Sunday, August 23, 2009

New Orleans Home Mortgage Citizen Opinion

Outside of the comment box, I don't expect it to become a practice of New Orleans Home Mortgage to post readers opinions. But for some reason this email I received struck a chord. I can sense the frustration and confusion that surrounds the market that affects the city today.

Dear New Orleans Home Mortgage,
Recently news organizations are reporting an upturn in the economy. You have to stop for a minute and wonder on what they are basing their information. Especially when you consider numbers and percentages can be manipulated to support just about any position.
It’s also being said that one in eight American mortgage loan holders are in foreclosure or behind on mortgage loan payments during the second quarter.

Perhaps foreclosures starts have slowed regarding sub-prime mortgage loans. You know, the mortgage loans being blamed for the most recent banking crisis. If those people responsible for the crisis were to come clean, they would admit their culpability. Don’t believe for one second they didn’t know exactly what they were doing. I’m not referring to those working to sell the loans. They were pawns in a much larger game. I’m talking about the people responsible for setting up the programs in the first place. By now the public at large should start to see clearly just how abused and manipulated we all are by politicians and the corporate banking system just to name a few.

But, I digress.

Currently loans extended to people with good credit are deteriorating more often as home prices continue to fall and job loss and unemployment affect more and more Americans. The credit card companies have been putting the squeeze on those of us with exceptional credit. Raising our interest rates while simultaneously lowering our available credit; they’ve essentially changed the rules during the game and we’re the only ones expected to live by them regardless of the consequences. Again, they know exactly what they’re doing and what the outcome will be. Changing the rules on the general public is nothing new. What should be new is our position and absolute refusal to accept the status quo.

Why does the burden of all the greed and mistakes of so many consistently fall to the public at large to bear. Specifically those of us, who have always played by the rules, paid our bills and worked hard our whole lives.

I don’t know about you, but this beast of burden has had enough.
Just Wanted to Vent

Dear Just Wanted to Vent,

Your frustration is fully justified. We here in New Orleans have been through a lot particularly since Katrina. We have missed some opportunities to truly change the direction of a city that had seen its better day’s decades earlier. But we can’t spend our time dwelling on the spilled milk. As this city continues to move in a positive direction I see new faces that have a fresh attitude and aren’t corrupted by the decisions of the past. I look forward to the work that lies ahead. As I am sure you do too.

New Orleans Home Mortgage

Monday, August 10, 2009

Fed Mortgage Disclosure Changes

While the end of summer brings the height of hurricane season it also brings to an end to higher New Orleans home mortgage rates. The Queen city continues to follow the national trend in seeing an increase in mortgage rates between the months of May and August. This season we have experiences an increase of the rate of about .75%. The fear of inflation is what usually derives this rate increase and this year seems to be no different. But with summer coming to a close and the US economy in unchartered economic territory the relaxation of the fear of inflation may not be a given this time around. That wouldn’t be good news for The New Orleans home mortgage shopper.

Meanwhile porn actress Stormy Daniels is looking into running against David Vitter in the next senatorial election. It makes for great entertainment and adds to the allure of the city. But judging from what has been coming out of DC lately it doesn’t look like much of an advancement opportunity for Ms. Stormy so my gut is telling me she’s going to be a no show and what we have now is publicity ops. But what do I know.

Back to New Orleans home mortgage issues.

As of July 31, some new disclosure requirements took effect. What follows is a summary of the changes as they affect New Orleans home mortgages

  • Now mortgage loans secured by any dwelling, not just your primary residence fall under Regulation Z disclosures. Refinancing and home equity loans are now covered under early disclosures.
  • Early disclosures must be mailed or delivered within 3 business days of receipt of the loan application. Saturday is considered a business day, Sunday and federal holidays are not. There is also a 7 business day waiting period after delivery of the disclosures before closing.
  • If the disclosure APR changes beyond .125% a corrected disclosure must be delivered a least 3 business days prior to closing
  • Lenders are prohibited from charging a consumer any fee, except a credit report fee, until after the early disclosures have been provided.
  • A consumer can waive some disclosures to expedite the closing to address a personal financial emergency, such as foreclosure.
  • Lenders are required to tell consumers that they are not required to complete the transaction because the consumer has received the disclosures or applied for a loan.

Hope everyone has a great summer and look forward to keeping you informed on all the issues that affect New Orleans home mortgages.

Tuesday, August 4, 2009


New Orleans Home Mortgage is dedicated to being the fore most educational blog offering a homeowners that wish to refinance and access equity as well as prospective homebuyers a resource rich site that has a view as unique as the city it serves. We are real estate professionals that have experience in all facets of acquisition maintenance, construction and financing.

Whether it’s a single family home, condo or commercial property New Orleans Home Mortgage is here to inform you to what’s available. The mortgage market is a fast paced environment that has gone through some difficult time and continues to search for the direction that will be progressive and contribute to a vibrant economy. We aim to stay on top of this challenge.

Monday, August 3, 2009

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Welcome to New Orleans Home Mortgage. With the destruction brought on by hurricane Katrina, the housing crash and the mortgage meltdown, New Orleans finds itself in a peculiar mortgage situation. It is the mission of this blog to bring you up to date information on mortgage products that are available locally, everything from rates to lenders. Your participation is welcomed and encouraged. Should you have any questions or wish to add to the discussion please feel free to contact New Orleans Home Mortgage via comment box or email.