Mortgage Loans

9/17/2013

Beach Cottage Gold

Fireplace without mantle Laguna Beach design

Gilt antique mirror (note myself with iphone in reflection) with white Carrera marble surround on fireplace and no mantle. The bookcase holds red bound books and nick knacks. The room is small and adding a large mantle, though tempting the owners restrained... Woodwork all painted gloss white.

red enamel secretary

1960's secretary painted in fire engine gloss red with chair in same color. Charming monkey see lamp with red shade and gilt mirror with antique painting. Walls painted Pratt and Lambert's Argent a pebble warm grey with white gloss trim.

marble fireplace

Fireplace mantle also in small living room. Gilt gold frame with California landscape seems to open like a window might above the fireplace. The pair of gold orchids (dancing lady) are formal but also fanciful. In reality putting a fine oil painting above your fireplace may not be a great idea. Smoke and heat it you happen to have a big crackling fire would damage the painting. Slipcovered chairs tie in an English but not cluttered look

bird art

This outdoor arrangement in a Laguna Beach cottage is charming. Tin plaques of bird prints are hung in rows with pots below in same slate hue.

Faux brick wall with industrial recycled drop lamps give a modern loft feeling to this Rancho Mission Viejo model. The combination of light works nicely.

birds on shower curtain

This sweet shower curtain with specs of gold in a tiny bath is charming. Just a few ideas to make your cottage sing.

9/16/2013

High Balance Mortgages Going going gone

A plan to lower the cap on federally backed mortgages may hit home buyers particularly hard in several pockets of the country. Here in California especially Orange County (my home town) high cost mortgages are the norm, home buyers might be squeezed out because our government wants to get out of funding the

$ 417000 – to $625500 loan amounts. High balance mortgages will go away?

The Federal Housing Finance Agency plans to reduce the maximum size of mortgages backed by Fannie Mae and Freddie Mac this January 2014. The current limits are $417,000 in most parts of the country and up to $625,500 in more expensive markets. The agency hasn't announced how much it will lower loan caps, but data compiled for Market Watch by Lender Processing Services, a mortgage-data tracking firm, shows that a decline of just $25,000 from the current caps would impact hundreds of thousands of home buyers in middle-priced and upper-middle-priced housing markets — areas that are relatively upscale but far from the most expensive.

In total, more than 214,000 of the agency-backed mortgages originated last year were within $25,000 of the current caps, according to LPS. For the first six months of this year, the number was just over 95,000. By one measure, they’re most in demand in Cook County, Ill., where 10,510 mortgages originated in 2012 and 4,137 during the first six months of this year were within $25,000 of current cap levels — the highest number in any county nationwide, according to LPS. In contrast, Manhattan, which has some of the most expensive real estate in the country, had just 1,187 and 460 of such large loans, respectively, for each time frame.

Nationally, these loans have accounted for less than 3% of all Fannie Mae and Freddie Mac mortgages given to borrowers during this time, though the share is much higher in some regions. In Colorado, North Carolina and South Carolina as well as in the District of Columbia, they account for more than 5% of agency mortgages that borrowers signed up for last year. They had over a 10% share in three Colorado counties, Boulder, Denver and Gunnison, during the first half of this year.

A greater number of borrowers could be impacted if mortgage caps drop by a larger amount. Housing experts say a $25,000 drop is likely conservative, and if the real cut is bigger, more borrowers will be left with fewer mortgage options going forward.

There is an attitude of “let them eat cake.” In areas where the median priced home is $ 200000. Americans might feel that our government should not be spending tax dollars on helping luxury home buyers. The problem with this logic is for example in most of Orange County California there are little to no single family homes available for $500000. Putting a ceiling on all government funded loans at $417000 is going to squeeze entry level homeowners out of areas where there are high paying jobs.

Next year our industry will be hit with the Qualified Mortgage requirements (which means fewer borrowers will qualify) layered with lower loan limits and higher borrowing costs. Not great news for buyers and sellers, especially in Southern Californian where housing costs are among the highest in the nation. Right now may be the best time to sell or buy a home. You can always count on that next year things may be different.

Watermelon mint grapefruit salad

As summer comes to an end- a simple fast dinner salad. Purchase one of those smaller watermelons, since we are going on a smaller size in general... A pink grapefruit, small red onion, and fresh mint (come on over it grows like a weed in my garden). Slice thin. You can drizzle your favorite savory dressing or just a splash of vinegar and oil, salt and pepper.

9/11/2013

Orange County California Gardens

Rustic Table reclaimed from the trash- sanded and added blue pots to match with white azalea and hydrangea, below white jasmine

Our climate in Orange County California is mild enough for most herbs, perennials, flowers and vegetables to survive with drip irrigation and no chemicals. I don't use any pesticides or fertilizers and get excellent results.

Pots on the wall have Mexican sage, below are: oregano, thyme, a variety of salvias, echinacea (purple coneflower) chamomile on the right to name a few. Mixing the plants allows for flowering at staggered times and is healthier for the plants.

Climbing beans and squash in rear of herbs

Your morning café au lait is ready. This café table is lovely.

This Laguna Beach garden might look funky to some but the row of terracotta pots and bunnies standing guard are charming.

Tea cups ( really giant pots ) with pansies, geranium and impatiens. Impatiens are the easiest color to grow in partial shade. I am constantly picking smashing and fighting snails and slugs but they don't eat impatiens.

9/10/2013

CashCall Shut Down

Birdhouse

CashCall, South Dakota-based Western Sky, an affiliated company and their owners have closed operations.

New York Attorney General Eric Schneiderman announced a lawsuit Monday against multiple related lending companies and their principals for allegedly violating state usury and licensed lender laws related to internet lending. Western Sky Financial LLC, CashCall was charging rates of 89% to 343%

Georgia Attorney General Sam Olens filed a lawsuit Monday against Western Sky Financial LLC, Martin Webb, the company’s owner and operator, and CashCall Inc. for allegedly violating the Pay Day Lending Act.

Minnesota Attorney General Lori Swanson and Commerce Commissioner Mike Rothman filed a lawsuit Thursday against a California Internet lender that allegedly charged Minnesotans interest rates of up to 342 percent. CashCall Inc.

Western Sky the parent company states they have suspended operations.

What will happen to all those annoying advertisements?

"Don’t be a dummy save the money."

Rumor has it The new Consumer Finance Czar Richard Cordray is digging in the story.

What will happen to borrowers who got stuck?

What company will pick up the servicing of the accounts?

Will Cash call file bankruptcy and turn this into a circus?

WESTERN SKY FINANCIAL is owned wholly by an individual Tribal Member of the Cheyenne River Sioux Tribe and is not owned or operated by the Cheyenne River Sioux Tribe or any of its political subdivisions. Cashcall shut down may be good news for homeowners and small individuals. Cashcall Inc. mortgage division laid off more than 1000 employees 9/10/2013

(Don't blame the tribe for the rip- off)