Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) has proposed a new tool for the Home Affordable Modification Program (HAMP) to specifically address the problems of unemployed borrowers. The Unemployed Borrower Bridge to HAMP Modification was laid out by MBA President John A. Courson in a letter to Treasury Secretary Timothy F. Geithner and proposes up to nine months of forbearance for unemployed owner-occupants before they are considered for a HAMP loan restructuring . In addition to forbearance, MBA's proposal calls for establishing a Low Cost Advancing Vehicle (LCAV) within Treasury to supply reasonable funds at a fixed rate to participating mortgage servicers to cover advances during the forbearance period. It also suggests a risk sharing mechanism that would encourage stakeholders to take the…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
February 28, 2010
February 27, 2010
A note, sent yesterday, from a reader named Matthew.
Fed MBS Purchase Program Update: 96% of Funding Used
Posted To: MND NewsWireThe Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending February 24, 2010, the Federal Reserve purchased a total of $17.3 billion agency MBS. In those five trading days the Federal Reserve sold $6.3 billion (supported the roll market) for a net total of $11.0 billion MBS purchases. The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers. ( NY Fed MBS FAQs ) Since the inception…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage mods for profit
Mortgage rates have held fairly steady since the middle of last week.
Bernanke Says Status of GSEs in “No-Man’s Land”. Discussing Reform, Reorganization, Reassurance
Posted To: MND NewsWireWe've been discussing the fate of the GSEs quite often over the past few months. The broad majority of conversation has focused on their "up in the air" political status. Yesterday, speaking before the House Budget Committee, Treasury Secretary Tim Geithner said the Treasury will lay out broad principles for Fannie and Freddie later this year while legislative proposals would come next year. Geithner also informed us that he did not believe it was necessary to consolidate the obligations of Fannie Mae and Freddie Mac onto the federal budget. Geithner's words were: "We do not think it is necessary to consolidate the full obligations of Fannie and Freddie onto the nation's budget but we do think it's very important … that we make it clear to investors around the…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Loan Demand Falls Again. Mortgage Rates Unchanged Today
Posted To: Mortgage Rate WatchMortgage rates fell yesterday thanks to a much weaker than expected consumer confidence survey. This scheduled economic release combined with a few other unscheduled events forced investors to sell stocks and move funds over to the safest assets in the world, US Treasuries. This fueled a rally in mortgage-backed securities just as the day was getting started. Adding more momentum to the rally was a strong 2 year Treasury note auction. Most lenders did reprice for the better by day's end which pushed the best par 30 year fixed conventional mortgage rate back down to 4.75%. Only a few lenders were offering this rate though. First out this morning was the Mortgage Bankers Association Weekly Application Survey. The MBA survey covers over 50 percent of all US residential mortgage loan applications…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
15-Year Loans Far Outperform 30-Year at Freddie
Home loan delinquency of at least 90 days jumpbed 16 basis points between December and January, Freddie Mac reported. Compared to January 2009, delinquency was 205 BPS worse. While delinquency topped 7.50 percent on 30-year fixed-rate mortgage originated in 2007, delinquency on all vintages of 15-year fixed-rate loans was less than 2 percent.
Record Low M.I. Volume Headed Lower
The dollar volume of mortgage insurance written during January dropped 18 percent from December, the Mortgage Insurance Companies of America reported. Volume was down 41 percent from a January 2009. Last month’s activity was the lowest level of activity since at least 2000 based on an analysis of data by MortgageDaily.com.
February 26, 2010
At some point, you will have to commit
At some point, you will have to commit to a certain interest rate. How will future projections about interest rates impact your decision making process? It is impossible to get a definite answer on whether they will go up or down, but by understanding why rates fluctuate, you can get a feel for the direction they are moving. Mortgage Rates in the Near Future: Rise or Fall When refinancing, your home must go through an appraisal, just like with an initial home buy. If the housing market is in a slump, and there is [...]
Palm Springs Homes
Information is deemed reliable but not guaranteed.
