All's well, that ends well. We have now come to the ending of MORTGAGE LOAN LEADS . Until we meet again, adios.
MORTGAGE LOAN LEADS
Thacher Proffitt Publishes Summary and Analysis of the Troubled Asset Relief Program Following Passage of the Centre Daily Times Credit remains tight as bailout vote nears CNN Money
Wed, 08 Oct 2008 22:53:41 +0000
Subscribe search CentreDaily.com Archives Web for Web Search powered by YAHOO SEARCH Homepage Local News Crime Thacher Proffitt Real Estate partner Peter J. Mignone Corporate and Financial Institutions partner Walter Van G. Dorn Jr. Litigation and Dispute Resolution Practice Group chair Richard F. Hans Bankruptcy partner and Distressed Assets co chair Hugh McDonald and Compensation and Benefits partner Christian H. Chandler. Throughout the capital markets disruption Thacher Proffitt has acted as counsel to sellers buyers lenders investors servicers and others in connection with their interests in financial assets and structured transactions of all types. Recent representations of note include American Securitization Forum in connection with its loan modification task force. Thacher Proffitt has advised and written extensively on the permissibility of modifications of defaulted loans included in securitizations and we note that encouraging greater use of such modifications is a key objective of TARP JPMorgan and the Federal Reserve Bank of New York as lead transaction and issuer s counsel for the formation of the billion commercial mortgage backed securities trust as part of the financing of the Bear Stearns acquisition Advertisement Federal Deposit Insurance Corporation FDIC conservator of IndyMac Federal Bank F.S.B. as counsel on all corporate and transactional matters relating to the conservatorship Department of Education as lead counsel for the Student Loan liquidity support program Four prominent banks as lead arrangers and various other financial institutions as buyers in the . billion syndicated mortgage loan repurchase facility that was part of a landmark billion global refinancing and Various issuers and investors in connection with restructuring of existing classes of mortgage backed securities including through resecuritizations. Such restructurings may be an important element of TARP in practice. Useful Resources Read the analysis of TARP Summary and Analysis of the Troubled Asset Relief Program Distressed Commercial Real Estate Loans Practical Wisdom for Identifying Managing and Moving Beyond Default Situations June Distressed Residential Mortgage Loans and RMBS Navigating Risk When Purchasing and Selling Portfolios May Proposed REMIC Rules on Modification of Commercial Mortgage Loans November American Home Mortgage Investment Corp. v. Lehman Bros. Inc. Bankruptcy Court Broadens Repurchase Agreement Safe Harbors to Include Subordinated Notes Secured by Mortgage Loans and Limits the Application of Article of the UCC June Legal Developments Affecting the Subprime Mortgage Market The Journal of Structured Finance Fall About Thacher Proffitt Wood LLP Founded in Thacher Proffitt has more than lawyers in four locations New York NY Washington DC White Plains NY and Summit NJ. We advise clients domestically and internationally on a range of matters involving banking bankruptcy compensation and benefits corporate and securities derivatives and structured products distressed assets environmental and green issues insurance and reinsurance international investment management litigation and dispute resolution including subprime real estate secured commercial lending structured finance tax technology and intellectual property and trusts and estates. Learn more about our creative legal solutions at www.tpw.com including our industry awards and rankings. Thacher Proffitt Wood LLP Jessica Semon PR Communications Specialist jsemontpw.com Featured Advertisers Dating Comics and Games Local Shopping Find a Car Apartments Local Jobs Credit Card Comparisons Marketing Jobs Small Business Health Insurance Become a Brofessional Business Credit Cards Offices Las Vegas Advertisement Advertisement Latest News Sponsored by Corbin s Creative Concrete Gas falls another cents PM Pa. governor to sign dog law overhaul PM McCain renews harsh criticism of Obama over policy PM Centre County inmate wanted for escape PM Advertisement Top Blogs Most Read Most Emailed Most Commented A healing process Obama McCain stretch facts in debate Police Report Wednesday Former PSU player found not guilty Car smashes into College Avenue house Officers Man took police car for a ride Company to survey county for reserves Police arrested in underage drinking party EXTREME MAKEOVER PennDOT All I lanes to open by Thanksgiving Top Jobs State College Top Jobs All Top Jobs nbsp Quick Job Search Enter Keyword s Enter a City Select a State All United States Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Select a Category All Job Categories Accounting Admin Clerical Automotive Banking Biotech Broadcast Journalism Business Development Construction Consultant Customer Service Design Distribution Shipping Education Engineering Entry Level Executive Facilities Finance General Business General Labor Government Health Care Hotel Hospitality Human Resources Information Technology Insurance Inventory Legal Legal Admin Management Manufacturing Marketing Nurse Other Pharmaceutical Professional Services Purchasing Procurement QA Quality Control Research Restaurant Food Service Retail Grocery Sales Science Skilled Labor Trades Strategy Planning Supply Chain