Community Property Type Price Min Price Max Beds Baths

Fannie and Freddie to Step it Up

October 14, 2008 by · Leave a Comment 

According to REAL Trends, Fannie and Freddie notified bond traders last week that each company needs to purchase $20B per MONTH in underperforming mortgage securities.  Their efforts are separate from the $700B bailout deal that was ratified last week.  It will be interesting to watch the 2 companies, themselves laden with under-and-non-performing debt, bloat up even more on subprime paper…

 

Hopefully we’ll begin to see some positive results from the efforts in the Phoenix real estate and Scottsdale real estate markets in the next 4-6 months…

Local Bank is the Latest Sub-Prime Lending Casualty

July 25, 2008 by · Leave a Comment 

First National Bank, the largest AZ bank that specialized in sub-prime lending, was shut down by federal regulators today, the latest casualty in the mortgage meltdown mess.  Mutual of Omaha Bank, a subsidiary of Mutual of Omaha, has stepped up to acquire the assets and holdings of FNB so existing customers should be minimally affected.

 

The current housing slowdown affects all homeowners, from Scottsdale luxury real estate to Phoenix condos and all points in between.  In fact, the breadth and depth of the crisis becomes clear when you consider that FNB was the first AZ bank to fold since 2002, and only the 2nd in the last 16 years! 

 

More are sure to follow…