Williams Sonoma Brands Does a Total Solid for Front Range Flood Victims

October 7, 2013 by

Williams Sonoma Brands Does a Total Solid for Front Range Flood Victims

williams sonoma colorado flood discount

You know Williams Sonoma for it’s gorgeous window displays, Star Wars-themed cookie cutters and all sorts of seasonal magic it offers up. You know Pottery Barn and West Elm for their design savvy, sumptuous throws, and catalogs that make you scream, “Yes, yes, yes!”

Well, I got an email in my inbox on Saturday that was pretty awesome — and it was from the Williams Sonoma brand family. And it was just for Colorado residents.

They’re offering an exclusive discount to victims of Colorado flooding — 20% off your purchase.

Now, if you know the Williams Sonoma brand family, you know that a 20% discount is absolutely unheard of. Sure, there are the occasional 10% off coupons that come along, but definitely not 20%.

There is a catch, however. If you’re redeeming the 20% off offer, you do have to show proof of insurance claim or your FEMA paperwork in order to be eligible.

While I did have a fleeting thought that I’d like to pump some water into my basement just to score this awesome deal, it was definitely fleeting.

So — the deal information is above in the picture in this post. To redeem, you can call the number listed in the picture and show online or heard down to the various locations for West Elm, Pottery Barn, and Williams Sonoma in the Denver/Boulder area. West Elm is in Cherry Creek and there is a location for both Pottery Barn and Williams Sonoma at the Flatirons Mall in Superior.

Share this post with your friends and family affected by the flooding. This could also be a great way to get some of your holiday shopping taken care of at a discount. And while I know that memories lost can’t be replaced, offers like this from a major brand sure do help those insurance dollars stretch further.

By Erike Napoletano of Yourboulder.com

 

John Marcotte

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U.S. seniors lock in reverse mortgages before rules change

October 6, 2013 by

 

U.S. seniors lock in reverse mortgages before rules change

(Reuters) – American seniors grappling with strained savings following the deepest recession in generations will soon face new hurdles in tapping a tool some have used to help finance retirement: the federal government’s reverse mortgage program.

An upcoming change in rules will cut the number of borrowers eligible to draw down cash against the value of their homes by 22 percent, according to an estimate from Reverse Market Insight, and some homeowners are rushing to beat the deadline.

“I had limited options and was up against a wall. It was grim,” said Cheryl Honeyman, a widow living in Brookings, Oregon, who locked into a reverse mortgage this month. “I was lucky to get this loan when I did.”

For the 63-year-old, who inherited her home near the Oregon coast when her parents passed away four years ago, the government-backed loan means she can live on the money she gets from Social Security without having to worry that an unexpected expense could force her to sell her home.

The program is costing the government. The Federal Housing Administration is expected to spend $2.8 billion this fiscal year backing reverse mortgages. Under congressional pressure, the FHA will implement new rules on Tuesday designed to stem those losses.

The changes will limit the amount seniors can draw down, impose higher mortgage insurance fees and put in place tougher vetting of applicants. But they are likely coming too late to prevent the FHA from tapping the U.S. Treasury for a cash infusion for the first time in the agency’s 79-year history.

Reverse mortgages, available to borrowers aged 62 or older, pay out a home’s equity to the borrower, either in installments or lump-sum payments. They are repaid when the borrower dies or moves out of the house, although the borrower must still pay property taxes and homeowners’ insurance.

The loans, most of which are insured by the FHA, have proved to be a lifeline for many Americans whose savings were depleted during the deep 2007-2009 recession.

Honeyman was anxious that the value of her home had significantly dropped during the recession and would limit how much money she would receive. Her home appraisal came in at $180,000 and she was able to take a $105,000 lump-sum on the property, which was purchased 13 years ago for $220,000.

DEADLINE IMPACT

If Honeyman had qualified for a reverse mortgage backed by the FHA under the new rules, she would have owed more in insurance costs and have been eligible for less money.

Loan officers and financial advisers are preparing clients for the upcoming shift, which they say will reduce the attractiveness of the loans for a vast number of seniors.

Deborah Nance, a reverse mortgage specialist with iReverse Home Loans in the Los Angeles area, said she worries the changes will mainly hurt borrowers with lower incomes, heavy debt obligations or weak credit histories.

