Silicon Valley / San Jose Business Journal
The Federal Deposit Insurance Corporation has signed a letter of intent to sell the banking operations of IndyMac Bank to a thrift holding company controlled by IMB Management Holdings LP, a limited partnership. Regulators seized the failed Pasadena, bank in July.
"The current economic climate is challenging for selling assets, but this agreement achieves the goals that were set out by the chairman and board when the FDIC was named conservator of IndyMac in July," said FDIC Deputy Director James Wigand, the lead negotiator for the transaction. "Unfortunately, as expected, IndyMac's liability structure, combined with aggressive real estate lending in California, had a significant impact on losses."
The partnership reportedly includes J. Christopher Flowers, a buyout specialist known for targeting distressed banks; hedge-fund operator John Paulson of Paulson & Co., and Steven Mnuchin, chairman and co-chief executive of Dune Capital, a privately owned hedge fund sponsor in New York.
Prior to IndyMac’s failure, the bank relied heavily on higher cost, less stable, brokered deposits, as well as secured borrowings, to fund its operations and focused on stated income and other aggressively underwritten loans in areas with rapidly escalating home prices, particularly in California and Florida, according to a press release by the FDIC.
Since the FDIC has operated the institution, it has restructured funding to focus on more stable core deposits and on improving the value of the loans.
The transaction is expected to close later this month or early next month, at which time full details of the agreement will be provided. It is estimated that the cost to the FDIC's DIF for resolving IndyMac Bank will be between $8.5 billion and $9.4 billion, in line with previous loss estimates.
Wednesday, January 7, 2009
4 Strict Criterias to Satisfy before Buying
In today's San Jose Mercury News article entitled "Valley saw surge in foreclosure filings in 2008" (article at end of this posting). Many buyers that bought before the real estate bubble burst either thought or was told that the price was going to continue to appreciate with on end in sight. Well, we all know happen since then.
My cousin, Charlie, is anxious to buy a home and emails me asking if it is a good time to buy now. I am sharing my answer with you to help your family navigate through this confusing decision making process. Unless you are a knowledgeable investor, you should follow four strict criterias before buying a home for your family to ensure that you get the best possible deal. They are:
1. Close proximity to your work.
2. Premier location with great schools.
3. 50% off peak pricing (must have cash flow if rented).
4. 2000 pricing (1997 inflation adjusted pricing).
If your family follow these criterias, you will not have buyer's remorse and probably will absolutely love your home. If you have held out on buying a home until now, congratulation. You have waited for the perfect opportunity to buy now and there many opportunities out there.
Our office work strickly with Bank Owned REOs in Santa Clara County and have compiled a large list of great buys that fit the criterias stated above. Also, we are giving 50% cash back to you the buyer.
Click here to search database of investor bought homes:
http://www.mercurynews.com/ci_11350665
1. How underwater are homeowners in Bay Area neighborhoods?
2. Bay Area Real Estate Transactions
3. Search Recent Foreclosures
All above can be found here: http://www.mercurynews.com/realestatenews
Sue McAllister's Article:
Here's a somber statistic for Silicon Valley: Foreclosure activity increased at a faster clip in Santa Clara County last year than in any other California county, a foreclosure information service said Tuesday. Foreclosure filings rose 239 percent from 2007 to 2008, according to a report from Default Research, a Pennsylvania company that gathers its data from public records. A total of 18,610 properties in the county entered into some stage of foreclosure in 2008, the company said, up from 5,491 in 2007.
Santa Clara County witnessed last year's fastest-growing foreclosure problem partly because the county had relatively few foreclosures in 2007 compared with other large counties, said Serdar Bankaci, founder of Default Research. But as home prices in some parts of the county fell sharply in 2008, mortgage delinquencies and foreclosures here increased steeply.
"The southern part of California really got hit harder earlier on," he said. "It was just kind of a lag. We're seeing a lot of the Northern California areas were hit hard later in 2008."
