Small Cut in LTV Could Have Big Impact on FHA

Posted on March 12, 2010
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The commissioner of the Federal Housing Administration gave testimony before the House Financial Services Subcommittee on Housing and Community Opportunity.

The commissioner highlighted suggestions by some to raise the minimum downpayment on all FHA loans to 5 percent.

"Such a policy change would reduce the volume of loans endorsed by FHA by more than 40 percent," he said.

Rates Better But Activity Worse

Posted on March 12, 2010
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The average 30-year fixed-rate mortgage fell 2 basis points from the prior week in Freddie Mac’s latest Primary Mortgage Market Survey.

Freddie said the average one-year adjustable-rate mortgage improved 5 BPS from a week earlier.

New loan activity was down 3% from last week, with the latest Mortech-MortgageDaily.com Mortgage Market Index declining to 34.00 inquiries-per-user from 35.21 a week earlier.

CA REOs Tumble

Posted on March 12, 2010
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Last month, real-estate-owned filings were made on 10 percent fewer U.S. properties than during January, RealtyTrac reported.

Repossessions were highest in California.

But REOs in the state tumbled by more than a quarter from January.

California’s decline represented half of the U.S. improvement in February.

FHA Testimony Addresses LTVs, Suspensions

Posted on March 12, 2010
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In testimony before the U.S. House of Representatives, the Mortgage Bankers Association’s president and chief executive officer outlined his group’s position on the Obama Administration’s package of Federal Housing Administration reforms.

He told lawmakers that the administration seeks to give FHA the authority to nationally suspend a lender based of the performance of one of its regional branches.

But he said FHA needs to think twice before making such a move.

He also warned about an across-the-board decrease in FHA loan-to-values.

2006 & 2007 Vintage Drive Jumbo Deterioration

Posted on March 12, 2010
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The 60-day delinquency rate on securitized prime jumbo mortgages increased 30 basis points between January and February, Fitch Ratings reported.

Fitch said delinquency on jumbo loans securitized during 2006 and 2007 was three times as bad as the rate on pre-2005 issuances.

Moody’s Investors Service said last month that it downgraded 32 tranches from 2005, 2006 and 2007 residential mortgage-backed securities because of "rapidly deteriorating performance of jumbo pools in conjunction with macroeconomic conditions."

Citigroup Loan Modification – Help For Returning Military Personnel

Posted on March 12, 2010
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If you are just returning from active duty in the military to find your Citigroup home mortgage is in default, you may be able to get assistance through a Citigroup Loan Modification. Your service to your country should not cause you to lose your home.

Source:Citigroup Loan Modification – Help For Returning Military Personnel

Helpful Tips For Home Refinancing

Posted on March 12, 2010
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Home refinancing is a difficult task. There are many factors that you need to consider and must be conscious about before you come up with your final decision of entering into any transaction pertaining to refinancing your home. With this, here are some important notes and tips on refinancing your house that would be of great help to avoid pitfalls or suffering the consequences of your wrong decisions.

Source:Helpful Tips For Home Refinancing

Can You Get a Bad Credit Mortgage?

Posted on March 12, 2010
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So your credit is shot, banks shun you, and everyone you know refuses to make you a quick loan. What’s the cash-strapped like you to do?

Source:Can You Get a Bad Credit Mortgage?

Do You Really Need to Mortgage Your Home?

Posted on March 12, 2010
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The idea of availing of a good mortgage deal will always be attractive, after all, who can say no to some extra cash? But sometimes, the lure of extra cash will make people overlook the more important aspect of mortgaging, that is, in order to get that extra cash, you will be putting your home at risk.

Source:Do You Really Need to Mortgage Your Home?

Adjustable Rate Mortgage – Is it Right For You?

Posted on March 12, 2010
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Home mortgage sector is developing pretty quickly. One really needs to put in a lot of hard work in order to be successful in this field. Further in this article we are going to talk about adjustable rate mortgage.

Source:Adjustable Rate Mortgage – Is it Right For You?

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