Another GREAT BANK-OWNED Home Listed By The Cameron Team

This 3 bed 2 bath home is clean and well maintained. Home has Living and Family Room. Kitchen is bright and open with gas stove, island, pantry, and breakfast area. Carpet in all the right places, wood blind, ceiling fans with lights. Private Backyard with covered patio, and cabinets in garage. Your buyer will LOVE this home.

Weekly Video Update!

www.tokbox.com

Arizona Housing Finance Authoirty- Down Payment Assistance Program!

Down Payment Assistance Program
The major stumbling block for many first-time homebuyers is the lack of sufficient funds for the downpayment and closing costs involved in the purchase of the home. The amount of assistance available under this program is adjusted based on the homebuyer's income:
Above 80% Area Median Income (AMI): up to 5% of the purchase price or appraisal whichever is less. 60-80% AMI: up to 10% of purchase price or appraisal, whichever is less, plus up to $3,000 for closing costs.~Below 60% AMI: up to 15% of purchase price or appraisal, whichever is less, plus up to $3,000 for closing costs.
~Maximum of $20,000 in combined assistance.

If the buyer is above 80% AMI, the assistance must be used with either the MRB or MCC programs. Buyers with incomes at or below 80% AMI must participate in homeownership counseling classes. These classes or meetings are free and are held at various times and in various locations around the state, excluding Maricopa and Pima Counties.
The amount of assistance is dependent on five factors:
1) Amount of household income.
2) Purchase price of the house or appraised value, whichever is less.
3) Actual closing costs on the house.
4) Amount of household savings and assets.
5) Other gifts or assistance the buyer may be receiving.
For more information on this program please visit http://www.housingaz.com/azhfa/dpap.aspx

New Bank Owned Listing of a WONDERFUL Patio Home Brought to you by The Cameron Team

2 Bedroom, 2 Bathroom Patio Home in Wonderful Community! Home is Bright and open with an easily maintained yard. Fantastically priced Bank Owned property with easy access to the I-10. Located in the Heart of Ahwatukee and close to Everthing! Home is bright and open with an easily maintained yard.

Bank REDUCED Price on this Wonderful Home listed by The Cameron Team!

What a great lot location in Anthem! Very private, corner lot with lots of potential. Awesome 1,638 sq.ft.floorplan with 3 bedrooms, 2 baths plus front seperate formal living/dining and family room. Very open and spacious floorplan! This home and the community offer so much for such a little purchase price! We get RESPONSES in 48-72 hour! **Buyer agrees to review & sign all bank addendums. All contracts/offers are subject to IndyMac Banks approval & any offers or counter offers by IndyMac Bank are not binding unless the entire agreement is ratified by all parties. Buyer must be approved by IndyMac lender by may use lender of choice. Any cash offers, must include proof of funds & buyer agrees to pay $75 doc fee at closing. No SPDS or CLUE

PRICED REDUCED on HAPPY HOLLOW!!! A Great Home listed by The Cameron Team

Bank Owned and Priced to Sell! Located in Cresta Norte gated subdivision located in the Desert Mountain area! This Greatroom floor plan is a 2 x 2 split with 3 Baths. Large open kitchen offers Granite counters and built in Stainless steel fridge. Large yard with pebble tech pool, rock water fall, large covered patio and mountain views. Master offers snail shower and large walk in closet with organizer. The lot is elevated and offers city views from the front and mountain views to the rear.

Another Bank Owned Home Priced To Seel Brought To You By The Cameron Team!

Bank Owned and Priced to Sell! Located in Cresta Norte gated subdivision located in the Desert Mountain area! This Greatroom floor plan is a 2 x 2 split with 3 Baths. Large open kitchen offers Granite counters and built in Stainless steel fridge. Large yard with pebble tech pool, rock water fall, large covered patio and mountain views. Master offers snail shower and large walk in closet with organizer. The lot is elevated and offers city views from the front and mountain views to the rear.

BFH, Brown Family Homes goes out of business

This is sad to see. BFH is a long standing good builder here in the valley. I have sold dozens of their homes over the years. I have always been impressed by their quality and integrity. Another good company down due to how other companies, wall street, run their business. I don't know the whole story...
Just my opinion
Jeff Cameron

Local builder goes out of business
Construction lender cut credit for Brown Family
by J. Craig Anderson - Oct. 28, 2008 12:00 AMThe Arizona Republic
Tempe-based home builder Brown Family Communities closed its doors Friday after more than three decades in the business.
Company founder Dave Brown said he was forced to cease operation and lay off all 60 employees because the company's construction lender, which he didn't want to name, was unwilling to extend additional credit to build new homes or finish homes under construction.
Brown said that means customers currently in the process of buying a Brown Family home would not be allowed to close the deal.
OAS_AD('ArticleFlex_1')
Instead, the bank will keep those homes as collateral. Brown said that he would refund every customer's deposit.

