Credit repair does not begin and end with a credit dispute to the credit bureau. At Credit Repair Houston, Texas, many times the first step is to contact the creditor, validate the debt, if proven ( to the standard required by the FDCPA, FCRA, FACTA ) negotiate a reasonable, timely, best, outcome. It's not rocket science but it can be timely, expensive going about it the wrong way.
Withe over 100 million households owe more than $100 thousand in debt credit repair is as much about proper budgeting and bill paying as it is reviewing credit reporting and negotiating with creditors.
Thursday, June 24, 2010
Wednesday, June 23, 2010
credit repair texas
Here at the Consumer Credit Capital blog we focus on credit repair texas but also cover other repair stories. In this case there is a house in Florida that is in need of a bit of home repair as such it is being offered at a discount $75 million house. If you want it completed with things like carpet and walls that will cost you an extra $25 million.
New Homes DOA
let's take a look
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New Home Sales Plummet
NEW YORK (CNNMoney.com) -- New home sales plummeted to a record low in May, the first month following the expiration of the homebuyer tax credit. This snapped a two-month streak of gains.
New home sales declined 32.7% to a seasonally adjusted annual rate of 300,000 last month, down from an downwardly revised 446,000 in April, the Commerce Department reported Wednesday. Sales year-over-year fell 18.3%
This is the slowest sales pace since the Commerce Department began tracking data in 1963. The prior record was set in September 1981, when new homes sold at an annual rate of 338,000
Saturday, June 19, 2010
GSE's are a sinking ship
lets take a look
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Fannie and Freddie tab is $146B and rising
NEW YORK TIMES
Bill Bridwell, a real estate agent in the desert south of Phoenix, is among the thousands of agents hired nationwide by the companies to sell those foreclosures, recouping some of the money that borrowers failed to repay. In a good week, he sells 20 homes and Fannie sends another 20 listings his way.
Bank failures continue unabated
Regulators shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.
The failure of Nevada Security Bank is expected to cost the deposit insurance fund $80.9 million.
In addition, the FDIC and Umpqua Bank agreed to share losses on $368.2 million of Nevada Security Bank's loans and other assets.
With 83 closures nationwide so far this year, the pace of bank failures is more than double that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks' losses mount on loans made for commercial property and development.
The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007......
http://www.npr.org/templates/story/story.php?storyId=105712699
Wednesday, June 16, 2010
Mortgage Market a Mess
let's take a look
FHA Home-Financing Volume sign of a "very sick System"
May 24 (Bloomberg) -- Loans guaranteed by the Federal Housing Administration, the U.S.-owned mortgage insurer, may be involved in more home-purchase transactions than borrowing financed by Fannie Mae and Freddie Mac.
FHA lending last quarter may have topped the combined volume of government-supported Fannie Mae and Freddie Mac in a home-lending market that’s still a “government-financed market,” David Stevens, the agency’s head, said today at a conference in New York, citing research by consultant Potomac Partners.
“This is a market purely on life support, sustained by the federal government,” he said at the Mortgage Bankers Association conference. “Having FHA do this much volume is a sign of a very sick system.”
The FHA, which backs loans with down payments as low as 3.5 percent, insured $52.5 billion of home-purchase mortgages in the first quarter, compared with $46 billion of purchases of the debt by Fannie Mae and Freddie Mac, according to data compiled by Washington-based Potomac Partners.
The FHA and Fannie Mae and Freddie Mac, which regulators seized in 2008, have been financing more than 90 percent of U.S. home lending after a retreat by banks and the collapse of the market for mortgage bonds without government-backed guarantees.
Sunday, June 13, 2010
Madoff spotted Advising NY State
let's take a look
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ALBANY — Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.
And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.
As word of the plan spread, some denounced it as a shell game and a blatant effort by state leaders to avoid making difficult decisions, like cutting government spending or reducing pension benefits.
“It’s a classic Albany example of kicking the can down the road,” said Harry Wilson, the Republican candidate for comptroller, who holds an M.B.A. from Harvard.
Pension costs for the state and municipalities are soaring, a result of enhanced retirement benefits for public employees and the decline in the stock market over the past two years. And, given declines in tax revenue and larger budget shortfalls, the governments are struggling to come up with the money to make the contributions.
Under the plan, the state and municipalities would borrow the money to reduce their pension contributions for the next three years, in exchange for higher payments over the following decade. They would begin repaying what they borrowed, with interest, in 2013.
http://www.nytimes.com/2010/06/12/nyregion/12pension.html
Mortgage volume down big-time!
let us take a look
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WASHINGTON — The number of customers applying for a mortgage to purchase a property fell to the lowest level in 13 years last week, a sign the housing market is struggling without government incentives.
Purchase volume declined 5.7 percent and is at its lowest point since February 1997, the Mortgage Bankers Association said Wednesday.
Overall mortgage application volume, which includes loans for purchases and refinancings, dropped by 12.2 percent during the week ending June 4, compared with the previous week. Refinance volume tumbled 14.3 percent.
"Purchase applications are now 35 percent below their level of four weeks ago, as homebuyers have not yet returned to the market following the expiration of the homebuyer tax credit at the end of April," said Michael Fratantoni, MBA's vice president of research and economics.
http://www.google.com/hostednews/ap/article/ALeqM5iIvqFRg66XEuDVbUOooZbk-FI9lgD9G7SG280
Monday, June 7, 2010
What would Reagan do?
Tax Hikes and the 2011 Collapse
Today's corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market.
Bank of America Settles with Consumers
Bank of America to pay $108 million to settle Countrywide case
The agreement with the Federal Trade Commission will create a fund to provide refunds to homeowners who were charged improper fees.
Tuesday, June 1, 2010
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