St. Louis Mortgage Refinancing, Home Loans and Customer Financing News: 9% Unemployment Still Hitting Economy Hard

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The government reported 80,000 total jobs were added in October. There were 104,000 private sector positions added in professional and business services, leisure and hospitality, health care and mining, and 24,000 government jobs were lost. The unemployment rate fell slightly to 9 percent from 9.1 percent in September.

“We have to remind ourselves that things are so bad that this looks good. In the context of what we’re living through, it’s not a bad report,” said Dan Greenhaus, global market strategist at BTIG. There were a few positives in the report, including upward revisions to September and August payroll employment. August non-farm payrolls nearly doubled, from 57,000 to 104,000 and September was revised up to 158,000 from 103,000.

“Rescued by revisions,” writes Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi. “It feels like there’s more small business formation that’s going on that’s not getting reported right away. This is the second month in a row where we had substantial revisions,” said Moody’s Economy.com chief economist Mark Zandi.

The average work week for private sector workers was unchanged at 34.3 hours, but the manufacturing work week rose by 0.2 hours to 40.5 hours, and production and non supervisory employees’ work week rose by 0.1 hour to 33.7. Average hourly earnings for all private sector employees rose by 0.2 percent. “That’s fodder for spending,” said Zandi.

Zandi said, however, the positives have to be taken in the context of lowered expectations. He said the report shows the recovery has overcome obstacles and is showing resilience.

“This is still too early whether to assess whether the coast is clear. Europe is still raging,” Zandi said. The highest monthly employment gain in the recovery so far was February, 2011 when 235,000 jobs were added, but job growth has been stubbornly slow and slowed to a trickle in the summer. Over the past 12 months, payroll employment has increased by an average of 125,000 per month. This week, the Fed revised its economic forecast to include a high unemployment rate of through 2014, adding to speculation the Fed will do more easing in an effort to boost employment. Even in 2012, the Fed does not expect the unemployment rate to fall below 8.5 percent. “We’ve been at 9 percent since 2009. This is a major problem,” said Greenhaus.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

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St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Mortgage Lending and Customer Financing News: HAMP Loan Modifications Spike

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Mortgage servicers started 40,151 permanent modifications through the government’s program in September, the highest monthly amount since May 2010. The Home Affordable Modification Program (HAMP) launched in March 2009.

Participating servicers have extended 1.7 million trials and started roughly 856,000 permanent workouts as of September, up from the 816,000 cumulative total the month before. But many different problems haunt the program.

When it first launched, servicers rushed borrowers into three-month trials before collecting all of the necessary paperwork. A backlog soon formed. By November 2009, just 31,000 borrowers made it out of the more than 759,000 trials started.

The Treasury Department shifted guidelines, requiring servicers to gather all documents before starting a trial and put in place second-look reviews to make sure all decisions during the trial were being made correctly. The backlog began to shrink.

In September, the servicers reported 19,800 trials have been active for six months or more without a decision, down from 190,400 in May 2010.

Servicers will not meet the original 3 million to 4 million borrowers originally targeted with the program. After redefaults are taken into account, the servicers may end up keeping just over 800,000 borrowers out of foreclosure, according to estimates from the Special Inspector General of the Troubled Asset Relief Program.

SIGTARP continued to press the Treasury to enforce stricter guidelines on the now $29 billion program down from the original $75 billion and said in an October report to Congress that it wasn’t too late to adopt the changes.

The Treasury has kept payments from Bank of America, JPMorgan Chase and Wells Fargo due to their poor performance in the program. It has since returned the money to Wells because of improvements made. A similar offer is extended to BofA and Chase.

HAMP modifications are still outperforming private programs. Roughly 20 percent of the 125,700 HAMP mods completed in the first quarter of 2010 were 60 or more days delinquent within one year.

But more than 34 percent of the 129,000 private workouts completed in the same quarter went two months without a payment in one year, according to recent data from the Office of the Comptroller of the Currency.

