The Long Beach Mortgage Report: Fico is revising Credit Scoring Models
Long Beach, Ca. On the Credit Front. Credit scores and the system are being revised. Fair Issac will start offering the revamped score, "FICO 08," to lenders. Fair Isaac believes that the new score will do a better job of predicting borrower defaults, be more forgiving of one-time slipups, take a harder line on repeat offenders, and in general will do a deeper analysis of borrowers with poor or thin credit histories. The score will still range from 300 to 850.
Hard to believe January 2009 is almost over. This morning market is being driven by shrinking manufacturing numbers. A government report today showed the U.S. economy shrank at the fastest pace since 1982 in the fourth quarter as consumer spending slid the most in the postwar era. Gross domestic product contracted at a 3.8 percent annual pace from October through December, the Commerce Department said in Washington. Prices also retreated. The Institute for Supply Management-Chicago said today its business barometer decreased to 33.3, the lowest reading since March 1982, from 35.1 the prior month. Readings below 50 signal a contraction. As a result, the Ginny Mae 4% mortgage backed bond pricing is up 6/32nds at present and 30 year mortgages should be better priced this AM to yesterday close. Currently, the Ten Year yield is at 2.80% (2.68% yesterday).
Kirk Mulhearn, a Long Beach Realtor and professional mortgage planner can be reached at:
562-989-4608 ext. 110 You may read more at: http://www.longbeachrealestateandloans.com/
Comments(0)