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Borrowers Beware – Loan Fees Set to Rise in Early 2012

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Borrowers Beware Loan Fees Set to Rise in Early 2012

By Doug Huggins
Unpleasant news for future Mortgage Loan Borrowers in 2012 – the cost to obtain a new is going UP!

Capitol Sm.jpg.scaled500 Borrowers Beware Loan Fees Set to Rise in Early 2012

Late this December our Congress passed a short-term extension of the payroll tax cut. While many folks cheered this extension (even if it was only for two-months), they way Congress decided to finance the tax cut was with a 10 basis point hike in Fannie Mae and Freddie Mac guarantee fees. In other words, Congress just increased the fees the government charges those agencies for doing loans. Those fees will be charged by those agencies to mortgage companies on a per-loan basis. Those increased fees are expected to pass the cost onto homebuyers and mortgagors seeking to refinance.

The payroll tax bill (H.R. 3630) signed by President Obama is expected to generate $35 billion over 10 years. The money collected will go to the U.S. Treasury Department and will not repay the government for bailing out Fannie Mae or Freddie Mac.

Mortgage industry officials are dismayed by Congress’ decision Continue reading →

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Politically Correct Holiday Wishes

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Politically Correct Holiday Wishes

A great friend of mine just sent this over to me – it is hilarious…

To All My Politically Correct & Progressive Friends:

 Please accept with no obligation, implied or explicit, my best wishes for an environmentally conscious, socially responsible, low stress, non-addictive, gender neutral celebration of the summer/winter solstice holiday practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practice of your choice, with respect for the religious/secular persuasion and/or traditions of others, or their choice not to practice religious or secular traditions at all.

I also wish you a fiscally successful, personally fulfilling and medically uncomplicated recognition of the onset of the generally accepted calendar year 2012, but not without due respect for the calendars of choice of other cultures whose contributions to society have helped make the United States a great nation.  Not to imply that the US is greater than ony other country in the world.

Also, this wish is made without regard to the race, creed, color, age, physical ability, religious faith or sexual preference of the wishes.

TO EVERYONE ELSE:

MERRY CHRISTMAS AND A HAPPY NEW YEAR

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More Evidence the Obama Administration Doesn’t Care About Home Owners

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More Evidence the Obama Administration Doesnt Care About Home Owners

Hey folks, Doug Huggins here again with more evidence that the Obama administration doesn’t care about fixing the economy – especially the housing market…

This article was posted on December 20, 2011 at FireDogLake.com
http://news.firedoglake.com/2011/12/20/obama-administration-opposes-proposed-fhfa-principal-paydown-plan/

Obama Administration Opposes Proposed FHFA Principal Paydown Plan

By: David Dayen

A while back, House Democrats impressed upon the Federal Housing Finance Agency the need for some kind of principal modification program for underwater borrowers. One option proposed by Rep. Zoe Lofgren and the National Association of Consumer Bankruptcy Attorneys was a principal pay down. Under it, borrowers would get through a bankruptcy process a temporary elimination of interest on their loans for up to five years, allowing all of their monthly payment to go to paying down principal. After the five-year period, they would be able to roll into a market rate loan. They would give up right of action in exchange for this program, and the new mortgage coming out of the process would have “quiet title,” (basically title ownership would be restored) which are the incentives for the lender.

I wrote about this idea at the time, recognizing it as a trade-off.

Would this help mitigate the foreclosure crisis? Certainly it would increase equity. What’s less clear is whether the interest payments are forgiven or merely deferred. If they’re deferred, it’s like a forbearance, which doesn’t do a whole lot in the long run. If they’re forgiven, it would give underwater borrowers a leg up.

Continue reading →

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House Republicans Caving In on Short Term Payroll Tax Credit

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by Doug Huggins

Just too much pressure I guess. Looks like the House Republicans are going to cave-in and agree to the short-tem (2-month) extension to the Payroll Tax Cut Bill passed by the Senate just before they raced out of town.

