Rich Sweum's Blog

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Mortgage and Lending - 1st Security Bank - NMLS #115765
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RECENT BLOG POSTS
Talk about "moral hazard!"  We crossed that line a long time ago...the whole concern about rewarding people for their stupidity, rewarding corporations for preying upon stupidity and gambling with profits.  The "risk" part of the capitalistic equation has been removed...and as such, there is no m...
11/17/2008
I am so grateful for all those who have served and are currently in service in our armed forces.  Our greatness as a nation is highlighted by those who have stood in the gap to help protect us.  As I think of what I have, what I do, and how I am able to live, I owe a debt to their service--to res...
11/11/2008
I've been getting emails from my "gun totin'" and "tongue talkin'/snake handlin'" buddies talking about how "Real America" voted for McCain/Palin en mass.  Hey, we've always had at least 30% of folks who were generally pissed-off after election day...and probably 5% who felt like the country was ...
11/06/2008
Unemployment: the X factor in the housing recovery process.  Inventory has to be absorbed by a shrinking demand pool at every pricepoint...especially higher end properties.  If you look at national numbers as they relate to unemployment, the areas that already have the largest inventory (sunbelt)...
11/04/2008
Think "Open Door!"  100% Financing / Zero Down Home Purchase Program Homestead Mortgage is excited to offer our own "Open Door" 100% financing program.  We are the only lender in Snohomish County to offer this program and only one of a handful in the state.  It is a 95% first mortgage with a fixe...
09/17/2008
Ok, lets see, we have a "supply" problem in the housing market...what can we do to make it even worse????  Hmmmm, let's eliminate all functional access to Zero Down mortgages, AND let's penalize folks that can qualify full doc for an investment property and jack their rates through the roof!  Yea...
09/15/2008
Fannie is catching up to Freddies guideline in dealing with maximum number of properties financed.  If the property being financed is the primary residence; they will still allow up to 10 financed properties.  However, if the property being financed is an investment property or 2nd home, the maxi...
09/09/2008
The downside of the "blogosphere" is that myth and reality are tough to separate.  I remember hearing about walk-a-ways in California last winter...a borrower buying a new and bigger house, offsetting their old mortgage payment with a flimsy lease agreement and then defaulting on the mortgage of ...
09/04/2008
I could probably increase the list of reasons why I hate FSBO's to 20, but after having just completed my 4th FSBO this summer, here are my top 5: 5) Invariably, the purchase and sale has to be re-worked a minimum of 3 times prior to closing because is written the correct way with the correct leg...
09/02/2008
Some smaller regional banks that have millions in builder/development loans out have come up with a unique strategy to avoid taking back half developed dirt, partially done condo conversions, and plats that just aren't moving.  Check out an example of one of the programs being offered to buyers: ...
08/21/2008
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Richard Sweum

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