My New Blog

IndyMac Bank now known as One West Bank

December 29th, 2009 6:55 PM

click on this link and read the interesting article on them.

How is it that they can continue on and make the huge profits that they are when we the taxpayers bailed then out.

http://articles.latimes.com/2009/mar/20/business/fi-indymac20

Posted by David Haley on December 29th, 2009 6:55 PMPost a Comment (0)

FICO Scores and how important they are

December 30th, 2009 10:06 PM

Here is a chart to look at and how they can impact you and your credit rating, thus increasing your rates, from credit cards, auto loans, mortgages and even student loans...

Hope this FICO scoring chart will give you a better idea.

Make sure you are protecting yourself and using it correctly. FYI Loan Modifications actually hurt your scores as you have modified your mortgage note.

Posted by David Haley on December 30th, 2009 10:06 PMPost a Comment (0)

More Washington banks in trouble

December 29th, 2009 6:18 PM

Four more Washington banks placed under tighter FDIC oversight

The latest actions mean that nearly a third of the 95 banks headquartered in Washington are operating under some degree of enhanced regulatory oversight. That's one of the highest rates in the nation, and an indication of just how troubled the state' community-banking sector is.

By Drew DeSilver

Seattle Times business reporter

Four more Washington banks have been placed under tighter oversight by state and federal regulators, bringing to 28 the number of state-based banks operating under closer government scrutiny.

The orders, disclosed Monday by the Federal Deposit Insurance Corp., the Federal Reserve Board and the state Department of Financial Institutions (DFI), were issued between Nov. 4 and Dec. 4 and subject the banks to a variety of restrictions on their operations and management.

The banks are Viking Bank of Seattle, Lynnwood-based Bank of Washington, Pierce Commercial Bank of Tacoma and American Marine Bank of Bainbridge Island.

The orders vary in their specific terms and conditions, but in general they require banks to clear senior-management changes with regulators; increase capital levels; adopt plans to purge bad loans from their books; and reduce overreliance on certain loan categories, such as commercial real estate.

In addition, the banks generally cannot pay cash dividends, either to individual shareholders or their holding companies, without regulators' approval.

The latest actions mean 29.5 percent of the 95 banks headquartered in Washington, representing 39.2 percent of the assets of all state-based banks, are operating under some degree of greater regulatory oversight.

That's one of the highest rates in the nation, and an indication of just how troubled the state's community-banking sector is.

Besides the four newly disclosed banks, two companies previously under "cease and desist" orders from the FDIC and DFI were subjected to additional restrictions last month.

They were Regal Financial Bank of Seattle and County Bancorp, parent of Arlington's North County Bank.

Separately, a report last week from research firm SNL Financial said four Washington bank-holding companies that received government aid under the Troubled Asset Relief Program, or TARP, did not make their scheduled November dividend payments.

Those four companies are Sterling Financial of Spokane, Cascade Financial of Everett, Pierce County Bancorp of Tacoma and Pacific International Bancorp of Seattle.

Regulators have shortened the leashes on banks owned by all those companies except Pacific International.

Nationwide, 55 TARP recipients missed their November payments, SNL said.

Banks that received TARP money are required to pay 5 percent dividends to the federal government, typically in quarterly installments.

Banks can defer payments, but the dividends accumulate.

If a bank skips six dividend payments the government can elect two directors to its board.

Since holding companies rely on dividends from their subsidiary banks for funding, restrictions on those dividends can force the holding companies to defer their TARP payments.

For instance, Cascade Bank, the banking subsidiary of Cascade Financial, was notified by the FDIC in late September that due to concerns about liquidity, deteriorating asset quality and overconcentration in real-estate lending, it would be subjected to a "corrective action program."

In the meantime, the agency said it would prohibit the bank from paying dividends to its parent company.

As a result, Cascade's board Nov. 5 decided to defer dividends on the preferred stock owned by the government, as well as on other securities owned by private investors.

Drew DeSilver: 206-464-3145 or ddesilver@seattletimes.com

Posted by David Haley on December 29th, 2009 6:18 PMPost a Comment (0)

New HAMP federal program updated guidlines

December 17th, 2009 12:47 PM

If you are one of the lucky ones to be able to participate in the HAMP program and have your loan get modified through this government endorsed program you are going to want to read these new guidline changes.

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0936.pdf

You also might be getting a knock on the door from a 3rd party company that is a out ther trying to assist you and the bank in gathering up all the financials that are required for this opportunity. This 3rd party company has what is called a Home Retention Consultant and when they come to your door please be kind as I am one of them, we are really there to see if we can help. We are being paid by the banks and it is of no cost to you. Our nationwide network of Home Retention Consultants (HRCs) ensures that homeowners understand their options to avoid foreclosure and help them through the process.

Hope this helps and I look forward to helping those of you in my area of Everett, Lynnwood, Mukilteo, Edmonds, Shoreline, Mountlake Terrace, Mill Creek, Bothell, and parts of N.Seattle, Washington. I look forward to the opportunity to meet with you.

Thank you for taking the time to read the blog and if you know anyone that is needing help give me a call or email.

Keep reading as I will update this blog often as changes are being made.

