Press Release: GMAC Financial Services and ResCap Announce Further Streamlining of Mortgage Operation On Sept. 2, 2008, a plan was approved that included closing all 200 GMAC Mortgage retail offices, ceasing originations through the Homecomings wholesale broker channel, further curtailing business lending and international business activities, and right-sizing functional staff support. In addition, the company is evaluating strategic alternatives for the GMAC Home Services business and the non-core servicing business. These collective actions will reduce the ResCap workforce by approximately 5,000 employees, or 60 percent. This portion of GMC use to be a major source of revenue. They are now catching it on both auto sales and mortgage origination... 09/03/2008

Steted income loans were originally available for self-employed borrowers who "wrote off" much of their income for true business expenses. The problem was that they seldom qualified for "full documentation" loans. Thus, the stated income loan was born. Because of all the abuse of this program, there are very few stated income loans available for those that need them. This will cause problems for many self-employed borrowers who have ARMs that will reset in the next year or so!   From Business Week... Alt-A mortgages were designed for people with good credit who had trouble documenting their income - people like the self-employed. Not as risky as subprime but not quite prime either, Alt-As made some news recently because they're part of what's ailing Fannie Mae and Freddie Mac. About hal... 09/02/2008

     www.GCHouses.com  Mobile Alabama, has a Lot of New Homes that will qualify ! For many the mention of USDA conjures up thoughts of farmers, ranchers, and regulations related to the safety of meat, poultry, and egg products. In fact, more and more Americans are taking advantage of USDA's programs. One of the housing programs gaining popularity is the USDA Guaranteed Rural Development Loan, a program with unique benefits to assist individuals and families acquire homes. The program is truly remarkable and creates special opportunities for:  Home Buyers Flexible Credit CriteriaMany loan programs only have automated computer underwriting systems driven heavily by credit scores. However, the Rural Development Loan allows for manual underwriting.Manual underwriting allows us to consider t... 09/02/2008

Gustav now up to a strong Category 4 Hurricane. It looks like it will hit far enoug to the West of New Orleans to spare devastation, but a jog East could prove disastrous. Mandatory evacuations by Sunday AM. Everyone from Houston to Mobile is watching... MIAMI, Florida (CNN) -- Gustav's winds increased to near 145 mph Saturday as it threatened the western tip of Cuba as a Category 4 hurricane.Saturday morning Gustav was about 255 miles east-southeast of the western tip of Cuba. "This makes Gustav an extremely dangerous Category 4 hurricane on the Saffir-Simpson hurricane scale," the National Hurricane Center said. Gustav's hurricane force winds extend outward up to 60 miles as it barrels toward the U.S. Gulf Coast for a landfall late Monday or Tuesday. Read the entire article here http:... 08/30/2008

Are you a full-time professional real estate agent? Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people.Yo... 08/30/2008

It looks like all the models are lining up over central Louisiana. This may be far enough to the West of New Orleans to keep them relatively safe, as far as the levees are concerned, but it will be a close call. Please keep us in your prayers... The storm poses a serious threat to lives and property along the Gulf Coast, with landfall forecast late Monday or early on Tuesday. The threat will extend well inland from the immediate coast. The highest risk for a direct landfall from Gustav lies from Houston, Texas, to Mobile, Ala.; however, all interests along the Gulf Coast from the Florida panhandle to south Texas should monitor the progress of Gustav. Read the entire article here  http://www.accuweather.com/news-top-headline.asp?partner=accuweather&traveler=0&date=2008-08-29_08:04   08/29/2008

It still seems that the models want to place this storm over Eastern-Central Louisiana. This track would not be good for New Orleans as it places the storm on the East side of the Big Easy. Hopefully, it changes this track and dissipates over the water... ...Center of Gustav near the South Coast of Jamaica...   at 800 PM EDT...0000 UTC...the government of the Cayman Islands has issued a Hurricane Warning for the Cayman Islands.  A Hurricane Warning remains in effect for Jamaica.   A Hurricane Watch continues for western Cuba for the provinces of Isla de Juventud...Pinar del Rio...la Habana...and Ciudad de la Habana. A tropical storm watch is in effect for the province of Matanzas. A Hurricane Watch means that hurricane conditions are possible within the watch area...generally within 36 ... 08/28/2008

This storm will be difficult to predict, since it is so far out, but the models seem to be lining up for central to Eastern Louisiana. This could change and probably will, but in a city like New Orleans, time is of the essence. Good luck to all along the Gulf coast...   08/28/2008

The computer models seems to have tracked its course back West toward the Texas/Lousiana border. It's still a long way from the Gulf, but this track could force the evacuation of many oil rigs in the area... Statement as of 5:00 am EDT on August 28, 2008  ...Gustav reforms to the south and is a little stronger...   at 5 am EDT...0900 UTC...the Tropical Storm Warning for Haiti has been discontinued.   A Tropical Storm Warning remains in effect for the Cuban province of Granma.   A Hurricane Watch and a Tropical Storm Warning remain in effect for Jamaica.   A Hurricane Watch remains in effect for all of the Cayman Islands.   Interests in central and western Cuba should closely monitor the progress of Gustav.   For storm information specific to your area...including possible inland watches... 08/27/2008

I had several great experiences with Thornburg! It's a shame they are having so much trouble, but there aren't any buyers for their loans!   From Forbes.com: "Our circumstances are somewhat precarious, to put it mildly," Thornburg Chief Executive Larry Goldstone said on a conference call. Sante Fe-based Thornburg Mortgage reported earnings of $412.3 million, or 84 cents per share, vs. $78.1 million, or 66 cents per share, in the year-ago period. This is respectable considering the firm's aggressive fund-raising tactics, which increased the number of outstanding shares to 484.6 million common shares in the 2008 quarter from 119.3 million in the 2007 quarter. ... Thornburg, which specializes in originating and investing in jumbo mortgages that are worth more than $417,000, has been hurtin... 08/27/2008

