refinance: Foreclosures...WHO REALLY LOSES?
- 01/08/08 01:23 AM
Over the past several months a steady stream of large financial companies have given notice of large losses that they are sustaining as a result of the credit crunch and sub-prime mortgage market issues. So the question is, who really loses when a company or in this case an industry loses a lot of money? Clearly, it is rarely the CEO of the firm. And obviously, it is initially the shareholders in the company, as the value of their investments plummet. But who really pays the price in the end...and how? Well, as many Americans are finding, the buck stops with the … (0 comments)
refinance: Treasuries Post Best Start Since 2001 on Unemployment
- 01/05/08 04:01 AM
The Treasury market had its best start to a year since 2001 after U.S. unemployment rose to the highest rate in more than two years and manufacturing expectedly contracted. The Federal Reserve will cut borrowing costs by a half-percentage point more than forecast to prevent a recession. Fed Chairman Ben S. Bernanke and six other policy makers speak about the economy next week. Bernanke will speak on financial markets, the economic outlook and monetary policy in Washington on Jan. 10. … (0 comments)
refinance: Fed May Not Avoid a Recession Even With More Rate Cuts
- 01/05/08 03:56 AM
Bill Gross, manager of the world's biggest bond fund, said the Federal Reserve may not be able to avoid a recession even if central bank policy makers lower borrowing costs by at least another percentage point. Wow! Scary News for sure! Hiring in the U.S. slowed more than forecast in December and unemployment jumped to a two-year high. The central bank has reduced its target for the overnight lending rate between banks three times since Sept. 18, bringing the rate to 4.25 percent. Look for at LEAST a 1/2 point rate cut on January 30th. This is what they should have done at … (4 comments)
refinance: Treasuries Gain After New Home Sales Decline to a 12-Year Low
- 12/28/07 03:36 PM
Treasuries rose the most in more than two weeks and headed for the best annual returns since 2002 after a government report showed sales of new homes in the U.S. declined to a 12-year low last month. Ten-year note yields fell to the lowest level in a week after the Commerce Department said sales dropped 9 percent. The three-month London interbank offered rate, or Libor, fell 10 basis points to a 22-month low of 4.73 percent Riots in Pakistan after the assassination of former prime minister Benazir Bhutto added to investors' desire for the safety of government debt. Unfortunately, global uncertainty and unrest … (5 comments)
refinance: Maine Anti-Predatory Lending Legislation
- 12/28/07 02:04 AM
Effective: January 1, 2008 Summary The state of Maine recently amended its High Cost Statute. The new law amends the high cost points and fees threshold and expands the definition of points and fees. The law is effective January 1, 2008 for all owner- and nonowner-occupied (including second homes), first and second liens, open- and closed-end, purchase and refinance loans that do not exceed the FNMA conforming loan limits for a 1-4 single family dwelling and applies to loan applications taken on or after the effective date. Maine’s Anti-Predatory Lending Legislation includes requirements for brokers regarding residential mortgage loans. Brokers originating … (3 comments)
refinance: Treasuries Gain After New Home Sales Fall to a 12-Year Low
- 12/28/07 02:02 AM
Treasuries rose the most in more than two weeks and headed for the best year since 2002 after a government report showed sales of new homes in the U.S. declined to a 12-year low last month. Ten-year note yields fell to the lowest level in a week as the housing slump prompted traders to raise bets the Federal Reserve will cut borrowing costs next month. Futures show the odds of an interest-rate cut by the Fed next month are 88 percent! ... Yippee! :-) ~Kris Krajecki Mortgage Specialist Fox Valley Mortgage 630-347-6321 … (1 comments)
