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Mortgage and Lending - The Federal Savings Bank
The mortgage industry is changing almost daily. My blog is dedictated to updating readers so you and/or your clients can make educated choices and find the best loan options currently available.

ARCHIVED BLOG POSTS

2008 

A whopping 32.9 percent of mortgage applications taken during the month of October were government-insured loans, up from 10.3 percent in October 2007. The highest level recorded since the MBA's survey began in 1990 was a 43.8 percent share in February of that same year, while the lowest point wa...
11/25/2008
I don't totally blame our US manufactures for their present situation.  Americans like their big cars & trucks and they were happy to accomodate.  If we were gurateed that gas prices would stay down to their present level of UNDER $2.00 per gallon american consumers would be buying big vehicles a...
11/21/2008
Mortgage backed securities are formed by dividing the cash flows from a pool of mortgages into obligations with payment characteristics substantially different from the underlying mortgages. Mortgage derivatives are created by combining Collaterlized Mortgage Obligations (CMO) with different char...
11/19/2008
They were the key reason for the demise of AIG and a large part of the reason for our current mortgage mess.  If you buy a bond from General Motors or mortgage bonds, you are lending them money for a set interest rate for a specified length of time. You face two risks. 1. They go bankrupt and don...
11/12/2008
FHA has issues Mortgagee Letter 08-36 which covers the New Loan Limits for 2009. The new loan limits for Illinois will be:        1 unit  2 unit  3 unit  4 unit Cook County   IL $365,700 $468,150 $565,900 $703,250 DeKalb County   IL $365,700 $468,150 $565,900 $703,250 DuPage County   IL $365,700 ...
11/11/2008
The new mortgage assistance plan was announced by the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September 2008. Officials say they hope the new approach, which takes effect Dec. 15, will become a model for loan servicing companies that collect mortgage payments...
11/11/2008
The long term outlook for housing demand is good!   Several national studies suggest we have already hit bottom. A new (2008) study from the Joint Center for Housing Studies of Harvard University finds "the country poised to see an increase in housing demand throughout the next decade.   "We stil...
11/08/2008
2 Comments
Ditech is owned by GMAC's holding company, Residential Capital (ResCap).  Recently GMAC financial services posted a 2.5 billion net loss, up from $1.6 billion 1 year earlier.  $1.9 billion was attributable to ResCap. Over the past few months, ResCap has halted wholesale loan production via its Ho...
11/08/2008
Rainer
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Greg Zaccagni

Illinois Mortgage Lender
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