Fannie, Freddie, OFHEO, Attorney General Cuomo Combat Appraisal Fraud
(March 3, 2008) - Office of Federal Housing Enterprise Oversight Committee Director James B. Lockhart sat down with Attorney General Andrew Cuomo and the two Enterprises Fannie Mae and Freddie Mac to discuss and make revisions to the appraisal process for residential mortgages. The agreement, which will be implemented by January 1st, 2009, will be:
"...eliminating broker-ordered appraisals, prohibiting appraiser coercion, and reducing the use of appraisals prepared in-house or through captive appraisal management companies in underwriting mortgages. The agreements also enhance quality control in the appraisal process and establish a complaint hotline for consumers. The agreements include a Home Valuation Code of Conduct that the GSE's will apply to lenders selling mortgages to Fannie Mae or Freddie Mac". ... (read more)
Marketwatch - Dow Jones Falls
(March 4, 2008) - Stocks dropped just under 200 points today on recent forecasts of increasing numbers of foreclosures by the federal reserve and downgrades by tech forerunner Intel. The 'INDU' 52 week low is currently at 11,508.74, while current market index readings are at 12,091.52... (read more)
Daily Mortgage Commentary
(March 4, 2008) - The Bond market showed little activity at the start of the day as there were no relevant economic pieces of data set to released today.... (read more)
The Beige Book: The Power To Surprise?
(March 4, 2008) - The Fed release their 2nd reading for 2008 tomorrow, just two weeks before their heavily anticipated March 18th meeting. While all signs point towards another .50% rate cut, catching what is released in the Beige Book tomorrow can provide insight on where the Federal Reserve believe our economy is headed.... (read more)
;)
;)