Yeah, I know the Republicans can’t be seen by an ignorant electorate or even more biased media as being “unfeeling” or “uncaring” this time of year…But what no one seems to be mentinoing is that in the Senate version of the bill, they are paying for this bogus tax cut by increasing fees on Fannie Mae, Freddie Mac and HUD (FHA & VA) loan – PERMANENTLY!

That’s right – the tax creit is only being extended for two-months but the way we, the tax payers, are paying for this short term feel good bill is by paying more in loan fees to the Feds each and every time we take out a loan.

It must be a result of a government school education that most folks can’t do the math. What does the so called payroll tax credit really saves someone? Two-Percent (2%) of their gross pay. That’s $20 / $1,000. And what happerns to that $20 extra bucks? It’s not like the worker is really going to see an extra $20 per $1,000 earned. That 20 bucks will be taxed at regular rates so that means an extra, what?, $15 in the pocket.

Well, I guess since the Democrats want to keep as many folks in government housing as possible, far too few people are concerned with the disproportionate increase in loan costs.

One hell of a way to pay for a two-month feel good Christmas (OH, excuse me!) “Holiday” gift to the Worker Class. One must be PC while they are getting screwed!

Doug Huggins

RadioDoug 217x300 House Republicans Caving In on Short Term Payroll Tax Credit

Doug Huggins is recognized as the nation’s leading expert in helping individuals and families find, qualify for and own a home of their own with little money down and less than perfect credit. Contact Doug at The Home Ownership Center USA (a not-for-profit public benefits corporation) for a No Cost – No Obligation consultation about your mortgage needs – 404-462-4663 – or goto www.TheHomeOwnershipCenterUSA.org.

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Another Blow Against Freedom – Military Can Detain Citizen Without Due Process

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Just received a link to this video. I believe it is important for all of us who function as “non-welfare glomming” citizens to understand the ongoing campaign to steal our freedom and empower an imperialistic federal government.

Could this be just one more step in Obama’s ambition to become supreme ruler of this country? Is this one more step in the process that started with the Governor of North Carolina declaring that we should suspend election until the economic crisis was over?

I understand that this video was posted and is being publicized by “Paulistas” – that is Ron Paul fanatics. And fanatics of all ilk concern me…

However, I am frankly very concerned that if Obama wins the election in 2012 that that will be the last free election we see in my lifetime here in the US and possibly in my young son’s lifetime as well.

Always remember…

FREEDOM ISN’T FREE

 

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Senate Bill Calls for Hike in FHA Premiums

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Senate Payroll Tax Bill Calls for Hike in FHA Premiums

By Doug Huggins

As the House Republicans begin to get blamed for not agreeing to a temporary (2 whole months) extension of the payroll tax reduction, it is important to understand that over the weekend he Senate added a little known provision to their version of the payroll bill. The Senate added an increase in FHA premiums to the payroll tax bill, passing the modified bill by an 89 to 10 margin.

The language was added to the bill because the mortgage insurance industry lobbied heavily for the increase. The reason is the MI companies feared that a 10 basis point g-fee hike for Fannie Mae and Freddie Mac MBS would tilt the market toward FHA loans.

The final bill now includes g-fee hikes for Fannie and Freddie, and a premium increase for FHA.

The MI companies pushed for the FHA premium hike, making the claim that without the increase HUD and HUD backed loans (ie. FHA Loans) would have a competitive advantage and field more business if the g-fees for Fannie and Freddie MBS are raised without a corresponding increase in FHA premiums.

Continue reading →

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New Article – “Bi-Weekly Pay-Off – Five Mortgage Options to Avoid – Part 3 of 5

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By Doug Huggins

Just posted – part 3 of 5 in my series Five Mortgage Options to Avoid – Bi-Weekly Pay-Off.

