St Louis Mortgage Refinancing and Lending News: More Loan Modification Options Coming
St Louis Home Mortgage and Commercial Loans | Commercial Loan Modification | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Reduction

Six months after the Federal Housing Administration (FHA) announced an $11 billion refinancing initiative for these “underwater” borrowers, nearly two dozen lenders have agreed to take part in a new loan modification program.

The FHA program called Short Refi requires major concessions from lenders, which must agree to write off at least 10 percent of the principal balance, and from investors, who, if they own the mortgage, must also agree to the deal.

To qualify, homeowners must be current on their monthly mortgage payments and not already have an FHA home loan.

The size of the new primary loan cannot be more than 97.75 percent of the current value of the property; refinanced loans for homeowners whose properties carry second liens cannot exceed 15 percent of the property value.

The Department of Housing and Urban Development (HUD), which oversees the FHA, said this month that 23 lenders had signed on to the Short Refi program, though it will disclose only the names of the five lenders that have already restructured a total of 44 loans.

They are: Wall Street Mortgage Bankers of Lake Success, New York; 1st Alliance Lending of East Hartford, Connecticut; Nationstar Mortgage of Lewisville, Texas; E Mortgage Management of Haddon Township, New Jersey; and Glacier Bank of Kalispell, Montana.

HUD estimated that 500,000 to 1.5 million borrowers could be eligible for the program.

Even so, it faces challenges in Congress; on Thursday, the House of Representatives voted to end it.

One mortgage expert, John Diiorio, the owner of 1st Alliance Lending, said that big banks were taking part behind the scenes, by referring homeowners to third-party lenders that could restructure their mortgages.

He added that 1st Alliance had “several hundred FHA Short Refi” loans in the pipeline.

Because the FHA announced the program only last September 2010, and because such loans take three to four months from start to finish, Mr. Diiorio said, the number of refinanced loans should increase in coming months.

He said that, on average, 1st Alliance had negotiated a principal reduction of $86,000 on a $256,000 loan, a 33.5 percent cut, to $170,000.

But he said lenders and investors had agreed to reduce principal for only half of the loans he had worked on.

The refinanced borrower, Mr. Diiorio said, had to pay a slightly higher fixed rate, typically 6 or so percent.

But he added that the financial impact was the same as a 5 percent rate on a higher-balance loan of $100,000, with less principal forgiven.

“It seems counter-intuitive,” he said, “but the economics work both for the consumer and for the lender.”

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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.

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In-House Financing, Consumer Lending and Customer Financing

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St Louis Mortgage Refinancing and Loan Reduction News: Greenspan Says Stimulus and Housing Programs Hurt Recovery
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Consultant

Former Federal Reserve Chairman Alan Greenspan said in February that massive government intervention to save the economy is to blame for the lagging recovery.

Greenspan argued for less government intervention to get the recovery rolling and businesses investing in equipment and plants.

“What we need to do now is to calm down; let things move by themselves,” he said at a forum at the Council of Foreign Relations.

Greenspan continues: “And indeed the rate of activism has decreased significantly and the ratio of capital flow has inched back up.”

Greenspan’s views are starting to gain an audience again.

Many Republicans share his opinion that intervention has created uncertainty and deterred private sector investing.

Greenspan targeted deficits created by the $787 billion 2009 Recovery Act as the main culprit behind the current sputtering recovery.

Why are deficits to blame?  Because the Treasury Department’s borrowing “crowds out” companies from finding similarly low interest rates to borrow funds for capital investments on equipment and plants.

At the same time, he acknowledged that America’s biggest and most-trusted companies aren’t having trouble finding good interest rates. But smaller companies, he said, are struggling.

“Microsoft is not being crowded out,” Greenspan said.

He goes on to say: “It’s those who find an 8 or 9 percent interest rate, which are required of junk bonds and small businesses, which is too high.”

He said he estimates that government borrowing is effectively reducing long-term capital investment by one fifth.

But Greenspan goes further in his criticism of government intervention, also blaming housing programs for having delayed and prolonged foreclosures.

He said such efforts have created uncertainty about when the housing market will hit rock bottom, at which point speculators can rush in and start buying up houses.

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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 Lending and Loan Reduction News: 26 Percent Of Home Sales Are Foreclosures And Short Sales
St Louis Home Mortgage and Commercial Loans | Principal Loan Reduction | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Consultant

According to a RealtyTrac report released yesterday, 26 percent of all homes sold last year were foreclosures and short sales.

Homes already foreclosed on and repossessed by banks, called REOs (real estate owned), sold for an average of 36 percent less than normal sales, RealtyTrac reported.

