Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates fell again this past week to record lows as worries escalated, about the durability of any economic recovery next year.

The national-average thirty-year fixed-rate mortgage is now at four-point-five percent with one-and-a-half points, down a full point from a week earlier, for a savings of one-thousand dollars on a one-hundred thousand dollar loan.

If you’d rather pay fewer points, the four-point-eight-seven-five percent rate fell three-quarters of a point, to only an eighth of one point during the week.

Remember: one point is worth one percent of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The fifteen-year fixed-rate is now at four-point-two-five percent with five-eighths of a point, down half a point from the start of the week. The four-and-three-eighths percent rate is down half-a-point to no points at all.

If you want to know instantly when rates are moving up or down while floating your loan, you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts throughout each business day, while you’re involved in the home-loan application process.

During the upcoming week, there will be a slew of fresh data releases. These will include Tuesday’s look at November manufacturing results, Wednesday’s report on regional economic activity, Thursday’s update on first-time jobless claims and Friday’s unemployment numbers for last month.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here on Sunday for my next *free* mortgage rate update.

Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates were down for the fifth trading-day-in-a-row on Friday, after the stock market experienced a sharp sell-off related to a financial crisis in Dubai, one of the tiny Arab emirates, along the Persian Gulf.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with one-and-a-half points, down a quarter of a point from Wednesday, for a savings of another two-hundred fifty dollars on a one-hundred thousand dollar loan.

If you’d rather pay fewer points, the four-point-eight-seven-five percent rate is at one-eighth of a point, the same as on Wednesday.

Remember: one point is worth one percent of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The fifteen-year fixed-rate mortgage was down an eighth of a point, with the four-percent rate at two points. And the four-and-three-eighths percent rate also moved lower–to zero points.

If you want to know instantly when rates are moving higher or lower, while floating your loan, you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts, throughout the business day, while you’re involved in the home-loan application process.

There were no data releases on Friday. Next week will see a heavy economic calendar, as November ends and December arrives.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here on Saturday for my next *free* mortgage rate update.

Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates were down–yet again–on Wednesday, after strong demand during the record-sized thirty-two billion dollar auction of U.S. Seven-Year Treasury notes.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with one-and-three-quarters points, down an eighth of a point from Tuesday, for a savings of another one-hundred twenty-five dollars on a one-hundred thousand dollar loan.

If you’d rather pay fewer points, the four-point-eight-seven-five percent rate is at one-eighth of a point, also down an eighth of a point from Tuesday.

Remember: one point is worth one percent of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The fifteen-year fixed-rate mortgage was down an eighth of a point, with the four-percent rate at two-and-an-eighth points. And the four-and-three-eighths percent rate also moved lower, to an eighth of one point.

If you want to know instantly when rates are moving higher or lower, while floating your loan, you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts, throughout the business day, while you’re involved in the home-loan application process.

The big data release on Wednesday concerned weekly jobless claims. They tumbled to 466,000 from 501,000, a key break of the psychologically important five-hundred thousand mark.

Separately, October new home sales rose 6.2%, which was well above the consensus estimate. Much of the improvement was attributed to the $8000 tax credit for first-time home buyers.

The financial markets were closed on Thursday for Thanksgiving and there are -no- new data releases scheduled for today.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later today for my next *free* mortgage rate update.

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Northern Rock will increase rates on selected residential Fixed and Tracker products by up to 0.20% with effect from Friday 27 November.

2 Year Fixed rates now available from:
3.89% up to 70% LTV with a £595 Product Fee for purchase customers
or a £995 Product Fee and incentives of free basic valuation fees and free standard legal costs for Remortgage customers.

2 Year Tracker rates now available from:

2.79% (BOE + 2.29%) up to 70% LTV with a £595 Product Fee for purchase customers

or a £995 Product Fee and free basic valuation fees and free standard legal costs for Remortgage customers.

2 Year Fixed rate Intermediary Exclusive withdrawn.

End dates extended to 1 March.

Please call us on 08456 800898 or 01245 398466 for further details of the Northern Rock Mortgage Range

Loan offtake at the country’s largest lender, State Bank of India was “bad”, said Managing Director SK Bhattacharya.

“We have been sanctioning loans like mad, but there has been no pick-up (in disbursals),” Bhattacharya said.

“We are not able to understand why,” he added.

It was only the retail sector, which was witnessing a pick-up in credit growth, he said on the sidelines of a banking conference here. Bhattacharya refused to comment whether the bank was likely to achieve its credit growth target for the year.

