Posted To: Pipeline Press

It was reported that for the ninth year in a row, the most popular car color was silver. In fact, GM says that this year, all three of the cars they sold were silver. But I saw a clever sign at a car dealership: "The best way to get back on your feet? Miss a car payment." We had some good news last Monday when it was announced by the Federal Reserve that 9 of 10 large banks ordered to raise capital in May "had met or exceeded their goals, the exception being GMAC Financial Services , an auto lender still negotiating for a fresh infusion of taxpayer funds." The Fed said that together, the 10 institutions determined by regulator stress tests to need bigger cushions against losses had boosted their Tier 1 common equity by $77 billion. Even GMAC is expected to meet its remaining…(read more)

Posted To: MBS Commentary

Recap of Last Week Senior Loan Officer Survey indicates credit conditions still tightening. DU 8.0 will continue to contract credit availability in the mortgage market Home buyer tax credit resources HERE FHA Audit reveals FHA reserves at all time low READ MORE Fed Purchases $13.5 billion agency MBS. Slowing pace of purchases still yet to affect MBS valuations Purchase Mortgage Applications at 9 year low. Refinance apps +11.3%. MND Story JP Morgan Chase hiring originators. READ MORE Senator Dodd Proposes Financial Reform. Section 1503 encourages transparency in asset securitzation. Tall task for mortgage market to accomplish… READ Brian Montgomery's comments BEWARE: GSEs Strictly Enforcing Loan Buyback rules. Lender's must have skin in the game. Tim Rood discusses Wells Fargo reducing…(read more)

Posted To: MND NewsWire

The week begins with a bang but ends with a whimper. A storm of data hits markets on Monday with retail sales an hour before the opening bell, plus the first look at November manufacturing and business inventories. To top off the day, Fed chairman Ben Bernanke gives a talk during the lunch hour a little after dual Treasury auctions. Later in the week markets will be looking at inflation indexes, housing construction data, the usual weekly labor report, and leading indicators. Friday ends the week with no data at all. The week is sure to be a busy one. Even before the opening bell sentiment is high after the Japanese economy climbed a healthy annualized rate of 4.8% in the third quarter, about two percentage points better than expected incline due to robust consumer spending and improving exports…(read more)

First time home buyers rejoice!!!!

Congress has officially extended the deadline for the $8,000 first time home buyer tax credit to April 30, 2010.   Under the extension, the deadline of April 30 refers to the contract date.  This means that the 1st time buyer must have a sales contract on a house by April 30 2010 to be eligible, but he/she has an additional 60 days to close the purchase.  This means that New Jersey first time home buyers have until June 30th, 2010 to close on their new homes to be eligible for the $8,000 first time buyer break – great news!!!

Who is eligible for the $8,000 credit?  First-time home buyers and those who have not owned a primary residence in the last three years prior to the purchase.

Do income limits apply?  Yes – and the income thresholds have increased from the last bill.  The full amount of the credit is available to married couples who make up $250,000 per year (adjusted annual gross income) and single filers who make up to $125,000.  See the official IRS website for more detail.

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Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.

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I hope you have enjoyed this blog.

Until next time,

Tony
201-943-6800

P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey (NJ) office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.

P.P.S. CLICK HERE to check out our FREE Credit Repair Program.

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