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Archive for March, 2008

Alphonso R. Johnson Resigns as Housing Secretary

Author: Miranda Marquit

31 Mar

Yet another Bush Administration official bites the dust. This time, it is embattled Housing Secretary Alphonso R. Johnson. He is stepping down as HUD chief, effective April 18, 2008. The New York Times reports that controversy has followed Johnson since his appointment: In 2004, less than two months after his confirmation as housing secretary, [...]
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    • Negative Equity Affects Even Those with Good Credit

    Author: Miranda Marquit

    27 Mar

    We hear a lot about the subprime mortgage crisis, and how borrowers with bad credit have landed themselves in positions where they now have upside down mortgages. We hear about these subprime borrowers who maybe shouldn’t have been approved because of their poor credit history. What we don’t hear about are the people who had [...]
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    • Upside Down Mortgages Contribute to Existing Home Sales

    Author: Miranda Marquit

    26 Mar

    Even though existing home sales got a bit of a boost in February, the same housing trend did not carry over to new home sales. Instead, new home sales saw a decline. Some feel that this is a sign that the housing market will continue to weigh on the economy, reports Bloomberg: Federal Reserve policy makers [...]
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    • Hillary Clinton Offers Home Mortgage Relief Plan

    Author: Miranda Marquit

    25 Mar

    Pointing out that many of the government’s current steps to alleviate the current home mortgage crisis benefit mainly investment banks and other, instead of focusing on real help for ordinary Americans caught in the risk of foreclosure, Hillary Clinton offered her own home mortgage relief plan yesterday. The New York Times reports on what [...]
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    • Will the Fed Start Buying Troubled Mortgage Bonds?

    Author: Miranda Marquit

    24 Mar

    Is the government really considering upping the taxpayer burdens already present in this country? It appears to be the case.
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    • Existing Home Sales Rise in February

    Author: Miranda Marquit

    24 Mar

    Existing home sales data for February is in, and the word is that existing home sales rose. This is exciting data for the real estate industry, as it indicates that things may be picking up again, and that the real estate and mortgage markets may be on the way to recovery. The New York Times [...]
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    • Business As Usual : March 24-28, 2008

    Author: Dan Green

    24 Mar

    Who can that be knocking at my door? Give me a vegemite sandwich.Hi, everyone.  I am on sort-of-vacation this week with my family and am working reduced hours.

    Here's what to expect from me and my team this week:

    • Yes, we're still doing mortgage planning for new clients
    • Yes, we're still adopting mortgages
    • Yes, we're still underwriting mortgages
    • Yes, we're still closing mortgages
    • Yes, we're still conducting mortgage reviews

    In short, it's business as usual.

    I won't be posting to The Mortgage Reports this week so I encourage you to get your fix for terrific mortgage content from Bring the Blog, the "Associated Press" of mortgage weblogs.

    If you'd like to get Bring the Blog for your own mortgage or real estate Web site, visit Bring the Blog.

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    • Finally! Home Mortgage Rates Fall

    Author: Miranda Marquit

    21 Mar

    It has been somewhat bewildering lately, watching mortgage loan interest rates. They have been higher than they should be, even going on Treasury Notes. Now, however, home mortgage rates are finally coming down. Reuters reports on the latest national home mortgage rates: U.S. 30-year mortgage rates fell to an average of 5.87 percent from 6.13 [...]
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    • Bankrate.com Mortgage Trend Index (March 20, 2008)

    Author: Dan Green

    20 Mar

    Mortgage rates should be falling, but because of Fannie and Freddie's new risk-based price changes, a lot of mortgage applicants just got jacked for one percent or more.I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available. 

    As a reminder:

    1. The survey is for conforming loans only.
    2. Your mortgage strategy should be broader than just asking "Where are rates headed?"  If you don't have a mortgage strategy, reach out to me and we'll talk about it.

    Anyway, on to the group's predictions for the next 30 days:

    • 64% of participants predict rates will increase
    • 27% of participants predict rates will decrease
    • 9% of participants predict rates will remain unchanged

    I am predicting that rates will increase over the next 30 days, but that doesn't mean you should necessarily follow my advice when choosing whether to lock a rate, or float it.  My advice may not be appropriate for your individual situation.

    From the Bankrate.com survey:

    "Short-term rate cuts are being made at the expense of long-term inflation.  Inflation is the enemy of mortgage rates."

    I'm not going to go deeper on that topic because I've already used way too much ink on Federal Reserve-related topics this week.  It's starting to bore me so I can only imagine how much it bores you.

    So, in the interest of lightening things up a bit, here are the three safe-for-work videos to which I linked this week.  You may have been too bored to catch them the first time...

    1. How the Philadelphia Phillies are the Foo Fighters of Major League Baseball
    2. Little Mac beating Mike Tyson in Round 1
    3. PoP! Goes My Heart Music Video

    Beware Hugh Grant.  That song is infectious.

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    • Government Eases Regulations on Freddie Mac and Fannie Mae

    Author: Miranda Marquit

    20 Mar

    In a move that has me, and many others, scratching our heads, the government is easing regulations on Freddie Mac and Fannie Mae, two home mortgage lenders and servicers with government charters. The regulations, as the New York Times reports, were put in place for very good reason: Rocked by accounting scandals, Fannie and Freddie had [...]
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