Guaranty Mortgage

Canadian Q1 and March GDP and core PCE in the U.S. will dominate the economic news of the day as markets prepare for the final trading day of May. In addition to comments from the Fed and Canadian finance ministers, markets will also be paying attention to European Central Bankers on Friday. At 8:30 a.m. EDT, the U.S. Commerce Department will release its personal income and spending report for April. Economists are expecting personal spending to rise 0.2% month-over-month after picking up 0.4% in the previous month. At 9:45 a.m. EDT, markets will receive the Chicago Purchasing Managers’ Index for May, which is expected to… Read More Now

Here come conforming jumbos
Lenders just might be getting serious about underwriting the new conforming jumbo mortgages for more than $417k.

The director of the Office of Thrift Supervision called for federal oversight of mortgage companies, according to a transcript of his presentation. He said such a move would establish a level playing field with consistent regulation. He suggested that the subprime credit crisis could have far less damaging if all mortgage companies were regulated like banks.

Economist Calls April U.S. Durable Goods Report “Awfully Strong”
The surprising 2.5% increase in April durable goods excluding transport as well as the 4.2% advance in core capital goods makes for a strong report that contrasts with the ISM manufacturing data, economists say. Eric Lascelles, senior economics and rates strategist at TD Securities, said the release is an “awfully strong looking report,” noting the while “most measures are still flirting around zero,” there was also “substantial growth” in a few key components. Read More Now

Lawsuit Targets Countrywide Execs, Directors
The Arkansas Teacher Retirement System is acting as the lead plaintiff in a lawsuit filed in U.S. District Court, Central District of California, against 14 current and former directors and officers of Countrywide Financial Corp. The case is known as a shareholder derivative action because the shareholders are suing company executives on behalf of the company. The defendants are accused of “engaging in an extensive pattern of misconduct in breach of their fiduciary duties and in violation of federal securities laws.”

Rates Rising
The average 30-year fixed-rate climbed 0.1 percent from the prior week to 6.1 percent in Freddie Mac’s lates rate survey. The 6-month London Interbank Offered Rate rose 5 basis, Bankrate.com said. Freddie’s chief economist attributed the upward movement to market concerns that the Federal Reserve may increase the federal funds rate to stave off inflation.

Finding the grill of your dreams
You can spend a lot or a little, depending on how many options you want.

Checking out options for your grill
These days you can add a rotisserie, smoker or even infrared.

U.S. Treasury’s Steel Calls for More Financial Education
Increased financial literacy from consumers would have helped dampen some of the effects of the subprime housing crisis, according to Robert K. Steel, U.S. undersecretary for domestic finance, on Wednesday. Read More Now

Federal Governor Frederic S. Mishkin submitted his resignation today to President George W. Bush. Mishkin will be leaving his post on Aug. 31, 2008. Mishkin has been a member of the board since Sept. 5, 2006. Mishkin’s term was set to expire on Jan. 13, 2014. Mishkin has said that he will be… Read More Now

Economic News Impacts Both Short- and Long-Term Rates; Applications Drop
Long- and short-term interest rates each moved slightly during the week ended May 22 on the basis of larger economic news according to Freddie Mac’s Primary Mortgage Market Survey. Mortgage application volume decreased… Read More Now

NAR and DOJ Reach 10-Year Settlement of MLS Anti-Trust Suit
The U.S. Department of Justice (DOJ) announced on Tuesday that it had reached a proposed settlement with the National Association of Realtors (NAR) to end a long-simmering dispute over the use of multiple listings on the Internet. The basis of the dispute and an eventual anti-trust lawsuit against NAR filed in 2005 was what DOJ called “policies and related rules that obstructed real estate brokers who use innovative Internet-based tools to offer.. Read More Now

Finding the grill of your dreams
You can spend a lot or a little, depending on how many options you want.

Best Mortgage Web Sites
Keynote Systems Inc. completed its Q2 2008 Mortgage Scorecard. The bi-annual study measured the customer experience on leading mortgage Web sites. E-LOAN ranked highest overall in the study, the lead researcher for Keynote told MortgageDaily.com. No. 2 was Wells Fargo Home Mortgage.

