mortgage market: House AID bill passes but there are strings attached - 07/24/08 11:29 AM
This week the House passed a $300 Billion aid bill that offers relief to many American families at risk of loosing thier homes.  The bill gives FHA $300 Billion in new lending authority to help homeowners at risk.  FHA would be permitted to refinance risky loans into a fixed rate mortgage if the existing lenders agrees to take 90% of the current appraised value.  The lender would also have to pay FHA a 3% fee and the homeowner would have a 1.5% annual fee to FHA too.
The bill also gives Fannie and Freddie access to "unlimited" credit.  The Treasury Department … (8 comments)

mortgage market: Mortgages Rates for Charlotte NC - 06/23/08 02:30 AM
I am going to start regularly posting about mortgage rates and the market that drives them.  Hopefully some folks will find this information helpful.
Market TrendWe saw rates improve a little last week.  The market worsened Friday, however and so far today we haven't seen any change.  The key thing to watch for this week is the Fed announcement coming on Wednesday afternoon.  Most analysts are not expecting a rate change, but what the Fed says can rock the market without any actual rate hikes.  If inflation is focussed on as a major concern - Watch out!
AVG RATES
30 Year … (2 comments)

mortgage market: Bank of America Stops Wholesale Lending! - 10/26/07 09:42 AM
"It is with great sadness that Bank of America has decided to exit the Wholesale Business."  That was the memo we received today directly from Bank of America Wholesale. 
As a mortgage professional, I get asked all the time now about different lenders.  "Are they going to be around much longer???"  People are nervous, and when they hear news like this they think the sky is falling.  The truth of the matter is that we rarely used them anyway.  Most of the lenders that have dropped off the map where either subprime or not competitive.
Comforming lending, Fannie Mae and Freddie Mac … (1 comments)