Telecommunications Training Transportation Warehouse Advanced Job Search Search by Category rail c site map Homepage Local News Crime Courts Obituaries Pennsylvania Nation World PR News Wire Weird News Contact Us CDT Happy Valley Gifts Archives Classifieds Subscribe Local News Breaking News Bald Eagle Area Bellefonte Penns Valley Phillipsburg State College Wonders of Centre County Voters Guide Affordable Housing I World Nation World News National News Iraq War Wounded Warriors McClatchy Washington Bureau Open Records War Stories WWII Sports Golf College MLB Motorsports NFL NHL NBA Soccer Spikes Sports Recreation Blogs Women Other Sports Olympics Penn State Alumni Football Sports Tailgates Memories Happy Valley Gifts Business Technology Real Estate Transfers Market Summary Entertainment Celebrities Comics Games Horoscopes Movies Trailers Showtimes T.V. Shows T.V. Listings Music DVD s Weekender Calendar Living Body More Books Fashion Fathering Food Health Science Home Pets Travel Wedding Line Opinion Blogs Discussion Boards Politics Multimedia Video News Widget Photo Events Photo Parties Photo Youth Sports Photo Penn State PODcast RSS Headlines About CentreDaily.com About the Real Cities Network Terms of Use Privacy Statement Copyright About the McClatchy Company Copyright The Centre Daily Times All Rights Reserved Soldiers are returning after several tours of duty only to find they are on the verge of losing their homes. While trying to rebuild their lives they face the additional pressure and stress of a looming foreclosure. According to one recent study the number of foreclosures in military towns are four times the national average. Why Because military families were targeted as customers during the boom in subprime lending. Their frequent moves overseas stints and low pay meant they were likely to have weak credit ratings. The initial low rates and easy terms of these loans made them more attractive than the traditional route of taking out a Veterans Administration VA loan. In fact at the peak of the U.S. subprime lending the number of new VA loans fell to their lowest level in years. With that in mind it is not surprising that a large number of military families are being caught in the subprime mortgage collapse. Fortunately there is some help in the form of the Servicemembers Civil Relief Act SCRA . The SCRA was created to protect soldiers and sailors from losing their homes for nonpayment of mortgages while they are on active duty and for days after they return home. Those who qualify for the SCRA include members of the Army Navy Air Force Marine Corp and Coast Guard. Also included are members of the public health service commissioned corps of the National Oceanic and Atmospheric Administration and National Guard members who were called to active service during a national emergency and authorized by the President or Secretary of Defense for more than consecutive days. In addition citizens ordered to report for induction under the Military Service Act and those serving with the Allied Forces are also covered under the bill. If you are covered under the SCRA a court ruling must be made before a foreclosure sale or seizure can occur to your property. Military personnel can ask for a court delay and be issued a day adjournment. If the court denies the delay request an attorney must be appointed to represent the service member in absentia. If the lender forecloses without a court order the sale is invalid. If a foreclosure sale was conducted lawfully there is still some recourse. Foreclosed property cannot be seized until the service member completes active duty. In addition the SCRA grants military personnel the right to revisit a default foreclosure judgment that was issued during active duty and also gives them the right to ask that it be overturned. For veterans facing foreclosure it is critical they understand the process and take action. There are two types of foreclosures judicial and non judicial. Judicial procedures are followed by states that use mortgages as the security instrument for property loans. Non judicial procedures are used by states that use deeds of trust as the security instrument. For veterans who live in non judicial foreclosure jurisdictions lenders can foreclose on a property very quickly and without court proceedings. For questions about the SCRA contact the Judge Advocate General s office at your local military base or the local Veterans Administration regional office. Carla Douglin A foreclosure expert author and spokesperson for the American Homeowners Association Carla Douglin understands the financial burden many homeowners face when buying maintaining or selling a home. Carla Douglin is now the Director of The Douglin Foundation which leads foreclosure information seminars for homeowners throughout the nation. In Douglin started her own foreclosure consulting business in order to assist homeowners on the verge of losing their property. As she consulted each client she noticed a pattern of miseducation everyone was confused about the foreclosure process. Alongside the confusion most people facing foreclosure undergo a tremendous amount of emotional distress which further complicated the process. Using her background as a corporate trainer Douglin created a helpful questionnaire to assist homeowners facing foreclosure understand more about their own financial situation. The questionnaire evolved into a foreclosure manual which in turn became a workbook. Carla Douglin offers timely assistance dealing with a