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July 13, 2010

Biggest Defaulters on Mortgages Are the Rich

The New York Times just published a surprising article regrading Mortgages. Read the article below for more information:

“LOS ALTOS, Calif. — No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.

The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

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30-Year Fixed-Rate Mortgages Hit New Record Low

Because of current economic conditions, mortgage rates have been on the decline, however did you know that the 30-year fixed-rate mortagages have hit an all time low? Continue reading the article below to find out more information about this situation:

“The weekly mortgage rate reports released Thursday by Freddie Mac and Bankrate were mixed. But one thing was certain: the average rate for 30-year fixed-rate mortgages hit a new record low.

According to Freddie Mac’s Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 4.57 percent with an average 0.7 point for the week ending July 8, 2010, inching down from last week’s average of 4.58 percent. Freddie Mac said this rate marked yet another all-time low in its 39-year survey.

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Nancy Braun In Miami with 24AM and Don Maxwell

Showcase Realty LLC. Donated $4,000 along with 7 other Real Estate Agents (donating a total of $32,000) towards Make A Wish Foundation at the live auction held at the National REO Brokers Association Conference May 2010 in Denver. The 8 agents bid on spending a day with Don Maxwell, King of REO and former Linebacker for Houston Oilers, Former head of REO for Fannie Mae (12 years) and Freddie (5 years) and currently Executive Vice President of 24 Asset Management Corporation. 24 AM is a minority owned outsourcer for REO nationwide.

Don spoke of how we can excel as a Fannie agent. How we must service the client to keep and retain the business. We also met with Eduardo San Roman, President of 24 AM who generously spent time with us describing the mission of 24 AM and how the industry was evolving. Miguel Soto, Team Lead East Coast, for 24 AM showed us how to maneuver around their portal and introduced us to all of the asset managers and support staff in the various departments. We enjoyed a fabulous lunch with many of their staff and later met up with Don, Miguel and Ed for an incredible Italian dinner on them!

Their generosity and professionalism was unforgettable. We all left enriched and excited to take on more business. We are thrilled that our donation will help many children to live their wish while at the same time we made great friendships and gained so much knowledge. Thank you, 24AM for making this a fabulous and enriching experience.