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read the last paragraph – NYT: With FHA Help, Easy Loans in Expensive Areas; Barney Frank Pushes for Permanent Higher Limits – Approaching $1 Million – Posted by TraderMark – Fund My Mutual Fund
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more on no money down – The Magic of the F.H.A. – Kid Dynamite’s World
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Delinquent Mortgages Equal to Three Times A Balanced For-Sale Inventory – Michael David White – A Flood Will Humble Thee – Eight million homes with delinquent mortgages represent a staggering 300% of the normal supply of existing homes for sale. With 3.63 million units now on the market, one million above the long-term average, an inundation of foreclosures represents a fatal death blow capable of inflicting brutal damage on the largest financial market in the world. – New Observations
great charts – Property Values Will Likely Fall 14% From Current Level – Mike White – An average of three major indexes on residential property values suggests prices will fall 14% from their current level. – New Observations
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Wells Fargo Dominates Ginnie Mae Servicing Market – Wells Fargo dominates the market for servicing securities issued by Ginnie Mae with a portfolio of $215 billion, according to figures compiled by National Mortgage News and the Quarterly Data Report. Bank of America is second with $189 billion, meaning the two banks account for 48% of the Ginnie Mae market, Mortgage Servicing News reports. – Emii.com
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Tax Servicing – Front-End Tax Relief Pays Back-End Dividends – BY LORI ESHOO – … As we know, a key area of struggle – and opportunity – is bulk processing of loan modifications. Savvy servicers are recognizing that tax servicing is one facet of this effort that truly represents a double-edged sword. This article outlines tips to help servicers use this sword to gain an edge without getting cut. … – Mortgage Orb
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Obama mortgage rescue: Only a few get lasting help – By Tami Luhby – … Fewer than 5% of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long-term adjustments as of Sept. 30, according to the mortgage finance giant. Looking more broadly, the figures are even lower. As of Sept. 1, only 1.26% of all trial adjustments were made permanent after three months, reported the Congressional Oversight Panel,… – CNNMoney.com
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Reverse Mortgages – Fannie Mae Pricing Brings More Diverse Investor Base – Neil J. Morse – … The “big story” in secondary marketing for HECMs is Fannie Mae, adds Cates. “They were the market for most of 2007 and 2008 and early-2009,” he notes. But, now, “other investors are re-engaging in that market as Fannie has reduced their prices to competitive levels and stopped supporting it … – Reverse Mortgage Daily
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Hiring Boom in Mortgage Restructuring – By KYLE STOCK – … Four of the largest mortgages servicers — Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. — have collectively hired almost 17,000 people this year, mostly to work with financially ailing homeowners. With the number of defaults rising, many are planning to keep adding staff. … – Wall Street Journal
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U.S. mortgage rates sink to or near all-time lows – By Lynn Adler – U.S. fixed mortgage rates sank to or near record lows last week, home funding company Freddie Mac said on Thursday, adding incentive for refinancing and home purchases. The average 30-year home loan rate fell 0.08 of a percentage point to 4.83 percent, on the brink of the all-time low of 4.78 percent set in April, based on Freddie Mac records dating back to 1971. – Reuters
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Record Delinquencies – Delinquencies Continue to Climb in Latest MBA National Delinquency Survey – The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of all loans outstanding as of the end of the third quarter of 2009, up 40 basis points from the second quarter of 2009, and up 265 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 108 basis points from 8.86 percent in the second quarter of 2009 to 9.94 percent this quarter. – MBA Press Release
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Mortgage Servicers Have Financial Incentives To Let Your Loan Go To Foreclosure – Leon Williams – The Sacramento Press
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Freddie Mac Predicts Modest Housing Recovery – BRITTANY DUNN – … More specifically, the company is expecting a 13 percent increase in total one-family detached home sales, which would result in 5.5 million units during 2010. This increase, Freddie Mac says, is attributed to buyers who are hunting for bargains in a time of such affordable housing … – DSNews.com
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Going Delinquent – By David Urani – A friendly reminder that housing is still in the gutter – Wall Street Strategies at Wstreet.com