Indymac becomes OneWest Bank

Those few clients who took advantage of the ridiculously low rates on government back "Agency Conforming Jumbo" loans last year when I called up and said "Look, this bank is giving loans away," well, they were. Hence the failure of Indymac, taken over by the FDIC. The FDIC then sells the assets and debt for pennies-on-the-dollar, a sort of banking yard sale to the highest bidder. When the risk of the debt seems to be less than the upside, then a bank like or holding company can structure a deal to buy and run the institution. In this case: Meet OneWest Bank. If Mergers & Acquisitions, crappy customer service and endless delays in results are pissing you off, call me for your mortgage solutions. Sure, the entire industry is a bit "slow to underwrite" and hype-diligent on conditions and brutally tough on customers, but I'm here to oversee, give you honest reassurances and get the job done. No bait-and-switch, just good old fashioned personalized service. Pat Townsley, The Loan Whisperer. 415-485-1776. http://www.ptre.net/

Citi Posts Profits; Will Banking Rebound?

The New York-based Citigroup reported first-quarter net income of $1.6 billion, after posting a loss of $5.11 billion in the period a year earlier. Revenue was $24.8 billion, up 99 percent. Hello. 99% in a quarter? Anyone? Wells Fargo also boasted record earnings in the first Quarter. How does a bank like Citi post "profits" when they've borrowed 3x from government TARP support? I guess we'll find out. The answer lies in the old statement "follow the money." So how do you get some of this money? This money that came from you; US tax revenue to support the banks in the form of government bailouts and now they're boasting of profits? My answer is to take advantage of the low 30-year fixed interest rates, generally running in the mid 4%s. Bank have to keep these loans on their books for 30 years at painfully silly long term rates. If you have thought about a refi or a purchase, when would Now be a good time? Pat Townsley, Mortgage Master. 415-485-1776. www.ptre.net

When does WaMu become Chase?

When does WaMu become Chase? Great question: It's happening NOW in phases. Right now, most WaMu branches in California have been re-branded to Chase, however, WaMu accounts in California won't actually transfer to Chase's banking system until October. This means the "mechanical processes" of your banking (loans, checking, deposits) are still being done at Washington Mutual, even if it "appears" to be Chase.
May through July, WaMu branches in Washington, Oregon, Idaho and Utah will be re-branded to Chase and accounts in these states will transfer to Chase's banking system.
This summer: WaMu branches in Connecticut, Florida, Georgia, Illinois, New Jersey, New York and Texas will be re-branded to Chase and accounts in these states will transfer to Chase's banking system, and in Fall 2009 WaMu branches in Arizona, Colorado and Nevada will be re-branded to Chase and accounts in these states will transfer to Chase's banking system.

It should all be pretty "seamless," noting that if you're trying to get a LoanMod or refi with either of these institutions, you're most likely going to have challenges. Confused? I can help; Better! Pat Townsley, sane mortgages for purchases and refinances. 415-485-1776. http://www.ptre.net/

How to take the STRESS out of your Tax Deadline

So, Uncle Sam comes calling once a year, and maybe this is the year you caught up and are rushing to get the forms in the mail. You're up. You can't sleep. You're stressed. You're screwing up the numbers and eventually you say "screw it" and might start getting sloppy. Errors can come back to haunt you ten-fold. Solution: File and Extension. Easy, Done. I'll tell you from experience: GET A CPA if you don't have one. The few bucks to have a certified and licensed professional doing your returns is WELL WORTH IT. Make sure they're license CPAs (enrolled Agents aren't the same and cannot provide security and support of a CPA). If you're looking for a CPA for your personal to large corporate returns, give Michele Hassid a call at Eckhoff Accountancy: 415-499-9400. As a business owner, I highly recommend her professional services. Get rid of the stress and go with a pro. Thanks. Pat Townsley

Spring Into Your New Home! Tax credit for YOU.

