Fed Protecting Consumers from Abusive Mortgages

Recently, the Federal Reserve Board issued new rules to protect consumers from excessive mortgage lending practices.

Set to take effect April 1, the new regulations are scheduled to ban lenders from paying mortgage originators more for putting borrowers in more expensive loans.

Known as "yield spread premium," consumer advocates have long decried the incentive, stating it steers homebuyers into loans with higher interest rates.

Also, lenders are scheduled to have to disclose how borrowers' payments could change over time under the new rules, including the maximum amount that could be owed under an adjustable rate loan.

Homebuyers will have to be told about any balloon payments due at the end of the loan's term as well.

In the wake of the housing bust, the Federal Reserve has been tightening mortgage lending regulations.

Recently, the Wall Street reform act passed by Congress includes similar provisions, but addresses practices not covered by the board's new regulations as well.

In the future, The Fed plans to implement the act's provisions.

Source: cnn.com

Cy-Creek Holding Ribbon-Cutting Ceremony in Cypress

Cypress Creek High School in Cypress, Tx is scheduled to hold a Come-and-Go event for the general public on Tuesday, September 7.

The event wis scheduled to be held in order to recognize the completion of SHW Group LLC’s three-year project that resulted in extensive remodeling and additions to the school.

The Come-and-Go is scheduled to coincide with Cypress Creek’s Homecoming week activities and is scheduled to take place from 6:00 p.m. to 7:00 p.m., concluding with a brief ribbon-cutting ceremony.

Cypress Creek is scheduled to include an additional presentation at 7:00 p.m. in the auditorium.

The presetation is set up in order to explain the campus’ plan for small learning communities and career academies.

On Friday, September 10, the school’s Homecoming football game against Cypress Springs High School is scheduled for 7:00 p.m. at Pridgeon Stadium.

The Homecoming dance is scheduled to take place on Saturday, September 11 at the high school.

Cypress Creek High School is located in Cypress by wonderful subdivisions like Tuscany and Wincrest Falls.

Source: ultimatecyfair.com

Mortgage Rates Reach Low of 4.44%

This week, mortgage rates decreased to the lowest level in decades, pushed down by the Federal Reserve's move to purchase government debt to help increase the economic recovery.

According to Freddie Mac, the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week.

Since Freddie Mac started tracking rates in 1971, that's the lowest rate.

On the 15-year fixed loan, the average rate decreased to 3.92 percent, down from 3.95 percent last week and the lowest on record.

As investors sought the safety of Treasury bonds, lowering their yield, rates have decreased since spring.

Low rates have not increased home sales, which havedecreased this summer as the economy remains weak and credit standards stay strict.

Applications to refinance home loans have increased but remain short of a large refinancing boom.

Last week, overall home loan applications increased just 0.6 percent from a week earlier, according to the Mortgage Bankers Association.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country in order to calculate the national average.

Frequently, rates fluctuate significantly, even within a given day.

On five-year adjustable-rate mortgages, rates averaged 3.56 percent, down from 3.63 percent a week earlier.

On one-year adjustable-rate mortgages, rates decreased to an average of 3.53 percent from 3.55 percent.

The rates do not include points also known as add-on fees.

1 percent is equal to one point of the total loan amount.

For loans in Freddie Mac's survey, the nationwide fee averaged 0.7 a point for all loans except for 15-year mortgages, which averaged 0.6 of a point.

Source: builderonline.com

Bridgeland to Host Cypress Flag Football Clinics

Monday, August 9 - Thursday, August 12, Bridgeland in Cypress, Tx is shceduled to host flag football clinics for the littlest gridiron fans, with multiple sessions by i9 Sports.

Daily lessons include drills on:

- passing
- receiving
- offense
- defense
- agility training
- flexibility training

Players are scheduled to be grouped based on skill level and age.

For the 3- and 4-year-olds, the focus is scheduled to be having fun and developing an interest in football, while participants age 5 and up are scheduled to learn more specifics.

For children ages 3 and 4, the clinic is scheduled to be held 9:30 a.m. - 11:00 a.m. Monday, August 9 and Tuesday, August 10.

For participants ages 5 and up, two sessions are scheduled between 9:00 a.m. - 11:00 a.m. and 5:30 p.m. - 7:30 p.m. Wednesday, August 11 and Thursday, August 12.

For Bridgeland residents, the cost is $50 or $60 for non-residents.

The clinics are scheduled to be held at the Bridgeland soccer and baseball practice field.

Source: ultimatecyfair.com

Cypress Fairbanks Medical Center Upgrades to All Private Patient Rooms

Now, Cypress Fairbanks Medical Center Hospital in Cypress, Tx offers all private rooms so patients are able to rest and recover in a more healing environment.

