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mortgage: The Market Round Up - 12/28/07 - 12/28/07 11:07 AM
Good Afternoon,
As the year comes to a close, its encouraging looking ahead to a new year filled with unlimited opportunities and prosperity! Okay, maybe I'm just a LITTLE optimistic, but in this business optimism is what keeps us from diving out the window.
As the numbers continue to pour in from the year's end and projections made for the next, it looks like it will continue to be a rough ride. With increasing foreclosures in Connecticut and tighten loan guidelines nationwide, we will continue to feel the crunch well into 2008. As the market twists and turns, make sure you have … (0 comments)
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mortgage: The Market Round Up - 12/20/07 - 12/20/07 04:50 PM
Good Evening,
As we approach Christmas, it's good to see that Old Saint Nick isn't the only one participating in the spirit of giving. Today, New England's five largest banks announced the creation of "The Mortgage Relief Fund", targeted towards homeowners in New England facing resets in their adjustable rate mortgages. Though limited in scope (as with most of the initiatives proposed during this crisis) it is estimated to help about 10,000 homeowners in Connecticut alone.
As an approved broker for two of the five banks offering this program, Horizon Home Mortgage has the ability to help your past clients who may … (0 comments)
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mortgage: The Market Round Up - 12/14/07 - 12/14/07 09:38 AM
Good Morning,
I know it's been a while since the last "Round Up", but as you can see below we have been busy staying in business. As the market continues to turn upside down, many brokers are falling by the waist-side as evidenced by the dramatic increase in license revocations in Connecticut.
In these times it critical to align yourself with a mortgage partner who has the ability to maneuver through a difficult market while providing your clients with sensible lending solutions (FHA, CHFA, No Money Down, Down Payment Assistance, etc). As an independently licensed FHA provider, Horizon Home Mortgage has the … (2 comments)
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mortgage: Give Me a Break - Part 1 - 11/13/07 12:20 PM
I'm sorry, but I just have to say something here. It's really frustrating how politicians are trying to spin the housing situation that brokers are scum (many of which I would agree), and they as our elected officials are the knights in shining armor riding in to save the day. Stiff legislation (House Bill, HR3915) combined with gracious loans, such as FHA Secure and Gov. Jodi Rell's new CHFA Program in Connecticut, will surely bring stability back to the market...or will it. While we as mortgage professionals know the truth of the matter, there are a multitude of people who have … (2 comments)
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mortgage: The Market Round Up - 10/31/07 - 10/31/07 11:00 AM
Good Afternoon,
Freddie Kruger, Mike Meyers and Jason combined could not amount to the horror we are witnessing in these scary times. In an effort to calm the evil sprirts lurking, The Fed is expect to reduce the discount rate yet again today. As the housing market continues to slump and the infamous "credit crunch" tightens it's grip, the government is clamoring to keep things afloat.
We all know things are pretty bad, and could possibly get worst before they get better. This a time to form strong strategic partnerships with reliable and innovative companies dedicated to helping each other through this … (0 comments)
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mortgage: The Market Round Up - 10/25/07 - 10/25/07 01:09 PM
Good Afternoon,
When I was taking drivers education in high school, one thing I remembered was how to respond when your car spins out of control. Most people would slam on the brakes and pull the wheel in the opposite direction thinking it will bring the car under control, when the key is to easy your foot off the gas and gently steer the car back under control. Hopefully you will remember this if nothing else in this article.
While most of the proposed bill provides much needed regulation, somethings in this bill (in particular the elimination of yield spread premium or YSP) is the drastic re-correction that could cause the market to … (1 comments)
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mortgage: The Market Round Up - 10/19/07 - 10/19/07 12:01 PM
Good Afternoon,
I hope you find the below article as enlightening as I have. But please understand the problem we are facing is two fold. Money hungry investors looking for hugh returns coupled with inadequate regulations have made for one fess mess. Although many people in this industry oppose stiffer legislation, it is really needed to hold this profession to a higher standard.