Bay Area counties such as Contra Costa and Solano — popular with first-time buyers who were able to buy with small down payments during the housing and mortgage boom — saw more dramatic increases in foreclosure filings between 2006 and 2007 than did Santa Clara. Santa Clara County, in effect, played catch-up with that trend in 2008.
Solano and Fresno counties had the next-most-severe increases in foreclosures last year, with filings up 180 percent and 179 percent from 2007, respectively. In Solano County, 12,908 properties were in some stage of foreclosure in 2008, while in Fresno County the total was 15,360.
In its data Default Research included both "notices of default," and "notices of trustee sale," which come at the beginning and end of the California foreclosure process, respectively. But Bankaci said his company counts each property only once, although property owners receive multiple notices during the foreclosure process.
Though the 239 percent increase in all types of foreclosure filings appears severe, the figure is not as eye-popping as some of the increases in actual foreclosures that occurred during individual months of 2008. For example, according to Discovery Bay-based foreclosure information company ForeclosureRadar, foreclosures — usually marked by an auction at a courthouse or other public venue — increased 365 percent in July 2008 compared with a year earlier.
In terms of raw numbers, Los Angeles, Riverside and San Bernardino counties still dominated the state's foreclosure-filing woes last year.
Los Angeles County had 122,408 properties in foreclosure, the most for any county, according to Default Research. Riverside came in second with 82,072 foreclosures filed, and San Bernardino ranked third with 64,144. Los Angeles' figure represented a 107 percent increase. Filings rose 133 percent in Riverside and 147 percent in San Bernardino.
My cousin, Charlie, is anxious to buy a home and emails me asking if it is a good time to buy now. I am sharing my answer with you to help your family navigate through this confusing decision making process. Unless you are a knowledgeable investor, you should follow four strict criterias before buying a home for your family to ensure that you get the best possible deal. They are:
1. Close proximity to your work.
2. Premier location with great schools.
3. 50% off peak pricing (must have cash flow if rented).
4. 2000 pricing (1997 inflation adjusted pricing).
If your family follow these criterias, you will not have buyer's remorse and probably will absolutely love your home. If you have held out on buying a home until now, congratulation. You have waited for the perfect opportunity to buy now and there many opportunities out there.
Our office work strickly with Bank Owned REOs in Santa Clara County and have compiled a large list of great buys that fit the criterias stated above. Also, we are giving 50% cash back to you the buyer.
Click here to search database of investor bought homes:
http://www.mercurynews.com/ci_11350665
1. How underwater are homeowners in Bay Area neighborhoods?
2. Bay Area Real Estate Transactions
3. Search Recent Foreclosures
All above can be found here: http://www.mercurynews.com/realestatenews
Sue McAllister's Article:
Here's a somber statistic for Silicon Valley: Foreclosure activity increased at a faster clip in Santa Clara County last year than in any other California county, a foreclosure information service said Tuesday. Foreclosure filings rose 239 percent from 2007 to 2008, according to a report from Default Research, a Pennsylvania company that gathers its data from public records. A total of 18,610 properties in the county entered into some stage of foreclosure in 2008, the company said, up from 5,491 in 2007.
Santa Clara County witnessed last year's fastest-growing foreclosure problem partly because the county had relatively few foreclosures in 2007 compared with other large counties, said Serdar Bankaci, founder of Default Research. But as home prices in some parts of the county fell sharply in 2008, mortgage delinquencies and foreclosures here increased steeply.
"The southern part of California really got hit harder earlier on," he said. "It was just kind of a lag. We're seeing a lot of the Northern California areas were hit hard later in 2008."
Bay Area counties such as Contra Costa and Solano — popular with first-time buyers who were able to buy with small down payments during the housing and mortgage boom — saw more dramatic increases in foreclosure filings between 2006 and 2007 than did Santa Clara. Santa Clara County, in effect, played catch-up with that trend in 2008.
