mortgage: Bankers Meeting On Capital Hill - 03/27/09 06:26 PM
President Barack Obama sat down with CEO's from Bank of America, Bank of New York Mellon, JPMorgan Chase, Goldman Sachs and U.S. Bancorp today to discuss the current economic crisis.
In a press release, Secretary Robert Gibbs noted that Obama was pleased with the meeting stating Obama as saying "they had a good, productive and frank conversation." The main goal of the meeting was to let the bankers know that the doors to the White House are always open to them for discussions and critique on ways the White House should go forth on handling the economic crisis.
Reactions from CEO's … (0 comments)
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mortgage: Fannie Mae, Freddie Mac: Where Do They Stand - 07/20/08 12:51 PM
It is no doubt that Fannie Mae and Freddie Mac are the backbone to the success of the US mortgage industry. So how is it that these two mortgage giants came to a position where the government is stepping in to make certain that they do not fail?
Fannie Mae, created in 1938, and Freddie Mac, founded in 1970, buy mortgages from lenders and package them into securities that are sold to investors. This frees lenders to provide new mortgages, making it easier for more Americans to buy homes. The entities hold or guarantee $5.3 trillion in mortgages, about half the … (0 comments)
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mortgage: Home Ownership Just Became More Affordable - 05/18/08 10:16 PM
Coming into the month of May the biggest concern for the US economy was the grim outlook many economist had on inflation. Inflation was expected to push mortgage rates higher and slow an already slow US housing market.
However, economic reports have been coming in better than expected week after week. This has helped to push mortgage rates on a downward trend for a majority of the month. According to Freddie Mac's Primary Mortgage Market Survey the 30 year fixed mortgage rate is at it's lowest point since the survey on April 17th 2008.The 30 year fixed rate mortgage is the most … (0 comments)
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mortgage: The U.S. House of Representatives Passes American Housing Rescue and Foreclosure Prevention Act - 05/12/08 03:26 PM
The new act which was passed on May 8th, 2008 will help those facing foreclosure to refinance into an affordable FHA mortgage and help make homeownership more affordable for first time homebuyers.
The first amendment to the new act includes an amendment to the FHA Housing Stabilization and Homeownership Retention Act which expands FHA programs so many borrowers in danger of losing their homes can refinance into a lower cost government insured mortgage they can afford. The expansion is limited to owner occupied primary residences only and would also provide up to $230 million for financial counseling to help families stay … (0 comments)
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mortgage: Fannie Mae Releases Warning To Those Facing Foreclosure - 04/13/08 03:07 AM
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mortgage: Washington Mutual Dropping Wholesale Mortgage Lending - 04/10/08 06:42 PM
Washington Mutual, once the second largest residential mortgage lender in the US will stop originating mortgage loans through independent mortgage brokers. However, WAMU will still originate mortgage loans through its 2,200 retail bank branches located throughout the country.
Washington Mutual was an early leader to offer subprime adjustable rate mortgages to the general public and by the end of last year the losses started to mount. In the fourth quarter of 2007 WAMU posted a loss of $1.87 billion wiping out all earnings for the 2007 year. The beginning of 2008 is not looking good for WAMU’s mortgage lending business with … (0 comments)
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mortgage: Refinancing Boom Amid Falling Mortgage Rates - 03/26/08 12:37 PM
Refinancing Boom Amid Falling Mortgage Rates
Mortgage applications nearly doubled last week after the Federal Reserve slashed interest rates by 0.75 percent last week.
Refinance mortgage applications increased by 82 percent last week as mortgage rates begun to decline for the first time since February 2008. Home purchase applications also increased last week by 10.6 percent which helped bring the overall mortgage application increase to 48.1 percent.
Over the past two weeks the fixed cost of borrowing dropped 0.63 percentage points, which is the largest drop in over four years. In response homeowners raced to refinance by applying for more mortgages … (0 comments)
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mortgage: Have Home Prices Hit Bottom? - 03/24/08 12:48 PM
The data for February existing home sales are in, and the numbers came in stronger then expected. Could this be the first signal to the US housing market recovering?
At this point it is really hard to say as many lenders have begun to make home financing for A+ clients nearly impossible. Some lenders have even gone as far as to blackball some states in which they lend in.
Mortgage lenders are still losing money in their mortgage investments which will likely continue to push mortgage rates higher and keep pressure on home sales.
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mortgage: Mortgage Rates Fall During Week - 03/20/08 03:35 PM
This week there has been a number of huge factors contributing to the recent decline in mortgage rates. The Fed has lowered interest rates by 0.75 percent, JP Mortgage purchase Bear Sterns and Fannie Mae and Freddie Mac are pumping $200 billion into the housing industry.
