I think it is inevitable that we will end up with a universal formula for loan modifications. The first initiatives are being touted now. I think it will take some time due two main reasons: The RE markets need to stabilize so that the losses can be quantified, and so that each loan mod granted is a permanent solution. (I have assisted a few people with a second loan mod). The second has to do with acceptance by the markets, political will, and agreement on the (elements of) the eventual formula: Balance reduction, rate reduction, forbearance, loan program conversion, etc. In the meanwhile it's a matter of negotiations. I say again, you can get financing without a mortgage broker, but getting a loan mod on your own is an outright bad idea right now because as a distraught borrower you have no idea what the best available deal is, or how to get it! - Paul
"Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market," said Frank Nothaft, Freddie Mac vice president and chief economist. 30-year fixed-rate mortgage (FRM) averaged 6.04% with an average 0.6% fee for the week ending October 23, 2008, down from last week when it averaged 6.46%. Last year at this time, the 30-year FRM averaged 6.33% Freddy Mac rate surveys. 1-3 week trend: No trend.
Fannie, Freddie focus on foreclosures, liquidity
They're working with lenders and loan servicers to ensure foreclosures are avoided where possible -- including measures such as lengthening loan terms and reducing interest rates -- Fannie Mae's and Freddie Mac's chief executives said, and they're also actively working to improve liquidity in the mortgage markets. Read more.
They're working with lenders and loan servicers to ensure foreclosures are avoided where possible -- including measures such as lengthening loan terms and reducing interest rates -- Fannie Mae's and Freddie Mac's chief executives said, and they're also actively working to improve liquidity in the mortgage markets. Read more.
Other woes make foreclosure crisis hard to break
Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. So why is the foreclosure crisis so hard to fix? There are five main reasons. Read more.
_________________________
Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. So why is the foreclosure crisis so hard to fix? There are five main reasons. Read more.
_________________________
Real Estate Resources
Recent Posts
Real Estate Best Practices
over 11 years ago
Real Estate General Information
over 11 years ago
ActiveRain Community
almost 12 years ago
Mortgage financing news and topics, and meaningful advice for real estate professionals and consumers.
Comments(0)