market news: Economic Data - 04/01/09 02:47 AM
Economic data should steal some headlines away from the G-20 pre-meetings today and reports from the Obama camp that bankruptcy may be the most likely option for some carmakers. The ISM Manufacturing, Pending home sales, and Vehicle sales are expected to show mild gains while ADP employment change is expected to post another massive loss of 663,000. 
 Home prices dropped 19% in January according to the S&P/Case Shiller index.  A glut of unsold properties may keep prices low, shrinking household wealth and damping spending.  Sales of new and previously-owned homes rose in February, indicating the housing slump may ease as policy efforts to unclog credit and … (2 comments)

market news: Government is finally Buying up Mortgage Backed Securities. Rates stay low. - 01/08/09 01:09 AM
Mortgages saw good two-way flows yesterday as the Fed began buying late morning and continued purchasing throughout the session, which helped to offset the heavy real money and steady origination selling.  Note that the rates would be skyrocketing if it weren't for the Fed coming into buy MBSs or Mortgage Backed Securities. 
Originators continued hedging in FNCL 4.5% and 4% and GNMA 4.5% and 5% out to March settle.  30yr MBS closed relatively flat on the day, anywhere from 2/32s wider to tighter depending on the coupon.  At 3pm, FNMA 30yr MBS prices for January were the following;  FNCL 4.0% at 101-07 (+06/32), … (3 comments)

market news: Today's Stunning Economic News....Great for Rates - 12/16/08 08:41 AM
Good afternoon,
Fed cut the target Fed Funds rate from 1.00% to a range between 0.00% and 0.25%. The 75 basis point cut was larger than the consensus forecast for a 50 basis point cut. This marked the first time that the Fed has targeted a range rather than a fixed value, reflecting that it is more difficult for the Fed to precisely target a rate in the current market environment. The Fed's statement confirmed that economic conditions have worsened recently and suggested that rates will remain at extremely low levels for an extended period of time. Also notable, the Fed … (7 comments)

market news: Latest Freddie News Strengthens FHA's stranglehold on the market!!! - 11/14/08 01:10 AM
Freddie Mac is doing all it can to make sure that FHA is the lender for 2009. While FHA in 2008 has had an act similar to a top tier Rocky movie, Fannie and Freddie seem to be fading like Apollo Creed. Freddie is now getting rid of Accept Plus Findings. That's huge. It's basically elimating stated findings. Further, Freddie is allowing AUS or Automated Underwriting Findings with a DTI or Debt To Income of over 45%, but FREDDIE HAS STATED THAT IT WILL NOT BUY any loans with DTIs over 45%. Now there are a few modifications and exceptions, but … (9 comments)

market news: Mortgage Applications UP!!!!!! - 09/03/08 01:48 AM
They say "the trend is our friend."  If that's the case, then the news from the Mortgage Bankers Association should be welcome news.  The question is....does 1 week make a trend?  We don't have 1 week, we have 2.
Weekly mortgage applications in the United States increased in the week ending Sept. 3, according to data released from the Mortgage Bankers Association (MBA) TODAY!!!!, which reported a 7.5% week-over-week rise in applications.
In the previous week, applications also rose by 0.5%.
The average loan size was $215.6k, compared to previous week's $216.9k.
The average interest rate for a 30-year fixed-rate mortgage … (7 comments)

market news: This Past Week's Economic Summary...interpreted my your's truly. - 08/17/08 01:11 PM
(1 comments)

market news: Foreclosures up 121%, but ECONOMIC REVISIONS suggest ecopnomic stabilization....Go Figure!!!!!!! - 07/25/08 03:09 PM
U.S. new home sales fell marginally in June but the pace was much higher than expected due to +50k of revisions over the past three months. Economists were surprised by the report and said it may be a tentative sign of stabilization.
Some Cheif Strategists suggest that it "paints a brighter picture (than previously portrayed).  We'll see.....I can't believe that this is more than just a blip.  We'll see....time will tell....the proof will be in following economic data results.
Sales fell 0.6% to an annual pace of 530k sales in June's U.S. Census Bureau report on Friday. April's new home sales … (9 comments)

market news: Today's Markets...ahead of the Fed Meeting - 01/30/08 01:25 AM
Yields rose again on Tuesday with most spots on the Treasury curve rising 8-9bp in calm, orderly trading as the market awaited today's FOMC meeting. December durable goods came in much stronger than expected, rising 5.2%. The S&P/Case-Shiller US Composite Home Price Index, which measures housing prices in twenty MSA's, declined in November by 7.74% year-over-year, the largest monthly year-over-year decline since this data series commenced in January 2001. Declines occurred in 17 of the 20 MSAs. News continued to swirl around the bond insurers with reports hitting the wires that the NY insurance commissioner requested that S&P and Moody's delay … (2 comments)

 
Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001)

Larry Bettag

Vice-President of National Production

Saint Charles, IL

More about me…

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office: (630) 524-9677

Mobile: (630) 417-7172

 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”
(John 14:1-4, New King James Version)

Larry Bettag

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