Meanwhile, the discount for homes sold while they were still in the foreclosure process (short sales) was 15 percent as followed by the St Louis Refinancing Group news team.

“It’s like the post-holiday sales at Macy’s where they’re trying to clear out unwanted inventory,” said Anthony Sanders, a real estate professor at George Mason University.

Nevada had the highest percentage of distressed sales of any state at 57 percent. That was, however, less than 2009, when 67 percent of sales there were foreclosures.

In Arizona, 49 percent of sales were distressed properties; in California, 44 percent; and in Florida, 36 percent.

Foreclosed properties sold for the biggest discount which ended up being 50 percent off in New Jersey.

These investment opportunities are not going away.

Nearly 30 percent of mortgage borrowers are underwater on their loans, owing more than their homes are worth, according to Stan Humphries, chief economist for Zillow, the real estate web site.

These owners are very vulnerable to foreclosure so the number of distressed properties that will go on sale only the next year or two will probably remained high.

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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 In-House Financing: General Motors Gets Sweetheart Tax Break
St Louis Home Mortgage and Consumer Finance | Customer Financing | 314-334-0210 | St Louis Commercial Mortgage, Consumer Lending and Principal Loan Reduction

The United States government is giving a sweetheart deal to General Motors worth approximately $14 billion in tax revenue.

The company posted their first profitable year since 2004 according to St Louis finance experts.

But GM won’t have to worry about being hit with a big tax bill on earnings because billions in previous losses will shelter it from taxes for years to come.

That break will reduce GM’s U.S. tax bill by an estimated $14 billion in the coming years and its global taxes by close to $19 billion, according to a company filing.

Companies typically get a tax break on future taxes because of past losses.

But in most cases they lose that tax break during bankruptcy, because the losses are offset by the “income” the company receives from shedding its debt.

Since the company shed $30 billion in debt during bankruptcy, it should have wiped out most of the tax break.

GM even warned it expected to lose those tax breaks shortly before filing for Chapter 11 protection.

But somehow, that never happened, and the automaker was able to keep most of its tax breaks, essentially receiving a $14 billion “gift” from the government.

While it’s unclear why the automaker was allowed to carry over its losses, some experts insist that GM got preferential treatment.

“A lot of things were done differently here” said Heidi Sorvino, head of the bankruptcy practice at Lewis Brisbois Bisgaard & Smith.

She said that the tax break was just another example of how GM’s bankruptcy process was unlike any previous bankruptcies.

One reason the government might have let General Motors claim the loss, was to reduce the perceived cost of the bailout, said Linus Wilson, finance professor at the University of Louisiana at Lafayette.

By allowing GM to carry over its losses, the reduced tax collections from the company were unlikely to be counted under most accountings.

But the question has to be asked: Where are these types of free financial “gifts” or write-offs for the small and medium business owner in this country?

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

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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

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.

St Louis Commercial Financing News: Commercial Delinquencies Are Mixed
News Press Hot Line: 314-334-0210 | Floyd Tapia

New findings by the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report said that delinquency rates were mixed in the second quarter for commercial/multifamily mortgage investor groups.

The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the highest since the series began in 1997.

Delinquency rates for other groups remain below levels seen in the early 1990’s, some by large margins.

Between the first quarter and second quarter 2010, the 30+ day delinquency rate on commercial loans held in CMBS rose 1.39 percentage points to 8.22 percent.

The 60+ day delinquency rate on loans held in life company portfolios decreased 0.02 percentage points to 0.29 percent.

The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.01 percentage points to 0.80 percent.

The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac increased 0.03 percentage points to 0.28 percent.

The 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts remained unchanged at 4.26 percent.

Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the second quarter were as follows:

• CMBS:  8.22 percent (30+ days delinquent or in REO);
• Life company portfolios: 0.29 percent (60+days delinquent);
• Fannie Mae:  0.80 percent (60 or more days delinquent)
• Freddie Mac:  0.28 percent (60 or more days delinquent);
• Banks and thrifts:  4.26 percent (90 or more days delinquent or in non-accrual).

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

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St Louis Commercial Financing News: Commercial Real Estate Remains Soft
News Press Hot Line: 314-334-0210 | Floyd Tapia

According to the National Association of Realtors (NAR), commercial real estate sectors, hurt by weak job growth, are offering incentives in many areas that are conducive to business expansion.

Lawrence Yun, NAR chief economist, said fallout from the recession continues to impact commercial real estate.