As a licensed broker in the state of Florida (which is highly regulated as opposed to Connecticut) as well as a licensed HUD approved lender (FHA/CHFA), we welcome this legislation with opens arms. While brokers are not entirely to blame, if more operated with a … (0 comments)
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mortgage: The Market Round Up - 10/16/07 - 10/16/07 10:24 AM
Good Morning,
As we continue to witness the changes in the market and legislation being passed and proposed by Congress, it seems that maybe this whole "credit crunch" thing WAS bigger than the government and other naysayers predicted. Even with the rate cuts and agency guideline changes it will be later than sooner before we see a drastic change in the market place.
The frustrating part is, much of this could have been avoided if these and other suggested actions were taken at the onset of this crisis. The following article depicts the timeline of the events we have all being experiencing. … (0 comments)
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mortgage: The Market Round Up - 10/12/07 - 10/12/07 10:55 AM
Good Morning,
"How low can you go". As sub-prime backed mortgage securities continue to do the limbo, other positive developments have risen in the market. After many investors turned their backs on No Income Verification loans (also know as Stated Income loans), some lenders are beginning to embrace this red-headed step child again.
In the past week, we have received notice that four of our contracted lenders have re-instated their Stated Income Programs up to 95% LTV (loan-to-value) for primary residence and 90% for investment. While it may seem that investors are touching the stove again, the program guidelines are more restrictive than those in … (0 comments)
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mortgage: The Market Round Up - 10/05/07 - 10/05/07 08:47 AM
Good Morning,
In a large majority vote yesterday, Congress approved a bill that would revise the bankruptcy code to help homeowners facing default and foreclosure. The bill is projected to save more than $650 million in repossessed homes, but just how much is that anyway?
It may sound like alot, but when you consider the median home value of $223,800 (2007 NAR Quarterly Report) that equates to about 2,900 homeowners. With with more than 430,000 foreclosures filied in the first quater of 2007 (Realty Trac), not including those currently in default, that barely scrapes the tip of the iceberg.
It seems as with most of the issues facing our nation, the … (2 comments)
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mortgage: The Market Round Up - 10/01/07 - 10/01/07 09:57 AM
Good Morning,
While talks of revised legislation, new goverment programs and relaxed agency guidelines provide a sense of security, it is evident that we have a long way to go before normalcy returns to the marketplace. In addition to the "credit crunch", over-saturation of inventory has exacerbated the problem. Add in the number of overwhelmed homeowners clamoring to sell their homes as a result of climbing ajustable rate mortgages, and you have one fine mess that's going to take some time to clean up.
Conforming rates for 100% and the lower LTVs remain constant. Sub-prime rates remain constant as well. Remember, many programs are … (0 comments)
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mortgage: The Market Round Up - 9/27/07 - 09/27/07 10:15 AM
Good Morning,
While homes continue to lie dormant on the market, many investors and homeowners are looking for ways to avoid foreclosure. With property values topped and dropping in some areas, as well as tighten mortgage guidelines, many people are turning to renting out their homes in order to make the payments.
The Section 8 Housing Program provides security by providing a portion of the tenants payment, thus guaranteeing the funds needed to support the mortgage. As this alternative becomes more widely used, it could reduce the amount of inventory for sale on the market. While this alternate might not work for all, it is a great … (2 comments)
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mortgage: The Market Round Up - 9/24/07 - 09/24/07 09:53 AM
Good Morning,
As talks continue on Capitol Hill, it seems the FHA will play a major role in restoring normalcy to the housing market. With rising loan limits and less restrictive guidelines, FHA is projected to help tens of thousands of homebuyers to get of the sidelines and back in the game.
As well, with the new FHASecure program current homeowners have a life-line for those who are drowning in the sea of adjustable rate mortgages. For more information on FHASecure, please visit our website under the "News" tab.
Conforming rates for 100% remain constant while rates for the lower LTVs increased by 0.125%. Sub-prime rates remain constant. … (0 comments)
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Earnell Kelly
Windsor,
CT
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Horizon Home Mortgage
Office Phone: (800) 548-9424 x 202
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