overlays that investors are putting on this product is in an attempt to
Fixed and ARM rates are down about .125% this week following last Friday’s Personal Income & Spending report which includes the Fed’s favorite measure of inflation—Personal Consumption Expenditures. The PCE number showed that year-over-year inflation was 2%, within the Fed’s 1-2% target range. Tomorrow and Thursday the Institute for Supply Management releases monthly reports on
Why are some investors putting restrictions on FHA loans that HUD doesn’t have? If the United States government stands behind (issues) debt, why wouldn’t the rates be very low? Many investors have put more restrictive guidelines in place, and it’s not new to put overlays on guidelines on loans that Fannie or Freddie will buy,
The US Department of Commerce released the February consumer income and spending report today. Incomes increased by 0.5%, more than expected. Spending increased by 0.1%, in line with expectations. And perhaps most important, Personal Consumption Expenditures, the Fed’s favorite measure of inflation, came in at 0.1% expectations, last month’s PCE was revised down, and that
This market is tougher than a $3 steak! When the heck are mortgage prices going to improve? Why is the 10-yr Treasury down into the 3.5% range, yet conforming/conventional 30-yr loans, eligible for FNMA and FHLMC, back up into the 6% range? The widening that is occurring out to these levels, which statistically speaking happens
Fixed and ARM rates rose .5% two weeks ago, dropped .5% last week, then rose about .25% today following an ISM Index number that showed February manufacturing activity better than expected. Rates also moved up on public comments from Philadelphia Fed President Charles Plosser, a voting member of the rate-setting Federal Open Market Committee. He