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Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

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St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Mortgage Broker and In-House Financing News: Federal Reserve Says Housing Is Key To Recovery

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A fresh emphasis on healing the housing sector by officials at the Federal Reserve, in the Obama administration and in state capitals reflects the view that a healthier real estate market would go a long way in strengthening the economy. Fed Chairman Ben Bernanke said that the U.S. central bank was considering buying more mortgage debt to jolt the broader economy onto a more robust growth path.

“The housing sector is a very important sector,” he said at a news conference after a two-day policy meeting. “Problems in that sector are a big reason why our economy’s not recovering more quickly.”

Economists say the Fed could do well to target the housing sector. For one, it is at the center of the economy’s ills; for another, homebuying can be a catalyst for a wide range of consumer purchases from refrigerators to lawn furniture. While many other sectors of the economy have found their feet, housing continues to lag abysmally, held back by high rates of foreclosure and homes that have dropped dramatically in value.

Around 7.5 million U.S. households are either in foreclosure or delinquent on their mortgage, and 11 million homeowners owe more than their homes are worth. The Obama administration and a leading housing regulator announced plans last week to widen a program aimed at helping so-called underwater borrowers refinance their mortgages.

At the same time, state attorneys general are pressing for a settlement with top banks over alleged foreclosure abuses that could require the lenders to commit about $15 billion to reduce principal for struggling homeowners and modify loans.

“Clearly, the housing sector is an obvious candidate for policy intervention,” Goldman Sachs economist Andrew Tilton wrote in a recent note to clients. Fed Governor Daniel Tarullo caught some in financial markets off guard by recommending in a speech on October 20th that the central bank expand its purchases of mortgage-backed securities, reopening a debate many had thought closed. His ideas drew quick support from two of the most influential Fed officials Vice Chair Janet Yellen and New York Fed President William Dudley and has resonated with others.

But why housing, and why now? At just more than 2 percent of U.S. gross domestic product down from 6 percent during the housing boom residential investment isn’t that big a component of the $15 trillion U.S. economy. However, Tilton and others believe housing “punches above its weight” and generates enough momentum to be critical to strong growth.

“Housing might be special,” Tilton concluded. Housing has led the economy out of past recessions. It creates jobs and is a catalyst for spending on goods and services. The sector is usually a key avenue for the transmission of monetary policy but the drop in home values has locked many Americans out of refinancing, while leading others to fear taking the plunge by buying a home.

Coaxing mortgage rates a bit lower could lead potential borrowers into the market. MBS purchases could directly lower housing borrowing costs. “Their actions are more effective when they target markets that have wider spreads,” said Joseph Gagnon, a former Fed economist now at the Peterson Institute.

In September, the Fed resumed buying MBS to replace housing debt that was rolling off its balance sheet. Adding to this supply would be “a viable option” if circumstances were right, Bernanke said, although he declined to specify what might spur the Fed into action.

Another reason to spotlight housing may be timing. After blaming Japan’s natural disasters, Europe’s sovereign debt woes, and a spike in oil prices for the slow U.S. recovery, officials at the U.S. central bank have come round to the view that there is a more fundamental problem with the economy.

“I’d interpret the focus on housing as a result of the wake up call they got this summer,” JPMorgan economist Michael Feroli said. “Each time we’ve been disappointed so far in this expansion they have been saying ‘temporary factors.’ This summer they finally realized that wasn’t credible and took a fresh look at the recovery.”

Even so, any renewed expansion of Fed holdings with new MBS will face opposition within the central bank. Some top officials argued that the Fed’s previous $1.25 trillion in MBS purchases blurred the line between monetary and fiscal policy by targeting a specific sector. Those complaints resonated more broadly, as well, and the Fed eventually decided its ultimate goal would be to return to an all-Treasury portfolio.

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Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

============================================

St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Mortgage Refinancing and Customer Financing News: Top Short Sale Areas Throughout the United States

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Based on an analysis of RealtyTrac data, including average sales price, average discount, percent of all sales and the average days to sell a short sale, Foreclosure News Report compiled the following list of the Top metropolitan statistical areas (MSAs) for buying a short sale.

