Industry News

INTEREST RATES FOR AUGUST 7th, 2009 MBS prices opened about the same as yesterday's close.  Employment data released at 8:30 EST sparked a stock market rally which took investors (and their money) away from fixed income (treasury and MBS) bonds.  Employment numbers showed fewer job losses and bea...

After one year as the director for the Federal Housing Finance Agency,  James Lockhart announced he is stepping down, and plans to return to work in the financial-services industry in New York.   The Federal Housing Finance Agency is the Fannie Mae and Freddie Mac regulator, created during the go...

Pending Home Sales Up According to the National Association of Realtors (NAR),  Pending Home Sales  is up for the fifth month in a row.  Pending home sales in June rose in all regions:  up 7.1 percent in the South, 2.9 percent in the West, 0.8 percent in the Midwest and 0.4 percent in the Northea...

Private Mortgage Insurance Reminder: Mortgage insurance is available for Conventional financing in the (declining market) states of Arizona and California under the following terms: •·         90% LTV / 90% CLTV •·         Owner Occupied Primary Residence •·         720 Minimum FICO score •·     ...

The HOPE NOW ALLIANCEincludes a number of counseling organizations, which consists of all HUD intermediaries that have offices across the United States. The organizations play a key role in the success of HOPE NOW, providing borrowers in-depth debt management, credit counseling and overall forecl...

The U.S. Department of Treasury has a program called the Build America Bonds program  which provides funding for state and local governments at lower borrowing costs for community projects projects such as construction of schools and hospitals, development of transportation infrastructure, and wa...

In a Washington news release today, HUD announced it's  NEW FHA-MAKING HOME AFFORDABLE LOAN MODIFICATION .  Now loans backed by the Federal Housing Administration (FHA) will be eligible for payment reductions similar to the Obama administration's loan modification program currently in use on Conv...

Home sales create jobs.   The construction and sale of homes generate revenues for the home builder, contract labor, and retailers.  After a home is sold, the new homeowner purchases appliances and furniture to make the house a home. Housing activity impact on the local (and state) economy is sub...

The pressure is on lenders to modify mortgages but lenders are not giving easy handouts. There are varying degrees of distressed borrowers. Modification only makes sense for a lender if the borrower cannot make payments without it, but will be able to keep up with a lower mortgage payment.  While...

Mortgage prices are lower (interest rates rates slightly higher) this morning ahead of this week's large Treasury note auctions, which will take place over the next three days. National Home Sales - Numbers are improving.  Credited for drop in inventory are investors buying discounted homes, buil...