ForeclosureRadar reports banks tried to lure investors with an average 28% discount in Orange County at foreclosure auctions, known as trustee’s sales, in July. That compares to 26% in June and a tiny 3% discount in July 2007.
Discounts are not on the value of the property but on money owed to the bank, including the [...]
These are treacherous days for small banks.
The housing crisis is spilling over into other areas of the economy. Consumers are being more careful with their dollars, and many businesses are seeing their revenues dropping. Offices and shopping centers are seeing higher vacancies.
All these things have the potential to increase defaults on loans to businesses and [...]
U.S. Housing and Urban Development Secretary Steve Preston and Gov. Arnold Schwarzenegger today said the Golden State will get more than 5 million to produce more affordable housing and support community development in the state.
According to a release, the money also goes to “downpayment assistance to first-time homebuyers; to assist individuals and families who might [...]
Randy Johnson of Newport Beach, author of and a mortgage broker since 1983, answers questions…
Need a House, Tustin asks:
Q. I’m hearing that lenders are requiring 20% down. Is this really true? Do you see loans (not FHA) that are closing with lower down? Is this going to be the standard moving forward?
A. 95% [...]
Mortgage rates in Orange County rose across the board for the week ended Thursday, with one rate rising to its highest level in nearly 11 months, reports .
The average rate on 30-year fixed-rate loans up to the old conforming limit of 7,000 increased to 6.205 percent with a one-point fee, the highest since September. Conforming rates [...]
Westmoore Inc. in Anaheim Hills is suing Ed McMahon for more than 5,000 that it says the former “Tonight Show” sidekick owes from a 2006 loan, reports the
The lawsuit filed Monday in Los Angeles Superior Court says McMahon and his wife Pamela defaulted on the loan in early 2007. The suit doesn’t say why they wanted [...]
The Federal Reserve released yesterday its survey of senior loan officers that concluded credit is getting tighter on everything from credit cards to business loans — and yes, home loans too. For the three months ending in late July the survey found for domestic banks:
About 65 percent of the 52 banks that took the survey—more [...]
I decided to post again on Downey Financial of Newport Beach to point out its cash position, which is mixed.
The company, which operates a savings and loan, said it saw an “elevated” level of deposit withdrawals after June. But more recently people have deposited more money with the thrift than they have taken out, the [...]
Money-losing Downey Financial of Newport Beach, which runs a savings and loan, said in a filing today that from now on it will need prior approval from its regulator before making certain key moves.
The company, for example, cannot issue debt or pay future dividends (not counting one this month) without approval of the Office of [...]
Ideal Mortgage Bankers, Ltd. (Company), one of the country’s fastest growing FHA lenders, announced today that it would exit the wholesale lending business, which operates under the name Ideal Mortgage, to concentrate on expanding Lend America its rapidly growing retail lending platform. The Company joins a growing list of banks and mortgage companies to abandon [...]
