mortgage industry news: Alphonso Jackson (HUD Secretary) Will Be Announcing His Resignation Tomorrow! - 03/31/08 12:09 AM
Though specifics haven't been released, the rumors seem to be confirmed. I'm sure you'll hear more as the day progresses tomorrow.
The Wall Street Journal says:
"The news is a setback for the Bush administration and its efforts to combat the housing and mortgage mess. HUD, usually out of the spotlight, has been … (8 comments)
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mortgage industry news: More on the J.P. Morgan/Bear Stearns Deal - 03/24/08 04:35 PM
The financing terms for the purchase will look like this:
$29 Billion @ 2.5%
10-Year Adjustable Rate
Sweet deal huh? I'd certainly say so!
READ ON
[Source: CNBC]
… (5 comments)
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mortgage industry news: Soulda, Coulda, Woulda - 01/26/08 03:15 AM
Do you ever stop and think it's just one of those days...I shoulda put gas in the car last night. Now it's early, there's traffic, and I'm gonna be late to work. Uuggghh!!!I shoulda bought milk and creamer from the grocery store, now I'm drinking my coffee black! Eew.. blagh...
If … (3 comments)
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mortgage industry news: These are the facts! - 01/22/08 07:25 PM
Mortgage rates are low!
Now typically, I'm not one to sell the whole:
"Now is the perfect time!"
"Rates are at historical lows!"
But...
Ladies and gentlemen of the jury, these are the facts, READ: Mortgage Rate Update: January 22, 2008 + Emergency Fed Funds Rate Cut
… (2 comments)
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mortgage industry news: Bank of America IS Buying Out Countrywide: rumors quenched all in a days notice! - 01/11/08 10:53 AM
Now it's official! Bank of America who had previously invested $2 Billion in the struggling mortgage lender has now "officially" announced that they will be acquiring Countrywide for a total $4 Billion dollars!From MarketWatch, Mozillo is quoted for saying:
"We believe this is the right decision for our shareholders, customers and employees." … (7 comments)
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mortgage industry news: The End for Countrywide? - 01/10/08 05:13 PM
And guess who's buying if at all?
BANK OF AMERICA!
That's right! Bank of America has the "Right of First Refusal" (ROFR) in acquiring Countrywide. In this case, Right of First Refusal means that Countrywide is giving Bank of America the first option on entering into a business transaction with them before any … (11 comments)
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mortgage industry news: Weak Jobs Report Means Better Interest Rates: Here's why in a quick explanation... - 01/04/08 06:16 PM
From Bloomberg.com:
Hiring in the U.S. slowed more than forecast in December and unemployment jumped to a two-year high, raising the odds that the Federal Reserve will cut interest rates by half a point this month to ward off a recession.
The jobless rate increased to 5 percent from 4.7 percent … (0 comments)
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mortgage industry news: A New Nationwide Mortgage Licensing System - 01/02/08 10:28 PM
The Mortgage Banker's Association announced the new Nationwide Mortgage Licensing System today; the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) are the owners of the new venture. The intended aim?
The NMLS will bring greater uniformity and transparency to the mortgage industry while maintaining … (9 comments)
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mortgage industry news: FHA Modernization Bill (S. 2338) Passes the Senate - 12/15/07 08:06 PM
The House Committee on Financial Services issued a Press Release yesterday, December 14, 2007 on the passage of the new FHA Modernization Bill (S. 2338) in the Senate. From the Press Release:
“I welcome the Senate’s passage of their FHA legislation. We are in agreement that this is an important action … (4 comments)
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mortgage industry news: Foreclosures Double...Late Payments Are Up...the Latest on Countrywide!!! - 12/13/07 10:29 PM
Countrywide's (the nation's biggest U.S. mortgage lender) production for the month of November 2007 totaled $23 billion in total mortgage loan fundings; that's a drop in production of 40% since November 2006!
