Financial Update by Maurice Soussé

Interest rates are flat this week with the 10 year yield closing at about 2.97% this week.

In case you hadn’t heard, Gov. Jerry Brown signed SB 458 into law last Friday. This law now bars junior lien holders (second mortgage holders) from pursuing a borrower to collect outstanding loan balances after a short sale has been completed. “The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said Beth L. Peerce, president of the California Association of Realtors.

Remember we are a mortgage banker and have access to true portfolio loans. If you have any exceptions or loans that are outside the box, please call me. There are often times we can get exceptions made that other lenders can’t, and we are happy to review them for you.