BK courts to approve mortgage write downs?
Congress is debating a bill which would grant the bankruptcy courts the freedom to “write down” or reduce the principal balance of a primary home loan. While on the surface this sounds like it might have merit, in the long run it may make obtaining home financing considerably more difficult for the 93.5% of American.. read more →
FHA costs going up!
As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante today announced a new premium structure for FHA-insured single family mortgage loans. FHA will increase its annual mortgage insurance premium (MIP) by.. read more →
Agencies under the gun
BofA tells fannie mae today to “beat it” as they are sick of the constant buy back requests from the agency. FHA announces they are going to have to increase PMI premiums soon to cover expected losses or build up for potential loss reserve. HARP 2.0 still not out and now many lenders are asking.. read more →
Wild swing in rates!
after a steady increase in rates over the past 4 days, mortgage rates make a turn around today and begin heading back down. no real pressure for increasing rates seems to stay in place. get em while they are low! read more →
Mortgage Rates under pressure today
Jobs are increasing, housing starts too but the big pressure on rates is inflation. Core inflation and increased manufacturing helping to pull rates UP today. That withstanding, rates remain at 60 yr low levels! read more →
payroll tax extension
i am very concerned about the continual slight of hand to attempt to help one group with an issue while simultaneously hurting them on the other hand. the extension of payroll tax benefits by financing those reductions on the back of first time and low income home buyers is a shame and a sham. burying.. read more →
HARP 2.0
30 more days until the highly anticipated rules come out from Fannie mae on HARP 2.0. refinancing without appraisal, no income verification, rate reductions, lower fees, all items anticipated in the new release. for more info: jefftarbell.com read more →
Principal reduction on your loan?
Want a lower loan balance on your home loan? Would you be willing to exchange a principal reduction on your loan for an equity share in future profits with your lender? this is one of the many proposals being put forth in Congress for those of you with FHA/FannieMae/Freddiemac loans. Tune in Saturday 9-11am on.. read more →