Archive for March, 2009

How Will Fannie and Freddie Deal With The Second Mortgages?

The news is inundated with talk of Federal bailouts of the housing market and reworking mortgages, but one of the real impediments is the second mortgage. You remember them, they are the 20 of the infamous 80–20 loans that were the rage a few years ago.
Well, the second mortgage holders have a stake in [...]

24Mar2009 | Tom Royce | 3 comments | Continued

Does eClosing Stand A Chance of Being Implemented?

Right now in the eyes of most consumers, closing a home mortgage is the most stressful period of a home sale. The papers are flying in all directions, no one is sure that all the documents will be at the closing table, and tempers and nerves are at a fine edge.
So when the Mortgage Bankers [...]

24Mar2009 | Tom Royce | 2 comments | Continued

“Making Home Affordable” Website Now Live – Governments Initiative To Help Homeowners in Trouble

The new website for the new federal initiative, “Making Home Affordable”, is now live. The site walks homeowners who are in trouble through the process of finding out if the 270 billion dollar federal program is available to the homeowner.
Just thought you would like to know if you know anyone who is in trouble. [...]

23Mar2009 | Tom Royce | 5 comments | Continued

Rebuilding New York’s World Trade Center Hampered By Credit Crunch

When plans were being made to rebuild the World Trade Center after the 9/11 attacks, all the talk was about the symbolism of the effort. But now that we are in the midst of a recession and a credit crunch, the cold hard facts are getting in the way. There is not enough private money available [...]

23Mar2009 | Tom Royce | 3 comments | Continued

A.I.G. Witch Hunt Could Ruin New York City Real Estate

If the 90 percent tax that the Congress and the Obama White House is looking to enact passes, it will not only hurt the 100 or so A.I.G. employees. The draconian tax will affect tens of thousands of employees in the financial sector of the economy.
Since New York City is the hub of the [...]

22Mar2009 | Tom Royce | 2 comments | Continued

Average Family Spends 60% of Income on Housing and Transportation

This is an amazing statistic. The average family in the United States spends 60% of their income on housing and transportation according to HUD. That is an amazing number.
The average working American family spends nearly 60 percent of its budget on housing and transportation costs, making these two areas the largest expenses for American families. Donovan [...]

20Mar2009 | Tom Royce | 9 comments | Continued

Mariah Carey and Nick Cannon Buying The 125 Million Dollar Saperstein Estate?

Back in April, 2007 the Saperstein Mansion was put up for sale. The 125 Million dollar mansion is one of the premier properties in the United States, and now one of the top entertainment couples may be buying the showpiece property.

Mariah Carey and Nick Cannon are all set to celebrate their first wedding anniversary as [...]

18Mar2009 | Tom Royce | 10 comments | Continued

Milwaukee Agent Guilty In Kickback Deal

Instead of protecting your client, you decide to try to sell the information to other brokers in exchange for a “split fee”. This is what happened in Milwaukee regarding the sale of a 30 million dollar state building.

U.S. District Judge Lynn Adelman found Larry Lupton of Brookfield guilty of bribery, wire fraud and two [...]

18Mar2009 | Tom Royce | 4 comments | Continued

Homebuilder Still Have Bleak Outlook On New Housing Sales

Homebuilders are not optimistic that new home sales will be turning around anytime soon. The Builder’s Index remained unchanged from February’s rating of 9. To put this in perspective, a rating of 50 has homebuilders considering the market is poor. Right now they are closer to moribund and destitute.
It is almost hard to believe [...]

17Mar2009 | Tom Royce | 9 comments | Continued

The Stimulus Trap

This is a cartoon from Cox and Forkum, a political cartoon duo that I have had the chance to meet and respect greatly.

And here is a quote that resonates from the Capitalism Magazine:

Besides a desire for re-election, shared by all politicians, at root the Obama Administration wants individuals and firms to become more dependent [...]

16Mar2009 | Tom Royce | 8 comments | Continued