topic that is a major crisis in our country today. She is a skilled foreclosure prevention expert offering an unprecedented approach to helping homeowners in distress with a step by step approach to foreclosure avoidance protection and survival. author s email author s web site view author s other articles view author s RSS feed Join this author s mailing list Your Name E mail Address American Chronicle California Chronicle Los Angeles Chronicle World Sentinel Buy.com Search Subscribe About Submit Work Reader Feedback Help Advertise Privacy Policy Copyright Link to Us We are an online magazine for national international state and local news. We also provide opinion and feature articles. The Chronicle World Sentinel and our affiliates have over contributors over articles and over million visitors annually. The American Chronicle and its affiliates have no responsibility for the views opinions and information communicated here. The contributor s and news providers are fully responsible for their content. In addition the views and opinions expressed here are not necessarily those of the American Chronicle or its affiliates. All services and information provided on this website are provided as general information only. Any medical advice home remedies and all other medical information on this website should not be treated as a substitute for the medical advice of your own doctor. We not responsible for any diagnosis of treatment made by anyone based on any of the content of this website. Always consult your own doctor if you are in any way concerned about your health. This site is best viewed with Internet Explorer IE . Click here for help in viewing this site. . American Chronicle is a trademark of Ultio LLC . Treasurys rise as stocks sell off on rumors of a rate cut. EMAIL PRINT SHARE RSS DIGG FACEBOOK DEL.ICIO.US REDDIT STUMBLE UPON MYSPACE MIXX IT Paste this link into your favorite RSS desktop reader See all CNNMoney.com RSS FEEDS close By David Goldman CNNMoney.com staff writer Last Updated October PM ET AMERICA S MONEY CRISIS Mexico unveils plan to stave off crunch ways to tough out tough times AIG hits up Fed for more money Fed gives . billion loan to AIG The Fed s next move is. Buffett Build economic confidence More Videos Quick Vote Will the billion bailout of the financial markets succeed in relieving the credit crisis Yes No or View results Click chart for latest bond quotes. NEW YORK CNNMoney.com Though a financial rescue plan was passed Friday credit still remained tighter than ever. The House voted in favor of the Treasury s billion plan to buy up troubled assets from financial institutions. Those assets mostly mortgage related have caused the credit markets to seize up. The bill now goes to President Bush to sign into law. But even with a rescue plan on the horizon that is designed to restore liquidity to the credit markets banks still opted to hoard cash rather than lend to one another Friday. Even if the bailout ultimately works to unlock credit markets it would potentially take time. Institutions that sell their bad assets to the government could have to sell those securities at a huge discount resulting in large writedowns. As a result experts say it may be months after the legislation is enacted until banks start to see some relief. It will take some time for the markets to recover this bill will not be an overnight cure said Peter Cardillo chief market economist with Avalon Partners. Meanwhile banks remained hesitant to take on more risky loans while dragging their anchors of their own troubled assets. Credit measures at all time highs The month Libor rate or the London interbank offered rate rose to . up from . on Thursday its highest level since January. The measure is a daily average of what banks charge other banks to lend money in London. The difference between that measure and the Overnight Index Swaps rate rose to an all time record . percentage points up from . points Thursday according to data reported by Bloomberg.com. The Libor OIS spread measures how much cash is available for lending between banks and is used by banks to determine lending rates. The bigger the spread the less cash is available for lending. Friday marked the sixth straight record for the indicator showing that banks are hoarding cash rather than lending to one another. Historically the typical Libor OIS spread is about . percentage points but it has averaged . points since the crisis began on Wall Street in mid September according to Merrill Lynch economist Drew Matus. Another credit market indicator the TED spread rose to yet another record high of . percentage points. The higher the spread the more likely banks are risk averse. The TED spread was only . points on Sept. . The TED spread measures the difference between month Libor and the yield on the month Treasury considered by many investors to be the safest investment. The spread is a key indicator of banks willingness to lend to one another. With a wrench in the financial system s gears many customers who need a loan to finance a home car or tuition aren t able to get the credit they need. Others who can get a loan have to pay high interest rates. Frozen credit also affects companies ability to make payroll which can result in layoffs. Treasurys With credit tighter than ever investors fear that the economy will continue to slump into a recession. Signs of a prolonged slowdown are evident. For instance the U.S. Department of Labor is reported that the economy shed jobs in September the highest