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Easier Home Purchase Mortgages for Morris County New Jersey??
By admin | February 24, 2009
Easier Home Purchase Mortgages for Morris County New Jersey??
WASHINGTON (Reuters) - The Federal Reserve Board on Tuesday put more pressure on banks to cut dividends as conditions deteriorate, and said it would discourage the use of federal rescue money to fund such payouts.
A New York-based source said earlier that the Fed has been urging banks “in increasingly strong language” to use the bailout money to issue new loans and bolster their reserves, not to pay dividends.
“This letter is a firm reminder that the Fed is going to be tightening the noose on banks,” said Mark Williams, a former Fed bank examiner who is now a finance professor at Boston University. “They are reminding banks that they are stewards of cash and have to use it in appropriate ways.”
Well it is about time. It is my opinion that the large banks which have been getting large sums of money form the federal government should be using that money to make loans, not to pay dividends to their stock holders or to purchase other banks and mortgage companies.
I personally have not recently had home buyers who could not get a home purchase mortgage, but then again many people go to their mortgage person to get a pre-approval letter before they even contact a New Jersey Realtor these days, so people who are turned down likely would not contact me.
In my opinion this is a great time to be getting a mortgage / purchasing a Morris County New Jersey home. Unless you feel that you are extremely likely to lose your job or something, this is about as good a time as any in the last 20 years.
If you would like to take a look at what sort of home deals are out there now, stop by Morris Essex & Union County Real Estate and Homes For Sale.
Cheers,
James Boyer
Morris County Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell
Category: Chatham, Harding, Madison, Morristown |
One Response to “Easier Home Purchase Mortgages for Morris County New Jersey??”
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March 30th, 2009 at 12:05 am
I would agree-with all the tax credits yoru gov. is giving and the deals out there, if you are in a steady job and qualified, then now is a great time to go house hunting