“Those that might have previously (had) a lump sum option to pay off mortgages might be turned down,” she said.

Nance has recommended against reverse mortgages when she hears that seniors intend to move within five years, or if they have family members living with them on a long-term basis.

The problem for the FHA is that an increasing percentage of these loans are ending up in default. A record 54,000 FHA-insured reverse mortgage borrowers — or 9.4 percent – have defaulted. That’s up from 8.1 percent in July 2011.

Unlike traditional loans, the majority of defaults are triggered when borrowers are unable to pay their property taxes or keep up with their homeowners’ insurance.(Reporting by Margaret Chadbourn; Editing by Tim Ahmann and Krista Hughes)

 

 

 

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U.S. housing agency likely to tap Treasury funds: sources

October 5, 2013 by

U.S. housing agency likely to tap Treasury funds: sources

(Reuters) – The Federal Housing Administration will likely soon seek a cash infusion from the U.S. Treasury for the first time in its nearly 80-year history to help it cover losses from souring loans, sources familiar with the matter said on Wednesday.

The agency, which offers private mortgage lenders guarantees against homeowner default, has nearly exhausted its reserves for the mortgages it backs. Housing officials have yet to determine how much money the FHA may need to draw, the sources said.

Losses on loans made from 2005-2008 as the market was heading south have eaten away at the agency’s cash reserves. While it is reaping profits from more recent mortgages, those profits are not expected to be large enough to make up the shortfall.

Many conservative Republicans have expressed concern that the FHA provided too much credit to unworthy borrowers during the housing crisis, and they cried foul on Wednesday.

“The FHA has been going down an irresponsible path for years,” said Senator David Vitter, a Republican member of the Senate Banking Committee. “Instead of managing their funds responsibly, and making appropriate reforms, FHA prefers to lean on taxpayers to bail them out, and enough is enough.”

The White House projected in April that the FHA would face a shortfall of $943 million for the fiscal year that ends on Monday, but the agency said it would wait until the end of the budget year to make a decision on whether to draw Treasury aid.

At that time, the FHA said it would see whether or not steps it took to raise funds and the improvement in the housing market would close its funding gap.

By law, the FHA is able to automatically access Treasury funds if it depletes it reserves, but it has never had to. In the past few years, it has taken a number of actions, including raising insurance premiums and tightening underwriting standards, to stay solvent.

The government mortgage insurer plays a key role in helping those with low and modest incomes obtain credit to purchase a home. Consumer advocates maintain the support it has given to low-income borrowers and the housing market as a whole has been worthwhile.

The FHA insures about $1.1 trillion in mortgages and supports 15 percent of all U.S. mortgages, up from about 5 percent in 2006.

It is legally required to keep a 2 percent capital ratio, which is a measure of the fund’s ability to withstand losses. It has failed to meet that threshold for a number of years.

A representative for the Department of Housing and Urban Development, which oversees the FHA, did not respond immediately to a request for comment.

(Editing by Christopher Wilson, James Dalgleish, Matthew Lewis and Andrew Hay)

 

 

 

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Bank of America faces at trial ex-executive behind whistleblower case

October 4, 2013 by

Bank of America faces at trial ex-executive behind whistleblower case

(Reuters) – A former executive at Bank of AmericaCorp’s (BAC.N) Countrywide unit testified Thursday that the mortgage company’s problematic lending practices predated the “Hustle” process for which the bank went on trial this week.

Edward O’Donnell, a former executive vice president at a Countrywide Financial Corp subsidiary, filed a whistleblower lawsuit last year against Bank of America, which bought Countrywide during the financial crisis.

O’Donnell’s lawsuit is the basis of the U.S. Justice Department’s case alleging that Countrywide defrauded mortgage underwriters Fannie Mae and Freddie Mac by selling them mortgages that later defaulted.

O’Donnell, who stands to earn an award if the government wins at trial, was testifying for the government on Thursday, the third day of the trial.

He said he worked at a Countrywide division that handled subprime mortgage loans. When Countrywide tried to move away from that business, a unit of the company making less-risky prime loans was folded into his, he said.

There were instances where loans that unit produced “did not meet our standards and had problems,” he said.

