“Buy and bail” is a phrase often used by real estate professionals to refer to the process in which a buyer attempts to buy a new property before they walk away from an old one and default on their previous loan. Often, the property they walk away from is an “underwater” property that is worth [...]

The Federal Housing Administration’s Mortgagee Review Board (MRB) has revealed a list of over one thousand lenders against whom it has taken action over the last several months for violations of the agency’s program requirements. Infractions ranged from failing to notify the Department of Housing and Urban Development of changes in license status or office [...]

Miami, Fl — Builders are reporting a sharp drop in the number of buyers looking for new homes now that the federal tax credits have expired.  The National Association of Home Builders said its confidence index sank to 14, its lowest level since March 2009. Readings below (50) indicate that homebuilders have a negative view [...]

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Congressman Rubén Hinojosa  COLLABORATES WITH  USDA TO SAVE THE  SECTION 502 SINGLE FAMILY HOUSING GUARANTEED LOAN PROGRAM Washington, DC – U.S. Rep. Rubén Hinojosa (TX-15) was informed by the United States Department of Agriculture (USDA) that Secretary Tom Vilsack has authorized the issuance of Conditional Commitments for USDA’s Section 502 Single Family Housing Guaranteed Loan [...]

The Markets The U.S. stock market just entered its first correction of 10% since the March 2009 bear market low, according to Barron’s magazine. In the paraphrased words of economist Michael Darda as reported by Barron’s, are we experiencing an aftershock of the 2008 market crisis or are we having a relapse? Catalysts for this [...]

Legislative Update USDA Funding The USDA extension has been attached to an Appropriations bill (we have been told it is a Defense Authorization bill).  While the extension of the program still appears likely prior to Memorial Day, it is a volatile situation in light of the uncertainty surrounding the timing of  financial reform legislation currently [...]

What I hope to be able to accomplish with this blog is to make sure that borrowers (and Realtors) know that the loan officer is your advocate when preparing your loan for review with their underwriters and processing staff.  Loan officers have a responsibility to not only our employer but to our borrowers – a [...]

The Markets Five little “PIIGS” went for a boat ride. The weather turned very stormy and “G” got tossed overboard without a life jacket. Shortly thereafter, “P” and “S” found themselves overboard and drowning in the water, too. Unable to mount an effective rescue, the other shipmates radioed for help. Fortunately, “EU” and “IMF” were [...]