mortgage industry news: How will this weeks Fed Rate Cut affect mortgage rates? - 10/09/08 11:12 AM
You have probably seen the news by now that Ben Bernanke and the Fed cut the Federal Funds Rate and Discount Rate by .50% yesterday in an emergency move that is aimed at breathing some life into ailing financial markets. In an unprecendented move, Central Banks in many European countries followed … (5 comments)
|
mortgage industry news: FHA Loans & FHA Mortgages -- Legislation Update -- August of 2008 - 08/10/08 01:09 PM
Jeff Belonger is my resource on the Mortgage Industry's latest trending news. I rely on his opinion to forumulate educating my clients on the current state of lending on the National, State and Local Levels. It is with great respect I re-blog this post he wrote on the new FHA … (0 comments)
|
mortgage industry news: Alphonso Jackson (HUD Secretary) Will Be Announcing His Resignation Tomorrow! - 03/31/08 12:09 AM
Though specifics haven't been released, the rumors seem to be confirmed. I'm sure you'll hear more as the day progresses tomorrow.
The Wall Street Journal says:
"The news is a setback for the Bush administration and its efforts to combat the housing and mortgage mess. HUD, usually out of the spotlight, has been … (8 comments)
|
mortgage industry news: More on the J.P. Morgan/Bear Stearns Deal - 03/24/08 04:35 PM
The financing terms for the purchase will look like this:
$29 Billion @ 2.5%
10-Year Adjustable Rate
Sweet deal huh? I'd certainly say so!
READ ON
[Source: CNBC]
… (5 comments)
|
mortgage industry news: Athens Georgia Economy - More Positive News! - 03/13/08 02:12 PM
… (2 comments)
|
mortgage industry news: Athens Georgia - No Recession Here! - 03/08/08 06:26 PM
It's been an interesting few weeks in the mortgage market with rates fluctuating and the scary, but thankfully temporary, disappearance of 100% financing in Georgia due to being rated a "declining market" for the entire state by several risk management (PMI) companies. However, spring market is just around the corner and … (0 comments)
|
mortgage industry news: The Best Borrowers Now Feel Interest Rate Pain - 03/06/08 10:48 AM
Bloomberg.com on 3/5/08 reported that the economic stress from both sub-prime mortgage loan failings and decreasing housing values is now being felt by all borrowers. The people taking out mortgages who have excellent credit and qualifications, the best borrowers, now feel interest rate pain due to investors requirements for yield on … (0 comments)
|
mortgage industry news: 7 Mortgage Related Details in the Economic Stimulus Bill You Should Know - 02/13/08 12:47 AM
1) The new loan limits go into effect on CONVENTIONAL mortgage loans originated beginning on July 1, 2007 and ending on December 31, 2008
2) Conventional Loans can be made to the HIGHER of the current conventional loan limit ($417,000) or 125% of the area median home price as determined by HUD … (13 comments)
|
mortgage industry news: Soulda, Coulda, Woulda - 01/26/08 03:15 AM
Do you ever stop and think it's just one of those days...I shoulda put gas in the car last night. Now it's early, there's traffic, and I'm gonna be late to work. Uuggghh!!!I shoulda bought milk and creamer from the grocery store, now I'm drinking my coffee black! Eew.. blagh...
If … (3 comments)
|
mortgage industry news: These are the facts! - 01/22/08 07:25 PM
Mortgage rates are low!
Now typically, I'm not one to sell the whole:
"Now is the perfect time!"
"Rates are at historical lows!"
But...
Ladies and gentlemen of the jury, these are the facts, READ: Mortgage Rate Update: January 22, 2008 + Emergency Fed Funds Rate Cut
… (2 comments)
|
mortgage industry news: Bank of America IS Buying Out Countrywide: rumors quenched all in a days notice! - 01/11/08 10:53 AM
Now it's official! Bank of America who had previously invested $2 Billion in the struggling mortgage lender has now "officially" announced that they will be acquiring Countrywide for a total $4 Billion dollars!From MarketWatch, Mozillo is quoted for saying:
"We believe this is the right decision for our shareholders, customers and employees." … (7 comments)
|
mortgage industry news: The End for Countrywide? - 01/10/08 05:13 PM
And guess who's buying if at all?