Read the rest of the story: http://www.azcentral.com/business/articles/2008/10/28/20081028biz-homebuilder1028.html?&wired

Contrywide Loans to be Modified

I read this article in the republic and wanted to share with everyone. If you have a Countrywide loan, call your lender and see if you can get a loan modification. You don't have to be in foreclosure of trouble to get the modification...Jeff Cameron

Countrywide loans to be modified

13,000 mortgage holders on Ariz. Eligible for program

By J. Craig Anderson
THE ARIZONA REPUBLIC

Thousands of formers Countrywide Financial customers on the brink of foreclosure will be eligible for lower mortgage payments in the coming months, thanks to a settlement agreement.
Borrowers with subprime and other adjustable-rate loans will be eligible for significant loan modifications beginning in December, Arizona Attorney General Terry Goddard’s office said Monday.
The deal requires Bank of America to modify the loans of struggling borrowers to make their homes.
About 13,000 Arizona mortgage holders are eligible for loan modifications under the agreement, said Susan Segal, Goddard’s public-advocacy division chief.

BofA agrees to modify Countrywide mortgages

The modifications would be based on what each borrower can afford, Segal said, and most borrowers would end up with fixed–rate loans. Some also would get a reduction in the loan’s principal, she said.
In cases where foreclosure already has occurred or cannot be prevented, Segal said the borrowers would be eligible for relocation assistance from Bank of America.
A group of attorneys general representing Arizona, Texas, Ohio, Iowa and Washington state, agreed not to pursue any legal action against the former Countrywide based on its “alleged use of deceptive practices in their mortgage lending business.”
“There is no admission of guilt.” Segal said about the agreement.
Still, it could take weeks or months for every eligible borrower to get a loan modification, she said.
Countrywide is supposed to launch the program Dec. 1 but has said it will need about 60 days to prepare.
Segal said the bank has committed to a staff of 3,200 loss mitigation specialist to provide service to all of the affected customers nationwide.
Six other states, including California, have worked out their own loan-modification deals with Countrywide, formerly the nation’s No. 1 sub-prime lender and overall largest mortgage lender, in exchange for dropping consumer-protection lawsuits.
Segal said similar deals with other subprime and “alternative” mortgage lenders should be forthcoming.

How to get help

The Arizona Attorney General’s office suggests that customers of the former Countrywide Financial open all letters pertaining to their mortgage in coming weeks for further information about loan modifications.

They can also call:

Bank of America
(Acquired Countrywide in June)
800-669-6607

Arizona Attorney General Office
602-542-5763

Arizona Foreclosure Help line
877-448-121

FEDERAL RESERVE REACTS TO CREDIT CRISIS, PUMPS $200 BILLION INTO SYSTEM

The reaction to the Margin Calls last week had put tremendous pressure on the financial markets and the Federal Reserve just stepped up to ease the pressure. So far, the stock market is happy. Stocks are up over 2%. Is this a knee jerk reaction or will the market continue up?? It is always interesting to see how the markets react over time.

Hopefully this will bring interest rates back down. However, the bond market it getting killed today. Which typically brings rates up, however, interest rates are not fully linked to the bond market. Where the 10 note was you would expect mortgage rates as low as 5%.

This often bothers me. Mortgage rates don't always follow the bond rates down, but they seem to always follow bond rates up. Let's see what happens today???

Here is the AP report:
Fed Offers More Help to Banks
By JEANNINE AVERSA,
AP
Posted: 2008-03-11 09:31:41
Filed Under: Banking
WASHINGTON (March 11) - The Federal Reserve on Tuesday announced it is ramping up efforts to provide more relief to cash-strapped financial institutions, a coordinated action with other central banks aimed at easing a global credit crises that threatens to push the U.S. economy into its first recession since 2001. The Fed said it will make up to $200 billion in cash available to cash-strapped financial institutions. "Pressures in some of these markets have recently increased again," the Fed said in a statement. "We all continue to work together and will take appropriate steps to address those liquidity pressures." The other banks involved are the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank. In addition, the Fed has authorized increases in existing programs called "swap lines" with the European Central Bank and the Swiss National Bank "These arrangements will now provide dollars in amounts of up to $30 billion and $6 billion to the ECB and the SNB respectively," the Fed said, extending the term of these swap lines through Sept. 30.
Read the full report at this link: http://money.aol.com/news/articles/_a/fed-offers-more-help-to-banks/20080311093009990001