We’ll update you with another video once we have the full guidelines, but for now it looks good and everyone should be ready so we can refinance as soon as we know.
Ryan Hoffman
Loan officer
Wholesale Capital Corp
951-488-3114
RHoffman@wccloans.com
Duration : 0:2:49
David Coster provides commentary on the direction mortgage rates are likely to take in light of the situation in Europe.
David mentions last week’s market and mortgage rates and how the European debt crisis will have the biggest effect on mortgage rates in the next couple of weeks.
http://www.totalmortgage.com/blog/
Duration : 0:2:20
The subprime mortgage crisis reached a critical stage during the first week of September 2008, characterized by severely contracted liquidity in the global credit markets and insolvency threats to investment banks and other institutions. The United States director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, on September 7, 2008 announced his decision to place two United States government-sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by FHFA. United States Treasury Secretary Henry Paulson, at the same press conference stated that placing the two GSEs into conservatorship was a decision he fully supported, and said that he advised ‘that conservatorship was the only form in which I would commit taxpayer money to the GSEs.’ He further said that ‘I attribute the need for today’s action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction.’ The same day, Federal Reserve Bank Chairman Ben Bernanke stated in support: ‘I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies.’
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Duration : 0:4:23
“As we gather together in solidarity to express a feeling of mass injustice, we must not lose sight of what brought us together. We write so that all people who feel wronged by the corporate forces of the world can know that we are your allies.
As one people, united, we acknowledge the reality: that the future of the human race requires the cooperation of its members; that our system must protect our rights, and upon corruption of that system, it is up to the individuals to protect their own rights, and those of their neighbors; that a democratic government derives its just power from the people, but corporations do not seek consent to extract wealth from the people and the Earth; and that no true democracy is attainable when the process is determined by economic power. We come to you at a time when corporations, which place profit over people, self-interest over justice, and oppression over equality, run our governments. We have peaceably assembled here, as is our right, to let these facts be known…”
Duration : 0:28:57
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The Global Financial Crisis (GFC) started three years ago,
but China seems to be immune to it.
Under the tightening monetary policy,
many of enterprises are turning into shadow banks.
With the due date of loan sharking approaching,
the economic claps occur continuously.
Foreign media warned that the Chinese version
of the Subprime Mortgage Crash is approaching.
After the start of the GFC in 2008,
China began changing its monetary policy.
For small and medium size firms its difficult
to access the formal banking sector.
Instead, they loan money from shadow lenders
who are actually state companies.
The official sector can obtain money from state-owned banks
and issue loans to other borrowers with higher interest rates.
In addition, non state-owned shadow banks are expanding,
and more problems are being exposed.
Economists are worried that China is starting to follow
the pattern of the U.S.’ Subprime Mortgage Crash.
During the World Economic Forum held in Dalian last week,
a former vice chairman of NPC, Cheng Siwei said:
“China’s Subprime Mortgage Crash is the lending of money
to local governments which have no ability to repay them.”
It is estimated that 80% of the loans from the top four banks
in China go to state-owned firms.
But now China has different shadow banks, from state-owned
to individuals’ firm, most of them with officials’ background.
Local governments use state funds to invest in businesses,
and the funds are estimated to be ca. $1.7 trillion.
These shadow banks are outside the banking and financial
sectors and are thus less regulated or not regulated at all.
Economist Cao An thinks that the state-owned firms
have the advantage of funds.
They can lend the money through guarantee companies
or other platforms.
In this lack of credit system, once the problem is exposed,
it will be worse than what happened in the U.S.
Cao An: “The economic trend is at a low point,
small or medium-sized firms need plenty of funds.
But even with the loans it is difficult for them to make
60-100% profit and service the loan; this is a risk for lenders.
Therefore if the borrowers fail to service and repay the loans,
this will become a bad debt.”
China added new loans, adjusted to its GDP. They went up
to 200%, from 100% prior to Lehman Brothers’ collapse.
Subsequently, the bad debt rate raised
from 1% in the first half of 2010 to 4.9% in 2011.
Chen Zhifei, Economy Professor, New York City University,
points out experts’ analysis,
which shows 2011 as the most difficult year for China
since China’s open market economy had started.
According to a survey done by the Industrial Federation,
90% of the firms in China don’t get a penny from the banks,
and 95% of the private firms don’t get loans from banks
either, showing that funds allocation is not sound.
Chen Zhifei: “China’s fund distribution is for state-owned
enterprises, This policy exists for 10 to 20 years now.
After the GFC started, China had loaned
RMB 4 trillion for investments.
If these investments’ loans do not get repaid, they will turn
into bad debts and the country’s economy will collapse.”
