Ok so my passion outside of work is riding and racing my bike.
Over the last year I have been working on a book which was completed in June of 2008. Well in August 2008 my book A Guide To The Best Bike Rides In Tucson Arizona
If you are a cyclist living in Tucson or moving to Tucson my book may be for you. For Realtors it is a perfect gift for an out of town client who is a cyclist moving to Tucson.
For other bike rides check out www.roadbikerides.com
Ride Safe! – Tyler Ford
(FBI Mortgage Fraud Website, August 14, 2008) Sub-prime loans. Foreclosures. Government bailouts. You can’t read a newspaper or watch the evening news these days without seeing stories about the current mortgage crisis and the fraud that goes along with it.
The FBI, of course, plays a major role in investigating mortgage fraud—and our caseload has more than tripled in the past five years. But while we’re focusing on the perpetrators, what can you as a consumer do to protect yourself from becoming a victim of mortgage fraud?
Plenty, says Special Agent Scott Broshears, a mortgage fraud supervisor who works at FBI Headquarters in Washington, D.C. “And while some of these steps may require you to do a little extra work now,” adds Agent Broshears, “in the long run it may save you aggravation, money, and even your house.”
Financial difficulties? If you’re a homeowner who’s having a tough time making your mortgage payments, be aware of e-mails or web-based ads from companies who claim they can help you eliminate your mortgage debt while all you have to do is pay an up-front fee for them to do the paperwork—it’s a scam.
And, if you’ve been told by your lender that you are facing foreclosure, don’t fall for any of the fraud schemes out there, including the one where a perpetrator convinces a homeowner to sign over the house deed “temporarily”—for a fee, of course. The homeowner not only loses the up-front fees, but the perpetrator often turns around and sells the house out from under the owner.
The best advice if you find yourself in some financial difficulty? Contact your lender before your situation gets too bad, says Agent Broshears. “The lenders don’t want your house,” he explains, “and most will work with you to help you keep it. Plus, they’re already dealing with a large number of foreclosures on homeowners who didn’t seek their help in time—they don’t want any more.”
Rest assured that the FBI will continue to make the investigation of mortgage fraud a priority. An informed public, however, would make our job a little easier! But if you think you’ve already been victimized, contact your local FBI field office.
Resources:
- FBI Mortgage Fraud Webpage
Interested in more information? Call Todd Abelson & Tyler Ford at Sunstreet Mortgage in Tucson, AZ.
Private Mortgage Insurance (PMI) is an insurance policy paid to a lender in the event that a homeowner defaults on his home loan.
With the growing number of mortgage defaults nationwide, mortgage insurers are finding their balance sheets under attack and their revenues in the red.
So far this year, mortgage insurers have paid out $6 billion in claims.
In response to the losses, the mortgage insurance industry is using two tactics to return to profitability — and both mean bad news for homeowners.
This is very similar to what Fannie Mae and Freddie Mac are doing to shore up their respective balance sheets; lending to only the most credit worthy, and making sure to charge them for their commensurate risk.
Because of the higher PMI rates, it’s getting more expensive for small-downpayment home buyers to finance their homes. And that’s if they can even still get mortgage insurance.
Some mortgage insurers now require a 10 percent minimum downpayment in certain states.
So with the number of mortgage defaults expected to rise through 2009, qualifying for PMI should get more expensive and more difficult. If you plan to make a small downpayment on your next home — or plan to remortgage your current low equity home — consider moving up your timeframe.
It may not be as cheap or as easy to get financing as it is today.
(Image courtesy: The Wall Street Journal)
WASHINGTON, D.C. (August 18, 2008) — The government-insured share of mortgage applications tripled in the past year according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Of all mortgage applications accepted during the month of July 2008, 29.1 percent were for government-insured loans (consisting of mostly FHA loans) compared to 8.4 percent in July 2007.The government-insured share has been increasing since February 2007 and only since the beginning of this year has the share exhibited significant increases; up from 9.4 percent in January. Since the MBA survey’s inception in January 1990, the lowest recorded share was 5.8 percent in August 2005 and the highest was 43.8 percent in February 1990.
There are several reasons why government-insured loans, specifically FHA, have an increased presence in the market:
**SPECIAL NOTES**
The survey covers approximately 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100. The survey includes eight of the top ten originators in 2008, based on data from Inside Mortgage Finance.
Need to know more? Call Tyler Ford and Todd Abelson at Sunstreet Mortgage in Tucson, Arizona
Mortgage rates overcame a terrible Monday last week, climbing back to unchanged by Friday. And like most weeks this year, rates were volatile.
Most interesting about last week, though, was that there a ton of news that should have dragged mortgage rates down, but it didn’t seem to happen.
Instead, a soaring U.S. dollar attracted global funds to Wall Street and a renewed demand for all things denominated in U.S. dollars, helping drive up prices in the mortgage bond market.
When mortgage bond prices move higher, mortgage rates move lower.
Like last week, the path of the dollar will likely determine in which direction mortgage rates move between today and Friday. If the dollar increases in value, mortgage rates should fall. And conversely, if the dollar decreases in value, mortgage rates should rise.
Of all the economic data hitting the wires this week, the only one of major importance is the Producer Price Index – a “Cost of Living” reading for American businesses.
Normally, we’d pay attention to the inflation-predicting PPI because inflation causes mortgage rates to rise. This month, however, we’re ignoring it. Oil prices have fallen 20-plus percent since July highs and the PPI reading from last month doesn’t reflect the “current marketplace”.
So, in the absence of hard data, mortgage rates should move with momentum this week. To follow along at home, keep your eyes on Bloomberg and stay close to your loan officer.
It’s during weeks like this that rates can really move.
(Image courtesy: The Wall Street Journal Online)
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