“I saw these instances as problems,” he said. “I wanted greater quality and better control.”

Countrywide later made some changes at his urging, he said.

O’Donnell is expected to continue to testify on Friday about a subsequent Countrywide program called the “High Speed Swim Lane” – also called “HSSL” or “Hustle.” The program, which began in 2007 as mortgage delinquency and default rates were on the rise, circumvented toughening standards at Fannie and Freddie, O’Donnell has said.

The “Hustle” loans caused Fannie and Freddie to suffer a gross loss of $848.2 million and a net loss of $131.2 million on loans that were materially defective, the Justice Department says.

The Justice Department’s case stems from a lawsuit O’Donnell filed under seal in February 2012 under the False Claims Act. The law allows whistleblowers to bring cases on behalf of the government against companies that defraud it.

He worked at Countrywide from 2003 to 2007. In a twist, he today works at Fannie Mae as a vice president of credit risk management, a spokesman for the mortgage giant confirmed.

In his lawsuit, O’Donnell said he frequently objected to the “Hustle” program and sought to take steps that would stop the rapid deterioration in loan quality.

O’Donnell in the lawsuit said his concerns were disregarded and he was marginalized. He “became one often lone voices within the division pointing to the loan quality issues, increase of early payment defaults and growing number of early defaulted loans,” his lawsuit said.

NEW CUSTOMER ACQUISITION GROUP

O’Donnell, who took the stand toward the end of Thursday, only spoke briefly about HSSL, which he will likely discuss most of Friday. But he discussed how another unit of Countrywide called the New Customer Acquisition (NCA) group had problems of its own.

The case is U.S. ex rel. O’Donnell v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 12-01422.

(Reporting by Nate Raymond in New York; editing by Andrew Hay)

 

 

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Citigroup to pay Freddie Mac $395 million on suspect mortgages

October 2, 2013 by

Citigroup to pay Freddie Mac $395 million on suspect mortgages

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid

By Jonathan Stempel

Wed Sep 25, 2013 5:39pm EDT

(Reuters) – Citigroup Inc on Wednesday said it agreed to pay $395 million to Freddie Mac to resolve claims of potential flaws in roughly 3.7 million mortgages it sold to the housing finance company from 2000 to 2012.

Citigroup, the third-largest U.S. bank, said the settlement also covers potential future claims arising from the loans bought by Freddie Mac, a large purchaser and guarantor of home loans.

The deal follows an agreement by Citigroup in July to pay $968 million to settle similar claims by Fannie Mae, the largest U.S. mortgage finance company. Both Fannie Mae and Freddie Mac were bailed out by the federal government in 2008.

“Today’s agreement with Freddie Mac marks another important milestone in successfully resolving Citi’s remaining legacy mortgage issues,” Jane Fraser, chief executive of CitiMortgage, said in a statement.

Freddie Mac also praised the settlement. “The agreement is an equitable one that resolves legacy repurchase issues, and allows both companies to move forward,” Freddie Mac spokesman Tom Fitzgerald said.

Citigroup said the payment is covered by its existing mortgage repurchase reserves.

The New York-based bank received three federal bailouts in 2008 and 2009, and has since been shedding or scaling back in some of its higher-risk, slower-growing businesses.

Many banks including Citigroup sold millions of home loans to Freddie Mac and Fannie Mae, which in turn packaged them into securities that could be sold to investors.

In selling mortgages loans, banks make representations and warranties such as how well the loans were underwritten, and whether the borrowers can afford them. Banks can be forced to repurchase soured loans if those claims prove wrong.

Mounting losses from troubled loans were a key factor in the 2008 bailouts of Freddie Mac and Fannie Mae.

Wednesday’s settlement does not free Citigroup from liability on servicing the loans, and excludes fewer than 1,000 loans that carry special contractual rights and obligations.

In January, Bank of America agreed to pay Fannie Mae $3.6 billion to compensate for troubled home loans and to buy back an additional $6.75 billion of loans.