Even if it does go through, only homeowners
Even if it does go through, only homeowners who have keep up with their payments will qualify for the freeze. You just need to employ a fresh perspective, updated information, and [...] Mortgage Crisis Tips Approximately 2 million of these ARM loans will reset higher within the next 18-24 months, so government officials have called on lenders to allow a temporary rate freeze or moratorium on resets. For buyers who are close to the price of a conventional mortgage, it may be better to use two loans and piggyback them to come up with the funds.
Sarasota Florida Real Estate
Information is deemed reliable but not guaranteed.
Mortgage Marketing - Lesson #2 You should focus
Mortgage Marketing - Lesson #2 You should focus on getting the prospect’s contact information in all your advertising. “Where did you hear about us?” If you do [...] And you must do it every month. The coupon should have a tracking number on it so you can tell where the customer got the coupon. Contact all your friends, relatives, past customers, and keep asking for referrals. Mortgage Marketing 101: A Crash Course In Mortgage funding Marketing These companies will write, design, print, and mail your newsletter for you to whomever you want.
For Sale by Owner
Information is deemed reliable but not guaranteed.
Therefore, home mortgage is a wonderful means of
Therefore, home mortgage is a wonderful means of getting into your dream home much earlier in your life. A Home Mortgage Makes Dreams Come True A home mortgage is something that allows you to buy a home even if you do not have enough money to pay for it right away. Most home mortgage lenders offer various home mortgage schemes/options. The [...] Broadly speaking, there are two types of home mortgage interest rates - FRM (fixed rate mortgage) and ARM (adjustable rate mortgage). That is how mortgage works.
Non Surgical Face Lift
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Posted To: The Garrett Watts ReportWhat happens when governments run massive deficits and then create/print too much money to fund them? Below is a table summarizing some of the world’s worst bouts of inflation. Note, in the third column, this is the daily rate. If we were to look at inflation rate on a annual basis, there would be too many zeroes for this page. Germany's famous battle with inflation in 1923 inflation had prices rising 29,500% in one month, but if you look at the monthly rate for Hungary, the number comes to 4.19 x 1016. That’s 4.19 times 10 to the 16th power. Isn’t it interesting that inflation so often goes hand-in-hand with disruption of civil society and personal freedom? Hungary and China had inflation concurrent with takeovers by Communist thugs, and in Zimbabwe, the inflation left…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Stories from the Street; Loan Apps Continue to Slow; Commercial Default Rates; Freddie’s Results, Updates from Wells and US Bank
Posted To: Pipeline PressA copy of the first issue of Superman comics was sold for one million dollars. The copy originally sold for ten cents in 1938. Someone said that if that same dime had been invested in General Motors stock in 1938, it would be worth at least a quarter. What are brokers and reps saying out there? "It seems the faucet turned off mid January. My brokers have very little and it seems every community bank is terrified of Friday's and the FDIC." "I'm still pretending to be a Mortgage Broker in this wonderful economic climate, all I seem to be doing is paying for licenses, taking exams and foolishly marketing my services." "Things are good here - people are getting back out looking and people are listing - just what we need!" "Dealing with the current GFE…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
When a HELOC is used for a business
A couple wonders if interest on a HELOC is tax-deductible if the loan is used for an LLC.
Watch for ‘cash for clunkers’ scams
Don’t give out personal data to a middleman, and make sure a dealer isn’t sneaking in unwanted fees.