Posted by David Haley on December 17th, 2009 12:47 PMPost a Comment (0)

Foreclosure filings increasing

December 15th, 2009 10:12 AM

U.S. foreclosure filings rise

Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, according to an industry tracking agency.

By Dan Levy

Bloomberg News

Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, according to an industry tracking agency.

This year's filings will surpass 2008's total of 3.2 million as record unemployment and price erosion batter the housing market, RealtyTrac, which is based in Irvine, Calif., said Thursday in its monthly report. "We are a long way from a recovery," said John Quigley, economics professor at the University of California at Berkeley. "You can't start to see improvement in the housing market until after unemployment peaks."

Through November, U.S. lenders had permanently modified about 31,000 of the 4 million mortgages targeted for relief by the Obama administration's foreclosure prevention plan. That's less than 5 percent of eligible loans, the Treasury Department said Thursday.

Loan-modification programs and an expanded government tax credit for first-time homebuyers are helping slow the monthly pace of foreclosure filings and "keeping a lid" on further property seizures, said James Saccacio, RealtyTrac's chief executive. November filings fell 15 percent from the July peak and dropped 8 percent from October, the seller of default data said. That was the fourth straight monthly drop.

In Washington state, filings fell 1.5 percent between October and November. But they increased by 25 percent in King County, RealtyTrac said.

Washington wasn't hit as hard in November. One in 835 households statewide, and one in 759 in King County, either received a foreclosure notice or lost a home to lenders.

Nevada had the highest foreclosure rate for the 35th consecutive month, with one in 119 households receiving a filing in November. Florida ranked second, with filings for one in every 165 households. California was third, at one in 180, RealtyTrac said. Arizona, Idaho, Michigan, Illinois, Utah, Maryland and New Jersey rounded out the 10 highest foreclosure rates.

Washington ranked 28th. Filings were up 15 percent statewide and 52 percent in King County from November 2008.

Seattle Times reporter Eric Pryne contributed to this report.

Posted by David Haley on December 15th, 2009 10:12 AMPost a Comment (0)

Indy Mac Bank, Saxon Mortgage, Loan Modification, TARP Money

December 14th, 2009 7:04 AM

For anyone trying to do a loan modification with one of these companies just received some very disturbing statistics on how unsuccessful these companies are doing as of Dec. 10th 2009,

Indy Mac received 814 Million Dollars to do loan modifications and as of yet there has been ( 0 ) ZERO that have been permanently modified, they have over 19,000 trail loan modifications with a ZERO completed permanent modified loan.

Saxon Mortgage received over 886 Million Dollars from the government to participate in doing loan modifications and as of Dec. 10th 2009 they have completed on 42 permanently modified loans out of their 35,000 trail loan modifications that is less than 1/10 of 1% od a successful loan modification.

If you are wanting more information on this and looking to read on here is a great link... http://mandelman.ml-implode.com/2009/12/it%e2%80%99s-not-about-right-and-left-anymore%e2%80%a6-it%e2%80%99s-about-right-and-wrong/

Hope this is getting to some people that are really taking the time to read this and not happy to hear this. If you feel compelled to write your congress representative or senator and let them know that the money was given to the banks to help out the people not just for the banks to have more profit!

Get involved, it is time to let our government know that we are paying attention and we are expecting the banks to participate in the program for loan modifications.

Posted by David Haley on December 14th, 2009 7:04 AMPost a Comment (0)

Bank of America, Chase, Citibank - Loan Modifications and HAMP

December 11th, 2009 12:46 PM

For any and all who have or are trying to receive the loan modification program that the Obama administration have introduced as banks that received the TARP money from the tax payers then you will want to read this article.... click on highlighted link below for full story!!!!

Bank Of America's Foreclosure Rescue Failure: Only 1 Out Of 1,600 Borrowers Have Received Permanent Modifications

On Monday, the Huffington Post's Shahien Nasiripour reported on the failure of President Obama's $75 billion foreclosure program, citing JPMorgan Chase's prediction that only 15 out of 100 homeowner applicants have or will likely receive a permanent loan modification.

So far, the actual numbers are worse -- much worse.

Click on link above to read full story!

If you are needing help in this time to shortsale your home give me a call and I can put you in touch with the people to help you through this process.

Posted by David Haley on December 11th, 2009 12:46 PMPost a Comment (0)

US Treasury sets guidnace to simply shortsales!

December 1st, 2009 8:07 PM

NEW YORK (Reuters) – The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures.

The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury's website.

Click on link for the whole story...

http://news.yahoo.com/s/nm/20091130/bs_nm/us_treasury_shortsales

I also have many contact numbers for the loss mitigator of multiple lenders/banks/investors. Call or email me and will be glad to help out.

Also there are many other changes coming up on December 12 that will be affecting borrowers that are trying to get a loan with Fannie Mae as they are lowering the DTI " debt to income" restrictions to 45%.

Jan 1st has a signficant impact regarding the new GFE " Good Faith Estimate" and the new HUD-1 Settlement statement.

So stay tuned and I will blog more on this in the near future.

Posted by David Haley on December 1st, 2009 8:07 PMPost a Comment (1)