My New Blog

2nd Amendment Gun Shop has opened its door in the hearth of Santa Ynez.  A lot of time and effort went into making this happen.

2nd Amendment Gun Shop carries guns and ammunitions from most major manufacturers and buys, sells, consigns, and appraises the smallest to the largest collections and estates.  Furthermore 2nd Amendment Gun Shop can help you find a hard to get firearm or rare part.  A variety of accessories is also available.

The safety of the community is a priority at 2nd Amendment Gun Shop and the following classes are also available:

Fundamental handgun
Child’s gun safety

Family gun safety

Women only introduction to hand gun

Advanced handgun
Defensive handgun
CA CCW
Utah CCW

Florida CCW

Private instruction

Gabriele Santi, President of 2^nd Amendment Gun shop has a military background.  He served in the Italian Army and was deployed to Beirut, Lebanon were he was responsible for the security of a commanding officer and acted as interpreter for the multinational peace forces.  He was decorated for his service.  Most recently he worked as an armed security guard at the Ventura County Naval Base.  Gabriele Santi lives with his children and wife.  He and his family have been in the Valley five years after relocating back to his wife’s childhood home in Santa Ynez.

2^nd Amendment Gun Shop is located at 3568 Sagunto Street, Suite E, in Santa Ynez.  You can also access the shop from Madera Street, across from Star Drugs.

For more information call 805-245-8115 or visit www.2ndAmendmentGunShop.com.

By Renae Merle

The Washington Post

Among other items that are in the works, starting April 1st 2010 (next month) Up Front Mortgage Insurance Premium wiil raise .50 pts to 2.25% total.

To read the March message from the desk of the FHA Commissioner please visit:

http://portal.hud.gov/portal/page/portal/ver-4/HUD/federal_housing_administration/docs/from_the_desk_of_March_2010.pdf

If you have any questions you can either call or e-mail  

805-245-8115

info@GlobalLendingSolutions.biz

In response to clarification requests from the Appraisal Institute, the Federal Reserve’s Board of Governors issued a Jan. 14 letter confirming that a broker price opinion “does not satisfy the definition of an appraisal in the Board’s appraisal regulation.”

The Fed’s clarification was addressed to the Appraisal Institute and came in direct response to an Oct. 26, 2009, letter sent to the Fed by the nation’s four largest appraiser organizations that asked the Fed about its policy on the use of BPOs in valuing land and other real property collateralizing commercial loans.

“In response to your question as to the use of BPOs, it is the position of the Federal Reserve staff that a BPO does not satisfy the definition of an appraisal in the Board’s appraisal regulation,” the agency’s letter read. “Therefore, a regulated institution would not be able to utilize a BPO to originate a loan secured by commercial real estate when the loan requires an appraisal in accordance with the appraisal regulation.”

In its letter, the Fed added: “With regard to the use of BPOs as an evaluation, Federal Reserve staff has taken the position that a BPO does not provide sufficient detail on a commercial property’s condition, occupancy, and use to meet the guidelines’ requirements for an evaluation.”

Bill Garber, director of government and external relations of the Appraisal Institute, said: “We applaud the diligent position taken by the staff of the Federal Reserve Board, and we believe it is one that should be taken by all of the federal financial institution regulatory agencies.”

The Appraisal Institute and fellow appraiser organizations had sought clarification after reports that BPOs had been ordered by regulated financial institutions to satisfy the “evaluation” requirements for renewals of commercial loans and refinancing transactions. As the appraiser organizations had pointed out in their October letter, “[C]ommercial BPOs typically lack details on a commercial property’s conditions, occupancy and use as stipulated by the Interagency Guidelines. As such, any use by regulated or supervised institutions would constitute a violation of the Interagency Appraisal and Evaluation Guidelines and, we believe, are inconsistent with written Federal Reserve policies.”

The Federal Reserve’s Board of Governors responsible for policy is composed of five members: Chairman Ben Bernanke, Vice-Chairman Donald Kohn, Kevin Warsh, Elizabeth Duke and Daniel Tarullo.

For the appraiser organizations’ letter to the Fed, visit www.appraisalinstitute.org/newsadvocacy/downloads/ltrs_tstmny/2010/AI-ASA-ASFMRA-NAIFA_CommercialBPOs-Final.pdf .

For the Fed’s response letter, which was signed by Director Patrick M. Parkinson, visit www.appraisalinstitute.org/newsadvocacy/downloads/ltrs_tstmny/2010/Fed_Response.pdf

HUD No.10-017
Lemar Wooley
(202) 708-0685                          

FOR RELEASE Friday
January 22, 2010

WASHINGTON – Homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments.

The Helping Families Save Their Home Act of 2009 signed into law by President Obama expanded FHA’s authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure to include those facing ”imminent default” as defined by the Secretary. FHA today issued guidance to FHA-approved loan servicers on how to assist these FHA borrowers.

“Loss mitigation assistance is beneficial to both borrowers and FHA because it helps borrowers retain their homes while protecting the FHA insurance fund from unnecessary losses,” said FHA Commissioner David Stevens. “FHA has always required lenders to establish early contact with delinquent borrowers to discuss the reason for missing a payment and to evaluate reinstatement options. Now servicers will have additional options for those borrowers who seek help before they go delinquent, which increases the likelihood that the borrower will be able to retain their home.”

Effective immediately, the loss mitigation options of forbearance and FHA’s Home Affordable Modification Program (FHA-HAMP) may be used to assist borrowers facing imminent default.

• FHA defines an “FHA borrower facing imminent default” to be an FHA borrower who is current or less than 30 days past due on the mortgage obligation and is experiencing a significant reduction in income or some other hardship that will prevent him or her from making the next required payment on the mortgage during the month that it is due.
• A forbearance agreement is an agreement by the loan servicer to postpone, reduce or suspend payments due on a loan for a limited and specific time period.
• FHA-HAMP allows qualified FHA-insured borrowers to reduce their monthly mortgage payment to an affordable level by permanently reducing the payment through the use of a partial claim combined with a loan modification. The partial claim defers the repayment of a portion of the mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off. The remaining balance is then modified through re-amortization and in some cases, an interest rate reduction.

The borrower must be able to document the cause of the imminent default which may include, but is not limited to, one or more of the following types of hardship:

1. A reduction in or loss of income that was supporting the mortgage loan, e.g., unemployment, reduced job hours, reduced pay, or a decline in self-employed business earnings. A scheduled temporary shutdown of the employer, (such as for a scheduled vacation), would not in and by itself be adequate to support an imminent default.
2. A change in household financial circumstances, e.g., death in family, serious or chronic illness, permanent or short-term disability.

Loan servicers must document the basis for its determination that a payment default is imminent and retain all documentation used to reach its conclusion. The servicer’s documentation must also include information on the borrower’s financial condition.

Additional information and guidance can be found on HUD’s website.

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HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.