From the category archives:

San Diego business

Citi’s “Big” Bail Out…What about the “Little”Guys?

by Peter Toner San Diego business
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The government’s latest attempt to assist the nation’s struggling financial system is their bail out of Citigroup, one of the world’s largest banks. So what’s the price tag on this newest bail out? To start $306 billion in loan guarantees as well as an added $20 billion cash infusion. The government in exchange is requesting [...]

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Renters Hit by Foreclosure You Have Rights!

by Peter Toner San Diego business
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If you haven’t heard about it… we are not surprised! It took a while to dig deep enough to find the details. This past July California signed into law that tenants living in homes that are foreclosed upon have new rights that must be adhered to before they are evicted from the property. The bank, [...]

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90 Day Foreclosure Freeze for California

by Peter Toner San Diego business
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In the 3rd quarter of 2008 over 80,000 homes went into foreclosure – that’s a tragedy times 80,000 families. Governor Schwarzenegger has presented a new proposal to put a 90 day freeze on foreclosures; it is his attempt to encourage lenders to make aggressive loan modification programs available to homeowners who are on the road [...]

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Free “Green” money!

by Peter Toner San Diego business
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Last month the “Emergency Economic Stabilization Act of 2008” was signed into law – a barely publicized “sweetner” to the Bill was an unlimited tax credit for installing some solar energy systems. Solar Water Heating systems are approved for 30% of the cost of the system or up to $2,000. If you install Photovoltaic Systems (electricity [...]

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San Diego to hear Countrywide Suits

by Peter Toner San Diego business
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The U.S. District Court in San Diego has been chosen to hear many of the high-profile predatory-lending lawsuits that have been filed against Countrywide Financial Corporation. With Countrywide being based out of California, the federal judicial panel believed that it made the most sense to keep the hearings in California to help expedite the proceedings. [...]

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I-15 Express Lanes Opening Late Summer 2008

by Peter Toner General
I-15 Express Lane

If you often travel on I-15 you couldn’t help but notice the extensive construction being done to the freeway. The 20 mile long project continues up and down I-15 between State Route (SR) 163 and SR 78. Once completed it will be a state-of-the-art Express Lane facility. The billion dollar project is being completed to [...]

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First-time Home Buyer Tax Credit up to $7,500!

by Peter Toner General
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Just last week the Housing and Economic Recovery Act of 2008 was signed into law. Part of this new law is a temporary tax credit for first-time home buyers. The credit will apply to home purchases settled on or after April 9th, 2008 through July 1st, 2009, with the later date being the expiration of [...]

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An Attempt to Save Seller Funded Gifts

by Peter Toner General
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Recently, the “Housing and Economic Recovery Act of 2008” placed a hold on seller funded gift programs starting October 1, 2008 to September 30, 2009. The basis for putting a stop to seller gifts is due to the often higher default rate found with borrowers assisted by seller gift funds. Texas Democratic Rep Al Green [...]

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bv Back to Basics for Wachovia

by Peter Toner General
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In just a few days the Nation’s 4th largest bank will put an end to their wholesale lending division. Traditionally the wholesale division of a bank offers loans to mortgage brokers at a lower cost than their retail branches offer to the general public. The broker then sells the loan to their client, with a [...]

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New Rules for Lending Issued by the Fed

by Peter Toner General
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  New lending rules were issued this week by the Federal Reserve, most of which will not be taking effect until October 1st, 2009 and some as late as April 1st, 2010. Not only will banks have to abide the new rules but all lenders will be required to do so as well. Consumers should [...]

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Increase in FHA Loans on the West Coast

by Peter Toner General

Interesting read on Inman News website regarding the increase of FHA loans on the West Coast. It comes as no surprise that this increase began during the month of March 2008 when HUD released their new loan limit programs. The statistics were obtained from California, Arizona, Nevada and Hawaii and show an increase of 62.5%! [...]

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Mello Roos ~ How It Works

by Peter Toner General
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A Mello-Roos Community Facilities District (CFD) is formed. Mello-Roos is a method of financing government entities (cities, counties, school districts and other special districts) to fund the cost of public improvements. Before Government entities can form a CFD, they must either obtain permission from area landowners or hold an election of registered voters within the [...]

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What’s the deal with Distressed Home Sales?

by Peter Toner General
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In San Diego we have all come to the reality that a large majority of our market is “distressed” – in the status of Short Sale, Notice of Default or Foreclosure. It is clear from the sales stats that the main areas being affected by the mortgage crisis are those in the outer communities of [...]

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Fannie Mae Announces Important Mortgage Guideline Changes

by Peter Toner General

A recent article online at RISMedia provided some very valuable information regarding recent guideline changes for Fannie Mae loans… We have posted the full article below for your review. The fourth change will come as “good” news to those considering purchasing a home in San Diego. If you have any questions on the material feel [...]

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San Diego Home Expo 2008~We’ve Got Free Tickets for Our Readers!

by Peter Toner General

This Saturday May 10th, marks the First Annual San Diego Home Expo 2008, being held by San Diego Association of Realtors and San Diego County’s Building Industry Association. The San Diego Home Expo’s goal is to inform the consumer on important things they should know about buying a home, selling a home, as well as [...]

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