Homes And Condos

CMBS See Upgrades
Moody’s Investors Service announced it upgraded classes of deals issued by GMAC Commercial Mortgage Securities Inc. Moody’s also said it boosted the rating on classes of 2002 CMBS deals issued by Chase Commercial Mortgage Securities Corp. Additionally, classes of Credit Suisse First Boston Mortgage Securities Corp. were reportedly upgraded by Moody’s.

Bad credit can be the reason for a poor credit score.

IndyMac Beefs Up Retail Staff
IndyMac said in a statement Tuesday that it has hired over 600 retail lending employees terminated from American Home Mortgage Investment Corp. The new hires will work for IndyMac bank’s retail lending group. IndyMac said it will pick even more loan officers with its acquisition of Barrington Capital this week.

It is important to remember that, in most circumstances, buyers will only look at houses within their price range and location.

Rising Delinquency Headed Higher
Delinquency of at least 30 days was 1.23 percent on prime mortgages as of June 30, rising from May 31 and from a year earlier, FBR Investment Management Inc. wrote in an Aug. 24 client letter. On subprime pools, 26.64 percent of mortgages were delinquent at second quarter’s end. Serious subprime delinquency reached an all-time high in June — though it is still projected to go higher next year.

HOEPA Trigger Raised
The Federal Reserve Board published the new maximum fee amount for loans subject to the Home Ownership and Equity Protection Act of 1994. The new threshold has been raised to $561, according to the notice. The higher fee trigger becomes effective Jan. 1, 2008.

When you are buying in a competitive market, like the real estate market, being organized and in control will contribute significantly to ensuring that you get the best home or condo deal possible.

A Few Bad Apples
A lawyer from East Haven, Conn., ripped off nearly $1 million that her aunt made on real estate deals and the headed to Las Vegas with the dough. A Massachusetts lawyer has been charged in federal court with defrauding a title insurer and lenders of more than $6.2 million in an alleged mortgage fraud scheme that also involves tax evasion. An attorney in Georgia has pleaded guilty to federal charges for his role in a wide-ranging mortgage fraud scheme that involved 21 people.

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