“Loan sanctions are happening, but you must also see that repayments are depressing the overall credit scenario. Disbursals cannot be seen in isolation and repayments must also be studied carefully,” he said.

SBI had set a target of 22 per cent credit growth for the financial year 2009-10 (Apr-Mar), as against a projection of 18 per cent for the entire banking industry made by the Reserve Bank of India late in October.

SBI Products :-

1. SBI Home Loan

2. SBI Personal Loan

3. SBI Credit Card

Deutsche Bank, a relatively new entrant in retail banking, is expecting a 25 per cent growth in retail loan portfolio this financial year as it increases focus on mortgage lending.

Over the next five years, the bank expects retail banking to account for 15 per cent of the business as against 7-8 per cent at present.

The bank’s retail banking business includes deposits, wealth management, mortgages and unsecured lending, which comprises personal loan and credit card, and has been growing 25-30 per cent annually. Of this, mortgages account for 50 per cent lending while the rest is unsecured loans — divided equally between cards and personal loans.

“We are growing unsecured lending cautiously. In unsecured lending, our growth last year was muted at 5 per cent, while we grew about 30 per cent in secured lending. Retail banking accounts for more than 7-8 per cent of the total business. In the next five years, it should account for 15 per cent. Right now, there is more demand for mortgages than for personal loans,” said Prashant Joshi, managing director and head, private banking, Deutsche Bank.

The statement comes at a time when foreign banks in India are seeing little or no growth in their loan book. In the year to August, the latest period for which data are available, foreign banks shrunk their loan portfolios as their parents grappled with the global financial crisis and due to fear of higher defaults in India.

While the mortgage lending segment is expected to grow 30-40 per cent, in personal loans and credit cards, the bank is expecting a segment shift as it plans to launch new variants of Platinum cards in the next two months.

“We will focus on Platinum cards more than Gold or Classic cards. In personal loans, preference will be given to salaried people. A lot of customers are consolidating their cards. Right now, our focus is on the premium Platinum card segment. But then, most banks are focusing on premium credit cards, so it is important to keep coming out with variants. We plan to launch some Platinum card variants in the next two months,” he said.

In the home loan segment, the bank has seen a pick-up in demand in the last six months. “In the last six months, there has been a rise in demand for home loan. Residential property transactions have increased 30-40 per cent in the last six months. Our exposure to mortgages has gone up by 7-8 per cent in one quarter. So, on an annualised basis, it should go up by 30-40 per cent. But I do not see demand growing significantly from the present levels. It should stabilise at the present level,” said Joshi.

The bank has about 13 branches across India, covering all major cities.

It recently got a license to open branches in Ludhiana and Moradabad.

“Small cities makes a lot of sense as there is a lot of growth in there. The regulator also wants us to go there,” said Joshi.

Deutsche Bank Products:-

1. Deutsche bank Home Loan

2. Deutsche bank Personal Loan

3. Deutsche bank Credit Card

Hit by economic slowdown and dip in customers repayment capability, ICICI Home Finance Company, subsidiary of ICICI Bank, reported about 3.5 fold growth in its non-performing assets at Rs 161.43 crore at end of September 2009 from Rs 36.03 crore a year ago.

NPAs, after provisions, stood at Rs 127.14 crore at end of September 2009 up from Rs 23.92 crore at the end of September 2008.

In per cent terms, ICICI Home Finance Company’s gross NPAs rose to 1.34 per cent at end September 2009 from 0.31 per cent a year ago, according to information filed with Bombay Stock Exchange (BSE) on Monday.

Company’s net profit for the six months ended September 2009 rose to Rs 54.36 crore from Rs 39.03 crore at end of September 2008. The total income rose to Rs 800.89 crore from Rs 647.41 crore.

Its outstanding loan book as on September 2009 stood at Rs 12,004 crore, up from Rs 11,114 crore at end of March 2009.

In response to query on incidence of rise in NPAs, ICICI HFC spokesperson said the NPA ratio in the last two quarters have remained stable with improving collections and economic outlook. The company did not elaborate on the reasons for rise in bad loans (NPAs).

An analyst with private broking house said the downturn in the economy had hit the business growth and incomes of housing finance companies. The higher interest rates (read high monthly installment) also adversely affected the repayment capability of clients, which possibly led to jump in loan defaults.

The loan delinquency as per cent of outstanding portfolio for the housing sector was around 1 per cent. In case of some aggressive home finance institutions it was around 2 per cent, analyst said.