BANK OF AMERICA!
That's right! Bank of America has the "Right of First Refusal" (ROFR) in acquiring Countrywide. In this case, Right of First Refusal means that Countrywide is giving Bank of America the first option on entering into a business transaction with them before any … (11 comments)
|
mortgage industry news: Weak Jobs Report Means Better Interest Rates: Here's why in a quick explanation... - 01/04/08 06:16 PM
From Bloomberg.com: Hiring in the U.S. slowed more than forecast in December and unemployment jumped to a two-year high, raising the odds that the Federal Reserve will cut interest rates by half a point this month to ward off a recession. The jobless rate increased to 5 percent from 4.7 percent … (0 comments)
|
mortgage industry news: A New Nationwide Mortgage Licensing System - 01/02/08 10:28 PM
The Mortgage Banker's Association announced the new Nationwide Mortgage Licensing System today; the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) are the owners of the new venture. The intended aim?The NMLS will bring greater uniformity and transparency to the mortgage industry while maintaining … (9 comments)
|
mortgage industry news: FHA Modernization Bill (S. 2338) Passes the Senate - 12/15/07 08:06 PM
The House Committee on Financial Services issued a Press Release yesterday, December 14, 2007 on the passage of the new FHA Modernization Bill (S. 2338) in the Senate. From the Press Release:
“I welcome the Senate’s passage of their FHA legislation. We are in agreement that this is an important action … (4 comments)
|
mortgage industry news: Foreclosures Double...Late Payments Are Up...the Latest on Countrywide!!! - 12/13/07 10:29 PM
Countrywide's (the nation's biggest U.S. mortgage lender) production for the month of November 2007 totaled $23 billion in total mortgage loan fundings; that's a drop in production of 40% since November 2006!
From Bloomberg.com:
"Countrywide Financial Corp., the biggest U.S. mortgage lender, said foreclosures doubled in November and late payments continued … (4 comments)
|
mortgage industry news: Another Fed Funds & Discount Rate Cut - December 11, 2007 - 12/11/07 04:39 PM
In much anticipation, the Federal Open Market Committee met today to discuss monetary policy and the outcome was yet another Fed Funds Rate cut; 25 basis points (.25%) down to 4.25%.
From the Press Release:
Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing … (1 comments)
|
mortgage industry news: Wamu Cuts A Few Thousand Jobs - 12/11/07 08:37 AM
Washington Mutual "is the latest lender to get out of the subprime mortgage business" and rightly so! With the market being the way it is, frankly they can't afford to hold such a portfolio. The unfortunate news for us and for employees is Job Cuts and tighter lending standards!
From MarketWatch:
Shares … (1 comments)
|
mortgage industry news: Weekly Mortgage Update ~ Dec. 10, 2007 - 12/10/07 07:17 AM
Let's Recap: The 30 Year Fixed Mortgage averaged 5.96%, down from 6.10% just last week.
The 15 Year Fixed Mortgage averaged 5.65%, down from 5.73% just last week.
The 1 Year Adjustable Rate Mortgage averaged 5.46%, up from 5.43% just last week.
The Week Ahead: The biggest news … (5 comments)
|
mortgage industry news: Loan-to-Value Cuts...Limited Coverage...and Increased Prices - 12/08/07 10:22 PM
That's right! We have some loan-to-value reductions, limited coverage with respect to Mortgage Insurance and some increased prices to go along with it all.
MGIC Investment Corp. is the nation's largest mortgage insurer. On Friday, they announced plans of raising prices and limiting their coverage ratios to those borrowers with: (1) … (8 comments)
|
mortgage industry news: ARM Freeze Proposal Is In... - 12/07/07 07:23 AM
President Bush & Secretary of the Treasury Hank Paulson announced our government's plan to Freeze ARM Interest Rates yesterday afternoon. You can read the proposal here. Though many call it a Subprime "bail-out" plan, President Bush said that it is everything but for investors. It is estimated that approximately 1.8 … (8 comments)
|
mortgage industry news: Credit Crisis: A Video - 12/06/07 09:48 PM
This has got to be the most sophisticated explanation of our subprime mess and the ensuing credit crisis...and I say this with a hint of sarcasm!
