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    • Mortgage Rates Above 5% as 2009 Ends December 31, 2009
      The year ends with mortgage rates just over 5%, according to mortgage giant Freddie Mac [[FRE]]. According to Freddie’s weekly survey, the 30-year fixed-rate mortgage (FRM) averaged 5.14% with an average 0.7 point for the week ending Dec. 31. The rate is up from last week’s 5.05% and from the same last year when it averaged [...]
    • HUD Eliminates 1% Cap on FHA Mortgages December 31, 2009
      The US Department of Housing and Urban Development (HUD) removed the 1% origination fee cap on loans insured by the Federal Housing Agency (FHA), according a mortgagee letter sent out this week. HUD made the change to remain consistent with the Real Estate Settlement Procedures Act (RESPA), which will require mortgage lenders to disclose to borrowers [...]
    • A look back: HW’s Top Stories of 2009 December 31, 2009
      The end of the year is upon us — and what a year it’s been! Here’s a look at the top 5 most-read stories from HW this year. A Game of Credit Cost Smoke and Mirrors at Wells Fargo? Paul Jackson, April 9, 2009 This story about potential lurking credit costs at WFC caught the collective imagination of [...]
    • UK Home Prices Climb 5.9% in 2009: Nationwide December 31, 2009
      Home prices in the UK climbed 5.9% in 2009, according to a report from the Nationwide Building Society. The average price of a home in the UK landed at £162,103 ($257,105) to end the year with an 8.9% rebound from their lowest point in February 2009, according to Martin Gahbauer, Nationwide’s chief economist. Prices in the UK [...]
    • Treasury Pumps $3.8bn More Into GMAC December 31, 2009
      The U.S. taxpayer now owns a majority interest in GMAC Financial Services, which this week received a capital infusion of $3.79bn from the US Treasury Department. The latest government-led effort to bolster GMAC’s capital base comes as part of a year-end effort to close a capital shortfall, per government stress tests conducted in May 2009. The [...]

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The Committee for Stabilizing America’s Neighborhoods

Posted on October 30, 2008 by paradigmdefault

Re: The Committee for Stabilizing America’s Neighborhoods
The Board of Directors of Paradigm Default Services and The Mercury Alliance, the two companies which are operated by my partners, Ruben and Tiana Estrada and I, have approved an initial expenditure of $5,000 to initiate and form, a new political action committee (PAC) to offer guidance to lawmakers and [...]

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$700 Billion Bill Passed

Posted on October 3, 2008 by paradigmdefault

Minutes ago the gavel fell in Washington indicating that the $700 Billion Bail Out Bill had passed.  Earlier this week the bill failed to pass based on the lack of detail in the bill itself.  Only days later the bill was detailed enough for the Congress to see it as the bill the United States [...]

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Wachovia to be Bought by Wells Fargo

Posted on October 3, 2008 by paradigmdefault

Wachovia agreed to sell itself to Wells Fargo in a $15.4 billion takeover, scrapping a federally backed deal Citigroup put together. Citigroup is considering suing the banks and may sweeten its bid.
A federal takeover of Wachovia which included Citigroup, Inc. was undone Friday as Wells Fargo & Co. slid in to make a powerful offer. [...]

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