(Reporting by Jonathan Stempel in New York; Editing by Gary Hill and Leslie Adler)

 

John Marcotte

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U.S. new home sales rise but hold near lowest levels of 2013

October 2, 2013 by

U.S. new home sales rise but hold near lowest levels of 2013

(Reuters) – Sales of new single-family homes in America rose in August but held near their lowest levels this year, a sign that a sharp rise in interest rates is weighing on the U.S. economy.

Sales rose 7.9 percent to an annual rate of 421,000 units, the Commerce Department said on Wednesday.

The pace of sales was in line with analysts’ expectations and supported the view that rising mortgage rates were taking steam out of America’s housing recovery.

August’s increase in new home sales did not make up for the steep drop registered in July, when the pace of sales was the weakest since October.

Mortgage rates surged beginning in May when the Federal Reserve gave signals it was thinking of winding down a bond-buying stimulus program. The Fed surprised financial markets last week when it said it would put off reducing monthly bond purchases for now. Policymakers said rising borrowing costs played a role in their decision.

The housing market, which has been a major drag on America’s economy since the 2007-09 recession, appeared to turn a corner early last year when home prices began to rise.

Last month, the median price for a new home sale fell to $254,600. The median sales price, which is not adjusted for seasonal swings, has fallen every month since May, although is still up slightly from August 2012.

The inventory of new homes for sale increased by 3.6 percent in August from July, leaving the stock of unsold new homes at its highest level since March 2011.

(Reporting by Jason Lange; Editing by Krista Hughes)

 

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Boulder Neighborhood Guide: Gunbarrel

September 29, 2013 by

 

Boulder Neighborhood Guide: Gunbarrel

gunbarrel

Gunbarrel, named after a historic local stagecoach route, is a neighborhood located northeast of Boulder proper and one of the fastest growing parts of the region. With expanding bike paths, rolling hills and affordable housing, Gunbarrel is beginning to look a lot like home for many people.

History: Gunbarrel came about mainly due to IBM. Before that time, Gunbarrel consisted of farmland. But when IBM’s plant was built in Boulder County in 1965, they needed housing for the many executives and employees that they brought in to work at the new facility. What better place to build than right across the road from the company headquarters? With the new development of houses, it was also decided to move the Boulder Country Club to it’s current location in the heart of Gunbarrel. This area is also home to one of the top advertising agencies in the nation, Crispin Porter + Bogusky, which adds to the area’s population.

Housing: There are two different advanced degree programs located in Gunbarrel, the Boulder College of Massage Therapy and the Southwest Acupuncture College. This means that there is no shortage of rental properties, both condos and townhomes, to be found. And because Gunbarrel is a little further from downtown, many of the rental prices you find here will be cheaper than counterparts in Boulder proper. The same holds true for housing sales. The average price for a single-family home in Gunbarrel is mid-$300′s, significantly lower than Boulder proper, and most homes were built in the 1970′s.

Restaurants and Shopping: Gunbarrel is starting to blossom with a variety of retail options. The many non-retail companies that have been relocating there are to thank for this.  In addition to a major grocery store, there’s a sushi place, a deli, and a couple of coffee shops.  And let’s not forget there is a major hotel currently under construction and set to open in early 2014. With the growth of the area, Gunbarrel will be unrecognizable in five years’ time.

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Family & Fitness: Surrounded by Open Spaces, Gunbarrel boasts many opportunities to enjoy the outdoors. There is the Boulder Reservoir, right across Diagonal Highway, and home to many events including races, festivals, and leisurely summertime picnics. Hop on a bicycle to hit the trails that head west into Boulder or go to the east, making a path out to Longmont. If that’s not enough activity for you, there’s the golf course or Twin Lakes Open Space to quench your thirst for fitness.

Schools: Heatherwood Elementary, Platt Junior High, Boulder High

Quirks: With a massage school and an acupuncture school located in Gunbarrel, you have all your alternative healing practitioners within walking distance. Additionally, Celestial Seasonings has their tea operations based in Gunbarrel. So if you have a thing for their peppermint room or just can’t get enough of the Zinger blend, then this neighborhood might be your cup of tea.

