Modified Subprime Mortgages Redefault

Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime mortgages will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that…read the full subprime mortgage redefault article.

If you enjoyed this post, you may also enjoy:
Foreclosures Rise on Prime Mortgages
Nationally, Many Homeowners are “Underwater”
WSJ Reports Slowing Mortgage Delinquencies
Real Estate Market Trends in Nashville

Modified Subprime Mortgages Redefault

Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime mortgages will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that 30 percent to 40 percent of mortgages that had lowered principal amounts were still redefaulting after 12 months. Borrowers are redefaulting at a high rate because home prices continue to fall and unemployment continues to rise.

Also this week, the Standard & Poor’s/Case-Shiller Home Price Index in March showed that home price levels in 20 major metro areas dropped more steeply than expected. The twenty cities fell an average of 3.13 points with Minneapolis taking the greatest hit at 6.37. This index is a 3 month moving index that is reported with a 2 month lag. Nashville did decline over the same period, but not nearly enough to place it in the top 20.

Mortgage Rates in Nashville Lower Again

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week, while the 15-year fixed mortgage rate dipped to 4.5 percent. The Federal Reserve is working to hold down rates. See the full Nashville mortgage rates story.

If you found this information help, you may also like:
Nashville Mortgage Rates Still Under 5%
Nashville Mortgage Rates Inch Upward
Nashville Mortgage Rates Continue Record Fall
GM Received $19.4 Billion in Bailouts Still Bankrupt

Mortgage Rates in Nashville Lower Again

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week, while the 15-year fixed mortgage rate dipped to 4.5 percent. The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries. Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed. Nashville mortgage rates continue their historic fall, but if history is any lesson, there is a bottom and it will be reached.

We recommend that if you are considering refinancing your home loan, now is the time to lock in your . I have personally locked in 10 of my investment properties and am considering locking in all 18 at today’s rate. I realize that most of us are optimistic by nature, but I simply cannot see these mortgage rates getting too much better in this economy and the treasury is running out of rabbits in their hat.

BTW – I am starting to see some really good deals from developer owned condos in downtown. I would take a very hard look at The Encore and The Icon.

SEC & Auburn Football TV Schedule

Auburn football tv schedule

Greetings from the Gulf Coast and the 2009 SEC Spring Meeting.
As you may know, all 12 athletic directors from the conference are meeting in Destin this week just as we do every year. Coach Gene Chizik, Coach Jeff Lebo and Coach Nell Fortner are also here along with their colleagues from across the conference.
I thought you might be interested in some of the highlights from the sessions that were held this week. Read the entire Auburn football schedule for TV article.

If you liked this posting, you may also like:
A Word From Jay Jacobs
A-Day Invitation from Coach Gene Chizik
Video of the Condos in the Gulch

SEC and Auburn Football TV Schedule

Auburn football tv schedule
Greetings from the Gulf Coast and the 2009 SEC Spring Meeting.
 
As you may know, all 12 athletic directors from the conference are meeting in Destin this week just as we do every year. Coach Gene Chizik, Coach Jeff Lebo and Coach Nell Fortner are also here along with their colleagues from across the conference.
 
I thought you might be interested in some of the highlights from the sessions that were held this week. Topics we discuss and act on range from post-season tournaments and the Minority Coaches Forum to sport-specific issues such as the conference’s football championship game tiebreaker
 
Of all the issues on the agenda, I thought you may be most interested in how the new TV deals will affect Auburn Athletics, in particular football since the season is now merely a few months away.
 
The league’s new TV deals with CBS and ESPN go into effect in the upcoming season (2009-2010). The agreements will make the SEC the most widely televised conference in the country, and the revenue generated will ensure the financial strength of Auburn Athletics and all schools in the conference for the next 15 years.
 
Here are a few highlights of how the TV deals will impact Auburn football:
  • Eleven of our 12 football games will be televised beginning with the 2009 football season. The 12th game will be available on pay-per-view.
  • As under the previous arrangement, CBS will televise a national SEC Game of the Week each Saturday with a 2:30 PM Central kickoff time. CBS gets first choice from the slate of games a majority of the season.
  • ESPN has the rights to every other SEC home game, excluding the games aired by CBS. That means our conference games can air on ESPN, ESPN2 or ESPNU.
  • ESPN and ESPN2 will air premier SEC games, with most of them airing during prime time on Saturday nights. ESPN will also air two Thursday night games in prime time.
  • ESPNU will feature a Saturday game-of-the-week generally played in prime time. If you live in a cable market served by Comcast or are a DirecTV subscriber, you may be interested in knowing ESPN recently reached a new deal with both to add ESPNU to their channel line-up.
  • ESPN Regional Television replaces Raycom as the syndication home for SEC football. These games will be televised on a series of TV affiliates similar to what Raycom featured with kickoffs at approximately 11:30 a.m.
  • CBS will televise the SEC Championship game on Dec. 5, 2009.

One question we are frequently asked is who determines kickoff times and how they are decided. In past seasons, we determined kickoff times for non-televised games while the networks determined the kickoff times for televised games based on their contract with the conference.

Since all but one of our games will now be televised, the networks will essentially decide kickoff times for 11 of our 12 games. You can likely expect more games to be played in prime time next year and in the years ahead under the new arrangements.

The new contracts will impact all of our sports and give us unprecedented exposure. For example, an ESPN outlet will now broadcast all men’s conference basketball games beginning with the 2009-2010 season, and ESPN on ABC will broadcast the SEC Tournament Semifinals and Finals for the first time in history. Coverage of women’s basketball will nearly double, with SEC teams making a minimum of 16 appearances on ESPN and ESPN2 and additional appearances on other ESPN outlets. In short, the new agreements will provide tremendous national exposure for our basketball programs that far exceeds any we have had in the past.

I hope that helps answer some of the questions you may have had about our TV contracts. More information on how the agreements impact all of our sports can be found on the conference’s website at www.secsports.com.

Thanks for all that you do to support Auburn Athletics.

War Eagle!

Jay Jacobs
Director of Athletics

Speak Your Mind

*