Beijing economist Mao Yushi points out that although
the top four banks in China are controlled by the government, the accumulation of bad debts still occurs
Mao Yushi: “The companies borrow money from the banks
and lend them as high interest rate loans.
The problem is due to lack of interest rates’ market regulation.
It’s bureaucratic as it’s the privileged who can borrow money.
Most of the people can only borrow high interest rate loans,
this is the reason why the problem exists for so long.”
Mao Yushi thinks that the solution to these problems
is to open small and medium-sized banks,
and let people establish such banks as well,
not only the government.
NTD reporters Liang Xi, Li Ting and Wang Mingyu.
《神韵》2011世界巡演新亮点
http://www.ShenYunPerformingArts.org/
Duration : 0:3:54
Documentary is wholly owned by the BBC.
“What Happens After Sorry.” In 2009 RBS announced the biggest losses in British corporate history. The bankers responsible, including former RBS chief Fred Goodwin, (aka Fred the Shred) apologised publicly for their parts in the banking crisis.
From the RBS workers facing job cuts (announced just hours after the apologies), to the shareholders who have lost their life savings and the taxpayers whose money is now riding on the bank’s recovery, Panorama asks the question, “What happens after sorry?” Reporting from Mark Daly.
Duration : 0:14:2
Documentary is wholly owned by the BBC.
“What Happens After Sorry.” In 2009 RBS announced the biggest losses in British corporate history. The bankers responsible, including former RBS chief Fred Goodwin, (aka Fred the Shred) apologised publicly for their parts in the banking crisis.
From the RBS workers facing job cuts (announced just hours after the apologies), to the shareholders who have lost their life savings and the taxpayers whose money is now riding on the bank’s recovery, Panorama asks the question, “What happens after sorry?” Reporting from Mark Daly.
Duration : 0:15:0
Financial Expert Provides Top Five Steps to Consider When Buying a Home for the First Time
Michael Copley — Executive Vice President of Retail Money-Out Products, TD Bank
Background:
It’s no surprise that millions of Americans plan to buy a home each year. And for most Americans, the process can be a daunting one. Owning a home requires a large investment of time, money and energy, so you should make your decision to buy a home carefully. TD Bank is looking to make the first-time home buying process a little less cumbersome. To compliment the bank’s hassle-free and easy to understand mortgage products, they have developed a comprehensive First Time Home Buyer kit to educate first time home buyers and guide them through every step on the path to making a house a home.
TD Bank developed the First Time Homebuyer Kit to create a rewarding home-buying experience. Available on the TD Bank website (www.tdbank.com/firsthome) as well as in stores, the kit is designed to take the customer through the process of purchasing a home, providing advice and information needed to choose the house and mortgage to best suit individual needs.
Some things to consider when buying your first home are:
Determine how much home you can afford: By looking at your income and current monthly debts, you can determine your ideal monthly
Buying home isn’t for everyone: Know the benefits of owning vs. renting before making any decisions. Also stop to think about what type of home you can afford and which style suits your lifestyle such as single-family homes, town houses or fixer-uppers.
Narrow the focus of your search: Many factors impact the ideal type of house for each buyer including desired features and benefits, life stage, and how many improvements you’re willing to make before moving in.
For more information please visit:
www.tdbank.com/firsthome
More About Mike Copley:
Mike Copley leads Retail Money-Out Products at TD Bank. Mike has 30 years of banking experience. Prior to joining the bank in January 2005, he served as Senior Executive Vice President for MBNA America Bank, Inc., the world’s largest mono line credit card issuer for 11 years. Mike’s additional experience includes ten years at CitiCorp, in various senior level positions specific to the mortgage business. He began his banking career in Portsmouth, VA with Central Fidelity Banks’ Inc. as a management program trainee. Mike is the former Board Chairman for St. Mark’s high school in Wilmington, DE. He obtained his Bachelor of Science degree in Marketing in 1978 from The University of Richmond and the E. Claiborne School of Business.
Duration : 0:17:26
Aug. 22 (Bloomberg) — Frank Pallotta, a managing partner of Loan Value Group, talks about the increase in the percentage of U.S. mortgages overdue by one month.
The share of home loans overdue by 30 days rose to 3.46 percent of all mortgages, from 3.35 percent in the first quarter, according to a report today from the Mortgage Bankers Association in Washington. Pallotta speaks with Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)
Duration : 0:4:50
Aug. 11 (Bloomberg) — Brian Charles, an analyst at RW Pressprich & Co., talks about Bank of America Corp.’s stock performance and the impact mortgage-related losses may have on the company.
Charles, speaking with Erik Schatzker on Bloomberg Television’s “InsideTrack,” also discusses Bank of America’s Chief Executive Officer Brian Moynihan. (Source: Bloomberg)
Duration : 0:4:18