Monday, October 09, 2006
STOP HB 4050
Please forward this email to Attorney Warren Valentine at warrenesq1@hotmail.com . He needs 3000 emails saying that "I will attend the HB4050 TownHome meeting". If he gets the 3000 emails, the radio station that he is on will sponsor this meeting next week for everyone in the effected zipcodes, and everyone that wants to put a end to this HB4050 Bill. He's looking to have 30,000 - 40,000 people at this meeting, and there will be elected officials there. So please email Warren and let him know you will be there, and email everyone else you know, and have them email Warren also. Let's put an end to HB4050.
Thursday, October 05, 2006
HB 4050: More lenders who've pulled out of target zip codes
HB 4050: More lenders who've pulled out of target zip codes
From Scott Cheffer at Title Company of America comes this recent list of lenders and their response to HB 4050.
The list is by no means comprehensive, but it gives you an idea of how few choices homeowners have for loans -- whether they trigger the counseling requirement or not.
1. GreenPoint temporarily suspending lending.
2. DK Lending suspending lending for the interim.
3. Emigrant has closed its doors in the Midwest.
4. New Century has suspended lending.
5. Ohio Saving Bank has temporarily suspended lending in the area.
6. Expanded Mortgage Credit has suspended funding.
7. First Horizon has suspended lending.
8. Argent has established practices on all loans in the area.
9. HSBC has established new lending policies.
10. Maxim Mortgage has temporarily stop lending in the area.
11. MILA has suspended lending
12. Irwin Mortgage has suspended lending
13. Credit Suisse has established new lending policies
14. National City has stopped lending on certain products and established new closing procedures
15. Morgan Stanley is requiring results from Counselor (again this is not possible through the system)
16. Molton, Allen, Williams has suspended lending as of September 1.
17. Capital Financial has temporarily suspended taking any applications.
18. WMC has temporarily suspended taking applications.
19. Aegis Funding has suspended taking loans in Cook County.
20. Webster Bank has suspended lending in the zip codes
21. Flagstar Bank has temporarily discontinued lending in the 10 zip codes.
22. HLB is not going to take locks in the 10 zip codes.
23. Peoples Choice Mortgage has temporarily suspended taking applications.
So, if you live in 60620, 60621, 60623, 60628, 60629, 60632, 60636, 60638, 60643 or 60652, you now have fewer mortgage "stores" at which to shop.
Fewer "stores" means less chance that the best home loan product for your financial goals can actually being "sold" to you. You may have to settle for something imperfect.
From Scott Cheffer at Title Company of America comes this recent list of lenders and their response to HB 4050.
The list is by no means comprehensive, but it gives you an idea of how few choices homeowners have for loans -- whether they trigger the counseling requirement or not.
1. GreenPoint temporarily suspending lending.
2. DK Lending suspending lending for the interim.
3. Emigrant has closed its doors in the Midwest.
4. New Century has suspended lending.
5. Ohio Saving Bank has temporarily suspended lending in the area.
6. Expanded Mortgage Credit has suspended funding.
7. First Horizon has suspended lending.
8. Argent has established practices on all loans in the area.
9. HSBC has established new lending policies.
10. Maxim Mortgage has temporarily stop lending in the area.
11. MILA has suspended lending
12. Irwin Mortgage has suspended lending
13. Credit Suisse has established new lending policies
14. National City has stopped lending on certain products and established new closing procedures
15. Morgan Stanley is requiring results from Counselor (again this is not possible through the system)
16. Molton, Allen, Williams has suspended lending as of September 1.
17. Capital Financial has temporarily suspended taking any applications.
18. WMC has temporarily suspended taking applications.
19. Aegis Funding has suspended taking loans in Cook County.
20. Webster Bank has suspended lending in the zip codes
21. Flagstar Bank has temporarily discontinued lending in the 10 zip codes.
22. HLB is not going to take locks in the 10 zip codes.
23. Peoples Choice Mortgage has temporarily suspended taking applications.
So, if you live in 60620, 60621, 60623, 60628, 60629, 60632, 60636, 60638, 60643 or 60652, you now have fewer mortgage "stores" at which to shop.
Fewer "stores" means less chance that the best home loan product for your financial goals can actually being "sold" to you. You may have to settle for something imperfect.
