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financing: $29 Billion 3rd Quarter Loss For Fannie - 11/12/08 11:24 AM
On September 6 The federal Housing Finance Agency (FHFA) took control of both Fannie and Freddie, which forced out management after finding that their capital reserves were too low. This then prompted them to redetermine the value of the company's assets, which in turn slashed the company's net worth by 79% - The difference between the company's assets to liabilities.. Some analyst predict Fannie could very well move into negative territory by Q1 2009. This would mean that Fannie would need to tap federal funds to stay in the black, which it has not done up to this date. The good … (1 comments)
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financing: Weekly Mortgage Applications Statistics - 11/10/08 10:38 AM
According to the weekly Mortgage Bankers Association data, mortgage applications were down more than 20% for the week ending November 5, 2008. Refinance business was down more than 25% from a week earlier and purchase business down nearly 14%. Below is a recap of the numbers. Seasonally Adjusted Total Mortgage Activity: Down 20.3% MBA Market Index Now: 379.9 Index One Week Earlier: 476.7 Unadjusted Basis Total Mortgage Activity: Down 21.1% One Year Ago: Down 43.4% Seasonally Adjusted Refinance Activity: Down 27.8% Index Now: 1075.4 One Week Earlier: 1489.4 Purchase Activity: Down 13.9% Index Now: 260.9 One Week Earlier: 303.1 Percentage of … (1 comments)
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financing: Hope for the (H4H) Hope for Homeowners Program... - 11/04/08 03:09 PM
With more than $300 Billion in its coffers to lend via the FHA, the Hope for homeowner program has resulted in a total disatser. In july of this year the H4H program was thought by many to be the key to the stabalizing home prices and curbing foreclosures, but has yet to produce any results at all. With 50 loans in queue since it's inception on Oct. 1, the program has been shunned by the lending community. Saving 50 homeowners per month will in no way cure the ailing housing market... The program is effective from October 1, 2008 to September … (1 comments)
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Kevin Rhodes
Bridgeport,
CT
More about me…
Address: Bridgeport, CT, 06608
Office Phone: (203) 572-0597
Cell Phone: 203690
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