bay area foreclosure loan: fannie mae to bring up the conforming limit ???
- 02/18/08 12:54 PM
Now what? Frankly, analysts feel that enactment is possible by mid-February but looks more likely by early March. No large investors will make any policy changes or announcements until the issues are less confusing, or even voted into law. Apparently, the bill would temporarily increase the limit on mortgages Fannie Mae and Freddie Mac may securitize from $417k to up to $730k. In addition, the bill would increase the limit on loans the Federal Housing Administration (FHA) may insure from $362k to $625k. This should help to reduce spreads in the jumbo mortgage market! One estimate mentioned that as many as … (0 comments)
bay area foreclosure loan: did they raise the conforming limits or not? And mortgage rates continue to worsen
- 02/18/08 12:53 PM
As part of the economic stimulus package, an increase in the conforming limit could now be a reality, at least for a brief period. Congress and President Bush agreed, but have not voted yet, on a 1-yr increase in the conforming loan limit to $730K. There is not a lot of detail yet (there is confusion as to whether the $730K, or $725, is for high cost housing areas, or everywhere, and just what high cost areas are?). Just when mortgage originators everywhere were breaking out the Cold Duck, OFHEO's director James Lockhart (Office of Federal Housing Enterprise Oversight, who oversees … (0 comments)
bay area foreclosure loan: want to buy foreclosure properties, here are some websites
- 09/02/07 08:50 AM
Psssst... wanna buy a foreclosed property? After a default and after the house does not sell at the Trustee Sale, the bank/lender owns it. As most know, this is called "REO", for Real Estate Owned. Currently mortgage companies continue selling their REO's through real estate agents, who list them on the MLS. You would probably need to make an offer through an agent, but here are some sites which list the properties: http://www.countrywide.com/purchase/f_reo.asp http://www.downeysavings.com/ffs/properties http://www.pasreo.com/reo/ (Wells Fargo) http://www.homesteps.com/hm01_1featuresearch.htm (Freddie Mac) http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp (Fannie Mae) … (3 comments)
bay area foreclosure loan: Credit problem: expensive loan
- 08/14/07 06:04 PM
Credit (borrowing) has become scarcer, rather than simply more expensive, which could affect the real economy in at least three ways. It could make the already large overhang of unoccupied housing worse, curb consumer spending, and constrain capital spending and hiring by firms that depend on external financing. And then what? Will this housing problem infect other parts of the economy? The "wealth effect" that housing in the past has brought us is almost gone in many parts of the country. Home equity helped the consumer stay ahead of the game but that has been stripped for the most part. The number … (0 comments)
Now what? Frankly, analysts feel that enactment is possible by mid-February but looks more likely by early March. No large investors will make any policy changes or announcements until the issues are less confusing, or even voted into law. Apparently, the bill would temporarily increase the limit on mortgages Fannie Mae and Freddie Mac may securitize from $417k to up to $730k. In addition, the bill would increase the limit on loans the Federal Housing Administration (FHA) may insure from $362k to $625k. This should help to reduce spreads in the jumbo mortgage market! One estimate mentioned that as many as … (0 comments)
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