NAR Recommends Revamp of GSEs. Treasury Says Not Until Next Year
Posted To: MND NewsWireThe National Association of Realtors® (NAR) suggested Tuesday that there be a sweeping reorganization of the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. The proposed changes would create two non-profit government-chartered secondary mortgage market authorities which, NAR said "should ensure that the flow of capital continues to enter the mortgage market regardless of the state of the housing or mortgage markets or overall economy." The new entities would not be government agencies per se. They would be self-sustaining, require no annual appropriations from Congress and would be politically independent but with strong oversight by the Federal Housing Finance Agency (FHFA). The business model, however, would require that the " government must clearly…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Touch 2010 Lows
Posted To: Mortgage Rate WatchMortgage rates didn't make much progress in either direction yesterday despite some bond market friendly economic data and a successful Treasury note auction. Mortgage backed securities traded in a tight range which prevented most lenders from passing along improved mortgage rates. The economic calendar started this morning with weekly Jobless Claims. This report provides three measures of the labor market: Initial Jobless Claims : totals the number of Americans who filed for first time unemployment benefits Continued Claims : totals the number of Americans who continue to file for benefits due to an inability to find a new job Extended Benefits : totals the number of Americans who have exhausted their traditional benefits and are now receiving emergency benefits While an increase in jobless…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fed MBS Purchase Program Update: 96% of Funding Used
Posted To: MND NewsWireThe Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending February 24, 2010, the Federal Reserve purchased a total of $17.3 billion agency MBS. In those five trading days the Federal Reserve sold $6.3 billion (supported the roll market) for a net total of $11.0 billion MBS purchases. The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers. ( NY Fed MBS FAQs ) Since the inception…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Bernanke Says Status of GSEs in “No-Man’s Land”. Discussing Reform, Reorganization, Reassurance
Posted To: MND NewsWireWe've been discussing the fate of the GSEs quite often over the past few months. The broad majority of conversation has focused on their "up in the air" political status. Yesterday, speaking before the House Budget Committee, Treasury Secretary Tim Geithner said the Treasury will lay out broad principles for Fannie and Freddie later this year while legislative proposals would come next year. Geithner also informed us that he did not believe it was necessary to consolidate the obligations of Fannie Mae and Freddie Mac onto the federal budget. Geithner's words were: "We do not think it is necessary to consolidate the full obligations of Fannie and Freddie onto the nation's budget but we do think it's very important … that we make it clear to investors around the…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS LUNCH: 5yr Auction Fails To Stir Bond Markets
Posted To: MBS CommentaryResults of the 5yr Note Auction HIGH YIELD 2.395 PCT, 32.83 PCT OF BIDS AT HIGH BID-TO-COVER RATIO 2.75, PRIMARY DEALERS TAKE $19.58 BLN OF 5-YEAR NOTES SALE, INDIRECT $16.87 BLN This has been one of the more lackluster responses to a Treasury Auction in recent memory. MBS 4.5's are within a 3 tick range since the 1pm results became available, and 10yr Tsy yields are in a less-than-2 bp range between 3.69 and 3.67. For MBS, that leaves them at 100-24, near the lower side of a range with the epic 100-28 on the other side. Combine the ever-so-slight weakness in MBS with a similar story in Tsy's and we have only the very beginnings of a chance of reprices for the worse. In almost all cases, that would require FURTHER weakness from where we are now, but if you can't afford to take that…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBA Proposes Forbearance for Unemployed Borrowers
Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) has proposed a new tool for the Home Affordable Modification Program (HAMP) to specifically address the problems of unemployed borrowers. The Unemployed Borrower Bridge to HAMP Modification was laid out by MBA President John A. Courson in a letter to Treasury Secretary Timothy F. Geithner and proposes up to nine months of forbearance for unemployed owner-occupants before they are considered for a HAMP loan restructuring . In addition to forbearance, MBA's proposal calls for establishing a Low Cost Advancing Vehicle (LCAV) within Treasury to supply reasonable funds at a fixed rate to participating mortgage servicers to cover advances during the forbearance period. It also suggests a risk sharing mechanism that would encourage stakeholders to take the…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
February 25, 2010
If you’re saving for retirement, know these five things about automatic enrollment 401(k) plans.