1. LOS ANGELES, CA: This city, famed for Hollywood, is the epicenter of short sales activity in the U.S.

2. PHOENIX, AZ: This desert city, a favorite of retirees who love golf and warm weather, is another short sale mecca. With property values down by as much as 70 percent in the Phoenix-Mesa-Scottsdale metro area, some borrowers who bought at the height of the real estate boom are finding themselves underwater and are being forced to sell via short sale.

3. CAPE CORAL-FORT MYERS, FL: Cape Coral clocked in with 1,358 short sales in the second quarter of 2011, with an average price of $111,029. Buyers in Cape Coral paid 33 percent less for pre-foreclosure (short) sales than the average price for properties not in foreclosure.

4. OXNARD-THOUSAND OAKS-VENTURA, CA: The Oxnard-Thousand Oaks-Ventura, Calif. metro had 681 short sales in the second
quarter of 2011. Prices were slashed 24 percent on short sales, with the average price at $352,994 according to RealtyTrac. Short sales accounted for 26 percent of all real estate transactions.

5. RENO-SPARKS, NV: About 60 percent of homeowners in Reno owe more on their house than the house is worth, making the short sale  market in Reno huge. Prices have fallen so sharply in the Reno-Sparks metro area that distressed sales – pre-foreclosure short sales and bank owned REOs – dominated the Reno real estate landscape in July, representing 57 percent of all sales.

6. SAN FRANCISCO, CA: Short sales in the San Francisco metro area rose 47 percent from the first quarter to the second quarter to a total of 3,237 sales. Buyers snagged an average discount of 41 percent on preforeclosures, although the average price for a short sale was still a lofty $364,766.

7. PORTLAND, OR: Portland, a metropolitan area of some 2.2 million people, is a spring board to the drizzly Pacific Northwest. The area reported a total of 756 pre-foreclosure (short) sales in the second quarter, up 39 percent from the previous quarter and accounting for 11 percent of all sales.

8. ATLANTA, GA: Atlanta was another metro at the top of the short sale list for the second quarter, with a 21 percent bump in pre-foreclosure sales from the prior quarter. In the Atlanta metro area 2,595 short sales were sold to third party buyers in in the second quarter, accounting for 14 percent of all sales.

9. MILWAUKEE, WI: Rounding out the Top 10 was the Milwaukee-Waukesha-West Allis metro area, where 324 short sales took place between April and the end of June 2011 – up 20 percent from the previous quarter. The average price for a short sale was $107,980, 41 percent below the average price of a property not in foreclosure.

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Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

============================================

St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Home Loan and Customer Financing News: Olick Reports Be Careful with Rentals

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I thought I would share a response to yesterday’s blog post onthe Obama Administration considering selling Fannie and Freddie’s foreclosed properties in bulk to private investors.  Rick Shargaused to work, and speak, for RealtyTrac, a well-known foreclosure sale site and tracker. He recently jumped ship to join Carrington Mortgage Holdings, which does everything from asset management to residential mortgage origination, servicing and propertymanagement.  Here’s Sharga’s take:

‘Your post today made its way through our offices pretty quickly,as we’ve been doing REO rentals for several thousand properties in our own portfolio for several years, and as part of FannieMae’s Tenant-in-Place program. We’d probably be one of the companies you mentioned who would be interested in buying some ofthe GSE REO assets and turning them into rental units for some period of time. But it’s not an investment to enter into lightly.

(Note: REO’s: Real estate-owned properties are those acquired by a lender, whether a bank or the government, after an unsuccessful auction attempt.)

This isn’t the slam dunk success story for investors that some of your sources suggested today. Rental margins can be extremely thin, the probability of success varies wildly from market to market, and an investor who doesn’t understand how the financials work could be in for a rather rude awakening. Managing a large portfolio of properties across the country isn’t exactly a walk in the park either, and there aren’t a lot of companies with the infrastructure to support that sort of initiative right now.

We do think that the idea makes a lot of sense from an overall housing market perspective. Done properly, it will remove a large number of distressed properties from sales inventory (and from the dreaded shadow inventory) which should help to stabilize home prices – and, in some markets, help stabilize rapidly-rising rental rates by adding rental inventory. It would take large sums of capital that are currently on the sidelines, and put them to use, which would be a boon for the economy. It would allow the GSEs to cap their losses on these REOs, and protect the values of their portfolios of performing loans.

