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Open House today noon to 3 pm

by Roberts Johnson and Rachel Diedrich, Real Estate B

Open House today noon to 3pm 4108 w 118th pl, Westminster, CO 80031
http://www.obeo.com/Public/Viewer/Default.aspx?ID=676238

Mortgage Rates

by Roberts Johnson and Rachel Diedrich, Real Estate B

 

     

Visit us online at www.cooldenverhomes.com

Important information about mortgage rates and the near future!

As you know, every minute there is someone somewhere talking about the debt ceiling negotiations and what will happen if Congress does not agree to raise it.

Although the odds on Congress not resolving this issue by August 2nd are very slim, there is one universal consensus that interest rates are most likely going to rise regardless of what happens.

The school of thought is that if the debt ceiling is not raised, crisis in the markets will ensue and interest rates across the board will rise rapidly.

In the event that Congress does increase the debt ceiling, the odds are very high that the stock market will rally. Whenever the stock market rises rapidly, so do interest rates. This happens every single time for this simple fact that investors take their money out of government securities and invest it in the stock market to ride the rally.

The removal of money from government securities by investors causes the bond yields to rise which in turn means higher mortgage rates.

The bottom line is that there is a good chance that mortgage rates will rise regardless of what happens next week.

I encourage you to use this information to apply for your purchase mortgages. I also recommend that you lock in your rates because one thing is for sure..rates will either likely rise, or a slim chance they will remain the same, but I can guarantee they will not decline.

http://www.cooldenverhomes.com/Morning-Coffee

Roberts Johnson and Rachel Diedrich

         

Roberts Johnson, Roberts (Bobby) Johnson and Rachel Diedrich

2314 Curtis Street, Denver CO 80205 Bobby Cell: (303) 525-7599

Visit http://www.cooldenverhomes.com

Wellsfargo settles mortgage abuse case

by Roberts Johnson and Rachel Diedrich, Real Estate B

Wells Fargo settles mortgage-abuse case for $85 million

By Christopher S. Rugaber and Derek Kravitz
The Associated Press

  

WASHINGTON — Wells Fargo has agreed to pay $85 million to settle civil charges that it falsified loan documents and pushed borrowers toward subprime mortgages with higher interest rates during the housing boom.

The fine is the largest ever imposed by the Federal Reserve in a consumer enforcement case, the central bank said Wednesday.

Wells Fargo, the nation's largest mortgage lender, neither admitted nor denied wrongdoing as part of the settlement. The bank agreed to compensate borrowers who were steered into higher-priced loans or whose income was exaggerated.

The Fed said a unit of Wells Fargo inflated borrowers' incomes on loan documents to qualify for mortgages they otherwise couldn't afford from 2004 until 2008.

Sales personnel also pushed borrowers toward higher-interest, subprime loans, even though they were eligible for lower-interest mortgages, the central bank said.

Between 3,700 and roughly 10,000 people could be compensated under the settlement, the Fed said. The payments will likely range from $1,000 to $20,000.

The loans were issued by Wells Fargo Financial, a subsidiary of the bank that closed in July 2010, the bank said.

"The alleged actions committed by a relatively small group of team members are not what we stand for at Wells Fargo," chairman and chief executive John Stumpf said in a statement. The bank has already paid restitution to about 600 customers, it said.

The alleged actions by Wells Fargo are similar to accusations made against many subprime lenders during the housing boom. Hundreds of those smaller lenders went bankrupt when the housing market collapsed in 2007.

Wells Fargo also admitted it had made mistakes in thousands of foreclosure cases and promised to fix them. But it did not stop its foreclosures.

In April, more than a dozen lenders and servicers singled out by the Federal Reserve were ordered to hire independent auditors to figure how many homeowners may have been improperly foreclosed upon in 2009 and 2010. As part of agreements, the financial firms will "remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies."