Watch...laugh or cry (whatever your pleasure)...and enjoy!
… (4 comments)
|
mortgage industry news: Wells Fargo Writes Down Losses from their Prime Portfolio...and you thought this problem was only subprime... - 11/30/07 05:58 PM
From the San Francisco Chronicle: "On Tuesday, Wells Fargo said it will set aside $1.4 billion for home-equity loans it expects to go bad in 2008 and 2009. What it didn't say in its news release was that these are not loans to borrowers with subprime credit scores. 'This was a … (1 comments)
|
mortgage industry news: Extra, Extra..Read All About It... Mortgage Rates Are Down! - 11/30/07 04:00 PM
.
"Extra..Extra...Read all about it!!!"
Big news in the mortgage market yesterday and today...the 30-Year Fixed Rate Mortgage is pricing below 6%! That's the lowest level we've seen since October 2005; that's (2) two full years ago!
It seems rates are all ready hedging downward in anticipation of yet … (0 comments)
|
mortgage industry news: Citigroup Shares Down As A Result of Recent Layoffs - 11/26/07 06:35 PM
It seems this has been the trend in recent months; at least since August...
Under-performing portfolio = fewer earnings = job cuts
From MarketWatch:
"Citigroup shares fell under $30 for the first time in five years at one point on Monday after CNBC reported the firm could lay off up to 45,000 … (4 comments)
|
mortgage industry news: The Mortgage Reform & Anti-Predatory Lending Act Passed the House Yesterday...what happens next? - 11/16/07 06:48 PM
Well, the bill passed the House of Representatives yesterday and it's definitely big news for the origination business. Here's what happened:
The House voted 291-127 to approve HR3915 - This ultimately brings forth new rules for lending standards, predatory lending AND nationwide mortgage broker licensing. Just to note, Democrats voted … (3 comments)
|
mortgage industry news: Fed Overhaul: a change in the way the Fed reports information - 11/14/07 05:16 PM
Our current Fed Chairman Ben Bernanke spoke this morning at the Cato Institute, our libertarian think thank stationed in Washington, D.C.
LISTEN TO PODCAST
He reported some changes in the way the Fed will be reporting information. He … (6 comments)
|
mortgage industry news: Morgan Stanley's Total Net Subprime Exposure At $12.7 Billion & Warrent Buffet Wants A Piece of the Bond Insurance Business - 11/13/07 04:29 PM
Not long ago Morgan Stanley reported that they had a net dollar amount of Subprime exposure totaling $6 billion. Recently however, bellwether Morgan Stanley reported their total net Subprime exposure is up to $12.7 billion; that's an additional $6.7 billion stemming from their Subprime exposure sitting in their subsidiary banks. … (4 comments)
|
mortgage industry news: The Chinese & the U.S. Dollar: what it means for interest rates (UPDATED!!!) - 11/07/07 05:07 PM
The big news for today is China and their desire to diversify their holdings away from the U.S. Dollar. If you've been watching or listening, then you've caught Chinese Officials saying, "We will favor stronger currencies over weaker ones, and will readjust accordingly. The U.S. Dollar is losing its status … (33 comments)
|
mortgage industry news: Increasing FHA Loan Limits - 11/02/07 12:32 AM
The Federal Housing Administration (FHA) was created through the National Housing Act of 1934. In short, the goal of FHA are: "to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgage loans; and to stabilize the mortgage market." (Federal Housing Administration; Wikipedia)
The Problem … (5 comments)
|
mortgage industry news: More Mortgage Write Downs: this time, CitiGroup - 11/01/07 08:46 PM
Last week we wrote about Merrill Lynch and how they were in trouble after a $7.9 Billion CDO write-down. At the end of the article I commented,
Since we don't expect to return to the easy financing market of prior years and our credit problems are far from over, it … (4 comments)
|
mortgage industry news: Merrill Lynch Suffers After $7.9 Billion Write Down - 10/24/07 11:46 PM
