Archive for September, 2009

San Diego Senior Busted Robbing Bank To Pay His Mortgage

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!The fear of losing ones house can drive a person to extreme actions. Even bank robbery.
That what happened to 69 year old Michael Casey Wilson of Santee. A mortgage with 17 percent interest rates and the fear of losing [...]

20Sep2009 | Tom Royce | 1 comment | Continued

FHA New Lending Standards For Mortgages and Home Refinances

Heads up folks, there is a new wrinkle in the housing market and it is going to make borrowing (and closing home sales) harder. The FHA is tightening their lending requirements in the face of losses in the past year.
We have had 2 big drivers of the housing market in the past year. The FHA [...]

18Sep2009 | Tom Royce | 3 comments | Continued

Want To Live Next To President Obama? We Have The House For You.

The next door neighbor of Barack Obama is selling his Chicago home. So if you are a Chicago type and want to live vicariously through the life and times of a sitting President in an older fixer upper, we have the house for you. I was unable to find a price for the home but [...]

16Sep2009 | Tom Royce | 6 comments | Continued

Courteney Cox is Not a Real Estate Agent, She is Just a Cougar

For those of you in certain cities across the country, no you are not in competition with Jules Cobb, aka Courteney Cox, when it comes to selling real estate. Instead, it is part of a marketing campaign for the new ABC show Cougar Town.
For those of you who do not know, a cougar is [...]

14Sep2009 | Tom Royce | 6 comments | Continued

Need To Finance A Whorehouse, See ACORN For Advice

A conservative videographer and his girlfriend went to the Maryland and Washington DC ACORN offices acting as a pimp and a prostitute looking to finance a whorehouse with ACORN’s help. What is amazing at these 2 offices the counselors gave them advice on how to do so and fake the income and tax form requirements [...]

11Sep2009 | Tom Royce | 12 comments | Continued

908 Billion in Interest-Only Mortgages Still Out There

Many of those who watch the real estate market are feeling that the corner is being turned, and it very well might be. But there are still minefields out there. Like 2.8 million interest only mortgages that are still on the market.
I do not need to tell you that many of these loans are [...]

9Sep2009 | Tom Royce | 13 comments | Continued

New Media Atlanta – A Powerful Conference on Social Media

If you are in or near Atlanta on September 25th try to make the time to attend the New Media Atlanta Conference being held at the Georgia Tech Research Institute.
The conference is being put together by the same guys that have done REtechSouth the past 2 years and if you have had the pleasure [...]

8Sep2009 | Tom Royce | 8 comments | Continued

Why We Might See Another Housing Slowdown if FHA Loans Blow Up

When the mortgage companies were writing loans to anyone with a pulse, you rarely saw an FHA loan being written. Even in 2006 only 2.7 percent of loans were FHA.
But when credit tightened and lenders backed away a funny thing happened. FHA loans skyrocketed up to 23 percent in the second quarter of 2009. All is well [...]

5Sep2009 | Tom Royce | 10 comments | Continued

Frustration With Mortgage Servicers Enters The Courts

If you have ever tried working with a mortgage servicer to have a modification made on your loan, odds are you have experienced one of Dante’s levels of hell. The combination of terrible service, overwhelmed employees, and an ever changing federal mandate has made mortgage servicers the scourge of the financial community. And that is [...]

4Sep2009 | Tom Royce | 4 comments | Continued

Mortgage Bankers Association Propose Dismantling of Freddie, Fannie

The Mortgage Bankers Association has proposed the replacement of Freddie Mac and Fannie Mae with a new organization that would provide a government guarantee.
As being not a fan of intrusive government, the idea to me stinks to high heaven. Sure it will reassure those buying the mortgage securities, but that is my money backing poorly [...]

2Sep2009 | Tom Royce | 11 comments | Continued