Fannie Mae Rolls Out Refi Plus

Fannie Mae has finished developing Refi Plus, a portfolio retention tool that was introduced in July.
The program allows borrowers to lock in rates for refinancing existing Fannie Mae loans up to two years in advance of the prepayment-period end date, in conjunction with supplemental financing.
The company feels the time is perfect for such a product, [...]

Mortgages Get Harder To Qualify For

http://www.kiplinger.com/printstory.php?pid=14237
To qualify, you’ll need top-notch credit and solid financial resources.
By Pat Mertz Esswein
From Kiplinger’s Personal Finance magazine, August 2008
Ever since Wall Street lost its appetite for mortgage securities, the supply of money for home buyers and refinancers has been tight. The biggest remaining investors are the federally chartered corporations Freddie Mac and Fannie Mae, which [...]

U.S. To Face A Financing Crisis?

Merrill Lynch has warned that the United States could face a foreign “financing crisis” within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world.
The country depends on Asian, Russian and Middle Eastern investors to fund much of its $700bn (£350bn) current account deficit, leaving it far [...]

FANNIE MAE AND FREDDIE MAC BEING SUPPORTED BY

(From Portfolio.com)
World markets are cheering the U.S. government’s support for the mortgage giants Fannie Mae and Freddie Mac.  This morning, the dollar is rising, European stock markets are higher, and futures of U.S. stock indexes and even the futures for Fannie and Freddie are pointing to an opening rally.
“The U.S. authorities are doing everything they [...]

Fannie and Freddie: Insolvent?

Just a few weeks ago, experts were saying the credit crisis was on the mend and we could all get back in the pool. But as we discussed in an earlier post, worries about Fannie and Freddie are on the rise, and the increase in agency spreads back in January was probably the biggest trigger [...]

Mortgage and Housing Markets Fragile

The big federally backed mortgage firms are under the gun, as investors worry about the firms’ ability to finance the loans they hope will end the country’s housing crisis.
But Sacramento mortgage brokers said Tuesday they’re confident the region’s real estate market is withstanding the new turmoil – so far.
Fresh fears that the loan market [...]

IndyMac: Capital Starvation And Deflating Assets

(From NakedCapital)
For anyone who’s remained in denial, this press release paints a clear picture of the severity of the credit crisis: Indymac can’t raise needed capital, and can only sell off assets at a loss. Part of this story is specific to Indymac, but the problem of capital starvation and deflating assets is a general [...]

REFINANCE REALITY: FULL DOC AND GREAT CREDIT

(From MiamiHerald.com)
BY TAMARA HOLMES
During the height of the real estate boom, it was not only possible to buy a home with little cash and less-than-ideal credit, but with soaring real estate prices, it was easy to refinance as well.As a result, many homeowners cashed in on lower interest rates and pulled equity out of their [...]

Sub-Prime Losses and Housing Bubble Could Cost $1 Trillion…

(From Forbes.com)
The bill for securitization of credit and the meltdown of subprime mortgages and other collateralized debt obligations ratchets up to $500 billion. The end is nowhere in sight. We may be looking at a final reckoning approaching  a trillion bucks. To paraphrase the late Illinois Sen. Everett M. Dirksen, “A billion here, a billion [...]

Countrywide, Mozilo Will Be Facing Lawsuits For Years

Angelo Mozilo, who started Countrywide Financial in 1969 with David Loeb, will bid adieu to the torn-and-tattered remains of the company today as it formally completes its sale to Bank of America.
The fallout from the subprime debacle will likely continue to unfold in courtrooms for years to come. With foreclosures still on the rise and [...]