drop in employment since . There s a growing unease about the recession said Scott Anderson senior economist with Wells Fargo. It s pretty clear from the economic data from the past few days that the economic downturn has gotten worse in U.S. and globally. As a result banks and investors began to speculate that the Federal Reserve will cut its key funds rate by as much as a half of a percentage point to stimulate the economy. The U.S. central bank uses its rate cutting tool to encourage lending in an attempt to boost the economy. However rate cuts tend to be inflationary and bond investors worry that their assets will devalue over time as the dollar sinks. There is growing speculation that the Fed might cut rates said Cardillo. There s no inflation problem right now but there may be down the road as the printing presses will be running at full speed. The year note which fluctuates the most on rate changes fell to and its yield rose to . from . . Bond prices and yields move in opposite directions. Bond prices were down for the majority of the day Friday as rumors of a rate cut took hold and stocks rose in anticipation of the House vote. But after the afternoon vote the stock market refocused on the struggling economy and most Treasurys began to rise. The benchmark year note rose to and its yield held steady at . . The yield spread or the difference between the year and year yields fell to . percentage points from . points right before the bill was signed. That suggests a very slight easing of credit as short term money is being made available at lower rates. But experts warned that it is way too early to declare victory for the credit markets. Spreads are coming down a little bit but we have to wait and see how the plan works Cardillo said. It still won t be implemented for weeks. The year bond rose to and its yield fell to . from . . The yield on the month bill which is considered by many to be the safest investment fell to a measly . from . late Thursday. People just want good collateral because of the fear factor Cardillo said. They have no confidence in the credit markets. First Published October AM ET How the credit crisis affects you What investors should do now Money crisis Americans react The accounting rule you should care about Features FULL COVERAGE AMERICA S MONEY CRISIS Fed can t save stocks A volatile session ends with losses as investors remain wary despite cut. more Credit freeze It s still on Rate cut gives dollar a ride The Fed s next move is. Recent actions may not revive the financial system. more Emergency rate cut This better work Is the Fed out of bullets AIG hits up Fed for more money Paulson Using all tools What this economy means for you Bank earnings don t look pretty Financial stocks fall once again Wells Citi extend Wachovia truce Global bazookas but no silver bullet Traders Dow could hit Sponsored By include virtual fn adspaces homepage lifestyle sponsor spon. x .ad Top Stories Most Popular Stories Most Popular Videos Wells Citi extend Wachovia standstill BofA in . B auction rate buyback Tech stocks see new lows Walgreen ends . B bid for rival IBM beats estimates with early earnings What this economy means for you U.S. stocks recover after scary open Fed Emergency cut AIG hits up Fed for more money Stocks Meredith Whitney loves Traders Dow could hit Bailing out of investments Duke Energy goes green Fed out of bullets Gates tackles education woes US Indexes Fortune Movers Markets Last Change Dow Jones . . . Nasdaq . . . S P . . . yearBond Yield . U.S.Dollar euro . . October PM ET Company Price Change Pilgrim s Pride Corporation . . Yrc Worldwide Inc . . Metlife Inc . . Lehman Brothers Holdings Inc . . Oct pm ET Sponsored by symbol lookup Rankings Fortune Best Places to Live Best Places to Work For Best Places to Retire Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks More Galleries The crisis A timeline A shocking series of events that forever changed the financial markets. More Being Big Brother Installing surveillance cameras to keep an eye on the staff can help business owners boost profits and pinpoint problems. More Fix this Web site Our makeover mavens take apart an ailing e commerce site and highlight traffic boosting design and navigational changes. More Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy Home Portfolio Calculators Contact Us Newsletters Podcasts RSS Mobile Widgets Press Center Site Map User Preferences Advertise with Us Magazine Customer Service Download Fortune Lists Reprints Career Opportunities Special Sections Conferences Business Leader Council Live Quotes automatically refresh but individual equities are delayed minutes for Nasdaq and minutes for other exchanges. Market indexes are shown in real time except for the DJIA which is delayed by two minutes. All times are ET. Time reflects local markets trading time. Intraday data delayed minutes for Nasdaq and minutes for other exchanges. Disclaimer Copyright c BigCharts.com Inc. All rights reserved. Please see our Terms of Use . MarketWatch the MarketWatch logo and BigCharts are registered trademarks of MarketWatch Inc. Intraday data provided by Interactive Data Real Time Services and subject to the Terms of Use . Intraday data is at least minutes delayed. All times are ET. Historical current end of day data and splits data provided by Interactive Data Pricing and Reference Data . Fundamental data provided by Morningstar Inc. . SEC Filings data provided by Edgar Online Inc. . Earnings data provided by FactSet CallStreet LLC.