Branch Operation Struggling to Survive
Vanguard Mortgage & Title Inc., which had been unable to fund new loans after being put into a net funding situation due to its failure to pay interest on its lines-of-credit, will now get funding from Taylor, Bean & Whitaker Mortgage Corp. Loans that already have closed loans will receive funding under the old warehouse line-of-credit, but Vanguard will have to rely on table funding for all new loans, MortgageDaily.com was told by the new chief executive officer. Vanguard is still trying to pay division office expenses for which it is responsible as well as cover past due payables owed to its vendors, he said, but declined to say how much was owed to Taylor Bean, vendors and office managers.

Fed’s Stern Says Inflation Expectations Based on How Fed Raises Rates
Minneapolis Fed President Gary Stern said on Wednesday that inflation expectations will be determined by how the Federal Reserve raises rates. On housing, Stern said the housing downturn looks more severe than the 1990s shock, noting that the residential housing inventory remains large and the housing adjustment is ongoing… Read More Now

Wednesday’s Events: U.S. Durable Goods, Fed Speakers, Mortgage Applications
Some weekly U.S. retail and mortgage data kicks off the day followed by the release of durable goods orders and some Fed speakers. The Canadian economic front looks light with some tourism reports from Statistics Canada and a 23-year bond auction from the Bank of Canada. Meanwhile, Europeans will be looking out for German CPI figures. Read More Now

A Frugal shopper’s best tip
Planning ahead helps our winner save both money and time.

Meeting Minutes Say FOMC to Maintain Discount Rate to Slow Inflation
The release of the Federal Open Market Committee’s (FOMC) March 31- April 30 minutes show seven district banks had voted for no change in the discount rate in an effort to slow inflation. The Boston Fed was the lone bank to vote for a half-point cut in the discount rate. Four banks had requested a 25bp cut to the Fed funds rate as they expressed concern about the near-term prospects for economic activity. “Several directors noted that significant downside risks to economic growth remained… Read More Now

Approved Fannie Mae servicers will now be reimbursed up to $150 per case when they pay counseling fees on behalf of borrowers to support delinquency resolution through the HOPE NOW Alliance, according to a lender letter Friday. The maximum reimbursement was raised from $100. Another letter indicated that its servicing guide, which currently allows servicers acting in their own names to represent Fannie’s interests in foreclosure proceedings, now allows servicers to represent Fannie’s interest in bankruptcy, probate and other legal proceedings.

High-horsepower cars zoom to extinction
New mileage mandates may doom some beloved cars, says Bankrate car columnist Terry Jackson.

Mortgage Fraud Stats
The Federal Bureau of Investigation released its Financial Crimes Report the Public for Fiscal Year 2007. The report indicated there were 321 mortgage fraud indictments during the year. Of those indicted, 260 ended up with convictions.

Net Branch Secrets
Fairway Independent Mortgage Corp. announced a branch in Massachusetts received the No. 1 ranking in 2007 out of 100 branches across the country. Business at the Fairway branch was driven by the company’s top-producing loan originator. Primary Residential Mortgage Inc. reported that volume of mortgages insured by the Federal Housing Administration from January through April was up 563 percent from a year earlier.

In the details
Fannie Mae has reversed a controversial policy on down payments, but that doesn’t mean you’ll have an easier time getting a low-down payment mortgage.

Finding the grill of your dreams
You can spend a lot or a little, depending on how many options you want.

Here come conforming jumbos
Lenders just might be getting serious about underwriting the new conforming jumbo mortgages for more than $417k.

Writing a modification letter
The FHA has one formula for charging premiums, regardless of the borrower’s credit score. That will change July 14, when the agency rolls out risk-based pricing.

In an interview with CNBC, Treasury Secretary Henry Paulson said that the U.S. has been in a rough patch but is coming closer to the end of the current credit crisis. Paulson was encouraged by thexxx Read More Now

Extreme savers share their secrets
There are savers, and then there are uber savers — people who really take it seriously.

Which Web site has the lowdown on leases? Bankrate car columnist Terry Jackson gives his opinion.

Writing a modification letter
The FHA has one formula for charging premiums, regardless of the borrower’s credit score. That will change July 14, when the agency rolls out risk-based pricing.

Groups Oppose Provisions of RESPA Reform
The Department of Housing and Urban Development’s new RESPA rule will cause one-time and ongoing costs, including increased time and money spent at closing and possibly increased legal liability for everyone involved, the chairman-elect Mortgage Bankers Association testified before the House. “The RESPA Rule released by HUD is not simplification,” he stated. The American Land Title Association also cautioned Congress that HUD’s proposed RESPA reform would lead to more confusion, red tape and cost for borrowers and home sellers, according to an announcement.