In a recent article from Market Watch:"Merrill shares fell almost 8% to a near two-year low of $62.'It turned out our assessment of the potential risk and mitigation strategies were inadequate,' O'Neal said. 'I am accountable for the mistakes as I am accountable for the performance of the firm overall and … (7 comments)
|
mortgage industry news: Countrywide Financial Corp. & Neighborhood Assistance Corp. Team Up! - 10/24/07 01:40 AM
Well, it's official... In a Dow Jones Newswire: "Countrywide Financial Corp. (CFC) confirmed late Tuesday that it entered into an agreement with the Neighborhood Assistance Corp. of America to help borrowers preserve homeownership and avoid foreclosure...Under the program, homeowners have a 'waterfall' of options, from a payment plan, to modification, … (8 comments)
|
mortgage industry news: It was "an accident waiting to happen:" scolds Alan Greenspan - 10/23/07 07:46 PM
Amidst the the ever so popular credit crisis "blame game" our former Fed Chairman, Alan Greenspan shares his insights with new Chairman Ben Bernanke...From Reuters: Crisis Was "Accident Waiting to Happen:" Greenspan "The financial crisis that erupted on August 9 was an accident waiting to happen," Greenspan said in a speech … (11 comments)
|
mortgage industry news: Alan Greenspan Warns Against Superfund!!! - 10/20/07 02:03 PM
Last week we talked about the $80 Billion Fund to Revive the Asset-Backed Commercial Paper Market. In response, Matt Heaton shared his insights in his Letter to Congress. In a recent Emerging Markets article: Greenspan Delivers Sharp Warning On SuperFundFormer Federal Reserve chairman Alan Greenspan has warned that plans announced … (12 comments)
|
mortgage industry news: $640 Million Refinance: just another day at the office! - 10/19/07 02:23 PM
Do you think business is slow? Do you think times are tough? How about this from an article on bloomberg.com:
"Forest City Ratner Cos. completed a $640 million refinancing of the New York Times building in midtown Manhattan. HSH Nordbank AG provided the financing...The Times building, at 620 Eight Ave., … (4 comments)
|
mortgage industry news: Pasadena Mortgage Rates Report: October 17, 2007 - 10/17/07 09:27 PM
Mortgage Bonds are modestly higher; remember...
Bonds Rates Up = Interest Rates Down | Bond Rates Down = Interest Rates Up
That brings us to our point...
It's time to start floating those loans! We should be watching mortgage rates in Pasadena drop lower these next 3-7 days. Do not lock in … (0 comments)
|
mortgage industry news: $80 Billion Fund to Revive Asset-Backed Commercial Paper Market - 10/15/07 10:44 AM
In a recent article from bloomberg: Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. will announce... that they are establishing a fund of about $80 billion aimed at reviving the asset-backed commercial paper market, said people familiar with the plan. The fund, to which … (2 comments)
|
mortgage industry news: Change In the Bankruptcy Law: Good and Bad! - 10/01/07 10:07 PM
In a recent article on CNNMoney.com:
"One consumer group estimates that 600,000 foreclosures could be avoided over the next two years by making a simple change to the bankruptcy code...
The Center for Responsible Lending (CRL) is a nonprofit and nonpartisan research and policy organization that is dedicated to the protection of … (9 comments)
|
mortgage industry news: NetBank Inc. Shuts Down - 10/01/07 09:09 PM
In an article from Deseret Morning News:"NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults."
NetBank Inc. is an Internet-based lender. Unlike most other banks hitting the Implode-O-Meter, NetBank is one amongst few lenders to … (7 comments)
|
mortgage industry news: Jim Cramer says, "Don't you dare buy a home now - you will lose money." - 09/28/07 05:54 PM
Cramer says: "Don't you dare buy a home now - you will lose money."
(Click on the link above to see the video!)
Hmmm...what do you make of that?