From Bloomberg.com:
"Countrywide Financial Corp., the biggest U.S. mortgage lender, said foreclosures doubled in November and late payments continued … (4 comments)
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mortgage industry news: Another Fed Funds & Discount Rate Cut - December 11, 2007 - 12/11/07 04:39 PM
In much anticipation, the Federal Open Market Committee met today to discuss monetary policy and the outcome was yet another Fed Funds Rate cut; 25 basis points (.25%) down to 4.25%.
From the Press Release:
Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing … (1 comments)
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mortgage industry news: Wamu Cuts A Few Thousand Jobs - 12/11/07 08:37 AM
Washington Mutual "is the latest lender to get out of the subprime mortgage business" and rightly so! With the market being the way it is, frankly they can't afford to hold such a portfolio. The unfortunate news for us and for employees is Job Cuts and tighter lending standards!
From MarketWatch:
Shares … (1 comments)
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mortgage industry news: Weekly Mortgage Update ~ Dec. 10, 2007 - 12/10/07 07:17 AM
Let's Recap: The 30 Year Fixed Mortgage averaged 5.96%, down from 6.10% just last week.
The 15 Year Fixed Mortgage averaged 5.65%, down from 5.73% just last week.
The 1 Year Adjustable Rate Mortgage averaged 5.46%, up from 5.43% just last week.
The Week Ahead: The biggest news … (5 comments)
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mortgage industry news: Loan-to-Value Cuts...Limited Coverage...and Increased Prices - 12/08/07 10:22 PM
That's right! We have some loan-to-value reductions, limited coverage with respect to Mortgage Insurance and some increased prices to go along with it all.
MGIC Investment Corp. is the nation's largest mortgage insurer. On Friday, they announced plans of raising prices and limiting their coverage ratios to those borrowers with: (1) … (8 comments)
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mortgage industry news: ARM Freeze Proposal Is In... - 12/07/07 07:23 AM
President Bush & Secretary of the Treasury Hank Paulson announced our government's plan to Freeze ARM Interest Rates yesterday afternoon. You can read the proposal here. Though many call it a Subprime "bail-out" plan, President Bush said that it is everything but for investors.
It is estimated that approximately 1.8 … (8 comments)
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mortgage industry news: Credit Crisis: A Video - 12/06/07 09:48 PM
This has got to be the most sophisticated explanation of our subprime mess and the ensuing credit crisis...and I say this with a hint of sarcasm!
Watch...laugh or cry (whatever your pleasure)...and enjoy!
… (4 comments)
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mortgage industry news: Wells Fargo Writes Down Losses from their Prime Portfolio...and you thought this problem was only subprime... - 11/30/07 05:58 PM
From the San Francisco Chronicle: "On Tuesday, Wells Fargo said it will set aside $1.4 billion for home-equity loans it expects to go bad in 2008 and 2009. What it didn't say in its news release was that these are not loans to borrowers with subprime credit scores.
'This was a … (1 comments)
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mortgage industry news: Extra, Extra..Read All About It... Mortgage Rates Are Down! - 11/30/07 04:00 PM
.
"Extra..Extra...Read all about it!!!"
Big news in the mortgage market yesterday and today...the 30-Year Fixed Rate Mortgage is pricing below 6%! That's the lowest level we've seen since October 2005; that's (2) two full years ago!
It seems rates are all ready hedging downward in anticipation of yet … (0 comments)
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mortgage industry news: Citigroup Shares Down As A Result of Recent Layoffs - 11/26/07 06:35 PM
It seems this has been the trend in recent months; at least since August...
Under-performing portfolio = fewer earnings = job cuts
From MarketWatch:
"Citigroup shares fell under $30 for the first time in five years at one point on Monday after CNBC reported the firm could lay off up to 45,000 … (4 comments)
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mortgage industry news: The Mortgage Reform & Anti-Predatory Lending Act Passed the House Yesterday...what happens next? - 11/16/07 06:48 PM
Well, the bill passed the House of Representatives yesterday and it's definitely big news for the origination business. Here's what happened:
The House voted 291-127 to approve HR3915 - This ultimately brings forth new rules for lending standards, predatory lending AND nationwide mortgage broker licensing. Just to note, Democrats voted … (3 comments)
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