To your point, it would clear up much of the uncertainty in the housing market today by removing the overhang of distressed properties. And the timing is right, as there appears to be a growing demand for rental housing, while many potential buyers repair their credit, try to save money for a down payment, or just decide to wait out the market before they buy.  It’s not a panacea, but could be one of the best ideas to come along since the foreclosure tsunami hit. We’re just not sure how big a wave of investors we’re likely to see once people actually do the math.’

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Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

============================================

St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Finance and Customer Financing News: Recession To Be or Not To Be?

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A summer of modest economic growth is helping dispel lingering fears that another recession might be near. Whether the strength can be sustained is less certain.

The economy grew at an annual rate of 2.5 percent in the July-September quarter, the Commerce Department recently said. But the growth was fueled by Americans who spent more while earning less and by businesses that invested in machines and computers, not workers.

The expansion, the best quarterly growth in a year, came as a relief after anemic growth in the first half of the year, weeks of wild stock market shifts and the weakest consumer confidence since the height of the Great Recession.

The economy would have to grow at nearly double the third-quarter pace to make a dent in the unemployment rate, which has stayed near 9 percent since the recession officially ended more than two years ago.

For the more than 14 million Americans who are out of work and want a job, that’s discouraging news. And for President Barack Obama and incumbent members of Congress, it means they’ll be facing voters with unemployment near 9 percent.

“It is still a very weak economy out there,” said David Wyss, former chief economist at Standard & Poor’s. For now, the report on U.S. gross domestic product, or GDP, sketched a more optimistic picture for an economy that only two months ago seemed at risk of another recession.

Some economists doubt the economy can maintain its modest third-quarter pace. U.S. lawmakers are debating deep cuts in federal spending next year that would drag on growth. And state and local governments have been slashing budgets for more than a year.

Obama’s $447 billion jobs plan was blocked by Republicans, meaning that a Social Security tax cut that put an extra $1,000 to $2,000 this year in most American’s pockets could expire in January. So could extended unemployment benefits. They have been a key source of income for many people out of work for more than six months.

Nor is the economy likely to get a lift from the depressed housing market. Typically, home construction drives growth during an economic recovery. But builders have been contributing much less to the economy this time. Wyss said that the collapse of housing had probably depressed annual growth by as much as 1.5 percentage points in the past two years.

Paul Ashworth, chief U.S. economist for Capital Economics, predicts that growth will cool in the fourth quarter and next year. “While our baseline forecast does not include an outright contraction, we expect GDP growth to average a very lackluster 1.5% next year,”Ashworth said in a note to clients.

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Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

============================================

St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Home Loans and In-House Financing News: Olick Reports that Homeowners Challenge Your Foreclosure

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It’s late, and it’s limited, but for borrowers who feel their homes were wrongly or inappropriately foreclosed upon in 2009 and 2010, there is now recourse. As part of a larger enforcement action (so-called ‘consent orders’) taken last April against fourteen of the nation’s largest mortgage banks/servicers following the so-called ‘robo-signing‘ scandal, the Office of the Comptroller of the Currency is beginning a ‘multi-faceted independent review of foreclosure actions.’

The major banks, including Bank of America, Chase, Citibank, Wells Fargo, GMAC, and EMC, will have to fund these independent reviews to evaluate, ‘whether borrowers suffered financial injury through errors, misrepresentations, or other deficiencies in foreclosure practices.’ If they did, those borrowers get some kind of ‘remediation.’ ‘

The challenge is substantial, but the steps we have required the servicers to take are vitally important to resolving these issues in a way that respects the rights of those who have been harmed and helps to restore confidence in the system,’ said John Walsh, Comptroller of the Currency in a statement.

The major mortgage servicers began sending out letters to eligible borrowers today to explain the process. The requests for the reviews must be received by April 30, 2012.