Thacher Proffitt Publishes Summary and Analysis of the Troubled Asset Relief Program Following Passage of the Centre Daily Times Credit remains tight as bailout vote nears CNN Money
Wed, 08 Oct 2008 22:53:41 +0000
Subscribe search CentreDaily.com Archives Web for Web Search powered by YAHOO SEARCH Homepage Local News Crime Thacher Proffitt Real Estate partner Peter J. Mignone Corporate and Financial Institutions partner Walter Van G. Dorn Jr. Litigation and Dispute Resolution Practice Group chair Richard F. Hans Bankruptcy partner and Distressed Assets co chair Hugh McDonald and Compensation and Benefits partner Christian H. Chandler. Throughout the capital markets disruption Thacher Proffitt has acted as counsel to sellers buyers lenders investors servicers and others in connection with their interests in financial assets and structured transactions of all types. Recent representations of note include American Securitization Forum in connection with its loan modification task force. Thacher Proffitt has advised and written extensively on the permissibility of modifications of defaulted loans included in securitizations and we note that encouraging greater use of such modifications is a key objective of TARP JPMorgan and the Federal Reserve Bank of New York as lead transaction and issuer s counsel for the formation of the billion commercial mortgage backed securities trust as part of the financing of the Bear Stearns acquisition Advertisement Federal Deposit Insurance Corporation FDIC conservator of IndyMac Federal Bank F.S.B. as counsel on all corporate and transactional matters relating to the conservatorship Department of Education as lead counsel for the Student Loan liquidity support program Four prominent banks as lead arrangers and various other financial institutions as buyers in the . billion syndicated mortgage loan repurchase facility that was part of a landmark billion global refinancing and Various issuers and investors in connection with restructuring of existing classes of mortgage backed securities including through resecuritizations. Such restructurings may be an important element of TARP in practice. Useful Resources Read the analysis of TARP Summary and Analysis of the Troubled Asset Relief Program Distressed Commercial Real Estate Loans Practical Wisdom for Identifying Managing and Moving Beyond Default Situations June Distressed Residential Mortgage Loans and RMBS Navigating Risk When Purchasing and Selling Portfolios May Proposed REMIC Rules on Modification of Commercial Mortgage Loans November American Home Mortgage Investment Corp. v. Lehman Bros. Inc. Bankruptcy Court Broadens Repurchase Agreement Safe Harbors to Include Subordinated Notes Secured by Mortgage Loans and Limits the Application of Article of the UCC June Legal Developments Affecting the Subprime Mortgage Market The Journal of Structured Finance Fall About Thacher Proffitt Wood LLP Founded in Thacher Proffitt has more than lawyers in four locations New York NY Washington DC White Plains NY and Summit NJ. We advise clients domestically and internationally on a range of matters involving banking bankruptcy compensation and benefits corporate and securities derivatives and structured products distressed assets environmental and green issues insurance and reinsurance international investment management litigation and dispute resolution including subprime real estate secured commercial lending structured finance tax technology and intellectual property and trusts and estates. Learn more about our creative legal solutions at www.tpw.com including our industry awards and rankings. Thacher Proffitt Wood LLP Jessica Semon PR Communications Specialist jsemontpw.com Featured Advertisers Dating Comics and Games Local Shopping Find a Car Apartments Local Jobs Credit Card Comparisons Marketing Jobs Small Business Health Insurance Become a Brofessional Business Credit Cards Offices Las Vegas Advertisement Advertisement Latest News Sponsored by Corbin s Creative Concrete Gas falls another cents PM Pa. governor to sign dog law overhaul PM McCain renews harsh criticism of Obama over policy PM Centre County inmate wanted for escape PM Advertisement Top Blogs Most Read Most Emailed Most Commented A healing process Obama McCain stretch facts in debate Police Report Wednesday Former PSU player found not guilty Car smashes into College Avenue house Officers Man took police car for a ride Company to survey county for reserves Police arrested in underage drinking party EXTREME MAKEOVER PennDOT All I lanes to open by Thanksgiving Top Jobs State College Top Jobs All Top Jobs nbsp Quick Job Search Enter Keyword s Enter a City Select a State All United States Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Select a Category All Job Categories Accounting Admin Clerical Automotive Banking Biotech Broadcast Journalism Business Development Construction Consultant Customer Service Design Distribution Shipping Education Engineering Entry Level Executive Facilities Finance General Business General Labor Government Health Care Hotel Hospitality Human Resources Information Technology Insurance Inventory Legal Legal Admin Management Manufacturing Marketing Nurse Other Pharmaceutical Professional Services Purchasing Procurement QA Quality Control Research Restaurant Food Service Retail Grocery Sales Science Skilled Labor Trades Strategy Planning Supply Chain Telecommunications Training Transportation Warehouse Advanced Job Search Search by Category rail c site map Homepage Local News Crime Courts Obituaries