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In what can only be described as a cash grab, Fannie and Freddie's regulator just announced a new tax on refinances. Granted, it's not technically a tax, and it wasn't probably even intended to hit the pocketbooks of the American homeowner, but that's unfortunately exactly what it will do. Let's break it down... What was announced? The FHFA, Fannie and Freddie's regulator, is implementing a new price adjustment for all refinance transactions of 0.5% of the loan amount (i.e. $1500 on a $300k loan). This applies to loans delivered to Fannie/Freddie in September and thereafter, which is almost all of them that aren't already well underway. Why?! They are saying it is due to economic and market uncertainty. Some might consider that to be a load of horse *** because this fee didn't exist last week
Mortgage Rate Watch
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In what can only be described as a cash grab, Fannie and Freddie's regulator just announced a new tax on refinances. Granted, it's not technically a tax, and it wasn't probably even intended to hit the pocketbooks of the American homeowner, but that'... (read more)
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MBS Commentary
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This began as my normal daily "day ahead" article, but as you can see based on the time of day and the following content, it turned into something else. Apologies for the break from the norm, but we have bigger fish to fry at the moment.&n... (read more)
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Rob Chrisman
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Follow the money! The “talking heads” are analyzing the fact that President Donald Trump donated $6,000 to Kamala Harris' 2014 campaign for reelection as California attorney general, and that she in turn donated the money to a non-profit ... (read more)
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Housing News
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Home prices continued to rise during the second quarter of the year, although at a slower pace than before the advent of the pandemic. The National Association of Realtors® (NAR) said its quarterly survey of metropolitan areas found that single-f... (read more)
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Housing News
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Refinancing rebooted again last week, driving overall mortgage applications volume higher after two weeks of dwindling volume. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 6.8 percent on ... (read more)
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Housing News
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COVID-19 continued to impact mortgage performance in May. CoreLogic said the number of loans in each stage of delinquency, with the exception of those in foreclosure, grew in May, the second straight month that early-stage (loans 30 to 59 days past d... (read more)
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