Bond Yield: Closed @ 3.48% today.
I remember how proud I was when I got my first credit card. And now…
They’re hiking interest rates to as much as 36% and doubling minimum monthly payments, frustrating customers who are already cash-strapped and credit-crunched.
Bond Yield: Up to 3.46% @ 8:53 am
Something to help us keep in mind how our big banks interface with the government (and the taxpayer!):
Citigroup, Inc., which has yet to repay $45 billion in federal assistance, has more lobbyists than any other company who registered to try to shape legislation regulating the financial industry, U.S. Senate records show.
JOB First Look from Vincent Laforet on Vimeo.
Week 4, October 2009
Today I want to highlight a program insured by the Federal Housing Administration that enables a home owner or home buyer to borrow in addition to the purchase/refinance loan up to a maximum of $35,000 for certain repairs and improvements to the home. It’s called the Streamline 203(k) program, and I think it’s a pretty awesome opportunity for some situations. In HUD’s own words: “The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required.” And repairs can include:
- Repair/Replacement of roofs, gutters and downspouts
- Repair/Replacement/upgrade of existing HVAC systems
- Repair/Replacement/upgrade of plumbing and electrical systems
- Repair/Replacement of flooring
- Minor remodeling, such as kitchens, which does not involve structural repairs
- Painting, both exterior and interior
- Weatherization, including storm windows and doors, insulation, weather stripping, etc.
- Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
- Accessibility improvements for persons with disabilities
- Lead-based paint stabilization or abatement of lead-based paint hazards
- Repair/replace/add exterior decks, patios, porches
- Basement finishing and remodeling, which does not involve structural repairs
- Basement waterproofing
- Window and door replacements and exterior wall re-siding
- Septic system and/or well repair or replacement
Obviously, these are all projects that many homebuyers and homeowners get into, often whether they want to or not. Good information in the link below describing in detail what the program is all about. It can really help homeowners get things done!
See here to learn more about FHA Streamline 203(k) program.
To contact me about financing your dream-home click here.
Weekend Wanderer’s Events
…finding the treasures in your town and beyond.
Two for This Weekend:
“Something’s Happening Here” Museum Exhibition in San Francisco: I don’t think I can say it better than the Chronicle did: “Bay Area Rock ‘n’ Roll 1963-73 at the Museum of Performance & Design charts the Bay Area rock scene from the folk-infused early ‘60s to the last days of the Fillmore West. The exhibition is an unprecedented, in-depth examination of this incredibly diverse era—dispelling its myths and offering a fresh look at this well-known subject—all evoked in a blaze of sight and sound with a wealth of original posters, images, instruments, and costumes on display.” Check it out here.
Golden Gate Park Annual Book Fair in San Francisco: With a website that’s so simple it’s comical, this alone to me demonstrates that this event has no connection whatsoever to “new media.” This is old school style. You remember, books! This one will feature “Used, Vintage, Rare and Collectible Books and Ephemera”, as heralded in their fancy website. Most importantly, it’s a chance to check out the trade of some of the books you can’t find just anywhere, and it’s only once a year. Check it out here.
Help Your Fellow Living Beings:
CaliforniaVolunteers.org: From the website: “…individuals and families can find more than 45,000 volunteer opportunities throughout the state involving the arts, education, animals, disaster preparedness, the environment and other areas of interest. Karen Baker, the nation’s first state cabinet secretary of service and volunteering leads the organization and First Lady Maria Shriver serves as the honorary chairperson.” If you’re looking for a way to get involved check ‘em out here.
Two Weekends from Now:
Halloween Silent Film at Davies Symphony Hall in San Francisco: This one just looks too cool to pass up. It’s a silent film from 1922 called Nosferatu, which tells the story of a vampire called Count Orlok— and how a group of “meddling kids” accompanied by a goofy dog foils his haunted ways. (Just kidding!) The film is accompanied in the mode of its era with a live organ filling the air with shrills and thrills. It’s on Halloween night in San Francisco! Check it out here.
Pic of the Week… from my phone camera.
Watching Sunset Wedding Party Pics at Baker Beach in San Francisco
Bond Yield: Up to 3.40% @ 8:44 am
Rapid Eye Movement from POWSKII on Vimeo.
Bond Yield: closed @ 3.38% today.
Bond Yield: Up to 3.40% @ 9:16 am
Some interesting reporting on the impact of Wall Street oil speculation on the wallets of Main Street:
One year later, one of the key excesses that led our consumer-based economy into an historic downturn is being abused in the exact same way that got us $147-a-barrel oil last summer. Worse, many in the media are again getting the facts wrong on oil prices and demand—as if the ~~explosion of 2005-2008 never happened—as one look at last week’s oil report will verify.
SF Chronicle article suggests that “short sales” are becoming somewhat less arduous to get closed:
But now real estate professionals and banks say the logjam is starting to ease, with decisions coming more quickly, more short sales trading hands, and the prospect of a new Treasury plan that will further lubricate the process.
TO THE MOON AND BACK from ELUXURY on Vimeo.
Bond Yield: Closed @ 3.34% today.
Top five banks hold 37% of U.S. deposits, according to this article:
Deposits at the top five bank holding companies soared 29% in the year ended June 30, according to the Federal Deposit Insurance Corp.
Bond Yield: Down to 3.34% @ 8:25 am
Some welcome news for owners of small businesses to be announced tomorrow:
President Barack Obama will announce a package of initiatives on Wednesday to increase credit to small businesses, an administration official said on Tuesday.
New laws in California to aid in consumer and lender protections signed by governor:
During an hour-long morning press conference at City Hall, the governor discussed eight newly signed bills that he said will protect consumers and small businesses, help struggling homeowners and stem mortgage-related fraud and abusive lending practices.
Those who like to use current data to predict the future say rates will stay low for a while:
Builders in the U.S. broke ground on fewer homes than forecast and wholesale prices unexpectedly fell in September, giving the Federal Reserve more reason to keep interest rates low to ensure an economic recovery.
Bond Yield: closed at 3.37% today.
Help on its way for local Housing Finance Agencies:
The administration’s new two-pronged initiative, operating under a law passed by Congress last year, will consist of a bond purchase program to support new lending by these agencies, and a temporary credit and liquidity program to boost agency access to credit sources for their existing bonds.
Bond Yield: Down to 3.40% @ 8:26 am
Another reminder of who saved the butts of the banking industry:
“There is no financial institution that exists today that is not the direct or indirect beneficiary of trillions of dollars of taxpayer support for the financial system.”
Another reminder to keep a watchful eye on the banking industry, and to keep your representatives in Congress on speed-dial:
“I do not understand how it is that financial institutions could think that they could take taxpayer money and then turn around and act like it’s business as usual. I don’t understand how they can’t see that the world has changed in a fundamental way, that it is not business as usual when you take taxpayer dollars.
Another reminder to support food banks and shelters as much as you can:
“No one could have told me that in a million years: I’d wake up in a homeless shelter,” she said. “I had a house for homeless people. Now, I’m homeless.”