Lynne Pope is your Realtor in Hermosa Beach, Manhattan Beach and Redondo Beach

What is this? With the whole world looking for a good deal the mortgage industry created one too. Its the red tag sale, Presidents day, Mothers day, 4th of July all rolled into one consistant sale… WHOLESALE.

Too good to believe? Too good to be true?  Check it out. I have a whole page devoted to it. Look across the top of the list of pages and go see it for yourself.

 I now have 3 in escrow using this wholesale mortgage and it is working out to save so much in costs…closing costs. On a 600K home one lender fees tucked into the total  closing costs looked like 14K. The wholesale lender fees tucked into total closing costs for the buyer is 9K.  Thats the truth the only difference was in the fee of the loan, all the other closing costs numbers remained the same.

Feel free to talk to me about it. The lender is working on my South Bay purchases for buyers in Torrance and Gardena, as well as Los Angeles. One is a bank owned, the other 2 are short sales. It makes no difference even a normal sale will do. I haven’t seen too many normal sales…lately. Have you? I love your questions and comments.  Everyone deserves a pot of gold at the end of the rainbow. This is ours.

Todays message to California Realtors complete m

Feb. 18, 2009

Dear C.A.R. Member,

Earlier today, President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.

The plan contains three main components, and only applies to primary residences. The loans referenced in the plan cannot exceed Freddie Mac/Fannie Mae conforming loan limits.  I¢â‚¬â„¢ve outlined the plan in greater detail below.

The first component is directed toward homeowners suffering from falling housing prices who still have equity in their homes, but no longer have the 20 percent equity needed to refinance.  Under the plan, homeowners who have conforming loans owned or guaranteed by Freddie Mac and Fannie Mae will be allowed to refinance their homes, even if they do not have 20 percent equity left in the house. The U.S. Treasury Dept. estimates that about 5 million homeowners will be helped by this portion of the program.

The second component, known as the Homeowner Stability Initiative, is designed to assist homeowners who are ¢â‚¬Å“underwater¢â‚¬Â on their mortgages. The $75 billion initiative will bring together lenders, servicers, and the government so that all stakeholders share in the cost of the modification.  Primary mortgages would be reduced to monthly payments that do not exceed a 38 percent debt-to-income ratio, with the costs of doing so borne by the lender. The government and lender then would split the costs of further reducing the monthly payments until they were at a 31 percent debt-to income ratio. An important aspect of the initiative is that homeowners do not have to be delinquent to participate.

The Homeowner Stability Initiative also will create incentives for servicers, mortgage holders, and homeowners. Servicers would receive an up-front fee of $1,000 for every eligible modification meeting the initiative¢â‚¬â„¢s guidelines. Guidelines are scheduled to be released by March 4. Mortgage holders will receive an incentive payment of $1,500, and servicers $500, for modifications made on loans that are current but at risk of imminent default.

The final aspect of the Homeowner Stability Initiative is creating clear and consistent guidelines for loan modifications. The Obama Administration plans to work with federal agencies, banking and credit union regulators, and the private sector in order to develop loan modification guidelines that can be implemented across the entire mortgage market. While adoption of the guidelines will be voluntary for the private sector, all financial institutions receiving Financial Stability Plan assistance going forward will be required to implement the loan modification guidelines.

The government estimates that between 3 and 4 million homeowners will benefit from the Homeowner Stability Initiative component of the plan.

The third component of The Homeowner Affordability and Stability Plan is supporting low mortgage rates by strengthening Fannie Mae and Freddie Mac.  The Treasury Dept. plans to increase their Preferred Stock Purchase Agreements with both Fannie Mae and Freddie Mac from its current $100 billion in both entities to $200 billion in each. The Treasury Dept. also will continue to purchase Fannie Mae and Freddie Mac mortgage-back securities in order to help promote stability and liquidity in the marketplace.  Additionally, the Treasury Dept. will increase Fannie Mae and Freddie Mac¢â‚¬â„¢s portfolios by $50 billion, for a total of $900 billion. The Obama Administration will work with Fannie Mae and Freddie Mac to support state housing finance agencies in serving home buyers, such as CalHFA. Funding for this will not come from TARP money but from the Housing and Economic Recovery Act.

While some of the details still are being developed, such as the modification guidelines, the Obama Administration plans on using programs and funding already allocated for The Homeowner Affordability and Stability Plan and will need little legislative approval for programs under the plan.

We¢â‚¬â„¢ll keep you updated on the Homeowner Affordability and Stability Plan as more details and information become available to us.

Sincerely,

James Liptak
2009 President
CALIFORNIA ASSOCIATION OF REALTORS®
 
 

Its a small small world. California is always the place to go when you have won lost or drawn and I say ”Disneyland” is the final cure all. Graumans can put your feet and hands in cement. The wax museum will have you out in the lobby before the first snow hits Washington.  N. California is trying to beat S.California to the punch. The White house of Sacramento, San Francisco or San Jose- has nothing on Orange County. http://3oceansrealestate.com/blog/ read his article on Condi

The prices are ripe for the picking!

From Disneyland you can be the featured speaker for any play you want.

Condi and the Chipmonk - thats a cookie friar, and they are only friends.

And THEN..the TRUTH comes out. Its so obvious. Condi is  going to VEGAS! Why else would George W Bush make a strange, unsolicited gestrue _ that typo is so…funny I have to leave it in…Another word..

for gesture. When methinks its much ado about nothing…the gestrue is there to say this gesture is true. The irony is that it is in fact not true. Get it? No matter the question will Condi get it…in Vegas, or N. California if Kevin gets “His Way” or Disneyland- the greatest little spot on earth.

Lets start a poll. Where will Condi move?

The O.C. is unlikely now that you can get so much house there they had to drop the TV show. It has to be Vegas!

First time buyers in VEGAS get a big tax break. Its a set up for Condi. I just found out about it -tonight-from a neighbor moving there. So its good a few others can share in the deal. Its also a clever mask to get some of those darned foreclosures and dry lawns off the radar. Its just not presidential. “Leave it better than you found it.” I heard that.

Vegasm… I keep making funny typos…another new word…When Bush is vague…its a vegasm. Do not type after midnight if you are a true geek. I am becoming a bit vege myself.