Loan Demand Falls Again. Mortgage Rates Unchanged Today
Posted To: Mortgage Rate WatchMortgage rates fell yesterday thanks to a much weaker than expected consumer confidence survey. This scheduled economic release combined with a few other unscheduled events forced investors to sell stocks and move funds over to the safest assets in the world, US Treasuries. This fueled a rally in mortgage-backed securities just as the day was getting started. Adding more momentum to the rally was a strong 2 year Treasury note auction. Most lenders did reprice for the better by day's end which pushed the best par 30 year fixed conventional mortgage rate back down to 4.75%. Only a few lenders were offering this rate though. First out this morning was the Mortgage Bankers Association Weekly Application Survey. The MBA survey covers over 50 percent of all US residential mortgage loan applications…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS OPEN: Bonds Improve Overnight. Waiting on Data to Confirm Progress
Posted To: MBS CommentaryGood Morning. The rates market saw below average trading volume yesterday as a lack of economic day and headline news events kept market participants sidelined, waiting for more significant guidance. Stocks traded in a choppy manner but ended the day pretty much flat. The S&P closed down 0.1% at 1,108. The Dow lost 0.18%, closing at 10,383. The NASDAQ was 0.08% lower at 2,242 when the closing bell rang. S&P stocks futures fell overnight…. 10 year Treasury note futures are marginally improved after spending three sessions moving sideways…. The on the spot 3.625% coupon bearing 10 year Treasury note is trading +0-05 at 98-24 yielding 3.775%. Trading flows favored the long end of the yield curve overnight thanks to real money bargain buying. Volume was below average though. 10s are…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Optimistic Mortgage Studies; February Production Volume and Profit Margins; ML/BoA Research; More Lender Updates
Posted To: Pipeline PressLet's start off with two basic premises. There has always been a range of borrowers (credit & risk-wise) that need home loans at rates that match the risk There have always been investors out there with varying degrees of appetite for risk, and demand more return for higher risk. For prime borrowers, the end of the Fed's MBS purchase program is in sight: 6 weeks, $55 billion, that's $9.2 billion a week or 1.8 billion per day. READ MORE . After which, of course, mortgage rates zoom out of reach, everyone still left in the business will have nothing to do, all refi's and purchases will end, and I will fill the commentary every day with the worst puns and one-liners imaginable. Seriously, what is going to happen? Based on antidotal evidence, it appears that many mortgage companies…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Bernanke Speaks, New Home Sales, $42 billion Treasury Auction
Posted To: MND NewsWireThe market is roughly flat ahead of January housing data and testimony from Federal Reserve chairman Ben Bernanke. 90 minutes before the opening bell, Dow futures are up 4 points to 10,303 and S&P 500 futures are flat at 1,097.25. In commodities, WTI crude oil is trading 29 cents lower to $78.57 per barrel and Spot Gold is down $9.76 to $1,093.64. Meantime, the US$ index is weaker, the euro is edging higher after industrial orders rose, and other major currencies are mixed. Key Events Today: 10:00 New Home Sales have been difficult to track recently because of the homeowner tax credit, which was supposed to end in November but was then extended into April 2010. In December the index dropped 7.6%, pushing the annual pace of sales down to 342,000. With homebuyers back in the market to take…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS CLOSE: Minimal Losses On The Day
Posted To: MBS CommentaryBy close today, FN 4.5's had lost a mere tick to end at 100-24. 5's were the strongest, finishing unchanged, while everything farther away from "the belly" got progressively worse with premiums (6.0's and up) getting hit the hardest. Chalk the uncharacteristic MBS Belly Buying up to The Ninja's snippet in last night's close, or rather, chalk it up to that which he already chalked it! " Actually, in times of great moves the upper and lower wings (super-premium and lower coupons) were ignored in favor of the safety of the "belly" or middle area coupons along the 30yr universe (5%s and 5.5%s). This serves to lessen exposure (duration) and still adheres to some semblance of order as longer vehicles (lower coupons) are still needed to take advantage of…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Is Senior Reverse Mortgage funding For Me 3.
Is Senior Reverse Mortgage funding For Me 3. A senior reverse mortgage mortgage allows altogether three person to be in the title or [...] This means, that the purpose or need for which you plan to take the funding must be a serious one. major part of the traditional mortgage is paid away, he will qualify for a senior reverse mortgage mortgage. Many seniors buy a home to a child or will pay the grown medical bills, for instance. And he is not in the payroll of any lender. The law says so!
Thermage Before and After
Information is deemed reliable but not guaranteed.
3.Penalties are charged for early payments, increases in
3.Penalties are charged for early payments, increases in payments or lump sums. For instance, if the United States dollar drops this will result- typically anyway, in a lower TWI also known as the Trade Weighted Index, which in turn is responsible for importing inflation which results in an increase of consumer/domestic consumption and causes the RB of NZ to raise the Official Cash Rate, which sends the interest [...] ArticleSnatch Free Article Directory Should the interest rate go up, so does your mortgage repayments. When the interest rates are decreased, this in turn increases spending.
Miami Fl Real Estate Listings
Information is deemed reliable but not guaranteed.