mortgage outlook: Maybe some hope for the Subprime Crisis
- 09/05/08 06:37 AM
Date: 09/04/2008 Ocwen Financial Corp. (OCN), one of the nation's leading subprime mortgage providers, has reported that delinquencies have decreased throughout the summer on the subprime mortgages it handles. The decrease seems to be as a result of the company's technology enhanced loan modification program. Such reports reflect a light at the end of the tunnel in the middle of the subprime crisis and reveal a potential sensible approach to keeping homeowners in their homes while protecting both lenders' and investors' income. OCN reports that delinquency rates in the 60, 90, and 90+ categories have either decreased or remained level over … (0 comments)
mortgage outlook: Some more positive news!
- 05/21/08 07:52 AM
According to the California Association of Realtors 66% of Los Angeles County residents can afford to purchase an entry-level home worth almost $400,000. Just last year the same survey concluded that only 21% percent could afford to purchase an entry-level home. The trade group attributed the rise of foreclosures and distressed homeowners as the reasons for the huge difference. The CAR's survey, the First-time Buyer Housing Affordability Index, measures the ability for residents to purchase a home at 85% of the median price for their area. Based on current interest rates and the new median home price … (2 comments)
mortgage outlook: Fannie Mae Lowers Down Payment Requirement to 3%
- 05/19/08 07:07 AM
Fannie Mae announced this week that it will lower the amount of down payment it will require for single-family conforming home loans. Starting June 1st buyers will only be required to put a 3% down payment however the home they are purchasing will need to be their primary residence. "We've been working on ways to meet the market's need to recover," said Marianne Sullivan, Fannie Mae's senior vice president in charge of single-family credit policy and risk management. "This new down-payment policy reinforces our goal to support successful homeowning, not just homebuying, as we seek to bring liquidity to all communities … (3 comments)
mortgage outlook: Mortgage Applications Rise For A 2nd Week!
- 05/16/08 03:57 AM
Positive news is always a good thing to hear with the current market conditions! In its weekly mortgage application survey the Mortgage Bankers Association reported Wednesday that application rose for the second consecutive week. The 2.9% rise for the week ending May 9th was mostly attributed to an increase in refinance requests. As mortgage rates fall more and more homeowners are looking to refinance their current home loans. Refinance loans have become so popular that they account for more than 48% of all mortgage applications. The average interest rate for a 30-year fixed mortgage fell from 5.91% last week to 5.82% for this week. … (1 comments)
mortgage outlook: Mortgage News
- 04/21/08 04:27 AM
In line with analysts' expectations, consumer prices pushed 0.3% higher in March after being unchanged in February, the Commerce Department reported April 16. Core consumer inflation, which excludes food and energy costs, rose 0.2% in March. Over the past 12 months, consumer inflation is up 4%, reflecting relentless gains in energy costs, which are up 17% over that period, and food prices, which are up 4.4%. At the wholesale level, producer prices rose 1.1% in March, almost triple the 0.4% rise economists had expected. Core wholesale inflation, which strips out energy and food costs, rose just 0.2%, down from a 0.5% … (0 comments)
mortgage outlook: Mortgage News
- 04/11/08 07:00 AM
AN INSIDER'S VIEW FROM THE CAPITAL MARKETS COOPERATIVE TRADING DESK:"Is the worst of the credit crisis behind us? Was Bear Stearns' capitulation the last straw? It sure feels like it. The Fed has shown its willingness to prevent disaster. Voices from Merrill Lynch to S&P say that the worst losses have been taken. Credit spreads on everything from corporates to munis to mortgages are tightening. Banks are raising capital and the stock market is rallying. And if the mortgage-to-Treasury spread is any measure of the industry's health, we're on the way back in a big way.Since March 6th, fixed mortgage rates … (1 comments)
Date: 09/04/2008;)
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