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 is more pub out there about Fannie Mae restating their earnings then about this case which is before the supreme court. The Fannie Mae restatement was pretty much known on Wall Street 5 months ago and the impact on the mortgage and housing industry today is negligible.
However, the outcome of Michigan vs. Wachovia could have incredible impact in the mortgage and housing communities nationally. Imagine a scenario where federally insured lending institutions have to pull back their mortgage lending in multiple states for a short period of time. Don't think that means a hey-day for the brokers, as many of them deliver their loans to the same institutions through a wholesale or correspondent lending relationship.
Please read my blog at mortgagenewsreview.com by clicking here. I'm interested in your input and perspective so please comment.
©2006 Ken Stampe
Ken Stampe is a Mortgage Loan Originator, Mortgage Author and Mortgage Loan Officer Instructor living in Dallas, TX. Ken provided his first client a mortgage loan in 1996 and writes about home buying and mortgages to help clients make smart home mortgage loan decisions. Contact by email Ken@MortgageLoanDallas.com
What resource do SMART home buyers use?... Mortgage Calculator Bank.com
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