Solano and Fresno counties had the next-most-severe increases in foreclosures last year, with filings up 180 percent and 179 percent from 2007, respectively. In Solano County, 12,908 properties were in some stage of foreclosure in 2008, while in Fresno County the total was 15,360.
In its data Default Research included both "notices of default," and "notices of trustee sale," which come at the beginning and end of the California foreclosure process, respectively. But Bankaci said his company counts each property only once, although property owners receive multiple notices during the foreclosure process.
Though the 239 percent increase in all types of foreclosure filings appears severe, the figure is not as eye-popping as some of the increases in actual foreclosures that occurred during individual months of 2008. For example, according to Discovery Bay-based foreclosure information company ForeclosureRadar, foreclosures — usually marked by an auction at a courthouse or other public venue — increased 365 percent in July 2008 compared with a year earlier.
In terms of raw numbers, Los Angeles, Riverside and San Bernardino counties still dominated the state's foreclosure-filing woes last year.
Los Angeles County had 122,408 properties in foreclosure, the most for any county, according to Default Research. Riverside came in second with 82,072 foreclosures filed, and San Bernardino ranked third with 64,144. Los Angeles' figure represented a 107 percent increase. Filings rose 133 percent in Riverside and 147 percent in San Bernardino.
Tuesday, January 6, 2009
ALL BANK OWNED PROPERTIES IN TRACY:
http://MAXEBRDI.fnismls.com/publink/default.aspx?GUID=e92ddfed-2842-4828-aaf4-ab0876e2cd6c&Report=Yes
http://MAXEBRDI.fnismls.com/publink/default.aspx?GUID=e92ddfed-2842-4828-aaf4-ab0876e2cd6c&Report=Yes
Get 50% Cash Back on Agent's Commission for any property in Santa Clara County
Bank Owned aka REOs are the hottest segment in the real estate market in Santa Clara County. First Time Homebuyers and investors are buying these properties up because of their low prices and historic low interest rates available during this unprecedented time.
My company at Bay Area Mortgage and Realty have started our new business model entitled "50% Cash Back." This program is intended to stimulate the local economy by putting money back into the buyer's hand so that they may use it at their discretion.
This 50% Cash Back Program has no restrictions and the buyers can be either 1st time homebuyers or investors. While home prices are falling across the nation, especially here in the Bay Area, mortgage rates are at historic lows, and this would be an ideal time to buy for any renters sitting on the sideline waiting for prices to come down even lower. Real estate prices may go down another 10-20% but mortgage rates likely not be this low once the economy starts to recover.
It is the new year in 2009, and there are currently 7545 homes available for sale in Santa Clara County alone and of that 1,848 are REOs aka Bank Owned Properties-that means that 1 out of every 4 homes on the market is available at rock bottom price, maybe. Banks are not in the business of owning homes, so they sell the property at a discount to get it off their accounting books so that they may focus on their main business.
1 of 4 homes in Santa Clara County is a bank owned home, that means this is a great time for any buyers sitting on the sideline waiting to buy, and what better opportunity to buy now with mortgage rates at their lowest levels in decades. Also, you will be getting a 50% cash back on all your real estate purchase through us at Bay Area Mortgage and Realty in San Jose. Our agents are professional and will treat your family with the most respect. We have been in the real estate and lending business for more than 18 years now.
We believe that this unique 50% cash back offer will help many families purchase their first home and still have some cash at closing to furnish it. It takes more then a pulse to get a loan in today's market, but we have loan programs available with 3.75% down payment known as FHA home loans. That means that the borrower can finance 96.25% of the home value and the best thing about this FHA loan is that their FICO score needs to be only 580 to qualify.