refinance: Weekend Surge Fails to Salvage U.S. Holiday Sales
- 12/26/07 02:25 AM
Last-minute purchases over the pre- Christmas weekend failed to salvage what may be the slowest- growing holiday spending season in five years. Sales at stores open more than 12 months rose 2.8 percent last week...Retailers began cutting prices today to clear out merchandise left over from the weekend spending surge Macy's Inc.'s Bloomingdale's offered as much as 75 percent off men's clothes, and Lord & Taylor advertised half-off prices for children's coats today. I say look for another rate cut at the end of January! :-) … (0 comments)
refinance: U.S. Treasuries Gain on Concern Subprime Writedowns to Increase
- 12/20/07 04:25 AM
U.S. Treasuries rose on speculation financial institutions will post more writedowns related to subprime mortgages, boosting demand for the safety of government debt. One-month bill yields fell to the lowest since August after Bear Stearns Cos., the second-biggest underwriter of U.S. mortgage bonds, reported a loss and said it would take a $1.9 billion writedown on mortgages. Treasuries also rose as reports showed rising jobless claims and a contraction in Philadelphia-area manufacturing, boosting bets the Federal Reserve will lower interest rates again to avert a recession. As long as the bad headlines keep coming...the rates should keep dropping!! :-) … (1 comments)
· Do Not disclose FICO score - do not write FICO score on rate lock form - · Do not run automated findings - manual underwrite only - · If the new base loan amount does not exceed the total loan amount from the previous loan, an appraisal is not required · Credit report - Mortgage rating only w/NO FICO Scores - need most recent 12 months unless loan is less than 12 months old · Copy of the current NOTE - not the MORTGAGE, not the HUD-1 - need the NOTE · Payoff letter should be submitted with file or … (5 comments)
refinance: Fed endorses rules to curb shady lending
- 12/19/07 05:14 AM
The Fed, which has regulatory powers over the nation's banking system, is proposing: Restricting lenders from penalizing certain subprime borrowers - those with tarnished credit or low incomes - who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase. Forcing lenders to make sure that subprime borrowers set aside money to pay for taxes and insurance. Barring lenders from making loans when they don't have proof of a borrower's income. Prohibiting lenders from engaging in a pattern or practice of lending without … (0 comments)
refinance: Treasuries Rise Most in Three Years as Fed Rate Cuts Disappoint
- 12/11/07 07:36 AM
Treasuries rose the most in more than three years on concern that the Federal Reserve's quarter- point reductions in borrowing costs won't be enough to avoid the risk of recession. The rally pushed yields on two-year notes, more sensitive to expectations of further rate cuts than longer-maturity debt, back below 3 percent. The central bank lowered its target for overnight loans between banks to 4.25 percent and the rate it charges banks for direct loans to 4.75 percent, disheartening investors expecting a bigger reduction in the discount rate. The FED meets again on January 30th. :-) … (2 comments)
refinance: U.S. Notes Advance; Traders Forecast Fed to Cut Rates Tomorrow
- 12/09/07 12:43 PM
U.S. Treasury 10-year notes rose, ending four days of losses, on expectations slowing economic growth will lead the Federal Reserve to cut interest rates tomorrow for a third time this year. Investors expect reduced access to credit to last beyond the first three months of 2008. Financial futures on the Chicago Board of Trade show there is a 74 percent chance the Fed will trim its target for overnight loans between banks by a quarter percentage point to 4.25 percent. The rest of the bets are for a half-point reduction. ....Just in time for Christmas! :-) … (1 comments)
refinance: Refinance Facts and The Presidents "New Plan"...
