|
|
|
|||||||||||||||||||
Interest Rate Markets July 31, 2008
→ Pending Suitability Regulations Leave Mortgage Lenders Exposed to Potential Violations
Current and proposed regulations require lenders to select loans that are suitable to borrowers and watch out for their best interest -- Overture Technologies,Pete Maselli,Bethesda Maryland 07/30/2008
→ Second Half 2007 Mortgage Originations Show Preference for
Fixed Rate Products Over Adjustable Rate Products -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 07/30/2008
→ Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 420.8, a decrease of 14.1 percent on a seasonally adjusted basis from 489.6 one week earlier. On an unadjusted basis, the Index decreased 13.7 percent compared with the previous week and was down 30.3 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/30/2008
→ Fannie Mae and Freddie Mac: A Fall From Grace
"The recent collapse in the stock prices of Fannie Mae and Freddie Mac is just one in a series of blows to the stability of U.S. financial markets. The threat created by the failure of these two institutions, however, could be even greater than that posed by the collapse of Bear Stearns earlier in the year," says Adolfo Laurenti, senior economist of Mesirow Financial, in his July issue of Themes on the Global Markets available at: http://www.mesirowfinancial.com/economics/laurenti/themes/globalmkts_0708.pdf. -- Mesirow Financial,Info,Chicago IL 07/25/2008
→ MBA's Quinn: HUD Takes Bold Step to Modernize FHA with Housing Tax Credit Program
-The Mortgage Bankers Association (MBA) today applauded issuance of HUD Mortgagee Letter 2008-19 which streamlines processing of FHA multifamily insurance applications with Low Income Housing Tax Credits. The Mortgagee Letter contains important changes to FHA processing which will provide flexibility and cut costs, making FHA insurance a very competitive financing vehicle for affordable rental properties with low income housing tax credits. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 07/25/2008
→ MBA's Quinn: "This is the Most Important Housing Bill in a Generation"
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) hailed the House of Representatives passage of the omnibus housing bill. The bill, which passed the House by a vote of 272-152, will now go to the Senate - where leaders have indicated it will pass - and then to President Bush, who has stated he will sign it. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 07/25/2008
→ Mortgage Credit News - July 25, 2008
Mortgage rates are still stuck near 6.75%, the financial markets confused and locked-up until a blast of argument-resolving data arrives next Friday.
Oil down to $123 and natural gas to $9.25 helped stocks for a while, but they still fell apart on no-bottom housing news and a sinking job market. The economy is obviously weakening, but rates are held up by fear that inflation is the greater risk -- even the stock market’s Thursday elevator-shaft could not hold down long-term rates. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado 07/25/2008
→ Housing Rescue Package Will Have Global Impact
A full one year after the credit crisis began, Congress is in the final stages of approving HR 3221, the most comprehensive mortgage and housing legislation in decades. `This will have an enormous impact in the US housing and mortgage markets, as well as every major financial market all across the world,` said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. -- CMPS Institute,Josephine Nicholas, 07/24/2008
→ MBA`s Kempner Announces His Departure
Jonathan L. Kempner, President and Chief Executive Officer of the Mortgage Bankers Association, announced today that he will be stepping down from that role on December 31, 2008. Kempner was hired in March 2001 to lead MBA through a turnaround in its operations after three especially rough years. Under his leadership, the association doubled its revenues and operating reserve fund, while scoring a host of policy and advocacy victories. Major strides have been recorded in MBA`s various member-focused departments, including communications, research, conferences, education and technology - in both the realms of residential and commercial/multifamily real estate finance. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/23/2008
→ Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 489.6, a decrease of 6.2 percent on a seasonally adjusted basis from 522.2 one week earlier. On an unadjusted basis, the Index decreased 6.1 percent compared with the previous week and was down 19.6 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/23/2008
→ Acquired Mortgage Companies Increase as Failures Decline
Mortgage-related company failures have fallen as the number of acquisitions has grown, according to data tracked at http://www.mortgagegraveyard.com/, a journal of failed, ailing and acquired lenders. -- MortgageDaily.com,Sam Garcia,Irving Texas 07/21/2008
→ Foreclosure Shorts - 07/21/2008
Latest articles on Foreclosures -- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 07/21/2008
→ New Fed Mortgage Rules – What Consumers Need to Know
On Monday, July 14, 2008, the Federal Reserve issued rules that are designed to combat predatory lending practices. “The final version of the rules incorporated many of the changes we suggested to the Fed when we commented on these rules a few months ago,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Some of the rules apply only to higher cost non-conventional mortgages such as many jumbo loans and those in the sub-prime category, while other rules apply across the board and affect all mortgage originations,” said Nicholas. Here are two examples of how the new rules will affect consumers: -- CMPS Institute,Josephine Nicholas,Ann Arbor MI 07/21/2008
→ Mortgage Credit News - July 18, 2008
A Fannie/Freddie Treasury guarantee on the way means mortgage rates have fallen, right? The huge spread between 10-year T-notes and mortgages has closed, for sure? All these mortgage-backed securities as good as Treasurys, they’re trading the same way? Fannie and Freddie can borrow cheaply, so mortgage rates will be cheap, too?
