Golden Gateway Financial Blog

By Sue McAllister
Published in Mercury News
March 12, 2010

Prospective homebuyers exploring Silicon Valley real estate this spring have plenty to learn about, from bank-owned properties to the strict criteria for getting a mortgage these days. And now the federal government has added more to the mix: the revamped good-faith estimate.

Designed by the U.S. Department of Housing and Urban Development to help borrowers better understand the terms of their loans, the new three-page form has been a required part of the mortgage application process since Jan. 1.

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Published in Los Angeles Times
March 12, 2010

Washington - Americans are recovering their shrunken wealth — gradually. Household net worth rose last quarter, mainly because the healing economy boosted stock portfolios. But the gain was slight. And it was less than in the previous two quarters.

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By E. Scott Reckard
Published in Los Angeles Times
March 12, 2010

The average interest rate on a 30-year fixed-rate mortgage dropped to 4.95% this week from 4.97% last week, Freddie Mac said Thursday. The mortgage giant’s weekly survey asks lenders what rates they were offering — and the upfront fees they would charge — for borrowers with good credit and a 20% down payment.

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By Luke Mullins
Published in US News
March 12, 2010

Although the U.S. housing market witnessed its smallest annual increase in foreclosure activity in four years last month, distressed-property tallies are expected to remain in an elevated range for some time. Foreclosure filings were reported on more than 308,000 American homes in February, RealtyTrac said Thursday. That’s a 2 percent decline from January but a 6 percent increase from a year earlier. All told, February represents the 12th consecutive month with more than 300,000 foreclosure filings.

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By Matt Krantz
Published in USATODAY
March 12, 2010

There’s really no one-size-fits-all recommendation when it comes to retirement accounts. Each type has its merits, which makes it perfect for some investors but not for others. Without knowing your situation, it’s impossible to determine which is best for you.

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Published in The Wall Street Journal
March 12, 2010

Is it too late to save your retirement?

For many, the answer is surely yes. News out this week shows that 29% of those who have already retired have saved nothing at all to support themselves, while only a third have saved at least $50,000. To put this in context: A retirement account of $50,000 will provide a 65-year-old man with an annuity of just $4,000 a year.

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By Robert Daniel
Published in MarketWatch
March 11, 2010

These filings — default notices, scheduled auctions and bank repossessions — affected more than 308,500 U.S. properties in February. That’s 1 of every 418 U.S. housing units, the Irvine, Calif., consulting firm reported.

The 6% rise from February 2009 was the smallest year-over-year increase since January 2006, when RealtyTrac began calculating this figure, Chief Executive James J. Saccacio said in a statement. But “it still marked the 50th consecutive month of year-over-year increases in foreclosure activity.”

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By Steve Vernon
Published in MoneyWatch
Mar 11, 2010

If you’re like most Americans, you’ve probably taken the following beliefs to heart: Retirement is the right way to complete your life. You’re being cheated out of life if you can’t retire. Or worse yet, you’re a failure if you can’t retire. These are powerful messages sent by our society and in advertising from the financial industry.

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Published in Reverse Mortgage Daily
March 10, 2010

New research from the Center for Retirement Research (CRR) at Boston College found more than 60 percent of households are “at risk” of being financially unprepared for retirement.

The latest analysis of the National Retirement Risk Index (NRRI) examines how not taking full advantage of housing equity affects the share of U.S. households ‘at risk’ of being un-able to maintain their pre-retirement standard of living in retirement.

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Published in The Wall Street Journal
March 09, 2010

NEW YORK (Dow Jones)–The complexities of overseeing retirement plans have spawned a growing industry of software providers eager to help employers and financial advisers meet their responsibilities.

The Employee Retirement Income Security Act of 1974, or Erisa, requires plan fiduciaries to act solely in the interests of plan participants and to consider cost, among other things, when choosing investment options and service providers. New Labor Department rules require larger employers to disclose more details about fees and expenses in annual reports to regulators, beginning this year.

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