Terry Wheeler, chief executive officer of the hospital in northwest Houston, stated “Having all private patient rooms allows us to better serve the needs of our community. Converting to all private patient rooms is not only about comfort, but also involves privacy and confidentiality issues. Sharing a room with someone else could make it difficult for a patient to visit freely with their family, to talk openly with their physician about a medical issue, or to even feel comfortable about watching TV when they want. But all private rooms give patients the access to the comfort and privacy they need so they can concentrate first and foremost on their health.”

The newly configured rooms are scheduled to include flat-screen televisions, private bathrooms, large windows that allow plenty of natural light, and ample space for visitors.

In order to update and modernize its facilities, the room renovations follow other building projects that have been completed at Cy-Fair Hospital.

Recently, the hospital’s front lobby and Outpatient Surgery lobby were expanded and renovated.

Also, in order to handle the specific needs of neonatal patients, a Level III neonatal intensive care unit was constructed.

Feel free to call 800-681-2733 for more information about services provided at Cypress Fairbanks Medical Center Hospital.

Cypress Fairbanks Medical Center Hospital is located in Cypress by luxurious subdivisions like Copper Lakes and Cole's Crossing.

Source: ultimatecyfair.com

Obama Set to Sign Sweeping Financial Overhaul

President Barack Obama looks to bring in a new era of consumer protections and banking restrictions, achieving another legislative victory before election-year politics overtake the rest of his major agenda.

A signature achievement that comes nearly two years after Wall Street's failures knocked the economy into the worst recession since the Great Depression, the president was expected to sign a sweeping overhaul of financial regulations.

Including a long list of supporters of the legislation, including former Federal Reserve Chairman Paul Volcker and Robert Diamond, president of Barclay's PLC, The White House planned a major signing ceremony.

In order to spotlight the legislation's creation of a consumer protection bureau, an effort to make an otherwise arcane and complex regulatory bill meaningful to the public and to fend off Republican criticism that it amounts to an expansion of government, Obama is going out of his way.

Also, the law assembles a powerful council of regulators to be on the lookout for risks across the finance system.

It places shadow financial markets that got out of the oversight of regulators under new scrutiny and allows the government new power to break up companies that threaten the economy.

Borrowers are scheduled to be protected from abusive terms and hidden fees, but will have to provide evidence that they can repay their loans as well.

The Federal Reserve is set to receive new powers while still coming under expanded congressional oversight.

In the Ronald Reagan Building, named after a president who championed deregulation, Obama will sign the bill.

Scores of consumer advocates, business owners and executives, state and local government officials, and members of Congress who supported the bill will join him.

Among those expected to be included are the two committee chairmen who shepherded the bill through Congress and after whom the bill is named, Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass.

Source: builderonline.com

Featured Lakes of Fairhaven Homes in Cypress

At 17203 Bowdin Crest Dr. in Cypress, Tx, there is a gorgeous home in Lakes of Fairhaven with a heated pool and spa. There are high ceilings, 4 bedrooms, 4.5 bathrooms and hardwood floors. The den comes with a gas and wood burning fireplace. The home has a formal dining room. The kitchen comes with granite counters, breakfast bar and breakfast room. The study comes with French doors. The master suite comes with a fireplace and sitting room. The master bathroom comes with double sinks, a whirlpool tub and oversized shower. You will find an upstairs game room and 3-car attached garage.

Price: $499,900.00
Features: 4 Bedrooms, 4 Full Baths (1 Half), 3841 Sq Ft
Type: Single-Family
Subdivision: Lakes Of Fairhaven
County: Harris
Area: Tomball/Cypress
Location: Cypress
Style: Traditional
New Construction: No
Year Built: 2006
Builder: Trendmaker
Bedrooms: 4
Baths: 4 full 1 half
Sq Ft: 3841 Sq Ft
Lot Size: 29557 sq. ft.
Broker: The Real Estate Broker
MLS#: 12998510

At 17810 Fairhaven Sunrise Ct. in Cypress, Tx, there is a spectacular home in Lakes of Fairhaven with style, elegance and quality. There is attention to detail that abounds from the lush landscaping, waterfall, pool/spa ,to the finest in mouldings, granite, art niches and woods, incorporated into this 4-bedroom home.The massive game room is complete with a library, pub and home theatre. Expect to be impressed.

Price: $489,900.00
Features: 4 Bedrooms, 3 Full Baths (2 Half), 3863 Sq Ft
Type: Single-Family
Subdivision: Lakes Of Fairhaven
County: Harris
Area: Tomball/Cypress
Location: Cypress
Style: Traditional
New Construction: No
Year Built: 2007
Builder: Trendmaker Homes
Bedrooms: 4
Baths: 3 full 2 half
Sq Ft: 3863 Sq Ft
Lot Size: 25777 sq. ft.
Broker: Ruth Stultz & Company
MLS#: 87546094

View more details of the wonderful Lakes of Fairhaven community in Cypress.