All wrong. This week’s mortgage trading removes any remaining dispute about the difficulty facing the financial system, the economy, and housing. Mortgage rates have soared to 6.75%, up .375% in a week, the spread over 4.07% 10-year notes wider. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado 07/21/2008
→ Foreclosure Shorts - 07/16/2008
Latest articles on Foreclosures -- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 07/16/2008
→ MBA's Quinn: "Housing Bill Crucial to Stabilizing the Market"
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA), in anticipation of today's Senate vote to pass HR 3221, the Foreclosure Prevention Act of 2008, praised the Senate and stressed the importance of this bill to address ongoing instability in the housing and mortgage markets. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 07/16/2008
→ Mortgage Credit News - July 11, 2008
The Fannie-Freddie panic began on Wednesday -- that is, this Fannie-Freddie panic, as opposed to the prior ones. The firms had already lost 90% of their stock value, and can continue to lose half of their remaining value every day forever with no trouble. It’s losing the other half that’s a problem. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado 07/16/2008
→ MBA's Quinn Reacts to Release of Final HOEPA Rule
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today commended the Federal Reserve's Board of Governors for approving the Board's final rules under the Home Ownership and Equity Protection Act (HOEPA). -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/16/2008
→ Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 11, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 522.2, an increase of 1.7 percent on a seasonally adjusted basis from 513.4 one week earlier. On an unadjusted basis, the Index increased 27.0 percent compared with the previous Independence Day holiday shortened week and was down 17.4 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/16/2008
→ Mortgage Employment Stabilizing
Second-quarter jobs losses in the real estate finance sector fell by more than half from the prior quarter and the prior year, according to mortgage employment data tracked by http://www.mortgagedaily.com/. -- MortgageDaily.com,Sam Garcia,Irving Texas 07/10/2008
→ Mortgage Applications Increase In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/09/2008
→ Foreclosure Shorts - 07/09/2008
Latest articles on Foreclosures -- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 07/09/2008
→ Letting the Markets Work: St. Louis Fed Analyzes the Mortgage Crisis
When it comes to the current mortgage crises, large-scale government interventions directly in housing or mortgage markets are not necessarily the best policy responses. By allowing markets to sort themselves out quickly, a foundation for sustainable homeownership and responsible mortgage lending can be re-established. -- Federal Reserve Bank of St. Louis,,Adriene L. Mathes, ST. LOUIS, mo 07/09/2008
→ Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 27, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 477.7, an increase of 3.6 percent on a seasonally adjusted basis from 461.3 one week earlier. On an unadjusted basis, the Index increased 3.2 percent compared with the previous week and was down 22.8 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/07/2008
→ Bankrate: Mortgage Rates, Like Fed, Hold Steady
Fixed mortgage rates took a breather, with the average conforming 30-year fixed mortgage rate holding at 6.62 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points. -- BankRate.com,Kayleen Keneally,North Palm Beach Florida 06/30/2008
→ May Existing-Home Sales Show Modest Gain
Sales of existing-home sales increased in May with buyers responding to lower home prices, according to the National Association of Realtors(R). -- National Association of Realtors®,Walter Molony, 06/30/2008
