Mortgage Rates Drop as Unemployment Rises
According to Freddie Mac, the average rate on a 30 year fixed rate mortgage, as reported on Nov. 12, is now at 4.83%, perilously close to the all time low of 4.71% set back in April of this year. For those who can afford higher payments, a 15 year fixed rate mortgages now average 4.32%, [...]
Permanent Loan Modifications Difficult To Achieve
The Making Home Affordable Program has begun trial modifications for more than 650,000 eligible borrowers since being launched in February. According to data released by the Treasury Department, 1 in 5 eligible homeowners has enrolled in the program. Almost 900,000 borrowers have been offered trial modification plans and servicers have distributed over 2 million request [...]
Fannie and Freddie Planning to Aide Lenders
Mortgage insurers Fannie Mae and Freddie Mac are planning aide to mortgage lenders. The plan is to create a program to help independent mortgage banks get access to short term credit needed to make home loans. Fannie Mae and Freddie Mac will provide advance commitments for the purchase of home mortgages that meet specific standards. [...]
More Changes Ahead for Freddie Mac and Fannie Mae
A proposal released Wednesday by the Mortgage Bankers Association is asking congress to split Freddie Mac and Fannie Mae. The proposal outlines a detailed plan for restructuring the U.S. mortgage market by establishing a “proposed framework for a refined government role in the secondary mortgage market designed to ensure liquidity for mortgages without presenting unnecessary [...]
More Foreclosures Imminent
Assistant Secretary to Financial Stability, Herbert Allison, reported to the Senate Panel that the Government is considering a proposal to allow homeowners to remain in their homes as renters after foreclosure proceedings have ended… an attempt by the current administration to address the abundance of vacant homes across the country. Freddie Mac launched a similar [...]
Freddie Mac Raises Mortgage Fees
Freddie Mac is raising costs for some home mortgage borrowers, following similar fee increases by competitor Fannie Mae. The new fees affect mortgages for condominiums, interest only loans, home equity loans. Borrowers with low credit scores and low down payments are also affected.
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