LIC Housing Finance, its ICICI HFC’s competitor, reported drop in its gross Non Performing Assets recorded 1.85 per cent as on September 2008 to 1.28 per cent as of September 2009. The Net NPAs of the Company declined from 0.87 per cent as of September 2008 to 0.62 per cent as of September 2009.

Analyst with rating agency said there was a definite improvement in the job market on signs of economic recovery. Plus, the interest rate on home loans has declined by at least 150 basis points in last 12 months. This translates into lower monthly repayment burden. The further addition to defaults in expected to slowdown in the coming months.

“The company has been witnessing healthy growth in the home loan segment and home loans will continue to be one of the focus areas for the company”, ICICI HFC spokesperson said.

FIXED RATE MORTGAGES for Brokers withdrawn.

FIXED RATE MORTGAGES of 5.99% to 1.1.15, max 75% LTV withdrawn & replaced with rates increased by 0.10%.

FIXED RATE MORTGAGES of 5.55% & 5.65% to 1.1.15 withdrawn & replaced with rates increased by 0.14%.

FIXED RATE MORTGAGES of 5.49% to 1.1.15 withdrawn & replaced with rates increased by 0.20%.

FIXED RATE MORTGAGE of 4.99% to 1.1.15 for house purchase only withdrawn & replaced with rate increased by 0.30%.

FIXED RATE MORTGAGE of 4.99% to 1.1.15 for remortgage only withdrawn & replaced with rate increased by 0.40%, w.e.f. 20.11.09.

Despite the latest rate increases, the 5.29% fixed rate to 1.1.15 is still a competitive option for Brokers looking to place their clients with a long-term deal. The low fee of £595 is attractive and the flexible features are likely to appeal to those wishing to overpay underpay or borrow back during the term. The only drawback is the restricted maximum loan-to-value of 70%, which will limit the whole of market appeal.

Fixed and Tracker Products reduced by up to 0.3%, with the introduction of a 2yr Tracker of 4.79% for those with limited deposits.

The launch of the new 2-year tracker adds much needed competition to this limited area of the market. The rate of 4.79% and fee of £999 are both reasonable and as such likely to attract attention from house purchase borrowers requiring a high loan-to-value. The only downside is the restricted availability to house purchase only, which maintains the exclusion of remortgage borrowers from this sector.

RBS will assess any property built since 1/1/2006 as ‘New-Build’ so please ensure we are made aware of the build date of your property when you call us on 08456 800898 or 01245 398466

If you have idle gold lying stacked away at home, here is a way you can earn some income on it while ensuring its safety as well. The StateBank of India (SBI) has a Gold Deposit scheme where retail customers can deposit gold with the bank and earn interest on it. Loans can also be availed against the gold deposit certificate that the bank issues up to the amount of 75 per cent of the value of the gold.

The scheme also has tax benefits. One can save income tax on the interest earned from the gold deposit scheme and get exemption from wealth tax on the value of assets deposited in the scheme.

“There is sizeable amount of idle gold lying with high net worth individuals, temple trusts, and family trusts that comes into the bank. About 50 per cent of the gold we collect are from individuals and the remaining from temple trusts and other institutions. Retail participation is quite high, specially since the scheme allows the customer to take a loan against it,” said a senior SBI official.

At the end of the tenure, the customer has the choice of either taking back the gold or money in lieu of it. The gold ornaments deposited under the scheme are melted at the government of India mint in Mumbai to separate out the impurities and converted into bars of 999 purity. A gold deposit certificate will be issued based on the weight of gold.

“The bank will buy the gold if the customer prefers to take money. We later sell it off to the jewellers or keep it as assets for the bank,” said the official.

The minimum gold required to be deposited under this scheme is 500 gm for a minimum period of three years. The gold deposit scheme has a tenure of three-five years and the bank pays an interest of 1 to 1.5 per cent.

“Jewellery at home is a consumption item and stored in a locker is an expense. Through this scheme, investors have a triple benefit of capital appreciation, tax-free interest payment and savings on storage expenses.

The scheme is not so widely publicised but we are encouraging individuals and families to go for it because it monetises an illiquid asset,” said Sumeet Vaid, founder of Financial Freedom, a firm that specialises in financial planning for individuals and families.

Check SBI products :-
1. SBI Home Loan
2. SBI Personal Loan

Open Credit is the fastest growing credit company in Latvia

Open Credit (kredits) for an hour will help fulfill the desire for which our forces are not you a little short of money. Quick credit available to each inhabitant of Latvia at the age of 20 to 60 years. This – the fastest credit online, intended to cover small expenses. Short-term loan in the amount of 50 to 1000 lats can be obtained quickly and easily, without leaving your computer. Loan without collateral and guarantors will be listed on your account at any Bank of Latvia. The maximum amount issued is dependent on the time the loan was granted.

