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All roads lead to global recession

By Lou Barnes, Monday, June 9, 2008.

In the general chaos Friday, oil in the largest single-day spike ever, near $140/bbl, Dow off 394 points, the only market that did not move was credit.

Mortgages are still near their 90-day high, 6.375 percent, and the 10-year T-note is still in its trading range at 3.92 percent. Long-term rates have held in belief that economic rebound, or inflation, or a weak dollar would force the Fed to raise its rate, and soon.  more...

Work less, 'Excel' more

By Alison Rogers, Monday, June 9, 2008.

It's summer, and I'm a little bored, and frankly a little depressed because I had surgery just two weeks ago. I have two accepted offers and no contracts, and frankly no desire to work at all. I could shepherd those two offers into contract and call that a month's work if I'm not careful.

So I was casting about for something to do, and I remember something I heard once (OK, many times) at Inman Connect.

It was that as agents, we need to measure our business.  more...

Lender demands PMI despite 50% equity

By Benny Kass, Monday, June 9, 2008.

DEAR BENNY: My mother-in-law's mortgage was sold to another lender. The new lender is asking for PMI, which was not required by her previous lender. She has more than 50 percent equity in her home. She really cannot afford the PMI. Does the new lender have this right? What are her options? --Craig  more...

Will mortgage insurance protect against job loss?

By Jack Guttentag, Monday, June 9, 2008.

Does mortgage insurance protect me if I'm disabled or lose my job?

No, mortgage insurance protects the lender against loss in the event that you default. You pay the premium, but the lender receives the protection. The sole benefit to you is that, with mortgage insurance, lenders are willing to make loans with down payments smaller than 20 percent of purchase price or appraised value. I should add that a few mortgage insurers have experimented with programs that provide the kind of protection to borrowers that you are asking about, but they have never caught on.  more...

Sellers find it tough accepting contingencies

By Dian Hymer, Monday, June 9, 2008.

In today's market, few buyers make contingency-free offers. A contingency is an event, like the buyer's loan approval, that must be satisfied in order for the transaction to close.

The purchase contract should specify a deadline for contingency removal. The time period is negotiable; it's whatever the buyers and sellers agree to. Sellers usually want as short a contingency period as possible so that they can make plans. Buyers, on the other hand, often want as much time as they can get to inspect the property, line up financing or sell another home.  more...