Monthly Archives: August 2010

Meet the ONLY New Bank to Open in US in 2010 (Plus: Tiny House Trend & Other News)

The New York Times reports that the only new federally regulated bank to open in the United States this year “operates out of a secondhand double-wide trailer, on a bare lot in front of the cavernous Trinity Baptist Church. A blue awning covers the makeshift drive-through window.” Tiny Lakeside Bank opened in July among the oil refineries and casinos of Lake Charles, Louisiana.

Former Louisiana State football tackle Hartie Spence… Continue reading

Posted in Lending, Mortgage | Tagged , , , | Comments Off

Track Post-Spill Gulf Coast Property Values with FNC Map

Tomorrow, FNC’s interactive map of Gulf Coast property values will debut. You will be able to track property values in every zip code along the Gulf Coast since the BP oil spill occurred on April 20.

The map comes at an ideal time. Yesterday, White House appointee Kenneth Feinberg took the helm of BP as the oil spill czar to supervise the evaluation and payment of the 108,200 claims… Continue reading

Posted in Oil Crisis | Tagged , , , | Comments Off

Celente Says Jobs Boom Only Way to Save Housing & Stop a Great Depression

Forget loan mods, low interest rates and scrapping Fannie and Freddie. As sales of previously occupied homes plunged last month to their lowest level in 15 years, economist Gerald Celente says the only thing that will save US housing is a boom in American job creation. Celente’s predictions have proved correct many times. He is credited with predicting the 1987 stock market crash, the economic collapse of the Soviet Union… Continue reading

Posted in Appraising, Jobs, Lending, Mortgage | Tagged , , , | Comments Off

Fannie, Freddie Futures Uncertain Under Dodd-Frank Act

This past Tuesday, mortgage executives, financial leaders, and economists met with U.S. Treasury officials to share ideas about the future of Fannie Mae and Freddie Mac, both of which are in conservatorship. Treasury Secretary Tim Geithner said there would be “fundamental change” to the structure of the two government-sponsored enterprises (GSEs). Geithner also said, “We will not support a return to the system where private gains are subsidized by taxpayer… Continue reading

Posted in Appraising, Legal, Lending, Mortgage | Tagged , , , , , | Comments Off

Great News! You Are Helping The St. Bernard Project Win $$ for the Gulf Coast

Some of you have been voting for Gulf Coast charities in the Pepsi Refresh Project. Organizations range from grassroots efforts (like I Can Impact, Inc.’s home for foster children in Texas and Sharing & Caring Inc.’s Florida panhandle food pantry) to the epic (Children’s Volunteer Health Network providing free medical treatment for uninsured Florida kids and volunteers supplying food, school supplies and building materials to needy Gulf residents)… Continue reading

Posted in Oil Crisis | Tagged , , , , , | Comments Off

Louisiana wants $173M from BP for Seafood Safety

Louisiana Gulf Coast restaurateurs, fishermen and homeowners have lobbied Gov. Bobby Jindal to make sure any oil spill cleanup includes the oysters, shrimp, crab and fish that draw visitors to the region. Jindal announced at a press conference yesterday that BP agreed to pay $13 million for state wildlife and fisheries officials to monitor the oil spill’s possible effect on seafood.

He wants BP to set up a $173… Continue reading

Posted in Oil Crisis | Tagged , , , | Comments Off

Barney Frank says Kill Fannie & Freddie & Other Breaking News

The Congressman who cosponsored the sweeping financial reform act told Fox News that he believes Fannie Mae and Freddie Mac should be scrapped. Barney Frank, chairman of the House Financial Services Committee, was asked by Fox Business Network’s Neil Cavuto what role Fannie and Freddie should play in housing markets.

“I think they should be abolished,” Frank replied. “The only question is what do you put in their place. This… Continue reading

Posted in Appraising, GSE, Jobs, Legal, Mortgage | Tagged , , , , | Comments Off

BP paid only 363 of 1,062 claims from rental property owners

Mississippi Attorney General Jim Hood is not happy with BP. The oil company has paid only 63% of the claims filed by Mississippi property owners and businesses who claim damage suffered by the oil spill.

It is unfortunate that, despite all its promises about taking care of our residents on the Coast, BP is still holding 6,050 actionable claims,” Attorney General Jim Hood told the Biloxi Sun Herald… Continue reading

Posted in Oil Crisis | Tagged , , , , , | Comments Off

Florida Gulf Coast Property Values Dip But Not Due to Oil Spill

It’s good news, so-so news for Florida after the oil spill. Pres. Barack Obama swam in the sapphire blue waters off Panama City with his daughter, hoping the picture perfect scene would reassure tourists. The Pensacola News Journal reports that property values in the Gulf Coast county have dipped, but not due the spill.

Appraisers crunched their numbers before the April 20 BP oil spill began. Escambia County’s total… Continue reading

Posted in Oil Crisis | Tagged , , , | Comments Off

Are Appraisers Driving the Bottom Lower?

Questions from a home seller who is in the industry

As a recent seller of a three-bedroom condominium, my experience with the appraisal on the property was disappointing. The appraised value seemed to needlessly reinforce a new low for the market and there were a number of inaccuracies in the appraisal report.

In this property, the sellers and buyers had negotiated a sales price of $122,000. The appraisal… Continue reading

Posted in Appraising | Tagged , , , | Comments Off