Ask questions before agreeing to loan
The time to ask questions about a loan is before you sign, says Bankrate car columnist Terry Jackson.

Mixed Activity at Fannie
New business acquisitions were $66 billion during April, according to Fannie Mae’s monthly summary. Acquisitions were higher than the prior month and a year earlier. However, the secondary lender said serious delinquency during March was up for the 10th straight month.

In the details
Fannie Mae has reversed a controversial policy on down payments, but that doesn’t mean you’ll have an easier time getting a low-down payment mortgage.

Freddie Activity Worse
Purchases and issuances were $43 billion in April, Freddie Mac reported. Volume fell from March and from April 2007. Delinquency rose for the 10th consecutive month.

Which Web site has the lowdown on leases? Bankrate car columnist Terry Jackson gives his opinion.

Freddie Activity Worse
Purchases and issuances were $43 billion in April, Freddie Mac reported. Volume fell from March and from April 2007. Delinquency rose for the 10th consecutive month.

A Frugal shopper’s best tip
Planning ahead helps our winner save both money and time.

Plant a garden, harvest savings
Gardening can save you money on fruits and vegetables — if you do it right.

The unemployment rate fell because a lot of people have part-time jobs, even though they would prefer to work full-time.

Here come conforming jumbos
Lenders just might be getting serious about underwriting the new conforming jumbo mortgages for more than $417k.

Treasury’s Paulson Sees End in Sight for U.S. Credit Crunch
In an interview with CNBC, Treasury Secretary Henry Paulson said that the U.S. has been in a rough patch but is coming closer to the end of the current credit crisis. Paulson was encouraged by thexxx Read More Now

Final illustrations were issued today by the federal financial regulatory agencies that explain risky aspects of subprime loans and illustrate how hybrid adjustable-rate mortgages work. The illustrations are part of the Statement on Subprime Mortgage Lending which became effective on July 10, 2007. The illustrations are not mandatory.

Analysis of Conforming Jumbo Pricing
In the wake of Bear Stearns’ near collapse in March, Wall Street broker-dealers were preoccupied with conserving cash, the Mortgage Bankers Association said in testimony before congress. So when the Department of Housing and Urban Development announced the higher loan limits in March, lenders were unsure of what investors were willing to pay for conforming jumbo loans. In addition, varying limits for different locations complicated pricing.

National City Settles With HUD
National City Mortgage Inc. agreed to a $4.6 million settlement, the Department of Justice announced. At issue are 58 mortgages that National City submitted the Department of Housing and Urban Development for insurance endorsement. The Justice Department alleges National City certified to FHA that the loans were current, even though they were actually delinquent.

Extreme savers share their secrets
There are savers, and then there are uber savers — people who really take it seriously.

A Frugal shopper’s best tip
Packaging snacks for her kids helps our winner save a bundle.

When creditors invade your bank account
Creditors can garnish wages and levy bank accounts until the debt is paid, says the Bankruptcy Adviser.

Avoiding capital gains tax on a home sale
There is a time limit on taking advantage of the real estate capital gains tax exclusion, says CPA George Saenz.

The Fed’s rate cut could push long-term mortgage rates higher if the Fed’s action is deemed inflationary.

Greenspan Says Inflation Not Yet Out of Control
Inflation is not yet out of control in the United States, according to former Fed Chairman Alan Greenspan, speaking via satellite link to a conference in Athens, Greece. Nevertheless, the markets are moving towards a more inflation-prone environment, added the retired central banker. Read More Now

Interest Rates Still Moving Within a Narrow Range; Applications Down
Mortgage rates continued to move within a tight range during the week ended May 15 according to results from Freddie Mac’s Primary Mortgage Market Survey. The 30-year fixed-rate mortgage (FRM) averaged 6.01 percent, a decline of 4 basis points from the previous week, although there was a spike in average fees and points from 0.3 to 0.6 point. “Despite the bleak housing market, there was positive news on… Read More Now

Extreme savers share their secrets
There are savers, and then there are uber savers — people who really take it seriously.

Utility payment plans have some flaws
Equal payments may sound like a great idea, but watch out that you don’t get hit with a surprise bill at the end of the year.