Archive for August, 2007
« Previous Entries Next Entries »Uptick in Mortgage Rates Not a Result of Subprime Problems
Thursday, August 23rd, 2007Mortgage rates increased in every category last week
according to surveys released by Freddie Mac and by the Mortgage Bankers
Association.
Jay Brinkmann, MBA’s vice president of research and economics
cautioned that,”Given the current turmoil in the
mortgage market, week-to-week changes in the purchase applications index
should be treated with…
Lehman Brothers Shuts Down BNC Mortgage Cutting 1200 Jobs
Wednesday, August 22nd, 2007The casualties continue to mount as Lehman Brothers announced today
that it will be shutting down its subprime mortgage lending unit, BNC
Mortgage LLC. BNC was one of the top 20 subprime producers in 2006,
originating over $14 Billion in loans.
August 22nd Alert
Wednesday, August 22nd, 2007Homeowners Insurance Industry Roasted By PBS, Bloomberg
Tuesday, August 21st, 2007PBS interviewed homeowners who said that their coverage had been
switched by their company from “full replacement”
to “extended replacement” coverage before the fire. When
they questioned their agents they were told that extended replacement was
much better than full replacement “yet, once claims were submitted, they
were offered settlements that came nowhere near covering their rebuilding
costs.”
Big Players Call On OFHEO to Rethink GSE Decision
Monday, August 20th, 2007Several key players have rung in on the decision by the Office of
Federal Housing Enterprise Oversight (OFHEO) to retain limits on the
mortgage portfolios owned by Freddie Mac and Fannie
Mae.
“This emergency measure is not only important to restore confidence in
the mortgage market for current and aspiring home buyers, but it would
also allow Fannie and Freddie to engage in subprime foreclosure relief
efforts across the country before the ‘October surprise’
of subprime resets further shocks the mortgage markets.”
August 20th Newsletter
Monday, August 20th, 2007NEED NEW CONSTRUCTION? We’ve got it all.
New homes and condos from motivated Builder/Developers
$200,000’s to $2,000,000
Housing Starts Hit Ten Year Low While Builder Confidence Sets Even A Longer Record
Friday, August 17th, 2007Residential building permits and housing
starts continued to fall in July with the latter measure of the
nation’s economic health dropping more than at any time since January
1997.
NAHB Chief Economist David Seiders cited the
subprime mortgage situation as being a part of the
problem but said, “… the government-related parts of the mortgage
market still are functioning well and…”
Countrywide Joins The Mortgage Lending Storm
Friday, August 17th, 2007As the list of mortgage lenders who have failed, are failing, or are
remaining very quiet about their status continues to grow the addition of
each new name has reached the level of “so what else is new?” This week,
however, there was a development that is certainly worth mentioning.
After nearly a week of rumors, Countrywide Financial
Corporation confirmed that…
Mortgage Rates Increase Despite Job Figures
Thursday, August 16th, 2007“Interest rates on prime conforming fixed-rate mortgages eased further
in the past week, according to the Primary Mortgage Market Survey, even
though other sources such as HSH Associates reported that jumbo fixed
rates increased by a quarter percent or more last week,” said
Frank Nothaft, Freddie Mac vice president and chief
economist.
“Freddie Mac reported that the amount of home equity cashed out
through refinancing totaled…
Home Buyer Survey Ranks Features That Are Important To Buyers
Wednesday, August 15th, 2007A recent survey of recent home buyers conducted by the National
Association of Realtors (NAR) pointed out a bunch of home
features that rank high with homeowners.
The 2007 Profile of Buyers’ Home Feature Preferences found
that buyers preference for…