“Vacancy rates are beginning to level off in some sectors, but rent discounts and moderate levels of landlord concessions are widespread,” he said.  “This is very much a tenant’s market, which is quite favorable for businesses that are considering expansion.  It’s also encouraging that there is a modest improvement in the sentiment of commercial real estate practitioners.”

The Society of Industrial and Office Realtors, in its SIOR Commercial Real Estate Index, an attitudinal survey of more than 600 local market experts,1 shows vacancy rates are beginning to level, but rents remain depressed, and subleasing space is high.

Fifty-seven percent of respondents expect improvements in the office and industrial sectors in the third quarter.

St Louis commercial real estate development remains stagnant in all regions with low investment activity.

What is interesting is that 88 percent of respondents said it is virtually nonexistent in their markets, but development acquisitions are beginning to grow in many areas in what is described as a buyer’s market.

Vacancy rates in the office sector, with high levels of available sublease space, are expected to increase from 16.7 percent in the second quarter of this year to 17.0 percent in the second quarter of 2011, and then ease later next year.

Industrial vacancy rates are likely to decline from 14.1 percent in the second quarter of 2010 to 13.7 percent in the second quarter of 2011, and then continue to ease modestly as the year progresses.

Retail vacancy rates should hold steady at 13.1 percent in both the second quarter of this year and in the second quarter of 2011, with a level pattern for most of next year.

The apartment rental market especially multifamily housing is benefiting from modestly higher demand.  Multifamily vacancy rates are likely to decline from 6.0 percent in the second quarter of this year to 5.6 percent in the second quarter of 2011.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Mortgage Refinancing and Real Estate News –

News: Goldman Settlement With the SEC Could Set Them Back Close To A Billion Dollars

Unconfirmed reports have been circulating that Goldman Sachs attorneys have entered preliminary talks with the Securities and Exchange Commission (SEC) with the goal of settling all alleged federal fraud charges now facing the investment company.

Gary Cohn, the Goldman”s president and chief operating officer, has said at the conclusion of the firm’s annual shareholder meeting in May that “there are a myriad of opportunities out there and I won’t rule any of them out.”

Any possible settlement with the SEC could only help the financially battered company to bring an end to much of the negative publicity Goldman has had to endure since regulators charged the company and one of its employees with defrauding investors in the sale of complex mortgage investments code named “Abacus.”

Many leading legal professionals have speculated that any realistic settlement could cost the investment giant as much as $1 billion.

This total coincides with what the SEC claims investors lost on the deal.  This would also rank as the largest SEC settlement in the post-Sarbanes-Oxley era.

Although any fine would be substantial, it will likely be quite manageable, especially if this settlement allows Goldman to avoid being in the public spotlight as much as it has during the last year.

But the legal fees and settlement may not be the end of Goldman’s woes.

St Louis mortgage and legal experts suggest that Goldman may be very unhappy if the SEC requires the company to create a wider and easily recognizable gap between its mortgage underwriting and trading operations.

Worse yet, they may be required to provide greater transparency to clients about its different investment products as part of an overall the settlement.

As required by law, two separate securities filings this month states that Goldman acknowledges it now faces a variety of related lawsuits.

There are also several investigations from a number of international regulatory agencies, including Britain’s Financial Services Authority, over the sale of their mortgage-related investments.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, host of the St. Louis “Mortgage Minute.”

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St Louis Mortgage Refinancing and Real Estate News –

News:  Growing Trend of U.S. Mortgages Sinking To ‘Underwater’ Status

The St Louis home loan market has noticed a growing number of American homeowners who were sadly anchored with ‘underwater mortgages’ in the first quarter of this year.

This staggering figure accounted for almost one in four homes in an upward trend that poses a serious threat to any immediate recovery for the housing market according to real estate website Zillow.com.

Consumers were hit once again with home values declining in the very same quarter, Zillow also reported.

In fact, it was the 13th consecutive quarter of year-over-year home value declines.

Stan Humphries, Zillow chief economist, said in an interview that “several large California markets have shown significant stabilization in home values, marking what could be a bottom.”

He goes on to say:  “But, most markets across the country remained in decline.”

This continuing decline did not happen in just one major area.  Home values declined in 106 of the 135 metropolitan areas across the United States.

Humphries said ‘the government’s recently expired home buyer tax credits likely only shifted the timing of sales, rather than creating new demand.’

This has not been very good news for buyers seeking to take advantage of the tax credits.  All purchase contracts had to be signed by April 30th and they have until  June 30th to close on the sales.

Although inventory levels continued to rise during the first quarter, home values declined at a steady pace, even when the tax credits were still being offered by the government.