Find it and other articles on a new site – http:thehomeownershipcenterusa.org

RadioDoug 217x300 New Article Bi Weekly Pay Off Five Mortgage Options to Avoid Part 3 of 5Doug Huggins is recognized as the nation’s leading expert in helping individuals and families find, qualify for and own a home of their own with little money down and less than perfect credit. Contact Doug at The Home Ownership Center USA (a not-for-profit public benefits corporation) for a No Cost – No Obligation consultation about your mortgage needs – 404-462-4663 – or goto www.TheHomeOwnershipCenterUSA.org.

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GMAC to Halt Residential Lending in Massachusetts

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Original Article by Brad Fiklelstein… Following Comments by Me – Doug Huggins

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GMAC/Ally to Halt Residential Lending in Massachusetts

Friday, December 2, 2011

GMAC Mortgage on Friday said it will no longer purchase loans originated by mortgage correspondents

GMAC, a unit of the government-owned Ally Financial, said it will honor all commitments through December 5. At press time no other details were available.

Ally/GMAC is one of five megaservicers sued by Massachusetts this week, which alleged foreclosure violations tied to robo-signings.

In its release, GMAC said, “recent developments have led mortgage lending in Massachusetts to no longer be viable.” It will continue to service its existing loan portfolio that was originated in the state.

The release added that, “The company is disappointed that it can no longer participate in offering certain financing options in Massachusetts; however, it has an obligation to manage risks and deploy capital in an appropriate manner and in a way that protects the investment of the U.S. taxpayer.”

 

COMMENTS:

Okay, here’s another example of what happens to the borrowing public when some possible well meaning government agecny steps into it and trys to over regulate mortgage lenders. The citizens of Massachusetts now have less mortgage options to help them either buy, refinance or sell a home. In a slow housing market why do politicians think it is a good idea to limit consumers’ options. AMAZING!!

RadioDoug 217x300 GMAC to Halt Residential Lending in MassachusettsDoug Huggins is recognized as the nation’s leading expert in helping individuals and families find, qualify for and own a home of their own with little money down and less than perfect credit. Contact Doug at The Home Ownership Center USA (a not-for-profit public benefits corporation) for a No Cost – No Obligation consultation about your mortgage needs – 404-462-4663 – or goto www.TheHomeOwnershipCenterUSA.org.

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30 Year Mortgage Rates Still Around 4%

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30 Year Fixed Rate Mortgage Rates Still Hover at About 4% – 15 Year Rates Below 3%.

The average 30-year fixed mortgage rate tracked by Freddie Mac during the week ending last week (Dec. 1) came in a bit igher at 4%, but still left the average for the past month below 4%.

“If you look at the entire month of November, the 30-year averaged 3.99%,” said Freddie Mac spokesman Chad Wandler. For 15-year loans the average was 3.31%, he noted.

“We’re talking incredibly low mortgage rates,” he said. “For those people in the market, and who can qualify, it’s an incredible opportunity.”

The 15-year FRM rate during the most recent week maintained the same average as the previous week, 3.3%, while the five-year Treasury indexed hybrid was down a basis point at 2.9%. The average rate for a one-year Treasury ARM also inched down by a basis point to 2.78%.

A year ago the 30-year rate was 4.46%, the 15-year rate was 3.81%, the five-year Treasury hybrid rate was 3.49% and the one-year Treasury ARM rate was 3.25%.

What this means is that RIGHT NOW remains one of the very best times in the last century to be in the market for a home. If you are a potential First Time Home Buyer you should be contacting us NOW!

It also means that if you have an interest rate above 5 1/2% you should be contacting The Home Ownership Center USA to be directed to a Certified THOC Mortgage Professional to get your loan refinance and do it with NO CLOSING COST!

Email us at: info@TheHomeOwnershipCenterUSA.org

RadioDoug 217x300 30 Year Mortgage Rates Still Around 4%Doug Huggins is recognized as the nation’s leading expert in helping individuals and families find, qualify for and own a home of their own with little money down and less than perfect credit. Contact Doug at The Home Ownership Center USA (a not-for-profit public benefits corporation) for a No Cost – No Obligation consultation about your mortgage needs – 404-462-4663 – or goto www.TheHomeOwnershipCenterUSA.org.

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