Lenn Harley has an excellent rebuttal! Read her post:
JIM CRAMER, REAL ESTATE, THE STOCK MARKET, and SOME PERSPECTIVE
Additional Article(s) of Interest:
Waiting for the Bottom? … (26 comments)
|
mortgage industry news: Countrywide Sued - Saga Continues! - 09/13/07 12:27 PM
… (9 comments)
|
mortgage industry news: Countrywide to Layoff 1/5 of Workforce - 09/08/07 08:50 AM
… (9 comments)
|
mortgage industry news: Will the Government Change FHA to Help? - 08/27/07 10:45 AM
Lawmakers continue to push the current administration to find more ways to help out homeowners facing foreclosure. Debate continues regarding the foreclosure rate as to the responsibility of government to step in and aid home owners who took out sub-prime adjustable rate loans. While not consistently divided among party lines, a … (7 comments)
|
mortgage industry news: The Countrywide Crisis: is it Warren Buffett to the rescue? - 08/21/07 03:11 AM
Amidst this credit crunch, I asked a client of mine what they thought about Countrywide and all the hype of a possible bankruptcy. His response: "I don't think they'll go under, or rather I hope that they don't. They're the nation's #1 lender and as such we need someone like them … (21 comments)
|
mortgage industry news: Capital One Closes Out Greenpoint Mortgage - 08/21/07 01:43 AM
In an article from Market Watch:
"The company said it will immediately stop originating mortgages through its GreenPoint Mortgage business, which offers loans through brokers.
The company also said it will close GreenPoint's California-based Headquarters along with 31 locations across 19 states. That will mean the elimination of roughly 1,900 jobs, most by … (13 comments)
|
mortgage industry news: Market Moves - Economic Factors affecting Housing - 08/17/07 03:03 PM
… (2 comments)
|
mortgage industry news: Liquidity and Its Importance in the Bond Market - 08/10/07 08:03 PM
This was forwarded to me by Sharon Andrews of Countrywide Home Loans. I found it so informative that I decided to post it here for everyone.In years past a borrower would visit their local savings and loan to obtain a mortgage. The Loan Officer at the bank would approve the mortgage and … (0 comments)
|
mortgage industry news: Simplification: A Complex Job - 07/07/07 12:37 PM
According to the real estate article Simplification: A Complex Job on the NYTimes.com, federal regulators and mortgage-industry officials argue that truth-in-lending disclosure forms have not met their goals, partially due to the increased complexity of mortgages. Thus, the industry is looking to simplify the forms so they will be more accessible … (0 comments)
|
mortgage industry news: Just the TIP of the Stated Income Fraud ICEBERG - 12/22/06 12:24 AM
According to Anchorage Daily News and other internet news sources, indictments were handed down in federal court Wednseday for mortgage fraud and named Koursosh Partow as the defendant. Mr. Partow is accused of submitting loan applications to lenders wherein the income and assets of the borrower was misprepresented and overstated.In the past, … (6 comments)
|
mortgage industry news: The Unexpectedly High Cost of Cold Calling - 12/11/06 07:22 AM
In November 06, the Associated Press published an article with the headline "FTC Hits Telemarketers With $500k Fines" about mortgage company telemarketing. Apparently two Maryland-based companies were fined up to $500,000 to settle charges by the FTC that they called people on the Federal Do-not-call registry. What I found interesting was that … (0 comments)
|
mortgage industry news: Why Michigan vs. Wachovia Matters...A Lot - 12/08/06 04:08 PM
I wrote an article on this topic last week at mortgagenewsreview.com and wanted to share it with the active rain community. What happens in our industry too often is that we gloss over the important news and read only that which is bizarre or outrageous in the headline. Right now, there … (0 comments)
|
mortgage industry news: Housing Trends Among Baby Boomers Study - Impact on Second Home Market - 11/12/06 10:42 PM
The Research Institute for Housing America in conjunction with the Mortgage Banker's Association and Radian mortgage insurance completed a study of housing trends among baby boomers. The focus of the study was in two key areas.
1) What are the trends of second home ownership among baby boomers2) Are suburban empty-nesters flocking … (4 comments)
|
mortgage industry news: Survey Finds Primary Reason People are Borrowing for Home Improvement is to Increase Property Value - 11/10/06 03:13 PM
Bank of America recently commissioned a survey done by MARC Research on the reason for people taking out home improvement loans. 60% of those surveyed claim that their goal is to increase the home's value.
The survey also showed that 56% of homeowner's did major home improvements prior to putting the … (7 comments)
|
