San Diego foreclosures are plummeting, showing a positive sign.

by Michael Mekler on January 23, 2010

In the last few months San Diego foreclosures have shown a drop in their numbers. After almost two arduous years of foreclosures, finally there is a sigh of

via San Diego foreclosures are plummeting, showing a positive sign..

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FHA Increases Mortgage Insurance Premiums

by Michael Mekler on January 21, 2010

Here are the 5 things you need to know about these changes:

  1. Changes are effective for case numbers assigned on or after April 15th, 2010.
  2. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%.
  3. This change applies to all standard FHA Single Family Programs except the following: Title I, Section 247-Hawaiian Homelands, Section 248-Indian Reservations, Section 223e-Declining Neighborhoods or Section 238c-Military Impact areas in Georgia and New York
  4. Annual premiums will not change at this time
  5. There will be no discount on the UFMIP for first-time homebuyers with pre-purchase counseling.

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San Diego Real Estate Outlook 2010

January 11, 2010

By now we’ve all had a chance to read, listen and watch the economists, gurus, and professors for some of the most prestigious academic institutions in the world analyze the economy.   I know I have grown tired of listening to speculative predictions that swing from utopia to apocolypse.  In this post, I will do [...]

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Will You Be Able To Explain The New Good Faith Estimate To Your Home Buyers

January 7, 2010

For the last 6 weeks I have attended several webinars, live classes and spent countless hours reading the changes coming on 1/1/2010 with regards to the new lending disclosures. I did it because I had to. I know that once my first set of disclosures go out EVERYBODY related to the transaction will get a [...]

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How long does it take to go from “Exotic” assets to “Toxic” assets?

May 22, 2009

The answer is simple: from one Fed Chairman’s term to the next.  It was not that long ago when the Pay Option ARM, also known as Negative Amortization Loans, where offered attractively by all major lenders such as Washington Mutual, Countrywide, Downey Savings, and World Savings (formerly Bank of The West).  Wall Street’s hunger for [...]

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Has the Treasury Secretary lied to the people in need of a bailout?

November 13, 2008

Has the Treasury Secretary lied to the people in need of a bailout? You decide. November 12, 2008 In a statement made on national television the The Treasury Secretary, Hank Paulson, claims “ I believe we have taken the necessary steps to prevent a broad systemic event. Both at home and around the world we have [...]

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Don't pay attention to the Doom and Gloom painted by the media

September 17, 2008

October 1st is right around the corner and the impacts of the reform are already making an impact in the mortgage business. Hopefully it will help more people achieve the dream of owning a home. That is, once the media stops focusing on the doom and gloom of the Lehman failure and the bailouts that [...]

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Don’t pay attention to the Doom and Gloom painted by the media

September 17, 2008

October 1st is right around the corner and the impacts of the reform are already making an impact in the mortgage business. Hopefully it will help more people achieve the dream of owning a home. That is, once the media stops focusing on the doom and gloom of the Lehman failure and the bailouts that [...]

Read the full article →

FHA Releases New Mortgage Limits

March 6, 2008

* FHA Press Release *   WASHINGTON  - Tens of thousands of families could be eligible this year to purchase or refinance their homes using affordable, government-backed mortgages, thanks to the economic growth package signed into law by President Bush.  The Economic Stimulus Act of 2008 will allow HUD’s Federal Housing Administration (FHA) to temporarily [...]

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CAMB Government Affairs Chair, Ed "Smitty" Smith Jr. sends you this important message from Congressional Quarterly.

October 11, 2007

Democratic leaders on Wednesday called on President Bush to appoint a “mortgage czar” to coordinate the federal response to the subprime mortgage crisis, saying the administration’s response so far has been inadequate. Senate Majority Leader Harry Reid, D-Nev., characterized the mortgage woes and the accompanying wave of foreclosures as a “national crisis” and said the [...]

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