If you plan to buy your first home here in 2009, there may be a tax credit waiting for you. The government's "American Recovery and Reinvestment Act of 2009" authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a "primary residence" on or after January 1, 2009 and before December 1st, 2009. The tax credit is equal to 10% of the home's purchase price up to a maximum credit of $8,000. Are you eligible? Do you qualify? Feel free to contact me for more information on this tax play today. Who do you know who is looking to buy a home? Please send them to me at PTRE (dot net). Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/

Shout out to my Peeps

Ok, Ok. Thank you! Honestly. 30+ requests for more "Peeps" humor. Here's the season's last Peep image. Moving forward, this is a blog about me, you, your referrals and real estate financing. You're not alone on Easter Island! This week I'm looking for BUYERS for Single Family Residences in San Rafael. If you know anyone looking to buy in San Rafael, have them contact me to set up their financing (great rates for loans under $625,00) and I'll get you financed and hooked up with a great Realtor, Mark Machado. Together, we're your eyes in real estate. http://www.ptre.net/ and http://www.markmachado.net/. Broker #01234350. Pat Townsley: 415-485-1776.

Easter and The Apocalypse

It wouldn't be Easter without the Four Peeps of the Apocalypse. Ya know, 2007 and 2008 around this time I was saying "the worst is yet to come." Here in 2009, I'm starting to get a bit more optimistic. I'm not saying hundreds of thousands aren't going to get foreclosed upon, but I think the banks are positioned now to absorb a bit more trauma. We have some ER doctors on call at the banking level. Houses are priced well and many people are now able to qualify, so as we approach the days of resurrection and spring, perhaps we're turning a corner here. Of course, the Titanic also tried to turn...but it was too heavy and too fast to course correct. But let's keep it Positive: Focus on the opportunities. If you look, you will find. When you hear someone looking at real estate, hook them up with me at PTRE (dot net). Pat Townsley, Chief Economist to the Stars. 415-485-1776. http://www.ptre.net/

Loan Modification: Right, Wrong, Indifferent

Oow, my eye. So, what's the skinny on Loan Mods? There are a couple angles; none of which are easy or pretty...and only a handful are getting through. One way is to go right to your existing lender. The rub here is that if you're not in some form of default and/or hardship, they're not motivated because you pay on time. Solution: Default a couple months on your loan and see if they want to talk then. The Rub: You've hosed your credit, they might not play, they might foreclose on you. Talk about a punch in the head. Your other general option is to use a Loan Mod broker, who will probably in turn take it to an attorney who specializes in putting the fear of litigation to the banks and leveraging extortion to get your rate and/or balance lowered. Direct to the attorney or via broker, most have a $3000 to $4000 "refundable" deposit. The argument here is that if you had $4k, you wouldn't be needing a loan mod this month. Additionally, IF you fit the guidelines, it's another $3000 to $4000 to close the deal. Pick your poison. I'd rather be dragged through glass and rubbed in salt than broker loan mods. I'm all about the refi or purchase loans, but I'm here to talk. Pat Townsley, Banking Knowitall. 415-485-1776. www.ptre.net

Wells Fargo reports Record Earnings

SAN FRANCISCO, April 9, 2009 — Wells Fargo & Company (NYSE: WFC) said today it expects to report record net income of approximately $3 billion for first quarter 2009, or approximately $0.55 per common share after preferred dividends, including $372 million in dividends paid to U.S. taxpayers on the U.S. Treasury’s Capital Purchase Program investment. The Company will report its financial results on April 22, 2009. As a mortgage broker, I represent Wells Fargo on the wholesale side. As a wholesale broker, we get Wells rates at a discount as a preferred in-house product and discounted rates. They're strong, always have been a consistent player, and with Wells as one of my 75 wholesales institutions, I've got the best rates and program to fit your needs. Call today for a consultation: 415-485-1776. Pat Townsley, Broker. http://www.ptre.net/

Coulda Shoula Woulda

What's better?: Over promised and under delivered, or under promised and over delivered: The second of course. We call it "going the extra mile" or in my case, simply doing my job. I'm hearing people say that they're incredibly busy right now, busier than ever, but not making any money. We need to turn that paradigm around. I'm as busy as I've ever been, however, with fewer clients. Reason? Banks are so challenging to deal with right now and we're seeing increasing levels of credit fraud; "Dings" on people's credit that they know nothing about. So add credit repair to my list of services and I'm still just as busy, yet less productive, and in turn, I haven't gotten to my two important (or seemingly important) writing assignments. Those awaiting my series on "Interview with a professional" blog and podcast series will have to hang on just a little longer. My other writing project? Well, I should be writing, but I'm here, waiting for your call to help you with your real estate financing. Pat Townsley, 415-485-1776. www.ptre.net. Your referrals are appreciated.