Kingman just hit the top of a list and not a good one, we're a category 5. This is a list countrywide is using for lending criteria. The categories mean for loans:
For Countrywide Purchase Loans:
Soft Market Category 4-5 loans: Maximum financing will be reduced by 5%
Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.
For Countrywide Home Equity Loans:
Soft Market Category 5 loans: Maximum financing will be reduced by 10%
Soft Market Category 4 loans: Maximum financing will be reduced by 5%
Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.
Here is the complete chart:
https://www.cwbc.com/ContentManaged/files/SoftMarkets.pdf
Showing posts with label home equity loans. Show all posts
Showing posts with label home equity loans. Show all posts
Monday, January 28, 2008
Saturday, November 17, 2007
Bearish mood in commercial sector
This is from the UK, but the article is about the US commercial real estate market.
By Daniel Pimlott in New York
Published: November 13 2007 02:00 Last updated: November 13 2007 02:00
"In the US we've spent 15 years building the concept of securitisation into real estate," said Eric Schwartz, joint head of Deutsche Bank's commercial property arm. "I don't think anybody is prepared to believe that the events of the last three months have changed everything."
In spite of Wall Street's hopes, the signs at the moment are not good in commercial real estate, as fears rise that a flight from commercial mortgage backed securities could be pushing commercial real estate prices lower.
Investors are increasingly betting that the booming commercial real estate market is heading for a downturn. Yields on CMBS have soared to levels not seen since the late 1990s, indicating that they are seen as riskier.
In the third quarter, the average loan was 118 per cent of the property value, according to Moody's, which includes expectations of properties incomes over several years in their calculations. That level of leverage is "really kind of creepy" says Sally Gordon head of commercial property research at Moody's.
http://www.ft.com/cms/s/0/ab0c89ca-918e-11dc-9590-0000779fd2ac.html?nclick_check=1
By Daniel Pimlott in New York
Published: November 13 2007 02:00 Last updated: November 13 2007 02:00
"In the US we've spent 15 years building the concept of securitisation into real estate," said Eric Schwartz, joint head of Deutsche Bank's commercial property arm. "I don't think anybody is prepared to believe that the events of the last three months have changed everything."
In spite of Wall Street's hopes, the signs at the moment are not good in commercial real estate, as fears rise that a flight from commercial mortgage backed securities could be pushing commercial real estate prices lower.
Investors are increasingly betting that the booming commercial real estate market is heading for a downturn. Yields on CMBS have soared to levels not seen since the late 1990s, indicating that they are seen as riskier.
In the third quarter, the average loan was 118 per cent of the property value, according to Moody's, which includes expectations of properties incomes over several years in their calculations. That level of leverage is "really kind of creepy" says Sally Gordon head of commercial property research at Moody's.
http://www.ft.com/cms/s/0/ab0c89ca-918e-11dc-9590-0000779fd2ac.html?nclick_check=1
Thursday, September 13, 2007
Milwaukee Boat loans hit choppy seas
Worsening credit crunch has area repossessions on the rise, experts say
By RICK BARRETTrbarrett@journalsentinel.com
Posted: Sept. 11, 2007
More consumers are getting swamped in their boat loans as credit woes worsen.
In the Milwaukee area, companies that repossess recreational watercraft say their business is up between 20% and 50% from a year ago. They're hauling away boats that cost tens of thousands of dollars, or more, after the owners fall several months behind on their payments.
http://www.jsonline.com/story/index.aspx?id=660784
By RICK BARRETTrbarrett@journalsentinel.com
Posted: Sept. 11, 2007
More consumers are getting swamped in their boat loans as credit woes worsen.
In the Milwaukee area, companies that repossess recreational watercraft say their business is up between 20% and 50% from a year ago. They're hauling away boats that cost tens of thousands of dollars, or more, after the owners fall several months behind on their payments.
http://www.jsonline.com/story/index.aspx?id=660784
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