The 30 year fixed rate mortgage average fell from 6.13 percent to 5.87 percent from a week earlier, while the 15 year fixed rate mortgage average fell from 5.60 percent to 5.27 percent during the same week according to Freddie Mac. This is the first time that mortgage rates have fallen since February of this … (0 comments)
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mortgage: Fed Rate Cut – Mortgage Rate Affect - 03/18/08 04:49 PM
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mortgage: Let The Mortgage Bailout Begin - 03/11/08 11:58 PM
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mortgage: Mortgage Rates Update - 03/07/08 02:39 PM
The U.S. economy is showing further signs of weakness as mortgage rates take a slight dip throughout the week.
30 year fixed rate mortgages averaged 6.03 percent throughout the week, down from 6.24 percent last week. Last year at this time the average 30 year fixed rate mortgage was at 6.14 percent.
15 year fixed rate mortgages also took a dip this week down to 5.47 percent from 5.72 percent last week. A year ago the 15 year fixed rate mortgage averaged 5.86 percent.
The latest report out on the U.S. economy shows a declining job market, slowing in manufacturing … (0 comments)
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mortgage: Im Sorry... You Can't Be My Appraiser Anymore - 03/04/08 06:56 PM
Monday Fannie Mae and Freddie Mac announced that they would no longer purchase mortgages from lenders who use their "own" residential appraiser. Although the new change won't take effect until 2009, many appraisers who work for an appraisal institution owned by a mortgage lender may be looking for a new job.
The change not only affect mortgage lenders who own an appraisal company, it will affect mortgage brokers as well. Come 2009 mortgage brokers who use lenders that sell their mortgage off to Fannie and Freddie will no longer be able to use that appraiser they have built a long lasting … (0 comments)
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mortgage: Fannie & Freddie.... Setting Up The Mortgage "Bailout" - 03/02/08 11:26 PM
It has been said by many experts around the country that government would not look to "bailout" banks to fix the mortgage problem but, if it was 2 government backed entities would that make a difference?
Even with the loss of billions of dollars that Fannie and Freddie both posted just a few days ago, they both now have the ability to purchase more mortgages from lenders to sell on the secondary market.
The logic behind lifting the restrictions on these two mortgage giants is that by allowing them to purchase more loans it will allow lenders to make more … (0 comments)
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mortgage: Mortgage Rates On The Rise - 02/22/08 03:36 PM
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mortgage: Mortgage Rates, Inflation, Unemployment… Oh My. - 02/21/08 01:57 AM
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mortgage: Second Fed Rate Cut This Month - 01/30/08 03:27 PM
Future Planning Financial
Strictly Mortgage
For the second time this month the Federal Reserve has slashed key interest rates in hopes of stimulating the U.S. economy. Although the rate cut does not tie directly into mortgage rates, mortgage rates have been on a downward spiral for the past month.
One week ago the Federal Reserve slashed interest rates in emergency fashion by 0.75 percent and today they slashed interest rates by another 0.50 percent totaling a whopping interest rate cut of 1.25 percent this month alone.
The rate cuts show that the Federal Reserve is making every effort they can in … (0 comments)
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mortgage: Mortgage Rates Spiraling Downwards - 01/25/08 07:58 PM
Future Planning Financial
Strictly Mortgage
Thanks to the Federal Reserve’s emergency rate cut earlier in the week, fixed rate mortgages have declined for the fourth straight week in a row. The news has brought forth a refinance boom that could save many homeowners from their adjustable rate mortgages and possibly cut monthly mortgage expenses for those with a fixed rate mortgage above 6 percent.
The 30 year fixed rate mortgage has been under 6 percent for the third consecutive week with the current average 30 year fixed rate mortgage sitting at 5.48 percent, according to Freddie Mac. That is down 0.21 … (0 comments)
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mortgage: Missouri Homeowners To Receive $99 Million From Mortgage Lenders - 01/05/08 03:39 PM
Three mortgage lenders were ordered to pay $99 million in punitive damages to Missouri residents who were charged illegal fees on second mortgages. On top of the $99 million in punitive damages, another $5.1 million in actual damages was ordered to be paid.
GMAC Mortgage Group, one of the three lenders, was hit hardest by the lawsuit. They are ordered to pay $4.33 million in actual damages and $92 million in punitive damages. Household Finance was ordered to pay $420,489 in actual damages and $4.5 million in punitive damages. Wachovia Equity Servicing, the third lender, was ordered to pay $374,957 in actual … (0 comments)
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mortgage: Chicago Bank To Offer Reverse Mortgages - 01/05/08 02:03 PM
First Midwest Bancorp Inc. has decided to stop lending practices tied to traditional mortgage originations and has began to focus on reverse mortgages instead.
First Midwest Bancorp Inc. is one of the biggest locally headquartered banks in the Chicago area. Cynthia Lance, executive vice president and corporate secretary said, "We have a little older clientele, and from time to time, as part of the strategic planning of the bank, we look at the performance and market opportunities of all different areas."
Reverse mortgage products give older home owners the ability to tap into the equity of the homes. Reverse mortgages work almost … (0 comments)
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