loans: Historical Chart of 30 yr fixed and Prime Rate going back to 1963 - For all those who think rates are not going up, think again...
- 10/29/08 03:16 AM
This chart shows why rates are going to go up and possible where they are headed. If rates are cyclical then this chart should provide some clarity as to where rates are head in the short term. The one thing this chart doesn't reflect is that I believe that 30yr rates will start to act on there own away from the prime rate. In the future the 30 yr rate will not pair itself with the prime rate. This is due to factors effecting 30 yr rates that do not have a sever and direct effect on the prime rate. There … (4 comments)
loans: FHA loan limit is going to be raised to 417k...
- 10/09/08 03:14 AM
10/02/2008 - "This morning, FHA Commissioner Brian Montgomery announced that the new HECM nationwide loan limit (maximum claim amount) will be $417,000. The target effective date is November 1"This is a target date right now, not a set deadline. We still expect FHA to increase the "floor" on the origination fee from $2,000 to $2,500. A mortgagee letter will be published shortly that provides additional details.There was some debate within HUD to consider area limits at 115% of area median home value, with a floor of $417,000 and a cap of $625,500. Ultimately, the interpretation was determined that the new legislation … (1 comments)
loans: Some humor on a day when it may be hard to find some...
- 10/07/08 09:04 AM
Look for these mergers/consolidations to occur soon...1. Hale Business Systems, Mary Kay Cosmetics, Fuller Brush, and W. R. Grace Co. will merge and become: Hale, Mary, Fuller, Grace. 2. PolyGram Records, Warner Bros., and Zesta Crackers join forces and become: Poly, Warner Cracker. 3. 3M will merge with Goodyear and become: MMMGood 4. Zippo Manufacturing, Audi Motors, Dofasco, and Dakota Mining will merge and become: ZipAudiDoDa . 5. FedEx is expected to join its competitor, UPS, and become: FedUP. 6. Fairchild Electronics and Honeywell Computers will become: Fairwell Honeychild. 7. Grey Poupon and Docker Pants are expected to become: PouponPants. 8. … (9 comments)
loans: FHA the real story...
- 10/02/08 09:01 AM
I have received from the HUD office all the item pertaining to condo developments and the guidelines at every possible stage. Whether it is new, existing, annexation, or additional phases different rules apply to the different types. I believe on common misconception realtors have is that once your project is FHA approved that that also means that your Borrower is FHA approved for financing. Which is not the case. The FHA condo approval has two parts. First the Condo development itself must be approved and then each individual borrower must meet the FHA condo requirements. This is a separate set of … (4 comments)
loans: The future of lending...
- 09/30/08 08:20 AM
Many wholesale lenders as well as brokers are likely tobe closing down before the end of the year and into 2009as the Great Credit Crunch continues and the recession deepens.Futher than that, the falling home prices and furthur declingvalues in California in particular will leave very little roomfor undercapitalized wholesale lenders and high fixed costs brokers.Only the largest national lenders like Wells, Countrywide Bank,HSBC, Citi, Flagstar, B of A, etc. will survive as they do havetheir own in-house portfolio products that give them a betterprofit margin than selling Agency products. As you can see,most brokers prefer to work with these tier-one … (0 comments)
loans: Moon Light Basin
- 09/30/08 05:31 AM
I was informed by a source close to moon light that they will not be doing any further mountain development until further notice. They had a loan with Lehman Brothers that was due and payment was missed so the Mountain expansion has been suspended no new lifts or bathrooms, and the real estate side of things has also been put on hold...More as story develops... … (3 comments)
loans: Spell Checked Version - Sorry forgot to do it...
- 09/30/08 05:24 AM
I believe that getting front of the financial crisis will only drag the Federal Government further into the red. Historically the government is a reactive measure to combat private sector issues when the free market was unable to solve the problem. I fear that this time we are only stepping out in front of a speeding train that is eventually going to wreck. Accept this time the Federal Government is a passenger instead of a on looker of the financial tragedy. The plan can stop the inevitable so just let it happen rather than delay it until the winter or early … (0 comments)
loans: Just so everybody knows no longer GSE's...
- 09/09/08 06:09 AM
The proper name is GOE...This will be the new acronym for the two with them now being Governemnt Owned Entities... … (0 comments)
Mortgage Rates Near a Year High By RUTH SIMON and JAMES R. HAGERTYJuly 23, 2008; Page C14 Home-mortgage rates are nearing their highest levels … (4 comments)
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