So how many do they expect will request these reviews, given that there are potentially four and a quarter million eligible borrowers according to the OCC? ‘It could be hundreds of thousands,’ Walsh told me in an interview this morning. ‘We are certainly hopeful they will have the capacity to handle it,’ he added with regards to the servicers.

Walsh also admitted that if the volumes are very high, it could have an impact on the current foreclosure process at major servicers, ‘to the extent that capacity that servicers have that they’d otherwise devote to other parts of the business are affected.’ But he stressed that this is a backward looking, remedial piece and ‘shouldn’t’ affect current foreclosure cases.

So could a borrower get his or her home back? It’s not out of the realm of possibility, although that is pretty unlikely given the home was probably already legally sold to someone else. Remediation would more likely involve fees that could be paid back or some other type of monetary compensation. No question it will be highly case-specific.

‘The participating mortgage servicers remain committed to helping borrowers remain in their homes and have been working with federal banking regulators to resolve the issues raised in the consent orders,’ explained Paul Leonard of the Financial Services Roundtable in a release. The reviews, he adds, could take several months to complete.

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Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

============================================

St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St Louis Mortgage Refinancing and Financing For Customers News: New Foreclosure Plan Means Selling Off

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Big investors are showing interest in an evolving Obama administration plan to sell off foreclosed homes, although the government will have to make the offer sweet enough to coax private funds.

The White House is assessing how best to encourage private companies and investors to snap up foreclosed properties held by the government and convert them into rentals.

Officials want private partners to take over as much as $30 billion in single-family properties that are currently on the books of government-run Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).

Several money managers with large fixed income funds are interested, according to sources, and a request for ideas on how to construct a program received nearly 4,000 responses.

The foreclosure conversion program would come as the next step to complement other government supports for housing, including an expanded refinance program announced on Monday.

The main question for prospective investors, which include broker-dealers and firms already overseeing similar rental programs, is the type of financing the government will make available which is an issue officials are still struggling with.

“In order to get a better bid, there has to be some incentive involved to get qualified investors involved,” said Ron D’Vari, co-founder and chief executive of NewOak Capital. “The reality is not a lack of interest, but so far it looks like a lack of financing.”

Incentives could include low interest rates, tax benefits or some type of rental assistance, said D’Vari, a portfolio adviser who has been involved in mini-bulk auctions of real estate-owned properties, or REOs, in California.

REO properties are those acquired by a lender, whether a bank or the government, after an unsuccessful auction attempt. Fannie Mae, Freddie Mac and the FHA own about 250,000 properties, close to a third of the country’s REO pool.

One key challenge would be finding big enough blocks of properties in specific geographic areas that could be sold at one time. Analysts say this is what it would take to make the program attractive to large institutional investors.

The transaction and liability costs property managers will face as they try to bring deserted units back up to code also pose a hurdle.

The government also needs to determine how it will protect taxpayers, and it might explore ways to pair up with investors and allow Fannie Mae, Freddie Mac and FHA to keep some type of an ownership stake in the rental properties.

A public-private partnership, somewhat along the lines of a program the Treasury tried to use to soak up toxic bank assets during the financial crisis, would allow the government to gain from the sales.

Fannie Mae, Freddie Mac and the FHA have already undertaken some small efforts to reduce the backlog of foreclosed homes. They have donated a few vacant properties for demolition and have held some small auctions.

Having already received $141 billion in taxpayer support since being seized by the government in 2008, Fannie Mae and Freddie are under enormous pressure to make sure they maximize the returns from the properties they hold.

“This has got to be thought out. Fannie and Freddie would need to assess if they are getting the return they need from a rental,” said Ken H. Johnson, a real estate professor at Florida International University.

Johnson said one way to get over the hurdle would be for the two agencies to be given an explicit mission of market stabilization.

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Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

============================================

St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Refinancing Loan and In-House Financing News: Move Houses, Not Mortgages

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Rep. Randy Neugebauer (R-Texas) said the Obama administration should be focused on helping the private market move through the backlog of foreclosures instead of merely shifting wealth from investors to borrowers in the new refinancing changes.

