The big, bad sheriff of lending, The Consumer Protection Financial Bureau (CPFB) thought it built a tamper proof fence corralling “bad” loans by holding the lending industry hostage and implementing tough approval guidelines. The old saying if you build a tall fence, someone will build a taller ladder, has proven true.
President Obama and Secretary of Treasury Timothy Geithner are navigating us through the freeway of the deepest recession since the 1930’s. Along for the ride are their BFF’s: Paul Krugman, winner of the Nobel Memorial Prize for Economic Sciences in 2008; Larry Summers, resident bank lover and expelled President of Harvard University, and Paul Volker, the 82 year old former
When can I buy a new home?
The calls are coming in from former short sale homeowners that now want to reenter the housing market. The rumor that FHA will finance homes immediately after a short sale is as likely as Lindsay Lohan staying out of jail. FHA Mortgagee Letter 09-52, is very specific on their guidelines (I know, it shocked me, too, a government mandate that is clear and concise).
Charlie Sheen, Muammar Gaddafi and Uncle Sam walk into a bar. Who will pay? Gaddafi hates America so much that all of his money is tied up in U.S. banks and investments. Charlie ranted his way out of his billion dollar T.V. show plus he isn’t sure rehab allows drinking with non-strippers. Uncle Sam is the only one of three that has a job and he can’t pay due to budget constraints.
It’s official. Our government is slowing killing the Arizona housing market.
President Obama torpedoed the already distressed home financing industry by announcing the gradual raising of down payments to a minimum of 10% on conventional loans. He touted a 2009 survey by the Federal Reserve Bank of St. Louis that reported…
Question: What is the Truth In Lending Statement?
Answer: In our office it is also called the “Oh, my goodness statement!”
Regulation Z or The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions, by requiring clear disclosure of key terms of the lending arrangement and all costs.