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Posts Tagged ‘Lending’

Self Directed IRA – Using your IRA for real estate investing!

Can a self directed IRA feed your real estate investments?

self directed iraCame across an amazing article in the Wall Street Journal that talked about a self directed IRA. When you hear what you can do with this, it is going to blow your mind! Imagine being able to access your IRA funds WITHOUT PENALTY to invest in real estate! Well, there are some funky rules around it, but it can be done within some limits. So we will check this out in todays show!

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Race and Lending

You are either going to love me or hate me after this one

I came across a “study” recently relating to lending to minority communities. This subject annoys the hell out of me since the vast majority of the time, what is being sold as solid data is a ridiculous manipulation of opinion by making assumptions that do not at all line up with the data collected.

This study is just one such example. As a matter of policy, it is important to understand that lenders are among the most regulated folks on the planet. Anyone engaging in lending that was biased against any race (and only on their race) would be found out relatively quickly and those folks would go to jail.

So what do we do with studies like the one we are covering today that clearly claim that some folks are not getting loans only because of their skin color? Well, we pay attention and we think our way through it. That is what we are doing today.

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#lending #racism #realestate #bias #fairlending #communityreinvestment #subprime #mortgage

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Bye, Bye 30 Year Fixed Rate Loans!

Will fixed rate loans become extinct?

Seeking Alpha published an op ed last week about the 30 year fixed rate mortgage. It was a very interesting read and brought up the idea that we may see the end of the fixed rate mortgage. That’s right, within the next few years, you may have no option but to get a variable rate mortgage. Most people are not aware that the 30 year fixed rate mortgage is a uniquely American creation. Is was created in the late 1930s by the government and is linked directly to Fannie Mae and Freddie Mac.

With the future of the government sponsored entities in question, we must also consider the very real idea that the 30 year fixed rate mortgage will also go away.

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Why are we trying to create more buyers?

PLUS: Paying Rent On Minimum Wage

Both Chase and Wells Fargo have announced that they will be doing 3% loans – in cooperation with Fannie Mae. The bottom line is that these are moves to create more buyers in a market where there is already too little inventory. Does this sound at all familiar? Well, think back to 2000-2005 when through subprime lending, more buyers were being created in a market that already had too many buyers. The results are something we are all familiar with. How this comparison escapes the experts at the big banks and Fannie Mae is a mystery to me.

There is also an article out that declares that if you are earning minimum wage, you cannot afford the rent of a two bedroom apartment. I have news for you, when I earned minimum wage, I was NEVER able to afford ANY apartment on my income. That is why there are room mates.  In my first two bedroom apartment, I had three room mates. How is this news? Honestly, it feels like a more political attempt to have people assume that a minimum wage should equal a living wage. We will take some time to chat about that.

Finally, pending sales reach their highest point since the downturn, we will take a look at that and see if there is anything more interesting to learn from this info.

This weeks poll!

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Mortgage News And Market Activity Info

Plus some discussion of international trends

Some interesting news from a variety of sources on the state of mortgage lending. Despite the Fed raising rates, we continue to see mortgage rates going down. The home improvement world seems to be gearing up for a big spring boost in sales – which would seem to mean they expect lots of folks out there getting into some new DIY projects.

Plus, today we will take a few minutes to discuss why the US Economy may just have more going for it than lots of folks think.

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