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Chase: Buying Back Mortgages Could Be Costly

by John TayebOctober 20, 2010 Foreclosures

In a report to shareholders, J.P. MorganChase said the cost to buy back troubled mortgage-backed securities could top $120 billion, but unless it is forced to do that, the foreclosure freeze is much ado about nothing. The bank’s fixed-income strategists, Ed Readon and John Sim, said in a note that the issue was overestimated in [...]

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BofA Freezes Foreclosures Nationwide

by Tayeb Realty GroupOctober 12, 2010 Foreclosures

With CEO Brian T. Moynihan citing a need to “clear the air,” Bank of America announced last week that it would halt foreclosures in every U.S. state to ensure accuracy in its documentation. Bank of America, JPMorgan Chase & Co., and Ally Financial Inc. had previously frozen foreclosures in 23 states where courts have oversight [...]

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3 Tips for Negotiating Short Sales

by Tayeb Realty GroupOctober 11, 2010 Housing Market News Update

Short sale transactions can be complex to negotiate with lenders. Hence, real estate trainer and educator Kathy Mehringer’s definition of short sales: “A transaction where nothing is certain but for the uncertainty.” Mehringer, director of risk management for Coldwell Banker Residential Brokerage, Southern California companies, offered tips to negotiating short sales during her session, “Short [...]

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Mortgages Hit Lowest Levels Since 1950s

by John TayebOctober 11, 2010 mortgage

Thirty-year fixed mortgages slipped to 4.27 percent this week, the lowest on records dating back to 1971, from 4.32 percent last week. A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell [...]

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Foreclosure Halt Creates Problems for Buyers

by Tayeb Realty GroupOctober 11, 2010 commercial real estate

The fallout from the crackdown on mortgage lenders’ handling of paperwork is affecting buyers’ ability to close. Distressed properties make up about a third of home sales. About half of states are particularly affected by the problem. Two factors in various states are causing numerous delays are: Officials in several states — including Texas, Maryland, [...]

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Mortgage Applications Rise

by John TayebOctober 7, 2010 Foreclosures

Applications for mortgages to purchase homes rose 2.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the weekly survey by the Mortgage Bankers Association. On an unadjusted basis, purchase applications increased 9.3 percent from the previous week. Purchase applications were down 34.7 percent than the same week a [...]

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Student Housing: A Potentially Profitable Niche

by John TayebOctober 5, 2010 Housing Market News Update

Housing for students is a segment of the real estate market that continues to do well. With a record 19.1 million students enrolled in colleges and universities, the market has a steady source of business and is likely to remain stable through 2018 when the last of the baby boomers’ children are college age, analysts [...]

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Most- and Least-Promising Metros for Investors

by John TayebOctober 5, 2010 commercial real estate

Local Market Monitor, a North Carolina firm that measures the potential for price appreciation in real estate markets with more than 200,000 residents, recently evaluated markets for conservative investors. It identified the best metros as those with signs that prices are stabilizing. It also named markets where prices are still falling as “dangerous.” Here are [...]

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Regulators to Banks: Review Foreclosures

by Tayeb Realty GroupOctober 4, 2010 commercial real estate

Improper foreclosure procedures are throwing another curve ball at the troubled mortgage industry. Regulators from the Office of the Comptroller of the Currency have told seven major banks to review their foreclosure procedures after Bank of America and Wells Fargo joined JPMorgan and GMAC (now known as Ally Financial) in freezing their foreclosure processes. Banks [...]

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Would Lower Market Rates Pump Up Sales?

by John TayebSeptember 30, 2010 Foreclosures

Will mortgage rates ever drop to zero percent? Zero percent financing has long been a loss leader in the automotive industry, but Keith Gumbinger, vice president of HSH Associates, a provider of mortgage information, says that scenario is unlikely. You’d have to find an investor who would buy a security with a zero return – [...]

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