Home Builders Lobby for 2.9% Mortgage Rates for New Home Buyers - 12/19/08 05:27 PM
The chief executive of the National Association of Home Builders NAHB wants a government program launched to lower interest rates on home loans to 2.9 percent, along with an expanded homebuyer tax credit.
Their proposed program would only be available to new homebuyers, and not those currently struggling to keep up with their monthly payments.
NAHB boss Jerry Howard believes the glut of unsold housing inventory could be off the market in six to 12 months. He believes predicted 4.5 percent mortgage rates aren't enough to really stimulate housing, as evidenced by recent builder promotions that have done little to stem flagging … (1 comments)

Huge Declines in Subprime Mortgage Lending Volume! - 12/09/08 10:15 PM

Subprime lending volume was relatively modest in 1995 and 2000, but surged in 2005 and 2006, before easing in 2007 and completely dropping off this year.
 It's forecasted that 2008 subprime originations will total just $10 billion, making up a mere 0.58 percent of the estimated $1.7 trillion in total residential lending volume.
www.MortgageAdvisor.info & www.GregZaccagni.com
 
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Petition Calls for Changes in the way credit reports show late payments of medical bills - 12/08/08 06:35 PM
Erroneous medical collections showing up on potential borrowers' credit reports are throwing another wrench in efforts to refinance homeowners into lower interest rate mortgage loans.
"The tragedy is that the collection accounts, even those that have been paid in full, are lowering these individuals' credit scores, often to the point that they either can't qualify for a loan, or will have to pay higher interest rates if they do," said Rodney Anderson of Rodney Anderson Lending Services.
According to Anderson, 45 percent of the 1,701 loan applications his company received between June and September involved borrowers with at least one medical … (0 comments)

 

Illinois Mortgage Lender Greg Zaccagni

Wheaton, IL

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