The time to buy a home in the best place to live in the United States is now! Start your search for your dream home here at:
http://www.mlslistings.com/
At this site, you can also search the areas by zip codes:
94022, 94024, 94041, 94043, 94085, 94086, 94087, 94301, 94304, 94305, 94306, 95002, 95008, 95013, 95014, 95030, 95032, 95050, 95051, 95054, 95070, 95110, 95111, 95112, 95117, 95118, 95119, 95120, 95123, 95124, 95125, 95126, 95127, 95128, 95129, 95130, 95131, 95132, 95133, 95134, 95135, 95136, 95138.
Search All Homes for sale in Santa Clara, Saratoga, Campbell, Los Gatos, Sunnyvale, Willow Glen , Almaden Valley, Blossom Valley, Cupertino, Evergreen, Los Altos, Palo Alto, Milpitas, Morgan Hill, Monte Sereno and all Santa Clara County, Ca.
Once you have located the properties that you are interested in buying, please give us a call at 1-888-986-3464. If you need immediate assistance, please call one of our most experience and professional agents at 408-460-3368 Paul or Bruce at 408-590-7500. We will be very happy to help you achieve the American dream of homeownership and get you the lowest interest rate loan available. God bless you and your family and may your life be a success.
My company at Bay Area Mortgage and Realty have started our new business model entitled "50% Cash Back." This program is intended to stimulate the local economy by putting money back into the buyer's hand so that they may use it at their discretion.
This 50% Cash Back Program has no restrictions and the buyers can be either 1st time homebuyers or investors. While home prices are falling across the nation, especially here in the Bay Area, mortgage rates are at historic lows, and this would be an ideal time to buy for any renters sitting on the sideline waiting for prices to come down even lower. Real estate prices may go down another 10-20% but mortgage rates likely not be this low once the economy starts to recover.
It is the new year in 2009, and there are currently 7545 homes available for sale in Santa Clara County alone and of that 1,848 are REOs aka Bank Owned Properties-that means that 1 out of every 4 homes on the market is available at rock bottom price, maybe. Banks are not in the business of owning homes, so they sell the property at a discount to get it off their accounting books so that they may focus on their main business.
1 of 4 homes in Santa Clara County is a bank owned home, that means this is a great time for any buyers sitting on the sideline waiting to buy, and what better opportunity to buy now with mortgage rates at their lowest levels in decades. Also, you will be getting a 50% cash back on all your real estate purchase through us at Bay Area Mortgage and Realty in San Jose. Our agents are professional and will treat your family with the most respect. We have been in the real estate and lending business for more than 18 years now.
We believe that this unique 50% cash back offer will help many families purchase their first home and still have some cash at closing to furnish it. It takes more then a pulse to get a loan in today's market, but we have loan programs available with 3.75% down payment known as FHA home loans. That means that the borrower can finance 96.25% of the home value and the best thing about this FHA loan is that their FICO score needs to be only 580 to qualify.
The time to buy a home in the best place to live in the United States is now! Start your search for your dream home here at:
http://www.mlslistings.com/
At this site, you can also search the areas by zip codes:
94022, 94024, 94041, 94043, 94085, 94086, 94087, 94301, 94304, 94305, 94306, 95002, 95008, 95013, 95014, 95030, 95032, 95050, 95051, 95054, 95070, 95110, 95111, 95112, 95117, 95118, 95119, 95120, 95123, 95124, 95125, 95126, 95127, 95128, 95129, 95130, 95131, 95132, 95133, 95134, 95135, 95136, 95138.
Search All Homes for sale in Santa Clara, Saratoga, Campbell, Los Gatos, Sunnyvale, Willow Glen , Almaden Valley, Blossom Valley, Cupertino, Evergreen, Los Altos, Palo Alto, Milpitas, Morgan Hill, Monte Sereno and all Santa Clara County, Ca.
Once you have located the properties that you are interested in buying, please give us a call at 1-888-986-3464. If you need immediate assistance, please call one of our most experience and professional agents at 408-460-3368 Paul or Bruce at 408-590-7500. We will be very happy to help you achieve the American dream of homeownership and get you the lowest interest rate loan available. God bless you and your family and may your life be a success.
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