The Federal Housing Finance Agency (FHFA) announced new changes to the Home Affordable Refinance Program (HARP) designed to make it easier for some 4 million underwater borrowers, who are current on their payments, refinance into a lower-rate loan.

Most Republicans remained silent on the changes so far as they wait for how much the shift will cost Fannie Mae and Freddie Mac, which already owe taxpayers $142 billion in bailouts.

“This is not a housing initiative. This is more of a stimulus plan,” Neugebauer said. “They’re using Fannie and Freddie to stimulate the economy and what we’ve learned is that is not working.”

House Republicans sent a letter to FHFA Acting Director Edward DeMarco last week, asking for the taxpayer cost for HARP 2.0, but his office is still working on that. Fannie and Freddie are working too on the specific guidance for the revamped program, which was due out by November 15, but already many are doubting how effective the stimulus as Neugebauer calls it will be.

Neugebauer said the foreclosure process simply takes too long. According to Lender Processing Services, the mortgages currently entering the foreclosure process have been delinquent an average 611 days.

“We’ve got a lot of inventory in limbo here, and it continues to freeze the market place and compress prices,” Neugebauer said. Outside of new government cuts and calls to repeal certain provisions under the Dodd-Frank Act, ideas to fix the housing market and spur on a recovery have been scarce.

But Rep. Scott Garrett (R-New Jersey) unveiled a plan to ensure a return of private financing for future mortgages without government support. Neugebauer held several talks with Garrett when developing the plan.

While Neugebauer wouldn’t give specifics on the plan just yet, he promised it would provide a concrete plan, something the markets have gone without since the crisis. “I think a lot of the ideas are going to be common sense ideas,” Neugebauer said. “It will give the market some certainty.”

The Obama administration is working on a plan to better liquidate foreclosed properties held by the government through the Department of Housing and Urban Development (HUD), Fannie Mae and Freddie Mac.

Some, the president said Monday, would be converted into rentals. Neugebauer supported that idea so long as the government doesn’t dictate to private investors what should be rented, what should be sold and when.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

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St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St. Louis Mortgage Refinancing and Customer Financing News: Home Prices Have Dropped

St Louis Home Loan, Financing For Customers and Consumer Lending | Principal Reduction Program | 314-334-0210 | St Louis Commercial Mortgage, Consumer Finance and Principal Loan Reduction

The Standard & Poor’s/Case-Shiller index showed today that home prices increased in August from July in 10 of the 20 cities tracked. That marked the fifth straight month that at least half of the cities in the survey showed gains.

The biggest price increases were in Washington, Chicago and Detroit. The greatest declines were in Atlanta and Los Angeles. Over the past 12 months, prices have fallen in all but two cities including Detroit and Washington.

But here’s the bad news. Analysts warn that prices are certain to fall again once banks resume millions of foreclosures that have been delayed because of a yearlong government investigation into mortgage lending practices.

The index, which covers half of all U.S. homes, measures prices compared with those in January 2000 and creates a three-month moving average. The August data are the latest available.

Home prices have stabilized in coastal cities over the past six months, helped by a rush of spring buyers and investors. But this year, home prices in many cities, including Cleveland, Detroit, Las Vegas, Phoenix and Tampa, have reached their lowest points since the housing bust more than four years ago.

Sales of previously occupied home sales are on pace to match last year’s dismal figures which has been the worst in 13 years. Sales of new homes fell to a six-month low in August and this year could be the worst since the government began keeping records a half century ago.

The housing market is a key reason why the economy continues to struggle more than two and a half years after the recession was said to have ended. Many fear that another recession or what is called a double-dip may be approaching in 2012.

Foreclosures and short sales which is when a lender accepts less for a home than what is owed on a mortgage has made up about 30 percent of all home sales last month, up from about 10 percent in past years. The large number of unsold homes and foreclosures are sending prices lower and hurting sales.

We appreciate your visit… how about liking us on Facebook for this St Louis mortgage and customer finance article?

=============================================

Articles and Sponsors

Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

============================================

St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

To “read” the boxy black-and-white bar code above, you’ll need a smartphone. If you need a reader APP, you can => Download a QR code APP reader here for your smartphone.