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Benefits of a slow economy,
an article from the
Colorado Springs Business
Journal, reports
that it’s a great time to
consider a commercial
mortgage, despite the drop
in residential housing
prices and residential
lending. One of the
positives of an economic
downturn is low
prime interest rates and
some business owners are
seizing the opportunity to
expand, remodel or purchase
owner-occupied buildings
rather than continue
leasing. Steve Ingham,
president of Academy Bank
said, “Commercial lending is
stronger right now and will
remain so for this year and
maybe into ’09." Rodney
Randol, senior vice
president at First Community
Bank said, “Any time rates
drop, we see increased
activity on the commercial
side. The word is out that
it’s tough to get loans —
but that’s not a correct
message. Business
conditions may be poor, but
lending standards are
roughly the same. So the
notion that there’s no money
to borrow is not accurate.
For people who are
well-qualified, there is
financing available.”
http://www.csbj.com/story.cfm?ID=19793
Momentum builds for
foreclosure relief,
an article from
CNNMoney.com,
reports that key
legislators, Bush
administration officials,
banking regulators and the
presidential candidates
have agreed on the idea of
letting the Federal Housing
Administration back new
loans for homeowners at risk
of foreclosure. All of the
plans that have been
proposed would let the FHA
insure mortgages for
troubled borrowers whose
lenders voluntarily write
down loans to an affordable
level. Once refinanced, the
loans could be sold to
investors, which in turn
could jump start the
mortgage market as a
whole. Details, such as
which borrowers would be
eligible and how the program
would be funded, still need
to be worked out
between Democrats and
Republicans. Jaret Seiberg,
senior vice president at the
Stanford Group said, "Given
election-year pressure and
the lack of differences
between plans, it's hard to
see how they can't get this
done." House Financial
Services Chairman Barney
Frank said, "I think there's
a very good chance - much
better than even - that we
could put together a package
that, while the president
wouldn't be thrilled with
every piece of it, there'd
be enough that he wanted so
that we could get his
signature."
http://money.cnn.com/2008/04/18/news/economy/fha_rescue_plan_odds/index.htm?postversion=2008041815
Additional articles that you
may find of interest:
Neighbors wary of empty
schools
http://www.gazette.com/articles/school_35416___article.html/schools_gazette.html
When a HELOC freezes over
http://money.cnn.com/2008/04/18/real_estate/heloc_freeze.moneymag/index.htm?postversion=2008042104
The trillion-dollar mortgage
time bomb
http://money.cnn.com/2008/04/21/news/economy/fannie_freddie/index.htm?postversion=2008042105
The 'green' way to dump
electronic junk
http://www.msnbc.msn.com/id/24163506/
Commercial Mortgages Still
in Good Shape
http://www.realtor.org/RMODaily.nsf/pages/News2008041806
Second-Home Buyers Go Condo
http://online.wsj.com/article/SB120846989769224439.html?mod=RealEstateMain_1 |