Pennsylvania Nation World PR News Wire Weird News Contact Us CDT Happy Valley Gifts Archives Classifieds Subscribe Local News Breaking News Bald Eagle Area Bellefonte Penns Valley Phillipsburg State College Wonders of Centre County Voters Guide Affordable Housing I World Nation World News National News Iraq War Wounded Warriors McClatchy Washington Bureau Open Records War Stories WWII Sports Golf College MLB Motorsports NFL NHL NBA Soccer Spikes Sports Recreation Blogs Women Other Sports Olympics Penn State Alumni Football Sports Tailgates Memories Happy Valley Gifts Business Technology Real Estate Transfers Market Summary Entertainment Celebrities Comics Games Horoscopes Movies Trailers Showtimes T.V. Shows T.V. Listings Music DVD s Weekender Calendar Living Body More Books Fashion Fathering Food Health Science Home Pets Travel Wedding Line Opinion Blogs Discussion Boards Politics Multimedia Video News Widget Photo Events Photo Parties Photo Youth Sports Photo Penn State PODcast RSS Headlines About CentreDaily.com About the Real Cities Network Terms of Use Privacy Statement Copyright About the McClatchy Company Copyright The Centre Daily Times All Rights Reserved Soldiers are returning after several tours of duty only to find they are on the verge of losing their homes. While trying to rebuild their lives they face the additional pressure and stress of a looming foreclosure. According to one recent study the number of foreclosures in military towns are four times the national average. Why Because military families were targeted as customers during the boom in subprime lending. Their frequent moves overseas stints and low pay meant they were likely to have weak credit ratings. The initial low rates and easy terms of these loans made them more attractive than the traditional route of taking out a Veterans Administration VA loan. In fact at the peak of the U.S. subprime lending the number of new VA loans fell to their lowest level in years. With that in mind it is not surprising that a large number of military families are being caught in the subprime mortgage collapse. Fortunately there is some help in the form of the Servicemembers Civil Relief Act SCRA . The SCRA was created to protect soldiers and sailors from losing their homes for nonpayment of mortgages while they are on active duty and for days after they return home. Those who qualify for the SCRA include members of the Army Navy Air Force Marine Corp and Coast Guard. Also included are members of the public health service commissioned corps of the National Oceanic and Atmospheric Administration and National Guard members who were called to active service during a national emergency and authorized by the President or Secretary of Defense for more than consecutive days. In addition citizens ordered to report for induction under the Military Service Act and those serving with the Allied Forces are also covered under the bill. If you are covered under the SCRA a court ruling must be made before a foreclosure sale or seizure can occur to your property. Military personnel can ask for a court delay and be issued a day adjournment. If the court denies the delay request an attorney must be appointed to represent the service member in absentia. If the lender forecloses without a court order the sale is invalid. If a foreclosure sale was conducted lawfully there is still some recourse. Foreclosed property cannot be seized until the service member completes active duty. In addition the SCRA grants military personnel the right to revisit a default foreclosure judgment that was issued during active duty and also gives them the right to ask that it be overturned. For veterans facing foreclosure it is critical they understand the process and take action. There are two types of foreclosures judicial and non judicial. Judicial procedures are followed by states that use mortgages as the security instrument for property loans. Non judicial procedures are used by states that use deeds of trust as the security instrument. For veterans who live in non judicial foreclosure jurisdictions lenders can foreclose on a property very quickly and without court proceedings. For questions about the SCRA contact the Judge Advocate General s office at your local military base or the local Veterans Administration regional office. Carla Douglin A foreclosure expert author and spokesperson for the American Homeowners Association Carla Douglin understands the financial burden many homeowners face when buying maintaining or selling a home. Carla Douglin is now the Director of The Douglin Foundation which leads foreclosure information seminars for homeowners throughout the nation. In Douglin started her own foreclosure consulting business in order to assist homeowners on the verge of losing their property. As she consulted each client she noticed a pattern of miseducation everyone was confused about the foreclosure process. Alongside the confusion most people facing foreclosure undergo a tremendous amount of emotional distress which further complicated the process. Using her background as a corporate trainer Douglin created a helpful questionnaire to assist homeowners facing foreclosure understand more about their own financial situation. The questionnaire evolved into a foreclosure manual which in turn became a workbook. Carla Douglin offers timely assistance dealing with a topic that is a major crisis in our country today. She is a skilled foreclosure prevention expert offering an unprecedented approach to helping homeowners in distress with