Home Mortgages, Miami Beach Real Estate

Home Mortgage Plan Set by FDIC for IndyMac Borrowers

Under a new plan from federal regulators thousands of troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages, which seized the bank last month after it became the largest regulated thrift to fail.
The Federal Deposit Insurance Corporation said Wednesday, most IndyMac borrowers who are seriously delinquent or in default on their mortgages and can document their situation will be able to switch into loans capped at an interest rate around 6.5%. Unchanged from the previous two weeks, the average U.S. rate on 30-year, fixed-rate mortgages was at 6.52% last week.

Full Article...Home Mortagages, Miami Beach Real Estate

Florida Tourism, Miami Beach Real Estate

South Florida Tourism Up By 30% This Year

One Miami hotel wholesaler that books rooms in South Florida for French travel agencies says he has seen business climb 30% this year as a feeble U.S. dollar gives Europeans more spending power overseas.
According to people in the industry this is the best summer; one of the best summers South Florida has seen in a long time. This good fortune is due to the flood of foreign tourists scooping up bargains at the region's hotels in Miami.

Full Article...South Florida Tourism, Miami Beach Real Estate