Hello, and welcome to Real Estate Reality Radio. The most important hour of radio every Friday from 9 to 10 on WBCB 1490 am. Thank you for joining Vince and me. For those of you who are not familiar with the show I am the guy with a bow tie and a bit of an attitude and Vince is the fun affable best friend. Our show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.
Within every market there are obstacles and solutions on the path to tremendous opportunities. Vince and I think most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.
Please join us live on the web at www.wbcb1490.com from 9:00am to 10:00 am every Friday.
So last week we were joined by Janet Carswell of Weidel Real Estate to reminisce about growing up in Levittown. This week was full of great current events: Wells Fargo in $175 million discrimination in lending settlement. Wells agreed to pay $175 million to settle allegations that discriminated against minority borrowers. In prepared remarks by Assitant Attorney General Thomas Perez “If you were African -American or Latino you were more likely to pay more for your loan.” Should the Federal Reserve provide more Stimulus? In the beginning of the year the push was for no more stimulus. Now there are renewed calls to extend operation twist. 700,000 homeowners no longer under water. With rising prices in some areas fewer borrowers owe more than their homes are worth. According to the report 11.4 million (23.7%) mortgage borrowers owed more than their homes were worth at the end of March. That however is down from 12.1 million (25.2%) borrowers that were under water at the end of December.
Today Vince and I are joined by Larry Burns of Conestoga Bank in Blue Bell PA. Larry is a Sr. Vice President at Conestoga. But what does not show on his business card or resume is that he is a seasoned commercial lender that gravitates to the more personal side of lending that a small bank provides. Larry is very proficient with the SBA and medical professionals.
We have recently been using www.CBSPhilly.com/AskPete to entertain questions that people feel more comfortable asking anonymously.
Please join us live at www.wbcb1490.com for the open discussion about commercial lending and small banks.
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.