a step by step approach to foreclosure avoidance protection and survival. author s email author s web site view author s other articles view author s RSS feed Join this author s mailing list Your Name E mail Address American Chronicle California Chronicle Los Angeles Chronicle World Sentinel Buy.com Search Subscribe About Submit Work Reader Feedback Help Advertise Privacy Policy Copyright Link to Us We are an online magazine for national international state and local news. We also provide opinion and feature articles. The Chronicle World Sentinel and our affiliates have over contributors over articles and over million visitors annually. The American Chronicle and its affiliates have no responsibility for the views opinions and information communicated here. The contributor s and news providers are fully responsible for their content. In addition the views and opinions expressed here are not necessarily those of the American Chronicle or its affiliates. All services and information provided on this website are provided as general information only. Any medical advice home remedies and all other medical information on this website should not be treated as a substitute for the medical advice of your own doctor. We not responsible for any diagnosis of treatment made by anyone based on any of the content of this website. Always consult your own doctor if you are in any way concerned about your health. This site is best viewed with Internet Explorer IE . Click here for help in viewing this site. . American Chronicle is a trademark of Ultio LLC . Treasurys rise as stocks sell off on rumors of a rate cut. EMAIL PRINT SHARE RSS DIGG FACEBOOK DEL.ICIO.US REDDIT STUMBLE UPON MYSPACE MIXX IT Paste this link into your favorite RSS desktop reader See all CNNMoney.com RSS FEEDS close By David Goldman CNNMoney.com staff writer Last Updated October PM ET AMERICA S MONEY CRISIS Mexico unveils plan to stave off crunch ways to tough out tough times AIG hits up Fed for more money Fed gives . billion loan to AIG The Fed s next move is. Buffett Build economic confidence More Videos Quick Vote Will the billion bailout of the financial markets succeed in relieving the credit crisis Yes No or View results Click chart for latest bond quotes. NEW YORK CNNMoney.com Though a financial rescue plan was passed Friday credit still remained tighter than ever. The House voted in favor of the Treasury s billion plan to buy up troubled assets from financial institutions. Those assets mostly mortgage related have caused the credit markets to seize up. The bill now goes to President Bush to sign into law. But even with a rescue plan on the horizon that is designed to restore liquidity to the credit markets banks still opted to hoard cash rather than lend to one another Friday. Even if the bailout ultimately works to unlock credit markets it would potentially take time. Institutions that sell their bad assets to the government could have to sell those securities at a huge discount resulting in large writedowns. As a result experts say it may be months after the legislation is enacted until banks start to see some relief. It will take some time for the markets to recover this bill will not be an overnight cure said Peter Cardillo chief market economist with Avalon Partners. Meanwhile banks remained hesitant to take on more risky loans while dragging their anchors of their own troubled assets. Credit measures at all time highs The month Libor rate or the London interbank offered rate rose to . up from . on Thursday its highest level since January. The measure is a daily average of what banks charge other banks to lend money in London. The difference between that measure and the Overnight Index Swaps rate rose to an all time record . percentage points up from . points Thursday according to data reported by Bloomberg.com. The Libor OIS spread measures how much cash is available for lending between banks and is used by banks to determine lending rates. The bigger the spread the less cash is available for lending. Friday marked the sixth straight record for the indicator showing that banks are hoarding cash rather than lending to one another. Historically the typical Libor OIS spread is about . percentage points but it has averaged . points since the crisis began on Wall Street in mid September according to Merrill Lynch economist Drew Matus. Another credit market indicator the TED spread rose to yet another record high of . percentage points. The higher the spread the more likely banks are risk averse. The TED spread was only . points on Sept. . The TED spread measures the difference between month Libor and the yield on the month Treasury considered by many investors to be the safest investment. The spread is a key indicator of banks willingness to lend to one another. With a wrench in the financial system s gears many customers who need a loan to finance a home car or tuition aren t able to get the credit they need. Others who can get a loan have to pay high interest rates. Frozen credit also affects companies ability to make payroll which can result in layoffs. Treasurys With credit tighter than ever investors fear that the economy will continue to slump into a recession. Signs of a prolonged slowdown are evident. For instance the U.S. Department of Labor is reported that the economy shed jobs in September the highest drop in employment since . There s a growing unease about the recession said Scott Anderson senior economist with Wells Fargo. It s pretty clear from the economic data from the past few