Read more: Wells Fargo settles mortgage-abuse case for $85 million - The Denver Post http://www.denverpost.com/search/ci_18518918#ixzz1SmQ6Eg3k
Read The Denver Post's Terms of Use of its content: http://www.denverpost.com/termsofuse

Open house a huge success

by Roberts Johnson and Rachel Diedrich, Real Estate B

I held an open house on Sunday July 17, 2011 and had a ton of people come through, go tons of information from the visitors and had one of my lender's on hand to answer questions!  I couldn't believe the number of people.  This tells me the market is on the mend and will come back strong shortly!  Interest rates are still at all time lows!

 

Wells Fargo Helps Colorado Homeowners

by Roberts Johnson and Rachel Diedrich, Real Estate B
business

Wells Fargo lends distressed Colorado homeowners a mortgage lifeline


David Everett Muench, left, speaks with his father at Wells Fargo's home retention workshop at the Crowne Plaza Hotel near DIA, the 17th metro-area workshop by the bank this year. (AAron Ontiveroz, The Denver Post )

An event hosted by Wells Fargo Bank on Tuesday drew dozens of people seeking to rework their mortgages because of economic troubles or reduced home values.

Among those who attended the event at the Crowne Plaza Hotel near Denver International Airport were Ashly and Brandon Ditlow, who paid $300,000 for their home in New Castle in 2007.

The property — the cheapest the couple said they could find near Brandon's Eagle office — is now worth less than they paid for it.

"We have never missed a payment," Ashly Ditlow said. "We knew the house was underwater, and we wanted to pay on the commitment we signed up for."

The couple said the downturn in the mountains, where Brandon works as an air conditioning specialist, has hurt their finances.

After meeting with a Wells Fargo "retention team," the couple said the bank may help them. Their solution, if it materializes, will be for the bank to defer a portion of their loan.

Wells Fargo representatives spent the day working with borrowers like the Ditlows to reach similar modifications.

The bank claims that from January 2009 through May 2011, the company had 687,047 active trial and completed modifications nationwide.

Shannon Peer, who oversees the Colorado Foreclosure Hotline, said banks have been criticized for not doing more to aid customers.

But the workshops are "very beneficial because of the face-to-face service," Peer said. "Banks have been criticized because of a lack of commitment and this is a response to that."

Jim Spray, a Denver mortgage broker, was more skeptical about such events. He said such face-to-face workshops can be helpful.

"But so much of what I've seen is to gain favorable publicity with government entities," said Spray, who has testified in federal and state courts against banks.

According to Wells Fargo officials, approximately 25 percent of those who participate in its face-to-face workshops receive same-day approval to stay in their homes through arrangements such as loan modifications or refinancing.

Within two weeks, about two-thirds will have reached such agreements.

Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com


Numbers

25% Wells Fargo workshop participants likely to get approval to stay in their homes on the same day through loan modifications or refinancing; 50 percent get approval within a week and two-thirds get approval within two weeks

96% Wells Fargo borrowers in the metro area who are current on their loans

4% Wells Fargo borrowers in the metro area, about 4,600, who are delinquent




Open house on our new listing at Bradburn Village

by Roberts Johnson and Rachel Diedrich, Real Estate B

Rare Townhouse in Bradburn Village!

Pristine, original-owner home with many upgrades including gourmet kitchen with gas stove, stainless appliances, and island.  Open floor plan, 3 sided fireplace, lower level office, 2 car attached garage, and additional parking in back, conveniently located upstairs laundry.

Open house Sunday, July 17, 2011 from Noon to 3 PM.

contact roberts@CoolDenverHomes.com or call 303.525.7599

CoolDenverHomes.com

Virtual tour can be seen at www.CoolDenverHomes.com or www.obeo.com/676238.

Displaying blog entries 1-6 of 6

Contact Information

Photo of Roberts (Bobby) Johnson Real Estate
Roberts (Bobby) Johnson
Cool Denver Homes, Inc.
2314 Curtis Street
Denver CO 80205
Roberts Cell: (303) 525-7599
Fax: (303)9635335

Providing Real Estate Solutions Every Day!