More on FHA Secure
Glad you're back! While the FHA Secure program is going to help people in default because their arms reset, I wonder about those people who took a second job, or a second and third job, and are eating cornbread and beans in order to make their mortgage payments rather than let them go into [...]
The Federal Reserve Bank cut the Fed Funds Rate
When short term rates were higher than long term rates, it made no sense for banks to borrow overnight to hold 5/1 arms or 30yr fixed rate loans on the books. Now that short rates / borrowing costs are lower, they can make money buying loans. This should provide some support to the jumbo-A market long term. This is all speculation of course. The worsening of the housing market could trump everything (in which case the fed would need to cut more and eventually that will probably happen, the question is when.)
Finally, Some Love for Mortgage Brokers!
In an interview David Bach did with Bankrate.com, he discusses the cost of mortgage refinances. (David Bach is the author of the Automatic Millionaire series of books, and is, not incidentally, a former senior vice president at the Wall Street investment firm Morgan Stanley.)
"You have to factor in all the closing costs for a [...]
Car Dealers Cause Auto Emissions
I read that headline today in an email from Rich Workman, President of the Florida Mortgage Brokers Association.
He goes on to say: Car dealers sell the cars the automakers engineer and manufacture. If it were not for the car dealer then there would be no car emissions. Therefore, it is clear if we simply [...]
FHASecure for Refinancing Adjustable Rate Mortgages in Default
As an FHA lender, we are happy to become part of the solution for the ARMS that are resetting and are in default.
In a press release issued by the Federal Housing Administration on Friday, the headline read BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
The contents are highlighted here:
President [...]