Gustav gradually pulling away from Hispaniola... A Tropical Storm Warning is in effect for Haiti from the DominicanRepublic-Haiti border westward to Le Mole St Nicholas. A TropicalStorm Warning means that tropical storm conditions are expectedwithin the warning area within the next 24 hours. A Hurricane Watch and a Tropical Storm Warning are in effect forJamaica. A Hurricane Warning remains in effect for Cuba for the provinces ofGuantanamo...Santiago de Cuba...and Granma. A Hurricane Watch remains in effect for the Cuban provinces of LasTunas and Holguin and all of the Cayman Islands. Interests in central and western Cuba should closely monitor theprogress of Gustav. For storm information specific to your area...including possibleinland watches and warnings...please monitor products is... 08/27/2008

10-city--down 17% from Q2 2007 20-city--down 15.4% from Q2 2007 Although this is bad, the percentage decreased a bit in June... From the Washington Post: Home Prices Fell at Record Pace in June: Report ReutersTuesday, August 26, 2008; 9:38 AM   NEW YORK - Home prices fell a record annual 15.9 percent in June, but the monthly rate of decline slowed from May which suggested the decimated housing sector may be stabilizing, according to Standard & Poor's on Tuesday. "While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level," said David Blitzer, chairman of the index committee at S&P, in a statement. The S&P/Case-Shi... 08/26/2008

You may think that shopping for homes starts with jumping in the car and driving all over town. And it's true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long - if weeks go by without finding what you're looking for, the fun can fade pretty fast. That's why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms. Questions to ask yourself What do I want my home to be close to? How much space do I need and why? Which is more critical: location or size? Would I be interested in a fixer-upper? How important is home value appreciation? Is neighborhood stability and priority? Would I be interested in a condo? Would I be in... 08/25/2008

Why would a first time homeowner want to buy a house in todays market Simple A temporary tax credit up to 7500  ( 1st time or not owned in past three years )   single is less than 75k income  ( allowed ) married less than 150 k income ( allowed ) Not to be paid back until 2010 and over 15 years or the sale of the house.  This will make up for the loss of a lot of DPA's we have been using in the past.  The part of the bill I don't like is 1/1/09 is the Capital Gains Exclusion for personal home sales will move to 40% exclusion for the 2 of last 5 year rule ( was eligible 250k for single & 500k for married ) people who sell in 2008 are exempt.  Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best "accid... 08/23/2008

Are you thinking of buying home?  Are you a first time homeowner ?  What is the appeal of new home over a existing home. New homes have a longer life expectancy, and often appraise higher than a pre-owned home. Future resales are favorable at these appreciated prices. Most new homes have at least a one-year warranty on the home and a five- year warranty on major appliances. Some builders extend structural warranties to 10 years. When you buy a new home, you get to pick the options you want, including the floor plan, choices of optional rooms, extra square footage, upgrade materials, and color choices. You can make the home fit your needs and personal tastes. Especially in a market where many new homes are under construction, new home prices are usually more competitive. It is also easie... 08/22/2008

Come see why so many people are loving our city. When I travel, I more times than not get the question about us being layed back, a bit slower, or even naturally lazy,  all beacuse we speak slowly..... What people don't understand unless you live here .....Southerners have love affairs with words.. We speak slower because our "love of the " that we can't stand to part with them. We caress them, massage them, polish them and linger over them lovingly before allowing them to go on their way with a lilt and an inflection found nowhere else in the world. I'm told by many,  it's because we have a habit of taking a sip of the " elixir of life " with every word and sentence.  Who know's .....what I do know , I love this place and the wonderful people who make the place I live so great. Mobile ... 08/21/2008

Since Fay may make a turn back toward the Gulf, I have alerted my Realtor partners and our clients to make sure homeowners insurance is procurred, quickly, for all homes under contract. As I'm sure you are all aware, once a Hurricane gets into the Gulf, all insurance companies will stop writing new policies, and thanks to Fay's recent past, it could linger for a while. Good luck to us all, especially our friends in Florida... 08/21/2008

Hello to all the activerain members.  I was recently invited to join this site and upon reviewing it I have found that it's a very resourceful website. I am very happy to be involved and and I hope to educate many members on credit issues we experience on a day to day basis. Even if your not a CIC client I will be very happy to answer your credit questions.      08/20/2008

In todays market it is getting harder and harder to qualify customers.  Due to the rescession that we are heading into prospective clients are having trouble with keeping there credit scores top notch.  I have found through the "Rapid Re-scoring" program available through CIC Credit that we now have an advantage over this.  I have had customers that were under the 580 minimum credit score for qualifying for a loan and I need someway of improving their scores.  I called Vicky at CIC Credit Bureau and she was more than knowledgable in helping me.  She is a God send in this business.  She has taken a prospect from a 500 credit score to a 689, thus turning him into a customer.  With a little help from your client, it usually only takes 48 hours for her to make the necessary changes to your ... 08/20/2008

Well, we knew this would happen eventually. Credit tightening is forcing banks to borrow money to plug holes rather than lend back to us. This situation will get worse before it gets better. Fortunately, FHA and USDA is filling the gap that Freddie and Fannie once occupied... From Bloomberg: Most "domestic institutions reported having tightened their lending standards and terms on all major loan categories over the previous three months," the Fed said today in its quarterly Senior Loan Officer Survey. Banks may be reluctant to lend against housing collateral that is falling in value. Home prices in 20 U.S. metropolitan areas dropped 15.8 percent in May, the biggest decline since record keeping began in 2001, according to the S&P Case-Shiller Home-Price Index. The economy is also falteri... 08/15/2008