By Kevin Smith, Staff Writer
Article Launched: 08/07/2008 10:43:44 PM PDT
http://www.pasadenastarnews.com/business/ci_10131298
Consumers who have suffered because of home foreclosures will see some stability returned to the marketplace as a result of the housing stimulus bill – but more needs to be done, an industry group said Thursday.
Fred Arnold, president of the California Association of Mortgage Brokers, said his [...]
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, [...]
(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 [...]
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 [...]
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 [...]
June 24 (Bloomberg) — Three months after Fannie Mae and Freddie Mac won the freedom to step up home-loan purchases, the government-chartered mortgage-finance companies are doing what critics in the Federal Reserve and Congress had predicted.
Instead of using powers granted by Congress to buy jumbo loans for the first time, Freddie Mac and Fannie Mae [...]
(From Philly.com, Philadelphia Inquirer)
More than a year after the subprime-lending collapse, mortgage brokers on the front lines are still contending with a blitz of industry changes that are making it harder for them to earn a living.
“It’s like being punched in the back every time you turn around,” said Michael Dougherty, managing partner at privately [...]
(From the Salt Lake Tribune)
Yes, the executives at Countrywide Financial Corp. planned a top-dollar shindig at a ski resort earlier this year, just after the bank’s multibillion dollar losses on subprime mortgages required a shotgun marriage to Bank of America. (A Wall Street Journal story forced them to cancel the party.) And sure, Bear Stearns [...]
March 31, 2008
During the weekend of May 31, 2008, Fannie Mae will implement Desktop Underwriter
(DU) Version 7.0. This release will include a number of changes to DU’s credit risk assessment and eligibility requirements. In addition, this release will support the policy changes described in Announcement 08-08 and in Lender Letter 06-07, and will include [...]
Effective Tuesday June 3, 2008, FNMA has expanded the Jumbo-Conforming loans (F500/F501)
Owner Occupied Transactions Only -
1) Added Cash Out Refinances – Max LTV/CLTV/HLTV is 75% (Maximum $100,000 cash back to borrower)
2) Increased Rate and Term – Max LTV is 80%
Additional Eligibility Changes and Clarification
Cash-Out Refinances – Max Cash Out $100,000. The cash back amount [...]
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