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Jan 23, 2012 5:12PM
Acting Federal Housing Finance Agency (FHFA) Director Edward J. DeMarco responded Friday to a request from 16 House Democrats to explain the statutory authority that DeMarco has claimed prohibits FHFA from offering principal reduction as part of loan modifications on loans it owns or guarantees. The request was made last November after DeMarco told the House Committee on Oversight and Government Reform that his agency had concluded that "the use of principal reduction within the context of a loan...
Jan 23, 2012 3:12PM
For the first time in over a month, the Best-Execution rate for 30yr fixed mortgages rose from a rounded average of 3.875% to 4.00% today. The underlying borrowing costs associated with 3.875% didn't rise by a significantly painful amount, but the small increases across the board, combined with one huge move by a huge lender, was enough to bring the average rate closer to 4.0% than 3.875%. You may well wonder what the heck this all means. So we'll go into more detail tonight for enquiring minds....
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