St Louis mortage experts believe that national home values are likely to hit rock bottom in the third quarter of this year. 

The bad news seems to be that home value appreciations are now being projected to be near zero for some time, possibly as long as five years.

The number of homeowners going into foreclosure across the country rose to a new high in March with more than one in every one thousand homes although many think this number is quite conservative.

That equates to 0.11 percent being foreclosed upon which incidentally is the highest since Zillow began recording national foreclosure data in 2000.

Foreclosure resales remained high in March, accounting for 22.2 percent of all U.S. and St Louis home mortgage sales.

Foreclosure resales actually made up the majority of home sales in several of the metropolitan areas according to data released by Zillow.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, host of the St. Louis “Mortgage Minute.”

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Here’s more information on underwater mortgages…

St Louis Mortgage Refinancing and Real Estate News –

News: The Housing Finance Giant Freddie Mac Needs $10.6 billion More

Freddie Mac, the financing behemoth, at the beginning of May requested another $10.6 billion financial handout (bailout) from the federal government.

The well-known housing finance company, which reported a loss of approximately $8 billion in the last quarter, was shockingly put into conservatorship by the government during the height of the financial panic in September 2008 along with its failing twin sister Fannie Mae.

This is definitely not the first bailout to this struggling institution.  Freddie Mac was given a total of $50.7 billion from the Treasury Department since 2008.

Of course we cannot forget about Fannie Mae.  She has also received $76.2 billion over the same time period.  Ever since the housing collapse began in 2008, Freddie and Fannie have been trying to stabilize the mortgage market but not to much success.

These two companies have essentially been given a blank check from the federal government since the U.S. Treasury in December 2009 lifted a $100 billion limit on both their backstops.

The current financial data announced early in May by Freddie Mac included a $1.3 billion dividend payment to the Treasury because of the stock they received at the time of the takeover.

Looking back at 2009, the St Louis Refinancing Group news team noted that Freddie suffered a $10.4 billion loss in the first quarter and then a fourth-quarter loss of $7.8 billion totaling $18.2 billion over a six month period.

But we have come to find out that due to accounting changes that took place this year, this makes 2010 comparisons difficult to ascertain.

What most St Louis mortgage owners do know is that Freddie helped more than 71,000 families avoid foreclosure during the first quarter and went on to finance more than 390,000 homes and 50,000 units of rental housing.

As far as how aggressive their refinancing division is, they helped refinance single-family loans to the tune of $68 billion.

Not surprising, CEO Charles Haldeman Jr. said he was cautiously optimistic about the future, and went on to say, “We have noted for many months now, housing in America remains fragile with historically high delinquency and foreclosure levels, and high unemployment among the key risks.”

It’s a good thing the above comment was clearly stated as the average American would have never thought the economy was actually this financially crippled.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, host of the St. Louis “Mortgage Minute.”

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St Louis Mortgage Refinancing and Real Estate News –

News: Commercial Mortgage Delinquencies Hit All-Time High

The talk of the lending industry is now moving towards the oncoming avalanche of overdue loans in the area of commercial mortgage-backed securities (CMBS) which show no signs of slowing.

Already this year with each passing month, CMBS delinquency rates have jumped to record highs with it continuing into April 2010.

Although the delinquency rate for commercial real estate loans in the CMBS industry climbed higher still last month, the rate of increase did slow down from March’s breakneck pace, Trepp LLC reported.

According to this well known research firm’s monthly study, the percentage of CMBS loans which are 30 or more days delinquent facing foreclosure, or classified as REO jumped 41 basis points during April.

This has now put the overall delinquency rate at 8.02 percent which is the highest in CMBS history.

March indeed came in like a roaring lion as the market was taken by complete surprise when delinquencies shot up 89 basis points.

Approximately 40 basis points of that increase were due to the massive Stuyvesant Town loan turning delinquent.

Trepp LLC’s study shows that multifamily units were the only major property type to post a decrease in its delinquency rate.  They fell from 13.19 percent in March to 13.06 percent in April.

Hotel delinquencies moved above 17 percent, again posting the highest rate among all property types.

Office delinquencies, on the other hand, showed the largest increase during one month inching up 64 basis points to 5.37 percent.

Looking closely at Fitch’s market analysis, during the first three months of this year, 487 commercial loans defaulted totaling $8.43 billion.

As the firm’s analysts have predicted, the ongoing trend in large loan defaults, meaning those worth over $50 million, is occurring at a faster pace.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, host of the St. Louis “Mortgage Minute.”

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Check back daily for more financial news.