Major Street Boundaries: Hwy 119 (the Diagonal) on the west, Jay Rd on the south and 75th on the east

Gunbarrel provides the best of both worlds…living close to Boulder without any of the traffic, parking or real estate prices. You get a Boulder zip code without any of the pretense. Some may scoff at the neighborhood but with more and more happening in Gunbarrel, they won’t be laughing for long.

www.YourBoulder.com

 

 

John Marcotte

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Antique Boutique

September 28, 2013 by

Antique Boutique

September 28 – October 6, 2013

Historic Boulder is hosting an upscale pop-up Antique Boutique this month at the corner of 9th and Pearl streets. We will offer fine furniture, lamps and lighting fixtures, and trunks from the nineteenth and early twentieth centuries, as well as midcentury dishware sets and chairs, complemented by smaller collectables and other items, such as rare antique children’s books and silver flatware sets. Come find future heirlooms, the perfect holiday gift, or something “new” for your home! All proceeds directly support the next phase of the rehabilitation of the Hannah Barker House, Historic Boulder’s current focus and our most ambitious project to date. Find out more on our website here: http://www.historicboulder.org/the_hannah_barker_house.html.

 

Read the full article here: Antique Boutique

 

 

John Marcotte

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It’s Time to Rebuild Jamestown

September 27, 2013 by

 

It’s Time to Rebuild Jamestown

rebuild jamestown

It used to be nestled at the top of a decent bike climb. You could race your friends and swap stories all the way up about how out of shape you were or blame last night’s dinner for your molasses-like speed. You could peel left and head to Ward if you were a glutton for punishment or stay straight (or as straight as the canyon would allow) and find yourself in the idyllic mountain town of Jamestown.

On July 4th, you could join waves of other cyclists and be met at the top with the Jamestown volunteer fire department’s annual pancake breakfast (with bacon for an extra buck or two — ummm, yes?). You could also get suckered in by friends to ride the Super Jamestown route, taking you up and over Jamestown to the Peak to Peak Highway and back into Lyons.

Personally, I only let that suckering happen once. Six hours later. I never said I was fast.

But the floods. Criminy, the floods have wiped out Jamestown. A town is gone, a destination wiped from the map. The former owner of the Jamestown Mercantile even died when his house collapsed.

It’s time, however, to help rebuild Jamestown. So, if you love Jamestown like I do, head on over to Rebuild Jamestown. You’ll be able to read about what they lost and what’s left, along with how you can make a donation to help bring the town back on the map. You can also stop by their new Facebook page for updates.

And sure — they’re getting financial assistance from FEMA andBoulder County, but as their neighbors, it’s the least we can do to chip in and help. The whole town operated on a budget of $56,000 per year and most of us can’t imagine LIVING on a budget like that.

You can make an online donation directly here (be sure to designate REBUILD JAMESTOWN in the drop down menu). The Boulder floods won’t keep us down. Let’s do our part to help our neighbors up the hill we all loved to climb build back up once again.

 

By Erika Napoletano www.YourBoulder.com
 

 

 

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IRONMAN Boulder 2014

September 26, 2013 by

 IRONMAN Boulder 2014

August 3, 2014

 

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One of the world’s most popular triathlon destinations, this beloved Rocky Mountain town now hosts a full-distance race. Welcome to IRONMAN Boulder.

Nestled at the foot of the imposing Flatirons, Boulder, Colorado is already a wildly popular home-base and vacation destination for world-class triathletes. The city’s health-conscious culture, near-perfect weather and breathtaking natural environment means its destined to be an instant favorite on the IRONMAN circuit.

Boulder’s robust downtown, with its famous pedestrian-only Pearl Street Mall and idyllic Boulder Creek, will provide families and fans an unforgettable race day as they wait for their loved ones to cross the finish line. From five-star hotels to James Beard award-winning restaurants, Boulder’s hotel and dining options are some of the best in the nation.

The race will start at the Boulder Reservoir with a single loop 2.4-mile swim. Once finished in the water, the first transition will start the athletes on a beautiful 112-mile one-loop bike course in the city’s vast open space. The bike will loop around Carter Lake and along the eastern plains of the Front Range before ending downtown at Boulder High School.

The two-loop run course is almost entirely on Boulder Creek Trail, winding along the creek and through city parks. Spectators will have multiple opportunities to cheer on the athletes and the last few steps of the day will take athletes up Pearl Street for a triumphant finish.

Read the entire article here: Ironman 2014

 

 

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