Credit offer is designed for each client individually, therefore, how much credit you have available, can be ascertained only upon registration.
How to get a loan?
Open Credit will need your name, address, identity number, email address, telephone number, account number and name of the place of work. To apply for a loan, you must be a resident of Latvia at the age of 20 to 60 years, and you should not be detained payments on a loan or a violation of bond in other firms.

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If you have a regular income, which allows the loan to cover the event of unforeseen and urgent expenditure in the event, fast loan will be in your account within the hour. Quick Loan is the easiest way to get money without collateral and guarantors.

Credit & Liability
Fast loans are intended to be used to satisfy short-term needs.

In Latvia the loan is dedicated to immediately solve our clients financial needs, our loans are intended only as a short-term solutions, and therefore not suitable for the long term.

 The media’s recent analysis of the economy has run the gamut of late, some optimism, some pessimism…but also some confusion as they attempt to decipher recent economic reports, particularly relating to the job market. Let’s look at a few of the recent reports, and get behind the headlines to decipher what they really mean.

Last week’s Initial Jobless Claims Report showed that 505,000 people filed for unemployment benefits, which was about what was expected, and represented a ten month low for the report. The Continuing Jobless Claims Report, which indicates the total number of people collecting unemployment benefits, fell by 39,000 to a total of 5.61 Million.

The media often spins this data as good news – but the labor market remains in exceptionally tough shape. The Continuing Claims number declining from a record high of 6.82M in June to last week’s 5.61M is the result of only two potential things happening: People are finding jobs and no longer need unemployment benefits, or they have been unemployed for so long that their benefits are running out before they’ve been able to find a job. With a 10.2% Unemployment Rate looking like it will move higher still, it is most likely the latter. Another clear sign of a very troubled labor market was back on November 6th, when President Obama signed a bill that will extend unemployment benefits by an additional 20 weeks…there would be no reason to do this if jobs were being created.

It may be a shortened work week due to the Thanksgiving holiday, but there will still be plenty of action in store. Both Monday’s Existing Home Sales Report and Wednesday’s New Home Sales Report will give us a read on the housing market. With many homebuyers jumping into the market to take advantage of the Homebuyer’s Tax Credit – which was recently extended until June 30, 2010 and expanded to include certain qualifying existing homeowners – it will be especially interesting to see what these reports reveal. Let me know if you have any questions on the Tax Credit, or if you’d like to learn how it might benefit you or someone you know.

More auction action…the Treasury will auction $118B in securities this week, starting with a record $44B in 2-Year Notes on Monday, a record $42B in 5-Years on Tuesday, and another record – $32B in 7-Years on Wednesday. This is an enormous amount of supply, and the market’s ability to digest it all will be tested.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. Bonds and rates recently neared their best levels of the year, but were unable to make further improvements. Rates are likely to be moving higher in the coming months – so give me a call to discuss how the current rate climate might work in your favor, before these great rates slip away.

http://mandelman.ml-implode.com/2009/11/breaking-news-latest-u-s-teaseury-dept-study-shows-3-6-billion-homeowners-have-been-offered-loan-modifications/

The Obama Administration’s Making Home Affordable program may have gotten off to a slow start, but ever since the press started criticizing the program’s insipid results, things have improved quickly and dramatically.

According to data released by the U.S. Teaseury Department, when you add up the numbers of loan modifications being reported by the Hope Wow Alliance, Chaseme, Bunk of America, Wheres Fargo, MUD, and other skanks and servicers, as of November more than 3.6 billion homeowners have been offered loan modifications.  At this point the government says it’s outpacing foreclosures by a margin of nine to one.

“We’re still not quite where we wanted to be, but we’re happy with the progress,” said a spokesperson for the Teaseury Department.  “At this point, our goal is to modify at least 50% of the homes on the planet, and we’re closing in on that goal.  We’re modifying homes regardless of whether they are mortgaged or not.”

Wells Fargo, the nation’s largest home lender, has begun 930,652,000 trial modifications, or 29 percent of the eligible mortgages in North, Central and a good part of South America, under the HAMP program so far this year, according to U.S. Teaseury data released Tuesday.  After initially being criticized for its slow pace of modifications, the San Francisco-based bank now has among the highest modification rates in the free world. U.S. Bancorp has modified 150 million mortgages, even though the Minneapolis-based bank did not enter the HAMP program until September.

