San Diego area mortgages

Wells Fargo Home Mortgage‎ - Write a review 501 West Broadway, San Diego, CA‎ - (619) 615-3600‎ "Everytime I walk into this branch they astound me with their customer service and helpful attidtudes."‎ 1 review Website‎ - Directions‎

Wells Fargo Home Mortgage‎ - Write a review 1199 Highland Ave, National City, CA‎ - (619) 336-0154‎ Website‎ - Directions‎

Mission Home Mortgage‎ - Write a review 1633 W Lewis St, San Diego, CA‎ - (619) 688-0011‎ Website‎ - Directions‎

Countrywide Home Loans‎ - Write a review 100 Island Ave, San Diego, CA‎ - (619) 687-6000‎ Website‎ - Directions‎

Home Plus Mortgage‎ - Write a review 3505 Camino Del Rio S # 264, San Diego, CA‎ - (619) 325-8282‎ Website‎ - Directions‎

US Bank Home Mortgage‎ - Write a review 5787 Chesapeake Ct, San Diego, CA‎ - (866) 292-0136‎ Website‎ - Directions‎

Mission Home Sales & Mortgage‎ - Write a review 3990 Old Town Ave # A115, San Diego, CA‎ - (619) 682-4900‎ Website‎ - Directions‎

Home Star Mortgage‎ - Write a review 4909 Murphy Canyon Rd # 460, San Diego, CA‎ - (858) 627-1919‎ Website‎ - Directions‎

Wells Fargo Home Mortgage‎ - Write a review 4365 Executive Dr, San Diego, CA‎ - (858) 623-0629‎ Website‎ - Directions‎

Plaza Home Mortgage‎ - Write a review 5090 Shoreham Pl, San Diego, CA‎ - (858) 346-1200‎ Website‎ - Directions‎

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New York real estate

As expected, commercial real estate is taking a dive in New York

Last year, when the New York real estate market was still frothy, large blocks of office space were hard to come by. Not anymore.


Almost 16 million square feet is currently listed as available in large blocks in 68 office buildings in Manhattan, according to Colliers ABR, a commercial brokerage firm. That is nearly double the space available a year ago, both in terms of the number of large office blocks — which in New York usually means 100,000 square feet or more — and in terms of total square feet.

Those figures are widely expected to go much higher

Interest rates

Mortgage interest rates are dropping and may be dropping even more.

The housing market may finally be getting some relief, with lower mortgage rates already encouraging refinancing and Treasury officials considering ways to entice new buyers.
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Last week, the Federal Reserve announced that it would buy $500 billion in mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. Mortgage rates immediately dropped, and that led to a surge in mortgage refinancing activity for the week — even with the Thanksgiving holiday.

On Wednesday, people close to the discussions said that the Treasury had been talking with Fannie Mae and Freddie Mac about ways to drive down mortgage rates to as low as 4.5 percent. That rate is about a percentage point lower than the going rates for such loans.

Home price freefall

Home prices are tumbling (registration required). But you might be able to find some bargains in Las Vegas.

Prices fell 32 percent in Las Vegas, the most of any metropolitan area measured, in September to an average of $110.35 a square foot. In Sacramento, the decline was also 32 percent to $137.01, Radar Logic said.

Not every bank is run by an idiot

US Bancorp appears to actually have competent management.

Richard Davis, CEO of Minneapolis-based U.S. Bancorp, refused to underwrite or securitize subprime credit created by mortgage brokers and underwriters that was often packaged with debt and exotic financial instruments. Once the high-yield rage of Wall Street, those loans have proved toxic for institutional investors and hedge funds, for failing banks -- and for homeowners who never should have been underwritten.

Loss Mitigation

Mortgage Banking Magazine has a short news brief in their November 2008 issue about the danger to mortgage lenders of insufficient loss mitigation.

It's on the second page of this pdf

The Investment Bank Bailout

Romney says that the government should buy assets of failed investment banks at "fair market value".

That's just nonsense.

Fair market value is what a buyer is willing to pay. If there is such a buyer then they don't need a government bailout. There's no market for their bad paper. Nobody wants it. An official that talks about fair market value is just telling you he knows where the WMD's are. It's a con.

We don't need a government bailout. But congress is taking the idea seriously enough to be willing to buy into the nonsense by arguing about details. The basic idea is a bad one, not matter what the details.