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After 11+ years working as senior IT manager for international commercial bank in NYC, moved to Florida and got involved with mortgage industry startup. Timing could not be worse, but I like working in mortgage industry and the challenges it presents. Expanding horizons and learning something new makes my day!
Not sure if I would write off New York City in favor of Seattle, SF, and L.A., despite the drop in Wall Street incomes. NYC is a cosmopolitan city with a lot of international demand and relatively "unscathed" by current drops in real estate values. As a city that is geographically very space-restricted, there is not a lot of middle-class-income-priced condos for sale available. The PWC report predicts that NYC will be first to bouce back: see report snippet here _________________ Mortgage Helpline
Yes. Most FHA loans are assumable, meaning you can transfer your loan to the new owner if you sell your house. That allows the new owner to take over your FHA loan without the additional cost of obtaining a new loan. To determine if your loan is assumable, look for the clause "subject to transfer" in the mortgage note. To assume the loan, the buyer has to meet the credit standards for the loan. It that reagard, the new buyer needs to qualify for the assumption in the process called "FHA streamline". Contact the lender who currently holds the loan and ask for "assumption package". _________________ It is clear that government
It is clear that government plan is focusing on jump-starting credit markets by freeing up at least part of the equity invested in MBS and CDOs derivatives. No part of the current plans focuses on propping up housing values by gobbling up real estate. This, despite the "helping homeowners" rhetoric was left to market, which will eventually adjust itself. Henry Paulson's background is Wall Street and Goldman Sachs investment banking , not real estate - no wonder he understands "paper" better than "bricks and mortar". Granted, current crisis is much different that S&L fiasco on the 80's - until 1987 private issuance of Mortgage Backed Securities was negligible. Ben Bernake's critics have refferred to him "helicopter Ben" because of his his views on Great Depression as a result of liquidity crisis and inaction of FED and Treasury. In a specific comment made by Ben Bernake, government, when faced with Depression-like crisis, must "throw cash from helicopters if needed" - essentially showering the markets with excess liquidity. For both men "paper" is much closer to their hearts than inner workings of Resolution Trust Corporation concept. Just look at the most recent initiative to directly buy "commercial paper" from corporations, which essentially is equivalent to direct, government-sponsored lending to private sector. According to that train of thought, excess liquidity will eventually foster confidence and "unfreeze" credit markets again. The problems is, the credit and investment markets live of selling IPO's and derivatives - for which currently there is little or no market. In times of scarce no one is buying such elaborate yet virtual instruments as they hold no "real" redeemable value. The "real" value will eventually be found in "hard assets" e.g. in real estate, but only after "market adjustment" completes it's full cricle. Slowing that process down only prolongs the inevitable and prolongs the pain. _________________ Mortgage Helpline _________________