- 12/08/07 11:54 AM
I trust you will find this article useful regarding the Federal Plan to help some subprime borrowers announced yesterday by President Bush. This will help you answer the questions that will come your way. It's a great opportunity to attract some Refi business in December and January. A few Refi facts that borrowers may not know: FHA cash out refi to 95% Rate & Term Refi's with Flex 100 or My Community/Home Possible to 100% LTV Expanded Approval Rate & Term Refi's to high LTV's Our Lender Paid MI can be a great option for some. Who Qualifies for Help,And What Qualifies as Subprime? The mortgage plan … (3 comments)
refinance: Bush's Subprime Mortgage Freeze
- 12/07/07 01:21 AM
Rates are still up and down like a roller coaster! I think that we will still see a rate cut on December 11th. President George W. Bush's plan to freeze interest rates on some subprime mortgages may prove to be a cure that breeds another disease. When the government comes in and says you have contracted to have this arrangement and you can no longer have it, I think it opens the door for lawsuits. Bush and Treasury Secretary Henry Paulson yesterday announced an agreement with lenders that will fix rates on some loans for five years. The deal will help borrowers who will … (1 comments)
refinance: Bush's Subprime Mortgage Freeze
- 12/07/07 01:21 AM
Rates are still up and down like a roller coaster! I think that we will still see a rate cut on December 11th. President George W. Bush's plan to freeze interest rates on some subprime mortgages may prove to be a cure that breeds another disease. When the government comes in and says you have contracted to have this arrangement and you can no longer have it, I think it opens the door for lawsuits. Bush and Treasury Secretary Henry Paulson yesterday announced an agreement with lenders that will fix rates on some loans for five years. The deal will help borrowers who will … (0 comments)
refinance: Treasuries Fall on Bets U.S. Subprime Plan to Support Economy
- 12/06/07 01:18 AM
Treasuries fell on speculation a U.S. government plan to curb foreclosures on home loans will limit the risk of recession in the world's largest economy. All U.S. debt securities yield less than the Federal Reserve's target rate for overnight lending between banks!! There will certainly be a cut in borrowing costs on the 11th - the next time that teh FED meet. President George W. Bush today will announce a freeze on some subprime mortgages to stop a wave of foreclosures. The London interbank offered rate, the amount banks charge each other for such loans, increased 1 basis point to 4.88 percent, the … (0 comments)
refinance: Treasuries Rise as Fed Policy Makers Say U.S. Economy Slowing
- 12/03/07 07:44 AM
Treasuries rose as Federal Reserve policy makers said the economy is slowing, increasing speculation that the central bank will cut borrowing costs a half-percentage point next week. The rally pushed two-year note yields to within 3 basis points of the lowest level since 2004 as short-term lending rates increased for a 14th day and stocks fell. Fed funds futures on the Chicago Board of Trade show traders raised bets that the central bank will reduce its 4.5 percent target rate for overnight lending between banks a half- percentage point at its next meeting Dec. 11. U.S. Treasury Secretary Henry Paulson said at a … (2 comments)
refinance: I MISS FHA
- 12/01/07 03:21 PM
Another lender is getting even STRICTER....and with FHA!!! Hey guys, Sorry to bring this to you late on a Friday, but I just received an email that we are increasing our minimum fico on FHA loans to 600 for all borrowers. I need all loans locked today that fall between the 580 and 599. Please call me asap to get these deals locked. PLEASE NOTE THAT THIS DOES NOT AFFECT STREAMLINES. We do not require a credit score on streamlines. Please call me with any questions and I am sorry for this. Thanks! Account Executive SunTrust Mortgage I remember when FHA was FHA!!! Pretty soon it'll be … (2 comments)
refinance: North Carolina’s High Cost Home Loan Law
- 12/01/07 03:05 AM
North Carolina's High Cost Home Loan LawEffective January 1, 2008, North Carolina's High Cost Home Loan Law is amended to include all Yield Spread Premiums (YSPs) paid to the broker in the high cost points and fees test. Owner-occupied primary residence loans with loan amounts of equal to or less than $300,000 are affected by this change. North Carolina Rate Spread Home Loan LawA new Rate Spread Home Loan Law creates restrictions relating to certain loan documentation types AND restrictions on prepayment fees. These changes apply to all conforming owner-occupied primary residence purchase or refinance loans secured by property located in North … (2 comments)
refinance: U.S. Notes Post Best Monthly Gains Since 1995 on Credit Losses
- 12/01/07 03:02 AM
Treasuries had their best month in 12 years as concern over banks' willingness to lend drove investors to seek refuge in the relative safety of U.S. government debt. An index of Treasury securities returned 3.2 percent in November, the highest since 1995, as the rate banks charge each other for borrowing in dollars for one month rose the most since August. Federal Reserve Chairman Ben S. Bernanke indicated the central bank may cut lending costs after a report next week forecast to show employers added the fewest jobs since June. It looks like Santa may bring one more rate cut this year!! :-) … (1 comments)
Over the past several months a steady stream of large financial companies have given notice of large losses that they are sustaining as a result of the credit crunch and sub-prime mortgage market issues. So the question is, who really loses when a company or in this case an industry loses a lot of money?;)
;)
