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mortgages: Sure...The Banks Aren't Being Bailed Out. - 03/11/08 03:16 PM
It may not be official, but the banks are being bailed out. Let me prove it.
The federal funds rate is the rate that banks can charge each other for overnight or short term loans. They can also borrow money from the government at this rate, which is currently at 3%. The feds raise this money by selling government backed bonds, which at this moment are being sold every two weeks at a whopping $20 billion bi-weekly. The feds have just increased that this month to $60 billion bi-weekly because of the extraordinary demand for them.
Here is where the problems come … (1 comments)
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mortgages: The Conforming Limits Are Being Raised to What?! - 01/28/08 07:48 PM
There has been a lot of talk lately about the government allowing Fannie Mae and Freddie Mac to raise their conforming loan limits. I have also heard a lot of speculation that FHA is going to raise their limits as well. Unfortunately I have also been hearing a lot of rumors, lies and complete misinformation being fed to everyone, including buyers, sellers, agents, loan officers and everyone else in this mess, so I wanted to get the actual facts out to everyone.
First, the government is considering (meaning NOT finalized) allowing Fannie Mae and Freddie Mac to raise their conforming loan limits … (1 comments)
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mortgages: Red Alert: H.R. 3915 Passed The House! - 11/19/07 10:22 PM
For those of you who don't know what HR 3915 is here is a breakdown. It will:
Create a National Licensing System for Mortgage LendersHold loan securitizers responsible for consumers' "reasonable ability" to repay a loanEliminate the Y.S.P. (Yield Spread Premiums or Rebates) for Mortgage BrokersIt passed by a vote of 291-127. It still has to go through the Senate, and even if it passes there, I am not sure President Bush would sign off on it. However, it has already cleared one major hurdle and only two to go.
The Chairman of the Mortgage Bankers Association, Kieran Quinn stated "Have no doubt, this … (1 comments)
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mortgages: 6 Things You Must Know Before Obtaining A Mortgage - 10/16/07 06:47 PM
Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 issues. Effective consideration of these important areas can make your payments work much harder for you.
1) You can, and should, get pre-approved for a mortgage before you go looking for a home.
Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Your local lending institution can provide you with written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is … (2 comments)
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Charles Tharp ~ Inland Empire Real Estate & Short Sale Specialist
Fontana,
CA
More about me…
Prudential California Realty
Cell Phone: (626) 374-1278
Email Me
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