Christopher Jordan's Page

Happy Friday!

Here’s the news ….

Mortgage rates continued the trend higher this week. Today is no exception, with financial markets reacting to a better than expected May Jobs Report. Payroll losses in May totaled 345,000, which was far fewer than the 520,000 that were expected.

The unemployment rate did rise slightly higher than expected to 9.4%. The deceleration in job losses as well as stabilization in manufacturing and housing is evidence that we are taking the first steps to economic rec… Continue

This new program offers 1st time home buyers the opportunity to recieve down payment and closing cost assistance if they meet the required guidelines and are purchasing within the applicable zip codes in Prince George's County.

The program is scheduled to be available on May 15th, but your mortgage must be fully approved with a ratified contract before it can be submitted to NSP for final approval.

The program could offer up from 3.5% of the purchase price up to $15,000 -up to- 7% of the sales… Continue

Good Afternoon,

I’ve got good news to report today…

The Financial Accounting Standards Board (FASB) has voted favorably to relax mark-to-market accounting to help financial institutions.
Mark to market accounting has been the root of many of the problems associated with our financial institutions. This new ruling will allow banks to use alternate accounting methods for valuing their assets. This should significantly reduce the amount of write downs banks are taking on their investments and… Continue

There have been a lot of reports in the media lately about the newest plan from the government to help people refinance or modify their loans. Details of these plans were announced today. I thought you might want some information to pass along to your clients.

The government has just come out with two programs that might benefit you. One is the Home Affordable Refinance Program & the other is the Home Affordable Modification Program. Here is a web site with a lot of information about both:… Continue

The big focus this week continued to be on banks. Stocks had been taking a beating as speculation of bank nationalization circulated among market participants. Reassuring comments from the White House and the Federal Reserve supporting a private banking system has eased concerns. The government is taking a bit of a different approach as they start using “stress tests” prior to injecting further capital into banks in order to only prop up those companies with long term viability. Although economi… Continue