During the webcast, Oppenheim discusses how with the departureofFannieMaeandFreddieMac also goes the traditional 30-year mortgage, paving the way for a new 20-year mortgage, higher interest rates and larger down payments. In other words, buying a house just got harder.
If you missed this hour of economic insight from a leading industry expert, the replay will be available on OppenheimLawTV and the OppenheimLawYouTube channel for the next 30 days! We want to remind you that as the short sale market heats up, Oppenheimlaw and WestonTitle are here to service all your legal and title insurance related needs.
Oppenheim Law tells all at 6 pm tonight with perspective on the state of Florida Real Estate via a free Webcast or be part of a live audience in Boca Raton.
Homeownership will no longer define the AmericanDream. That’s because 30-year, fixed-mortgageloans that we’ve known since the 1950s may become a luxury if the federal government tightens constraints on FannieMaeandFreddieMac—the two lenders that historically backed home loans for the masses (even with far less than perfect credit scores). Indeed, a private mortgage finance market could emerge with entirely new rules—rules that make it harder and more expensive to get a loan.
Next, consider convicted Ponzischeme mastermind Bernie Madoff’s comments from his prison cell. Madoff told New York magazine that GoldmanSachs, MerrillLynchandMorganStanleySmithBarney knew all along that he was working the system—and did nothing. Madoff suggested that the entire government is a Ponzi scheme. What if Madoff is right? It’s a disturbing thought…
That leads us to the question, “Whyisn’tWallStreetinJail?” Where’s the accountability? Clearly, greedy banks did their dirty deeds and clearly American taxpayers are footing the bill. Wealth has been destroyed. Lives ruined. Yet Wall Street—and the prominent firms that make up the financial services industry—seem to be living above the law.
What’s an American homeowner—or foreclosure victim—to do?
Join OppenheimLaw tonight, March 9 at 6 p.m. RoyOppenheim is holding a realestateworkshop where he discusses how the aftermath of Wall Street’s greed is still affecting homeowners across the country and what you can do to pull yourself out of the hole the banks created. Oppenheim will also share how rising oil prices, continued unemployment and the possibility of an American double-dip recession is impacting the South Florida real estate market, as well as the pros and cons of how changes to mortgage options could impact SouthFloridaforeclosures and shortsales. (more…)
The American Dream as we know it is being redefined for Florida real estate and the nation. Elton John’s famous song Goodbye Yellow Brick Road reminds us that homeownership will no longer define the American Dream and the Yellow Brick Road really leads to no where (just like in Oz).
So the tune Goodbye Yellow Brick Road is sounding the same as Goodbye American Dream as we say see you later to 30-Year Mortgages. The fact is, without housing finance giants Fannie Mae and Freddie Mac, the 30-year mortgage might fade away, leaving many potential homeowners with little to no financing options.
The 30-year fixed-rate mortgage loan has been a steady favorite of American borrowers since the 1950s and is now on its way to become a luxury product.
What would real estate be like without Fannie Mae and Freddie Mac?
According to The New York Times, life without Fannie and Freddie is the rare goal shared by the Obama administration and House Republicans after the two giants misused the government’s support to enrich shareholders and executives by backing millions of shoddy loans.
Taxpayers have spent more than $135 billion righting those wrongs.
However grave the transgressions, there would be consequences for Americans if Fannie and Freddie are shut down. Interest rates would rise for most borrowers, and lenders could start charging fees for locking in those rates weeks or months before taking out a loan.
Still, other politicians favor a purely private mortgage finance market. (more…)
“Look,” he said, “these banks and these funds had to know there were problems.” Madoff told them absolutely nothing about how he made those returns. “I wouldn’t give them any facts, like how much volume I was doing. I was not willing to have them come up and do the due diligence that they wanted. I absolutely refused to do it. I said, ‘You don’t like it, take your money out,’ which of course they never did.”
Madoff continues, “It’s unbelievable. Goldman … no one has any criminal convictions—the whole new regulatory reform is a joke. The whole government is a Ponzi scheme.”
According to the latest numbers from CoreLogic, the national average of state mortgage holders who are underwater is 22.5%. Florida sits at an astonishing level above 60%.
Homeowners, however, are not powerless in today’s market. Join Oppenheim Law next Wednesday, March 9, for the next free Real Estate Workshop where Roy Oppenheim will share how rising oil prices, continued unemployment and the possibility of an American double-dip recession is impacting the South Florida real estate market. (more…)
“Not a single financial executive has gone to jail”…that is how Producer Charles Ferguson rocked the Oscars by starting his acceptance speech for winning best feature documentary for “Inside Job,” a film about the 2008 financial system meltdown. How appropriate.
Meanwhile, Florida real estate is no red carpet winner when it comes to the housing market. Oppenheim Law announces its real estate webinar streaming live Wednesday March 9th at 6 pm, designed to help Florida homeowners use today’s economic conditions to their advantage and fashion their own bailouts.
In this timely workshop, Oppenheim shares fresh insights, including:
How the rising price of oil will affect the American job market, and in turn affect the housing market.
What these trends mean for Florida foreclosure defense and how homeowners can use these events to their advantage to engineer and structure a short sale.
The impact that a sluggish start to the national “selling season” will have on a local level.
Why home prices will continue to drop in the months ahead.
Florida real estate is not immune to the financial system melt down or the recent world events, according to Florida Foreclosure Defense Attorney and Legal Blogger Roy Oppenheim.
As revolutionary tremors continue to spread through the Middle East and actual tremors rocked New Zealand with a 6.3 magnitude earthquake, Oppenheim Law offers insight on how these international events could impact Florida’s real estate market as well as sharing the latest legal trends in foreclosure defense and short sales strategies. (more…)
As we prepare for Oppenheim Law‘s March 9th Foreclosure and Short Sale Workshop, one thing is clear: Florida real estate is not immune to world events.
The Wall Street Journal is reporting a sluggish start to selling season, typically kicked off by Super Bowl Sunday. Given the volatile international headlines this week, this news hardly comes as a surprise. From revolutionary tremors spreading throughout the Middle East to the actual tremors of Christchurch, New Zealand’s 6.3-magnitude earthquake, the global outlook seems bleak at best.
Economists are discounting the possibility that recent buying momentum will propel GDP growth to the necessary 5-plus percent necessary to sustain job growth. Latest figures are predicting unemployment to stubbornly remain above 9% nationwide until well into 2012 as well as a continued surplus in housing inventory.
Are we seeing the beginning of a double dip recession? Join Oppenheim Law and Weston Title on March 9 to discuss the latest headlines and economic predictions as we navigate month three of the year of the short sale.
While the dramatic decrease in foreclosures is temporary, the equally sharp uptick of short sales is not. Why?
As reported in The Wall Street Journal this week, buyers are snapping up short sales in all-cash deals, breathing life into the crippled Florida real estate market. In our monthly real estate workshop last night, foreclosure defenseand real estate attorney Roy Oppenheim pointed out that over half of short sale buyers today pay in cash, versus 13 percent in 2006.
Didn’t make last night’s event? The replay will be available for the next ten days on Oppenheim Law TV.
In the timely workshop, Oppenheim discusses:
How global events and macro economic conditions such as unemployment and the price of gas impact the real estate outlook
