Ken Mascia

Congress finally came to terms on this stimulus bill that we’ve been hearing so much about. This thing is very far reaching and is going to cost a boat load of money, but I am just focusing on the items that will affect real estate sales and mortgage finance. Mortgage Rate Reduction – There has [...]

{ 2 comments }

Well, there has been more interesting activity in the mortgage interest rate market this month.  The Federal Government has been busy trying to keep the economic ship afloat and they are doing OK in some areas and poorly in others (my editorial opinion, of course). I applaud the Fed’s for seeking to reduce mortgage rates [...]

{ 1 comment }

Each year limits are set on how much a conventional loan (non-government insured) can be and when a conventional loan exceeds the limit it is known as a jumbo loan.  Government loans (FHA insured) also have a limit and when a loan exceeds that limit the FHA will not insure the loan and therefore it [...]

{ 0 comments }

Have you heard the term “Reverse Mortgage”?  Many people have but it’s still a mysterious concept that many people don’t understand.   It’s really a pretty neat loan program and can be a very valuable tool under the right circumstances.  Like any financial tool, this product is not right for everyone, but, with the right guidance [...]

{ 0 comments }

Here we are at the end of October.  Summer is over, the leaves are turning beautiful colors and the temps are getting a bit cool.   We have a lot to be thankful for and the holiday season is on the way.  The business and investment climate is still a bit crazy, though. Early this month [...]

{ 0 comments }

The big news this morning is that the Federal Reserve Board moved to lower the federal funds rate overnight by ½%.  Five other central banks around the world also lowered key lending rates in a concerted effort to loosen up lending and pump money into the banking system. Of course, we’ve all heard about the [...]

{ 0 comments }

In a historic move yesterday, Treasury Secretary Carlson announced the government takeover of Fannie Mae and Freddie Mac. The two financial giants have been struggling over the past year due to an unprecedented increase in foreclosures which relate to falling home values and the subprime loan meltdown. If the two were allowed to fail the [...]

{ 1 comment }

I’ve been seeing an interesting phenomenon this year. Seems like some home buyers are so driven to “get a great deal” that they’re buying homes they aren’t even that excited about living in! I’ve been financing houses since 1990 and for the most part people are generally buying houses to improve their quality of life. [...]

{ 0 comments }

I think we can all agree the housing market needs a little kick in the pants right now! Well, your Federal Government to the rescue. This week congress passed a Housing Rescue Bill which will attempt to do a number of different things from foreclosure avoidance assistance, tax credits to some home buyers and financial [...]

{ 3 comments }

Breaking News! Fannie and Freddie are changing the rules on how payments on existing primary homes are treated when a buyer is purchasing a new home and plans to rent out the old house. In the past, we have been able to offset the payment on their existing home by showing a lease for the [...]

{ 6 comments }

There has been a lot of buzz out there this year about how mortgage brokers created the current crisis in mortgage lending.  Say it isn’t so!  Well, it isn’t. Mortgage brokers can only work within the framework of guidelines set up by the investors (banks) who buy loans from them. The bank sets down rules [...]

{ 2 comments }