days that the economic downturn has gotten worse in U.S. and globally. As a result banks and investors began to speculate that the Federal Reserve will cut its key funds rate by as much as a half of a percentage point to stimulate the economy. The U.S. central bank uses its rate cutting tool to encourage lending in an attempt to boost the economy. However rate cuts tend to be inflationary and bond investors worry that their assets will devalue over time as the dollar sinks. There is growing speculation that the Fed might cut rates said Cardillo. There s no inflation problem right now but there may be down the road as the printing presses will be running at full speed. The year note which fluctuates the most on rate changes fell to and its yield rose to . from . . Bond prices and yields move in opposite directions. Bond prices were down for the majority of the day Friday as rumors of a rate cut took hold and stocks rose in anticipation of the House vote. But after the afternoon vote the stock market refocused on the struggling economy and most Treasurys began to rise. The benchmark year note rose to and its yield held steady at . . The yield spread or the difference between the year and year yields fell to . percentage points from . points right before the bill was signed. That suggests a very slight easing of credit as short term money is being made available at lower rates. But experts warned that it is way too early to declare victory for the credit markets. Spreads are coming down a little bit but we have to wait and see how the plan works Cardillo said. It still won t be implemented for weeks. The year bond rose to and its yield fell to . from . . The yield on the month bill which is considered by many to be the safest investment fell to a measly . from . late Thursday. People just want good collateral because of the fear factor Cardillo said. They have no confidence in the credit markets. First Published October AM ET How the credit crisis affects you What investors should do now Money crisis Americans react The accounting rule you should care about Features FULL COVERAGE AMERICA S MONEY CRISIS Fed can t save stocks A volatile session ends with losses as investors remain wary despite cut. more Credit freeze It s still on Rate cut gives dollar a ride The Fed s next move is. Recent actions may not revive the financial system. more Emergency rate cut This better work Is the Fed out of bullets AIG hits up Fed for more money Paulson Using all tools What this economy means for you Bank earnings don t look pretty Financial stocks fall once again Wells Citi extend Wachovia truce Global bazookas but no silver bullet Traders Dow could hit Sponsored By include virtual fn adspaces homepage lifestyle sponsor spon. x .ad Top Stories Most Popular Stories Most Popular Videos Wells Citi extend Wachovia standstill BofA in . B auction rate buyback Tech stocks see new lows Walgreen ends . B bid for rival IBM beats estimates with early earnings What this economy means for you U.S. stocks recover after scary open Fed Emergency cut AIG hits up Fed for more money Stocks Meredith Whitney loves Traders Dow could hit Bailing out of investments Duke Energy goes green Fed out of bullets Gates tackles education woes US Indexes Fortune Movers Markets Last Change Dow Jones . . . Nasdaq . . . S P . . . yearBond Yield . U.S.Dollar euro . . October PM ET Company Price Change Pilgrim s Pride Corporation . . Yrc Worldwide Inc . . Metlife Inc . . Lehman Brothers Holdings Inc . . Oct pm ET Sponsored by symbol lookup Rankings Fortune Best Places to Live Best Places to Work For Best Places to Retire Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks Real estate Buy sell or hold Carlos Slim the richest man in the. The best stocks for Taking home the jackpot best performing Fortune stocks More Galleries The crisis A timeline A shocking series of events that forever changed the financial markets. More Being Big Brother Installing surveillance cameras to keep an eye on the staff can help business owners boost profits and pinpoint problems. More Fix this Web site Our makeover mavens take apart an ailing e commerce site and highlight traffic boosting design and navigational changes. More Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy Home Portfolio Calculators Contact Us Newsletters Podcasts RSS Mobile Widgets Press Center Site Map User Preferences Advertise with Us Magazine Customer Service Download Fortune Lists Reprints Career Opportunities Special Sections Conferences Business Leader Council Live Quotes automatically refresh but individual equities are delayed minutes for Nasdaq and minutes for other exchanges. Market indexes are shown in real time except for the DJIA which is delayed by two minutes. All times are ET. Time reflects local markets trading time. Intraday data delayed minutes for Nasdaq and minutes for other exchanges. Disclaimer Copyright c BigCharts.com Inc. All rights reserved. Please see our Terms of Use . MarketWatch the MarketWatch logo and BigCharts are registered trademarks of MarketWatch Inc. Intraday data provided by Interactive Data Real Time Services and subject to the Terms of Use . Intraday data is at least minutes delayed. All times are ET. Historical current end of day data and splits data provided by Interactive Data Pricing and Reference Data . Fundamental data provided by Morningstar Inc. . SEC Filings data provided by Edgar Online Inc. . Earnings data provided by FactSet CallStreet LLC.
posted by Good Posada at 7:58 PM
0 Comments:
Post a Comment
<< Home