Housing counselors and lending experts say that HAMP is having a meaningful impact on the global foreclosure rate, and Lucely Figures, a housing economist at Muddy’s expects at least another 3 billion loan modifications next year.

A recent report by banking regulators explained that mortgage modifications come in many forms.  In some cases, lenders can lower interest rates, extend the loan term, or reduce the amount of the loan by forgoing part of the principal.

The Obama Administration was quick to point out that although in the past, many of the loans modified resulted in homeowners being saddled with higher payments, of the loans modified over the last 45 days, only 8% resulted in significantly higher payments, and 92% of the payments were left unchanged or only slightly higher.

“Clearly the program has found its legs,” said President Obama in a speech to an adoring crowd of Lithuanian quilt makers.  Lithuania is the eleventh stop on the president’s Hope-to-Stay-on-Tour-Until-the-Midterms tour of the most obscure Baltic States.

“I think there’s no question that the new data released today shows that we’re figuring out the housing problem,” the President said, “I’m confident that most if not all of the modifications will have exactly the same payments they had before they were modified from this point forward.  And Americans should be happy about that.”

The government’s data shows that 73.4 percent of modifications that left payments unchanged, were only 30 days more delinquent, thirty days after they were modified.  And, according to the Office of the Comptroller of the Currency, a federal bank regulator, lenders and servicers are supporting efforts to modify loans where payments remain unchanged.

“Banks and servicers have heard the administration’s demands to stop increasing payments when modifying loans, and the industry has decided that it’s ready to get behind an initiative to leave the payments right where they were before the loan was modified,” said Edward Chingching, President of the American Bankers Cabal.”

“Look, the financial institutions of this country recognize that without the American taxpayer, along with the government officials the industry keeps in its pocket, most of the banking executives in this country would not have received eight and nine figure bonuses this past year.  To show how appreciative the banks are for the countless trillions in taxpayer support, the industry sees it as being entirely appropriate to continue modifying loans so that every single homeowner’s payment remains unchanged,” added ChingChing.

The Obama Administration plans to respond to the banking industry’s generosity by increasing the $75 billion originally allocated to the banks and serivcers that modify loans under the program, to an even $1 trillion.  However, according to the President, most Americans will not see their taxes go up as a result.

“We’re going to fund the program simply by taking all of the wealth of the richest 1,000 people in this country, after they’ve passed away,” explained a spokesperson for the White House who asked not to be named because he didn’t want to be chastised by his pals at the Harvard-Yale-Princeton Club for spoiling a surprise.  “The timing is right, because most of the richest 1,000 are quite old already, but we might even kill someone from another country, if he or she were rich enough.”

“Of course, that doesn’t mean we’d be shipping the job overseas,” President Obama added quickly.  ”We’d certainly make every effort to use an American hit-person; I am resolved that if it can be done by an American, it should be.  Unless, of course, it’s A LOT cheaper to have a foreigner do it, like if you’re talking running shoes or something like that.  There’s no point in our trying to compete with essentially enslaved people in sweat shops being paid $2 a week.  Besides they do a great job with running shoes over there.”

Some critics are still whining that the number of trial modifications are still too high, and that it’s taking far too long for homeowners to obtain a modification from their lender or servicer, but the Teaseury Department was quick to dismiss such voices of dissent.

Said Secretary Geithner: “Those are simply not issues with the way the plan is working now.  I’ll admit that going into it, we underestimated how difficult it would be to convince the banks to leave payments unchanged after a modification, they just naturally started making them higher.  We also failed to realize how annoying it would be to answer all of those calls placed by whiny, deadbeat homeowners.”

“That’s why today, we’ve set it up so that banks don’t have to talk to a homeowner in order to modify their mortgage.  Today, all the banks just add up the number of homes in a specified geography, such as the Eastern or Western Hemisphere, and then divide the number up by bonus size.  Then each banker simply has to fly over the general area of homes being modified and report their numbers to Teaseury,” Geithner explained.

The Wall Street Journal reported that Goldman Sucks CEO, Lord Blankcheck received $100 million in compensation this year, the most of any bank, so the Golden Man was given the most modifications.  Goldman, however, couldn’t utilize the modifications in this quarter, so their Fictional Asset Development team, known as FAD, converted them into a series of leveraged derivatives and swaps that opened and immediately tripled in heavy trading in Asian bond markets.

Goldman says that it expects to post a $97 billion gain for the quarter, and sees nothing standing in the way of another year marked by Powerball-size bonuses.