December 2007 - MND NewsWire

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Mortgage Rates Skyrocket Past 2013 Highs Today; Existing Home Sales; Mortgage Apps

Published: 5/22/2013

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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New Home Sales Drop Again But Prices Fairly Stable

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by Glenn Setzer on December 28 2007, 8:00 AM

Sales of new single family houses dropped again in November according to a joint report issued Friday by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Only in the West region were sales up from the previous month and...
Mortgage Applications Slow While Rates Are Mixed

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by Glenn Setzer on December 27 2007, 8:00 AM

Mortgage rates were up slightly during the pre- holiday week ended December 20 according to the Primary Mortgage Market Survey conducted by Freddie Mac. The 30-year fixed rate mortgage (FRM) averaged 6.14 percent with 0.4 point for the week, up from 6...
Widely Regarded Housing Study Reports Further Home Price Declines

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by Glenn Setzer on December 26 2007, 8:00 AM

The Standard & Poor's/ Case-Shiller home price index for October, released on Wednesday, fell again for what is the 10th consecutive month. The 6.7 percent drop from figures a year earlier was the largest recorded by the index since April, 1991 when...
ARM Freeze Yields Solution To All World Problems

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by Glenn Setzer on December 21 2007, 8:00 AM

The breakthrough came with the idea to freeze ARM rates so that borrowers will not be subjected to the terms of the agreements that they voluntarily signed. Combine that innovative thinking with the ongoing efforts to save Wall Street from its own irresponsible...
Treasury Secretary Advocates GSE Assistance for High-End Borrowers

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by Glenn Setzer on December 20 2007, 8:00 AM

Treasury Secretary Henry Paulson announced Monday that he was in favor of temporarily lifting the dollar limit on loans purchased by Freddie Mac and Fannie Mae, allowing them to provide a market for so-called " jumbo mortgages ." Such a change, Paulson...
Two Advocacy Groups Express Different Views on FRB Proposals

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by Glenn Setzer on December 20 2007, 8:00 AM

Two mortgage industry groups have weighed in on the new mortgage regulations proposed earlier this week by the Federal Reserve Board of Governors (FRB.) The first, a major critic of regulatory efforts to end predatory lending, was critical of the proposed...
Foreclosure Filing Up 68 Percent Since November 2006 Per RealtyTrac

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by Glenn Setzer on December 20 2007, 8:00 AM

RealtyTrac, Inc., a company that tracks delinquencies and foreclosures was reporting Thursday that the number of foreclosure filings in November was 68 percent higher nationwide than those in November 2006....
Mortgage Rates Rise While Application Activity Plummets

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by Glenn Setzer on December 19 2007, 8:00 AM

Mortgage interest rates took a jump upward during the week ended December 13 and December 14 according to information released by Freddie Mac and the Mortgage Bankers Association respectively. Mortgage applications activity was weak; the seasonally adjusted...
Morgan Stanley Latest to Accept Foreign Aid

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by Glenn Setzer on December 19 2007, 8:00 AM

Another major American financial institution went on the international auction block Wednesday afternoon as Morgan Stanley announced it was accepting a $5 billion cash infusion from China Investment in return for a stake in the bank estimated to be as...
Housing Starts, Permits Fall Again But Builder Confidence Stabilizes

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by Glenn Setzer on December 18 2007, 8:00 AM

Housing starts took another dive in November, falling another 3.7 percent from the revised October estimate of 1,232,000 starts. Even worse, the seasonally adjusted annual November rate of 1,187,000 starts is 24.2 percent below the 1,565,000 annualized...
Federal Reserve Expected To Adopt New Mortgage Regulations

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by Glenn Setzer on December 18 2007, 8:00 AM

The Federal Reserve's Board of Governors is expected to endorse proposed rules developed by its staff for the banks it regulates that would end some of the more abusive lending practices aimed at subprime borrowers. The rules which have been widely promoted...
FHA Loan Limits Raised By Senate

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by Glenn Setzer on December 17 2007, 8:00 AM

So-called FHA reform reached an important milestone on Friday when the U.S. Senate overwhelmingly approved its version of the legislation. The bill, which passed by a vote of 93-1 , seeks to make the Federal Housing Administration more relevant in the...
House Committee Votes On Mortgage Bankruptcy Bill

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by Glenn Setzer on December 13 2007, 8:00 AM

The U.S. House Judiciary signed off on Wednesday on a bill designed to help certain bankrupt homeowners stay in those homes. The highly controversial bill is yet another piece in a crazy-quilt of government and mortgage industry attempts to curtail rising...
Two Surveys Show Big Rate Moves In Opposite Directions

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by Glenn Setzer on December 13 2007, 8:00 AM

The two mortgage interest rate surveys upon which we report each week showed big changes for long term rates during the week ended December 6 and 7, but the difference in the outcomes was striking. Two of the products tracked by Freddie Mac dropped to...
Washington Mutual Announces Major Layoffs and Closings

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by Glenn Setzer on December 11 2007, 8:00 AM

Late Monday, after the market closed of course, Washington Mutual announced that, in an attempt to raise cash, it will conduct a $2.5 billion convertible preferred stock offering. It will also close 190 of its 336 loan centers and sales offices, lay off...

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