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BLOGS::Bevely Hills Real Estate blog for Friday 11-14-08


The Beverly Hills Real Estate blog


Good morning, A Finally a Friday... I am going to post a Fish Report with a Beat... very soon to get us in the mood for the weekend.  Don't forget tomorrow the weekend open house guide! 


I am not going to mention the stock market... It seems to do great when I ignore it.


We're attending another real estate seminar this a.m.  If we hear anything new, we'll whip it on you.  We're www.patandmelody.com


Here's some relevant real estate info... The banks are trying to help out!


   Citigroup is expanding its foreclosure prevention efforts by establishing a new program, Citi Homeowner Assistance Program, which only is available to homeowners who are current on their mortgage payments, but at risk of defaulting.  Citi Homeownership Assistance Program will reduce monthly payments, including property taxes and insurance, to 40 percent or less of the borrower's income.  The mortgage modification program will freeze or reduce interest rates, extend the terms of the loan, and possibly reduce the loan principal.
 
To read the full story, please click here:
http://www.bloomberg.com/apps/newspid=20601087&sid=aXh_NhG7OLoY&refer=home

     The Federal Housing Finance Agency (FHFA) this week announced a new government program to help mitigate foreclosures on loans owned or guaranteed by Fannie Mae and Freddie Mac.  The program is targeted toward borrowers who are at least 90 days delinquent in their mortgage payments and have a high loan-to-value ratio.  Reduced interest rates and longer terms of as much as 40 years may be offered to qualified borrowers.  Some economists believe that areas such as California, Florida, and other high-cost areas will benefit the most from the program due to larger debt loads and higher rates of nontraditional mortgages.

To read the full story, please click here:
http://money.cnn.com/2008/11/10/real_estate/Citi_steps_up_foreclosure_help/index.htm


 Have another great day...See you tomorrow!





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